THE KERUSSO TRUST Charity Number: 1145560 Charity Number: SC044848 Company Number. SC413002 (A compally limited by guaraDlee} Report of the Trustees and Financial Statements for the year ended 31 Deeember 2025
THE KERUSSO TRUST Limitsd by Gu*rallt¢¢ Contents Page Report ofthe Trustees 3tolO Independent Examiners Reporl lo the members Statemenl ofFin(7ncialActivities 12 BulanLe Sheel J31014 Noles to the Financial SiatemenLS 151020 Deiailed Sfaiemeptt oflncome apdEYpendElure 21to22
THE KERUSSO TRUST Company Limited by Guar4ntee Report of the Trustees for the Year Ellded 31 December 2025 The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, pr¢s¢nt their report with th¢ financial statements of the charily for the year ended 31 December 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statsment of RecoTnmended Practice (FRS 102) second edition (October 2019). STRUCTURE, GOVERNANCE AIYD MAIYAGEMENT Governance The Kens0 Trust is & charitable company limited by guarantee. Incorrated on 12 Dernb¢r 2011. The compaT)y 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 Kenjsso Trnst was registered as a charity by the Charity Commi55ion for England and Wales on 20 January 2012 and by the Office of the Scottish Charity Regulator (OSCR) on 7 May 2014. RruitMent appointment ofnew 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 whi¢h they Tllust retire an(L being eligible, may offer thems¢lv¢s for re-appointment. Appointment is made by a majority vote of the trustees. All trustees are Tequired to subscribe to the Statsment of Beliefs set out in the Schedule attached to the Articles of Association. The removal of a tnTStee. should it be necessary. is effected by a Tnajority vote of the trustees. Potential new trustees are generally already familiar with the work of the charty, having been involved in some way already. New In]stees 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 document& and documents from the Charity Commission and OSCR outlining the responsibilities of trust¢es and guidelines forcharities working intsrnationally. They are also familiartsed with cutTent issues, the financial position and future strategic plans of the organisation. Trenton Tunnell was appointed as a ttvstee on 20 April 2025. Unfortunately, du¢ to his relocation to the USA and bank requirements that all trustees be UK residenL Trenton of neLessity resigned on 15 January 2026. At the trnstees meeting on 25 August 2025. Colin Deddis resigned after six years as a trustee. We extend our gratitude to both Colin and Trenton for their periods of wvice as trustees. Christine Partridge was appointed as a trustee on 14 October 2025. Andrew Rollinson was appointed as a trustee on 16 March 2026. During the year. all trustees, apart from Jonathan and Ruth Groves as part-time employees, gave of their time voluntarily and received no benefit from the clwity. Costs reclaimed from the charity by trustces are set out in thc notes to the accounts. Organisational Structure and Decision Making The Board of Trustees fornially met five times during the year. Between meetings they communicated by email. t¢lephone. video conferencing andlor face-tfrface discussion. The trustees collectivety set vision. strategy, budgets, and approve the initiation, continuation and tern]ination of signifjcant charitable &nttiatives. The Board of Trustees give guidance and support to Jonathan Groves in his roles as Mission Dir¢¢tor and as Finance Manager, and to Ruth Groves in her roles as Associate Mission Director and a8 HR and Admin Manager. The Mission Director and Associate Mission Director aTe the CEOS to whom the Board of Trustees have delegated powers for the day-to-day decision-making and op¢rational management of the charity. Jonathan'8 responsibilities focus upon strategic leadership. sharing vision. operations, finance. managing expenditure of resources, prayer, publicity and external partner r¢lationship5 in thc UK and Malawi. Ruth'5 r¢sponsibilities include administration. safeguarding, preparation of prayer guide4 pres5 and volunteer relations, and policy development. Both Jonathan and Ruth also provide consultancy and training for and with our partners in Malawi. The Mission Dir¢¢tor, Ass()ci2te Mission Director and other stafflvolunteers are all ultimately accountable to the Board of Trustees. Th¢ trustees seek infornial advice whenev¢r ne¢essary from external volunteer advisors arAd other specialists, for whose contribution they express their thanks.
THE KERUSSO TRUST COInllY Limited by Guarantee Repor¢ of tbt Trn8tees for the Year Ended 31 De¢ember 2025 continued During the year, Jonathan Groves attended two Bible training day conferences in Glasgow (Comhill Scotland) and online training workshops on 'Taking Care of your Funds for Faith Charit1¢5' (Charity Commission), 'Moving money overseas and demystifying cross-border payments. (Charity Commission) and 'Top Tips to Boost your Fundraising 2025. (Global Connections). Ruth Groves attended a one-day conf¢r¢nce in London on Short-terni Mission (Global Connections) and online training workshops on 'RefvS on Safeguarding'(Scotland's International Development Alliance} and 'Disclosur¢ Scirtland Update, (Volunte¢r Scotland). Risk management The trustees have a duty to idcntkfy and review the risks to which the charity is cxposed, which in¢ludes the additional risks for an org&nisation working intsrnationally. 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 stafflvolunteth3. We believe that these safeguards, together with maintaining our cash reserves at the levels indicated in the Financial Review section. will provide suffici¢nt resources in the evenl of adverse wnditions occurring. The trustees continually develop and review thc policies and genernl risk register of the company and apply appropriate mitigations. Managing risks in Safeguarding has remained a priority, mi¥Jdful that our ongoing funding of the Community Children's Bible Clubs, Youth Learn2Serve programme and buTS&ry sponsorships at Bethel Girls. Academy in Malawi potentially exposes us to such risks indirectly. We have sought to manage these I'isks thTough active engagement with our parfners in Malawry, including working closely with senior tnanagement of J- Life Ministries to help them develop their own wntextual Safeguarding Policy and practis. Fundraising The Kerusso Trust does not employ professional fundr&isers. We hav¢ not sought lo register with the Fundraising Regulator but comply with all the relevant sections of the Fundraising Regulator's Code of Fundraising Practic¢. Obje£ts Th¢ ¢harity's purposes are set out in the company's Memordndum of AssiKiation: The Charity's obj¢cts ('Objects") which are for the public benefit are for the advancement of the Christian faith in accordanc¢ with the Statetnent of B¢liefs appearing in the Schedule hereto in such parts of the United Kingdom or the world as the trustees may from time to titne think fit and to fulfil such other purposes. and as ancillary thereto prevention and r¢li¢f of w)verty, advancement of edu¢ation 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 clrity that seeks prncti¢ally to advance the Christian faith, primarily through support of trainin8 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 transfornjation to the material and spiritual lives of individuals and communities in rurnl 8reas. In Malawi.. The core charitable work of The Kerusso Trust is enabling the training and equipping of church l¢aders, village chiefs and young people to become disciples of Jesus Christ and servant leaders within their local church and community. Our main fo¢us is providing basic contextual Bible and ministry training programJn¢s to equip IOOOS of church leaders who have had no opportunity to attend any Bible Collcge due to w)verty. We do this in partnership with J-Life Ministries Malawi. Our Chichewa language training programme for church leaders is called 'Lkarn2Serve' and is delivered both through in-person workshops in the community, and via twice weekly Chichewa language radio bro&dcasls on Transworld Radio Malawi. We also offer a Bible-based training programme to community leadcrs {village chiefs)
THE KERUSSO TRusr Company Limited by GuaraDtee Report of the Trustee8 for the Year Ended 31 December 2025 continued for their influential role in society. dtscipleship 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 'frainiRg and Resource Centre near Blantyre. which has a theological library that is available for pastors and church leaders to use. To muliiply the benefits of trainin& occasionally we run a four- week intensive r¢sidential training Programme called 'Entrust' (2 Timothy 2.2) and mentoring programme aiming to equip selected ChUh pasto to become trainers of others in their hom¢ localities. The Kerusso Trust seeks to encotsrag¢ local income-generation by our Malawian partners to promote their organisational Tesilien¢e and reduce dependency on external funding. We are doAng this by operating a student sponsorship programme for Bethel Girls, Academy, a Christian secondary school operated by J-Life Ministries. providing bursaries for girls who otherwis¢ would not be able to continue in secondary education due to poverty and occasional financial support toward further developm¢nt of school facilities. tD th¢ past, we have provided startup support for a farni at Imbwa village to grow food to supply Bethel Girls, Academy and to sell, while at the sam¢ tim¢ facilitating cornmunity development through maintaining clean borehole water for those living nearby. 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 th¢ work in Malawi. W¢ aim to encourage Christian discipleship and mutual learning by building relationships between Christian church¢s and individual supporters in th¢ UK and our partners in Malawi. We share news and inforrtkation about the work in Malawi and provide opportunities for UK Christians to express their we and concern for the Church and people of Malawi by praying, giving financially to the work, and serying 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 wwers 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 purp08es for the public benefit. The trustees rcgularly 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. Th¢se reviews also help us ensur¢ our planned futur¢ activities bring charitsble benefrt and contribute positively to the aims and obj¢¢tives set. Memberships The Kerusso Trust was a member of the following organisations in 2025: The Scotland Malawi Partnership (Mvw.scoiland-malawi rtnershi .or Global Connections (M ii'ii'_ J IiibcilLuiinections.or(F iiL Scotland's International Development Alliance (i¥ii'iv.intdevalliance.scot) Thirty-one Eight (wTrvw.thirt ht.or 01)eeikng) ACHIEVEMENf AND PERFORMANCE Achievements and Perforniance throughout the year We are delighted that our core mission of 'training 10005 lo reach 100,OOOsfor Chrisl in Malawi, by working with church leaders. village chiefs. youth and children has continued in 2025. We give thanks to God forall the resources we have r¢¢eiv¢d over the year. and all these have made it possible for us to achiev¢. as set out b¢low: Achievements with J-Lif¢ Ministries in Malawi Church Leaders - our flagship 'lM2serve, biblical discipleship and leadership training programme delivered through in-person workshops acro&s Southern, Central and Northern Regions of Malawi Training Handbooks - distribution of the 'L£arn2Serve' Level l training manual in English and initial preparation of the Level 2 manual.
THE KERUSSO TRUST Company Limited by Guar%Dtee Report of the Trustees for the Year Ended 31 December 2025 continued Radio Ministy - a weekly 30-minute Chichewa language 'L¢arn2Serve' radio programme broadcast on Transworld Radio Malawi every Friday at 7.15pm, with a repeat the following Thursday at I l am. Community Leaders - Bible-based training programmes promoting discipleship, integrity. social justice, community dcvelopment for villag¢ chiefs ('Le8rn28erve4Chiefs') and work with Chiefs to promote safeguarding of the vulnerable from harm and abuse. and social justice in the local community Youth Ministy- biblical discipleship, mentoring and life-training activities for YOU especially potential future church leaders Children's Ministy- 18 Community Children's Bible Clubs for over 1,000 primary school children (aged 5-14 years) in rnrdl villages of Blantyre West Rural, meeting w¢ekly from April to November each year Volunteers from the UK- three volunteers served alongside thc J-Life team participating in sport4 youth and children's ministy, and one volunteer provided consultancy in building Surveying and capacity building training to the apprentice builders working on the Camp Bethel site. Grant funding of staff salary and related costs for six of the J-Life team in Malawi Other essential ministy costs for J-Life, including vehicle maintenance Construction projects at the Camp Bethel site. including a new classroom and new dormitory block for the Bethel Girls, Academy. The Kerusso Resource Centre continued to register new donated books in its library? we thk Langham Literature for their ongoing annual library book grant Projects at Imbwa Fam) and village- the primary school constructed in 2023 is now fully handed over to the I81 community and opcrated by the Malawi govemment, with classes for over 300 children from Standard I to Standard 6" and six government-funded teachers. Following completion of maintcnance work on the first borehole at Imbwa which damaged during Cyclone Freddy in 2023. both knreholes are now fully operational providing water r¢silience for the f8rn) and community. Support for 45 girls who would othenvise not be able to afford the fees, to attend Bethel Girls, Academy, a Christian secondary school, through our School Bursary Fund. Achievem¢nts in the UK Jonathan Groves visited church¢s and supporters around the UK to preach from the Bible, share about the work in Malawi. encourage Christian discipleship and encourage meaningful connections with the team and ministy in Malawi We led several Sunday school sessions in churches about Malawi for primary aged children We published monthly pr&yer guides providiiig information on the work in Malawi and the UK as daily prayer points. madc available to subscribers by email, by post &nd on Facebook We held a monthly ' Live l.ink. Tneeting by Zoom. ¢nabling UK supporters to intcract directly with members of the J-Lifc t¢am alongside Jonathan and Ruth Groves, and a monthly 'Prayer Hour, where supw)rters across the UK gathered by Zoom to pray for the work in fvlalawi. FINANCtAL REVIFW Principal fuoding sources The Kerusso Trust generates income from two main sourees: donations from personal and corporate supporters (£136,448 in 2025), and investment income (£28,088 in 2025) from leasing a residential property thai was gifted to the charity when it was founde& and other investments. A small amount of additional income was generated through trading activities (£1,867 in 2025)- The investment income funds all UK operational ministy and administrative costs, govemance and some ofthe charitsble expendtture in Malawi. All donations were used IOOQ/o to financ¢ 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..
THE KERUSSO TRUST Company Limited by Guarante¢ Report of tbe Trustees for the Yegr Ended 31 De¢ember 2025 continyed l ) To maintain the Tental propety asset in good condition and use it to provide a regular source of General Fund incom¢ for the future 2) To invest for growth without placing the capital und¢r high leve15 of risk 3) To follow an ethieal investment policy that actively avoids causing hami to others, and where possible enhances thc wcllbeing of individuals or communities. Reserves poliey The trustees have examined the Charity's requirements for res¢rv¢s in th¢ light of the main risks. They aim to carry sufficient general unrestricted res¢rv¢s in cash to meet the committed charitable activities for three months and to conduct norn)al levels of Maintenance on its rental property- The tn]stees aim to retain sufficient non- property capitsl assets in the Expendable Endowment Fund to fund exceptional levels of maintenance on its rental property, and to underpin future operational growth as the charity continues to develop. Th¢ General Fund may temporarily borrow or pemianently expend cash from the Endowment Fund to meet commitmeTEts. In practice, the trustees aim to maintain a minimum working cash Tes¢rYe of £27,000 in the unrestri¢ted Gen6ral Fund and £2,000 in the restricted School Bursary Fund. Financi81 Position The Kerusso Trust reported total income in 2025 of £166,403 (£123.234 in 2024). Total expenditure for the year was £171.060 (£125,982 in 2024) of which total charitable expenditure was £167,310 (£121,454 in 2024). The balance of cash funds at the end of 2025 was £62,279 of which £29,589 related to Restricted Funds, £32,690 related to the G¢neral Fund and £nil in the Expendable EndoMYnent Fund. (2024 - £61,763, £37,198 Restricted Funds, £24,565 General Fund, £nil Expendable Endowment Fund). These represent a healthy level of reserves to meet ongoing regular ¢ommitments to charitabl¢ activities. The totsl nett value of the Expendable Endowment Fund increased by £2.747 during the year, arising from increases in value of inveslm¢nts and reinveslm¢nt of dividends. Chgritable Expendityre The largest ch&ritable ben¢ficiary in 2025 was J-Lif¢ Ministries in Malawi. The trustees make th¢ grdnt payments to J-Life at approximately two-month intervals. At thc cnd of th¢ year, there was a ba]ance at J-Life equivalcnt to £8,066 (in local currellcy), of which £554 related to Restricted Funds and £7,512 related to the General Fund. Over th¢ year, The Kerusso Trust made granl payments to J-Life Ministries of £121,664 (£62,830 in 2024). These grants were higher in 2025 because they included one-off capital payments for infrastructure development at Beth¢l Girls. Academy (£17,060) and provision of a new 4x4 vehicle for J-Life (£25,898), and exceptional operational expendIre to fund sports ministy (£3.769) and Wilberforce Academy training of J-Lif¢ staff (£2.550). Ov¢r the y, The K¢russo funded direct service provision costs for consultancy, oversight and training in Malawi by Jonathan and Ruth Groves of £2,310 (£1.167 in 2024) and by other volunteers of £3,999 (£3,043 in 2024). Our Educational Bursary Fund supported forty-five students to attend Bethel Girls A¢ademy (£8,412). Other charitable expenditure included the Costs of our UK ministry in church¢s (£1,048). UK governance, depreciation. trdining and office costs (£5,500), support costs of Malawi activities (£261) and paytnent of part-time salaries for Jonathan and Ruth Groves (£23.853). Finally. the trustees wish to that& all churches and individuals who have supported the work of The Kcrusso Trust through their interest. prayers and giving throughout the year. Special thanks are due to our voluTtteers in the UK who have made cards for fundraising, distributed materials and hosted Kerusso Trust meeting5. We are grateful to the Langham Partnership for their ongoing annual library gran¢ and to other supporter8 who have donated theological books for the Kerus50 Resource Centre and distribution to Malawian pastors. The trustees thank Ruth Groves for compiling th¢ monthly prdyer guide. and Dave and Sue Hall for postal distrlbution and social media uploads.
THE KERUSSO TRUST CompaDy Limited by GuarADtee Report of the Trus¢ees for the Year Ended 31 De¢ember 2025 ¢ontinued 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 achicve this by working wtth our trusted partner J-Life Ministries in Malaw4 and by engaging dtr¢ctly with church¢s and individuals kll the UK. The Kerusso Trust in Malawi (2026): Core Traini Ministries 'Learn2S¢rve', our main church leader training programme of in-person workshops in rural areas, providing Bible-based training in servant leadership, discipleship and disciple making. interpreting. and teaching the Bible. and prdctical pastoral ministy skills. The core workshops are supported by r¢fr¢sher days, marriage se[nina, and mentoring. The focus will b¢ on completing the programme with existing groups in Central and Northern R¢gions of Malawi, and launch new training groups in the Southern Region. 'Wilberfor¢e Academy,, hold further discipleship training days on a Saturday targeted toward Christian professionals in business and the public sector as well as pastors, to run in parallel with 'Learn2Serve' for church leaders during th¢ weekdays. 'Learn2Serve Radio,, a series of weekly 30min Chichewa language radio broadcasts on Transworld Radio Malawi. The radio programme, Called 'Tiphunzire Kutumikira,, makes the Full 'Learn2Serve' curriculum accessibl¢ to any church leader and the public throUoUt Malawi and border parts of Mozambique and Zambia. 'Entrust', hold a three we¢k residential training programme to train about 50 Iwal 'Learn2Serve' trainers of other church leaders, mainly from Central and Northern Region. 'Learn2Serve4Chiefs'. a Bibl¢-centred training programme in servant l¢&dership. commwiity developm¢nt, integrity and social justice for village chiefs and other community leaders. Complete the program¢ of four workshops with all the chiefs in the ar¢a of Bl&ntyre and Chikwawa District within about 30km of the J-LiEe Camp Bethel 81te. Community byelaws and chiefs. conferences, rolling out across the jurisdictions of four Traditional Authorities the byelaws that were adopted in 2025 for the protection of young girls from sexual abuse and cxploitation, to protect wom¢n, special needs and other vulnerable people, uphold social justice for the most vulnerable such as widows and child hcaded families, support children remaining in primary school education, and promote creation care protect the local environment. 'Youth Learn2Serve', a programme lated to 'Learn2Serve' that aims specifically to develop youth inlo future church leaders, providing discipleship training in the localities where their pastors and other church leaders have already attended 'Learn2Serve' Community Children's Bible Clubs at l 8 village locations. reaching out to over 1.000 Children p¢r we¢K with training and mentoring for the Iwal young adult lcaders Staff Su Grant fund the staff costs of the Director of J-Life Ministries and severnl otheT memr$ of J-Life staff Facilitate capacity building training for their staff team and volunteers, as part of our long-terni partnership Offer Academic Scholarships when possible, to assist key trainers of the 'Learn2Serve' programme to undertake fijrther studies Other Pro ects Work with J-Life to encournge sustainability in the Imbwa Proje¢L helping it to generdte income for J-Life and bring olean water, solar w)w¢r, farm efflploymenL and material, spiritual and primary school educational opportunities to the Imbwa community. Offer further secondary school Educational bursaries forgirls to attend the Bethel Girls. Academy who otherwise would not be ablc to do so. as further sponsors become available. The Kernsso Trusl in the UK (2026): Distribute rnonthly news updates and prayer guides by email or post to subscribers, and on so¢i81 media
THE KERUSSO TRUST Company Limited by Guarantee Host monthly online'Live Link, and 'Prayer Hour, meetings to help supporters engage with the team in Malawi, and to enable collective prayer for the work of the cbarity in Malawi and the UK Jonathan and Ruth Groves to visit to churches in personto preach and shaTe about the work in Malawi, as invtted Continue to review risks, safeguarding and other key policies, and implement any necessary changes. Jonathan and Ruth Groves are employed part-time by The Kerus50 Trust for some of their UK oifice responsibilities: funding for thes¢ stsff ]x)sitions derives from investment income received into the unrestricted general fijnd. IOOO/ts of donation income will continue to be used to SUPPOrt th¢ ¢haritable work of The Kcrusso Tn]st in Malawi The trustees intend to seek to simplify the existing structure of governance of The Kerusso Trust by converting from a Company Limited by Guarantee that is registered with both The Charity Commission and Office of th¢ Scottish Charity Regulator (OSCR), to become a Scottish Charitable Incorporated Organisation (SCIO).
THE KERUSSO TRUST cOmnY Limited by Guar4Dtee Report of the Trustees for the Yr Ended 31 DeMber 2025 Colltinued REFEREP4CE AND ADMINKSTRATIVE DETAILS Registered Company number SC413002 (Scotland) Registered Charity number 1145560 (England & Wales) SC044848 (Scotland) Registered office 43 Kingswood Cr¢5CCIIt Kingswells Aberdeen AB15 STE Trustees Jonathan D Groves A Ruth Groves Jonathan P Stephens Colin R Deddis Andrew P Hayes Trenton J Tunnell Christille E Partrsdge Andrew R Rollinson - resigned 25 August 2025 - appointed 20 April 2025, resigned 15 January 2026 - appointed 14 October 2025 - appointed 16 March 2026 Compxny Secretary Jonathan D Groves Primary Banker TSB plc Lbntil January 2026 Co-operative Bank plc from February 2026 Independent examin¢r Brian Miller CA 94 Blenheim Pla¢¢ Aberdeen AB25 2DY Approved by order of the board of trustees on 2 June 2026 and signed on its behalf by.. Dr J Groves - Trusfe¢ 10
THE KERUSSO TRUST Compatty Limited by Guarantee kdependent Examiners, Report to the Trusteu of The Kernsso Trnst I rewTrrt on the financial statements of The Kerusso Trust for the year ended 31 Dember 2025 which are set out on pages 12 to 20. Respeetive responsibilities ofirustees and examiner Th¢ charity's truste¢s (who are also the directors for the purposes of company law) are responsible for the preparation of the accounts. The charttys trustees ¢onsid¢r that an audit is not required for this year (under Section 144(2) of the Clwities Act 2011 (the 2011 Act) or under Regulation 10(IXa) to (c) of The Charities A¢¢ounts (Scotland) Rcgulations 2006 (the 2006 Accounts Regulations) and that an independent examination is requiffd. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to= examine the accounts under Section 145 of the 2011 Act and Sections 44(1)(c) of the Chariti¢s and Trustees Investment (Scotland) Act 2005 (the 2005 Act)- follow the procedur¢s laid down in the General Directions given by the Charity Commission (under Section I45(5Mb) of the 2011 Act)- and state whether particular matters have come to my attention. Basis ofindependent examinen, report My examination was carried out in accordance with the General Directions given by the Charity Commission and is in accordance with Regulation I l of the Charities Accounts (Scotland) Regulations 2006. 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 ¢onsideralion of any unusual items or disclosures tn the accounts and seeking explanations froTn you as trustees concerning any such matters. Thc proccdures undertaken do not provide all th¢ evid¢nc¢ that would b¢ r¢quAred in an audiL and consequ¢ntly no opinion is given as to whether the accounts present a'true aTkd fair vi¢w' and the report is limited to thos¢ matters set out in the statements below. Independenl examiners, statement In connection with my ¢xamAnation, no matter has com¢ to my attention.. {] ) which gives me reasonabl¢ ¢aus¢ to believe that in any material respect the requirements: to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006 and Section 44IINa) of the 2005 Acl. and to prepare accounts which accord with the acwunting rOrdS and comply with the accounting requirements of the Companies Act 2006. Section 44(1)(b) of the 2005 Act and Regulation 8 of the 2006 Accounts Regulations have not been met" or (2) to which. in my opinion, attention should be drdwn in order to enable a proper und¢rstanding of the financial statements to be reached. Brian MillerC.A. 94 Blenheim Place Aberdeen • AB25 2DY 2 June 2026 11
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THE KERUSSO TRUST Compxny Limited by Guarantse Charity Number: 11455601SC044848 Company Number: SC413002 Balance Sheet as Y4t 31 December 2025 Restricted utricted Endowment funds funds rundy 2025 2024 Nots Fixed assets Tangible assets 950,000 950,IM)0 950,438 Cvrrellt gssets Stock Debtors 1.372 1.442 2,814 8,665 Investments io 42,996 42.996 40,249 Cash at bank and in hand 29.589 32,690 62279 61,763 30,961 34,132 42996 108,089 110,677 Creditors- amounts falling due within one year Nel current assets li (1,439) (1,439) (1,787) 30.961 32,693 42,996 106.650 108.890 Nel assets 30,961 32,693 992,996 1,056,650 1,059,328 Funds 12,13 Restricted fLmds 30,961 43,856 Unrestricted funds 32,693 25,223 Endowment funds 992,996 990,249 Total funds 1,056,650 1,059,328 The directors, statements required by Sections 475 (2) and {3) are shown on the following page, which fonns part of this Balance Sheet. The notes on pages 14 to 19 forni an Inte part of th¢s¢ financial statements. 13
THL KERUSSO TRUST Company Limited by Guarantee Balance sheet continued Directors, statements in aceordanee with Section 475 (2) and (3) for the year ended 31 December 2025 In approving these accounts as dir¢ctors of the company, we hereby confirni: (a) The financial statcments have been prepared in accordance with the Special provisions relating to cotnpanies subject to the small companies regime within Part 15 of the Companies Act 2006 and the Spall Companies and Groups (Accounts and Dtrectors, Report) Regulations 2008. (b) That for the year stated above the company was entitled to the exemption from audit conferred by Section 477 of the Companics Act 2006 relating to small cornpanies; (c) That the members have not required the company to obtain an audit of its financial statements for th¢ year in question in accordance with Section 476. and (d) That we acknowledge our responsibilities for complyig with the r¢quirements of the Act in respe¢t to accounting records and the preparation of financial sthtements. l.) Ensuring that the COTnpany k¢¢ps accounttng records which comply with S¢ction 386 and 387 of the Companies Act 2006" and 2.) Preparing financial statem¢nts which give a true and fair view of the slate of affairs of the company as at the end of the financial year and of its profit for the year then ended in accordance with the requirements of Section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. The financial statements were approved by th¢ Board of Trustees on 2 June 2026 and signed on its behalf by.. Dr. J. Grov¢s Tn]st¢e 14
THE KERUSSO TRUST Company Limited by Guarantee Notes to the financial st2temettts for the year ended 31 Deeember 2025 l. Basis of preparntion and principal gccoullting polieies 1.1 Basis of preparation of financi•R $tslements The Kerusso Trust is a charitable company. limited by guaraTrtee. 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 otFice can be found in the Rew)rt 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 IA "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 O¢tob¢r 2019, the Companies Act 2006, the Charities arkd Trustcc 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 currcncy of the charity. 1.2 Income All income is recognised in the Stat¢ment of Financial Activities once the charity has entitlement to the funds, it is probable that the incorne will be received and the amount can be m&ured reliably. For donations to be recognised the charity will have been notified of th¢ amounts and the s¢ttlement date in writing. If there are conditions attached to the donation and this requires a Icvcl of pcrfonnancc beforc entitlement can be obtsined then income is deferred until those eonditions are fully met or the fulfiltnent 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 clwity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. IJ Expenditure Tangible Liabilities are recognised as expenditure as soon as there is a legal or Constructive obligation comtnittingthe charity to that expenditure, it is probable that a transfer of economic iKn¢fits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an a¢¢ruals basis and h&8 been classified under headtngs that aggregate all c05t related to the category. Where costs cannot b¢ dirtlY attributed to parti¢ular headings they have been allocated to activities on a basis consistent with the use of resources. Irre¢overnble VAT is charge4J as an expense against the activity for which expenditure arose. 1.4 Support Costs Support costs are those that assist the work of the ¢harty but do not directly represent charitable activities and include governan¢¢ costs. Th¢y are incU¢d dir¢¢tly in support of expenditure on the obj¢cts of the charity. 1.5 Tallgible Fiied Assets Depreciation is provided at a rale of 330/0 on cost to write off each asset over its estimated useful life. 15
THE KERUSSO TRUST Company Limited by Cuarantee Notss to the fin&ncial slatements for the year ended 31 December 2025 coutinued 1.6 Investment Property Investment property is shown at most e¢t valuati¢)n. Any aggregate surplus or d¢fi¢it arising from changes in fair value i5 recognis¢d in profst or loss. 1.7 IDve$ltThents Invcstments are recognised initially at fair value which is nonnally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains I (losses) on investments, in the SOFA if the shares are publicly traded or their fair value ean otherwise b¢ measured reliably. Other investments are measured at cost less impainnent. 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 creditor5 Wlth no stated interest rat¢ and r¢ceivable or payable within one year are recorded at transactton price. Any losses arising from impairment are recognised in expenditure. 1.9 Tax*tion The charity is exempt from corporation tax on its charitable activities. Value add¢d tax is not recoverabl¢ by the charity, and as such is included in the relevant Costs in the Statement of Financial Activities. 1.10 Fund Aeeounting Unrestricted funds can be used in accordance with the charitable objectives at the discrction 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 legaei Unrestricted Restricted 2025 2024 Funds Funds Total Total Donations receivable 71.744 6.939 52.922 124,666 11,782 82,125 Tax recoverable 4,843 78.683 57,76S 136,448 3 IDvestment Income Unrestricted Endowment Funds Funds 2025 Total 2024 Total Rent received 25.800 25000 768 25.800 713 Income from investtnents held 768 Dew)sit account interest 1.520 1520 1.782 27J20 28,088 28.295 16
THE KERUSSO TRUST Company Limited by Gurlltee Notes to the financial Statements for the yegr ended 31 December 2025 eontillued 4 Raising Funds Unrestricted Funds Restricted Funds 2025 Total 2024 Total Raising donations Trading activities Rent collection 203 373 373 512 .850 1.527 1050 1,527 1,703 2.110 Property maint. & insurance 3.750 3,750 4.528 5 Net Incomel(Expenditure) Net incomel(expenditure) is stated after chargingJ(¢rediting): Unrestricted Funds Endowment Funds 2025 Totsl 2024 Total Depreciation on assets 438 438 938 6 Remuneratio 2025 2024 Wages and salaries National insurdnce costs Pension costs Expenses reimburs¢ment 22,086 37,800 .767 3.058 3,024 1,688 26,911 42012 No employee received emoluments of over £60,000 during the year in 2025 or 2024. 7 Trustees, RemylleratAOll and Benefits In their executive capacity remuneration including wages and pension contributions of £11,926 was paid to each of Jonathan and Ruth Groves during the year (2024 - £20.412). They were also paid total expenses of £3.058 (2024- £1.688), some relating to either Jonathan or Ruth and others to both. No other trustees reeeRved any remuneration or other ben¢fits for the year ended 31 December 2025 nor for the year ended 31 December 2024. Th¢re wer¢ no expenses paid to any of the trustees in their capacity as ¢h8rity ttle¢S for th¢ year ended 31 De¢¢mber 2025 nor for the y¢ar endcd 31 Deccmber 2024. During the year a total of £3.740 was donated to the charity by trnstees and connected rsonS. 17
THE KERUSSO TRUST Cotnpany Limited by GuarJtttet Notes to the finantial statements for ihe year ended 31 De¢ember 2025 contillued 8 Tangible Fixed Asgets Land And Plant and Buildings Machittery Totals Cost At l January 2025 Additions Disposals 950,000 6,975 956,975 A5 at 31 Deeember 2025 950,(M)O 6,975 956,975 Deprecigtion At l January 2025 Disposals Charge 6,357 6,357 438 438 A8 at 31 December 2025 6,975 6,975 Net book value At 31 December 2025 950,000 950,000 At 31 December 2024 950,000 438 950,438 If the property had not been revalued it would have ken included at historic cost of £439,051. The property was valued on an open market basis on 31 December 2024 by Castles Estate Agents who buy and sell property in the locality of the investment propety. Valuation in 2024 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 175,000 80.000 45,000 50,000 25,000 50,000 50,000 25,000 10.949 439,051 950,IM)O 9 Debtors and Prepaid Expenses 2025 2024 Other debtors Prepayments 1,590 1.223 4,655 4,010 2.813 8,665 18
THE KERUSSO TRUST Company Limited by Guarantee Note5 to the financial 8t*tements for the year ended 31 December 2025 continued 10 Current Assel Investments 2025 2024 Market value at I. January Add.. cost of purchases Less- tnarkct value of disposals Unrealised gainlloss on inv¢stments Mket value at 31. December 40,249 768 35.064 1,979 5.185 42,996 40.249 Investments at cost 34,529 33,561 Investments arc stated at current market value. 11 Credito 2025 2024 Accrued expenses Other creditors 1.439 1.787 1.439 12 Movement in Funds Incoming Outgoing At 01.01.25 ResOurS R0ree$ Gaills & Lossesl At 31.12.25 Transfers Restricted fuDds Sports ministry School bursary Radio ministry Imbwa School Capital Imbwa Comm. project Salaries - Anthony Booklet publishing BeGA Sehool d¢vL Vehicle fund Wilberforce Acad SA 458 7,919 6.500 8.185 13,601 (7.499) (8.411) (I,ioo) (1.250) (750) 1,144 13.109 5,400 1,250 713 37 5,702 4.708 (5.702) 25 24.375 7,366 2,250 57,765 (589) (17,060) (25,898) {2,401) (64,958) 4.144 7,315 18.532 (151) 30,961 43,856 (5,702) Umrestricted funds General fund Endowment funds Building Other 25,223 107.870 (106,102) 5,702 32,693 950,000 40,249 990.249 1.059J28 950,0 42,996 992.996 1,056,650 768 768 166,403 ,979 1.979 1,979 Totsl Funds (171.060) 19
THE KERUSSO TRUST Company Limited by Guarantee Noles to the finanei*l stalemellts for the year ended 31 Deeember 2025 continued 13 Analysis of Net Assets Between Funds Restricted Unrestricted Endowment Ftsnds Funds FuDds 2025 2025 2025 Tot21 2025 Tangible Fix¢d Assets Current Assets Current Liabilities 950,000 42,996 950,000 108,089 (1,439) 1,056,650 30,961 34.132 (1.439) et Assets At 31 D¢¢ 30,961 32,693 992,996 Restricted Unrestricted Endowment Funds Fullds Funds 2024 2024 Total 2024 2024 Tangible Fix¢d Assets Current Assets Current Liabilitics 438 26,572 (1.787) 25223 950,000 40,249 950,438 110,677 (1,787) 43,856 Net Assets At 31 Dec 43,856 990,249 1,059J28 20
THE KERUSSO TRUST Company Limited by Cuarantee Detailed Statement of Financial Activliles for the Year Ended 31 December 2025 2025 2024 Income Endowments Donations and leg*eie3 Donations (Tift aid 124,666 11,782 82,125 10,745 136.448 92.870 Other dIng activities Trading payments received 1.857 2,069 Investment income Rents received Other inveslment income received Deposit account interest 25.800 768 l.S20 25,800 713 1,782 28,088 28,295 Cbarilable 2tlivities Primary purpose trading 10 Total ineoming resources 166,403 123234 Expenditure Raising funds- donations legaeie8 Primary purpose trading costs Raising donations costs 65 203 65 203 Raising funds- other tr4ding activities Trading costs 308 511 Raising funds- investmettt management eosts Rent collection Propety maintenance Property insurance 1.850 698 829 1.703 1,714 397 3.377 3,814 This page is for inforniation only and does not forni part of the a¢¢ounls. 21
THE KERUSSO TRUST Company Limited by Guarantee Det8iled Statement of Fin84Deig1 Attivlties for the Yr Ended 31 December 2025 (continued) 2025 2024 Charitable activities J-Life Ministri¢ Secondary School Bursarie8 for Girls Academic Scholarships Gifts to Individuals in Malawi Gifts to other Organisations in Malawi UK Ministy UK Salary Costs UK Office Costs Equipment- Depreciation R28,122 8.412 238 67,228 5,801 939 23,853 4,666 438 548 38.491 7,796 938 166,676 120,813 Governance costs Independent examiners fee Other 600 34 600 41 634 641 Total charitable resourees eipended 167JlO 121,454 Total resourees expended 171,060 125,982 et income/(upettditure) 4,657 2,748 This pag¢ is for inforniation only and does not fomi part of the accounts. 22