2022-12-31-accounts

Charity registration number 1153327

Company registration number 08635189 (England and Wales)

CHILDS CHARITABLE TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

CHILDS CHARITABLE TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Mr Christopher Large (Chair)
	Mr Stephen Puttock
	Mrs Melanie Churchyard
	Mr Robert Peake
	Ms Janice Kalyan	(Appointed 14 January 2022)
CEO	Mrs Melanie Churchyard
Charity number	1153327
Company number	08635189
Principal address	40 Chapel Road
	Pawlett
	Bridgwater
	Somerset
	TA6 4SH
Registered office	40 Chapel Road
	Pawlett
	Bridgwater
	Somerset
	TA6 4SH
Auditor	Caladine Limited
	Chantry House
	22 Upperton Road
	Eastbourne
	East Sussex
	BN21 1BF
Bankers	NatWest Bank plc
	96 Terminus Road
	Eastbourne
	BN21 3AA
Solicitors	Mayo Wynne Baxter
	3 Bell Lane
	Lewes
	East Sussex
	BN7 1JU
Investment Manager	Rathbone Investment Management
	8 Finsbury Circus
	London
	EC2M 7AZ
	Savills Investment Management
	33 Margaret Street
	London
	W1G 0JD
Property agents	Bree Prenton Property Consultants
	21 The Waterfront
	Sovereign Harbour
	Eastbourne, BN23 5UZ

CHILDS CHARITABLE TRUST

CONTENTS

	Page
Trustees' report	1 - 5
Statement of Trustees' responsibilities	6
Independent auditor's report	7 - 9
Statement of financial activities	10 - 11
Statement of financial position	12
Statement of cash flows	13
Notes to the financial statements	14 - 29

CHILDS CHARITABLE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees present their report and financial statements for Childs Charitable Trust ("the Trust") for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's memorandum and articles of association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The Trust is a Christian grant-making Trust. Since its inception in 1962 the principal object remains the furtherance of the Christian gospel and the Trustees are actively involved in supporting and encouraging many Christian charities to achieve this goal.

There have been considerable ongoing economic consequences both within the UK and overseas whilst we are unable to predict the impact on the charity’s future, we are continually monitoring the situation and taking appropriate advice to ensure the grant-making work of the charity continues.

Public Benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.

The Trust has established its grant making policy to achieve its objects for the public benefit.

All applicants are informed of the outcome at the end of the process whether their application has been successful or not.

Achievements and performance

Grants Awarded

As required by the Trust’s Memorandum and Articles of Association, all activities have as their core purpose the Trust’s own main objective “the furtherance of the Christian Gospel.”

All applications are sent on the Trust’s application form.

At the Strategy day the trustees made significant changes to the application process for 2023. Full details can be found on the website.

All applications for support are fully considered but, unfortunately, not all can be supported.

The total charitable distributions in the year amounted to £703,500 (£652,500 in 2021) This included special humanitarian grants of £100,000 to Missions working in the Ukraine and £23,000 to Missions working in Pakistan.

The Trust received 362 applications and awarded grants to 73 different organisations.

These organisations are all based in the UK but operate worldwide.

Some of the comments that we are able to share are a joy and encouragement to the trustees.

Schools Work:

"What a successful year we've had. Thank you so much for the amazing part the Childs Charitable Trust has played in this success, and for supporting us these last few years as we've pushed forward to reach more young people with the Christian Gospel!”

• 1 -

CHILDS CHARITABLE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

“Our bands go into schools, one town or city at a time, to share the gospel with young people through assemblies and lessons, and address current issues young people are facing. Your funding went towards our bursaries that helped to provide those in the most deprived areas or with a small Christian presence, access to the tour in their locality.”

Bible/Leadership Training:

“Thank you so much for the generous support of the Childs Charitable Trust, helping church and ministry leaders in Moldova.”

“This training programme is vital in enabling the most marginalised people to access ministry training to reach their communities with the gospel. It has had a significant impact through the Christian ministries it has inspired unleashing evangelical outcomes that will cascade long into the future.”

Pastoral care/Humanitarian Needs:

“With the funding received we were able to dig a new borehole. This now provides access to clean, safe water for 600 people. Bibles in Luganda and English for adults and children have been distributed to community members. The team had the joy of sharing the Christian gospel through devotions and prayer with the villagers”.

“We are very grateful to God for His continued provision for our work in Egypt to support vulnerable families and win souls to Christ”.

Monitoring:

In accordance with their monitoring policy, the Trustees monitor the activities and performance of the Trust’s beneficiaries to ensure the gifts are used for their charitable purpose. Impact reports are provided to the Trustees for subsequent review and discussion. These reports enable the Trustees to understand more fully the activities and needs of the recipient charities. The charities themselves express their appreciation for such monitoring as it helps them understand the ethos of the Trust and often enables a closer partnership to develop.

Melanie (or another Trustee) visits all grant recipients who have received a significant donation from the Trust in the year and reports back to the Trustees.

Missions Day

Every year the Trustees arrange a "Missions Day" to which various Christian charities are invited to join the Trustees, staff and other invited guests, for the day to give presentations of their work and to spend time in prayer. In 2022 we were joined by 5 Mission organisations. The Trustees have expressed how beneficial they feel these days to be in gaining a deeper insight into the work and needs of the Missions.

Financial review

Income

The income of the Trust is mainly received from two asset portfolios, commercial properties and investments.

The Trustees take advice on their properties from an Eastbourne based commercial property agent.

The investment portfolio continues to be managed by Rathbone Investment Management.

Asset cover for funds

The Trust's assets are adequate and available to fulfil its obligations.

Reserves policy

As all reserves are unrestricted and “free” reserves, it is the policy of the Trust that unrestricted funds should be designated to match the market value of fixed assets investments. This ensures that these funds are considered “permanent” in nature as they are necessary to generate income for the Trust to enable it to carry out its activities and continue in the future. At 31 December 2022, such “permanent” reserves total £9,374,619 equal to the Trust’s fixed asset investments.

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CHILDS CHARITABLE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Investment policy:

The investment portfolio managed by Rathbone Investment Management, seeks to achieve a balance between capital growth and income growth through a portfolio investing primarily in equities and fixed interest stocks with medium risk, and to ensure a reasonable income. The Trustees have set certain ethical restrictions on its investments with those being avoided that relate directly to armaments, tobacco, alcohol and media concerns that conflict with the Trust’s Christian ethos. The Trustees are satisfied with the current return on capital.

The Trustees meet with the Investment Manager once per year to discuss the requirements for the forthcoming year and to review past performance.

Loans

The charity also holds one investment in the form of a loan to a charity with similar objects. The loan receives interest at a market rate and has a period of 14 years remaining on the term. The loan is secured on the assets of the charity. The loan is provided to further the charitable objects of the charity and specifically in furtherance of the Christian Gospel. The Trustees annually review the activities and finances of the charity loaned to, to ensure that these aims are being met.

Plans for future periods

It is the intention of the Trustees for the Trust to continue its activities in the long term, using its annual income and maintaining its capital base.

Strategy Day

Each year the Trustees hold a Strategy Day to discuss the requirements of the Trust over the next 5/10/15 years and the procedures that might be needed to be put in place to achieve the Trust’s vision.

The Trust’s Vision and Mission statements are:

Vision – To see a world where every person has the potential to hear and respond to the gospel message.

Mission – To strategically fund Christian organisations which promote the Christian gospel.

The Trustees also discuss the requirements of the Trustee board and their strategy for Trustee recruitment.

A funding strategy is discussed and agreed for the forthcoming year. Details of the agreed strategy is published on the Trust’s website.

At the 2022 Strategy Day the Trustees decided that they should continue throughout 2023 to keep aligned with their vision and mission statements ensuring organisations applying for funding in 2023 focus primarily on the sharing of the Christian gospel.

The Trustees also discussed their property portfolio. Most of the properties that were in the Trust’s portfolio have now been sold. The Trustees continue to consider future opportunities for investment.

Structure, governance and management

Structure

The Trust’s Memorandum and Articles of Association state: The Charity’s Objects are for the public benefit to advance the Christian faith in accordance with the Statement of Beliefs … in Eastbourne, East Sussex and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit and to fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the Charity.

Governance

Whilst the day to day matters and general running of the Trust are delegated to Melanie Churchyard (CEO and Trustee), this is done in reference to the other Trustees who ultimately take responsibility for all decisions.

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CHILDS CHARITABLE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees met every three months to review financial and investment matters, consider grant applications and deal with other issues as necessary. Communications by email and telephone in between formal Trustees’ meetings enable any urgent matters to be dealt with.

The CEO and Chair of Trustees meet in between meetings to prepare the agenda for meetings and discuss any other relevant matters.

Miss Janice Kalyan was appointed as a Trustee on 14th January 2022.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr Christopher Large (Chair) Mr Stephen Puttock Mrs Melanie Churchyard Mr Robert Peake Ms Janice Kalyan (Appointed 14 January 2022)

All Trustees must be active members of their local church, subscribe to the Trust’s Statement of Beliefs and share the Christian ethos and aims of the Trust. It is imperative that all Trustees have general charity experience and are able to devote their time and energies to the affairs of the Trust. None of the Trustees are remunerated for their services but are reimbursed for out-of-pocket expenses incurred in the performance of their duties as Trustees.

Management

Mrs Melanie Churchyard, CEO, deals with all the day to day affairs of the Trust. Melanie was employed throughout the year. The Trust has use of an office in Pawlett, Somerset. Melanie keeps all Trustees fully informed of the matters of the Trust.

The remuneration of staff is discussed and decided by the Trustees (excluding Melanie) and is based on relevant skills and responsibilities and in line with the rates prevailing in the charitable sector.

Throughout 2022 the Trust was a member of the Civil Society.

Risks

The Trustees regularly review and assess the major risks to which the charity is exposed. Advice and guidance is sought from our auditors and other professionals. The main financial risk to the charity is the level of return on investments since this affects the grants it can pay out.

The Trustees are aware that there are likely to continue to be significant challenges due to the after effects of the Coronavirus pandemic and the ongoing war in the Ukraine. The Trustees are continually monitoring the situation and keep in regular communication with their advisors and investment manager.

It is impossible to eliminate all risks, but the Trustees are satisfied that the systems they have in place mitigate exposure to the major risks as far as they are able. All policies are reviewed in accordance with the agreed review schedule.

The Trustees are kept informed by the auditors and solicitors of the Trust of their obligations as charity Trustees together with their legal and statutory duties. Whenever possible, Trustees and staff attend relevant training and seminars to help understand further their responsibilities and duties.

Feedback from the grant recipients is essential and it is such reports and testimonies, that help the Trustees evaluate the impact of the support the Trust has provided and to plan for the future. However, as the Trust’s main objective and many of the results reported are of a spiritual nature, tangible evidence is often lacking. The Trustees recognise that it can be difficult to quantify final results and impact; however, they seek to encourage the grant recipients to be as detailed as possible in their reporting.

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CHILDS CHARITABLE TRUST

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Disclosure of information to auditor

This report has been prepared in accordance with the small company regime as outlined in Section 419(2) of the Companies Act 2006. Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.

The Trustees' report was approved by the Board of Trustees.

Mr Christopher Large (Chair)

Trustee Dated: 1 August 2023

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CHILDS CHARITABLE TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

The Trustees, who are also the Directors of Childs Charitable Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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CHILDS CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHILDS CHARITABLE TRUST

Opinion

We have audited the financial statements of Childs Charitable Trust (the ‘Trust’) for the year ended 31 December 2022 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 33 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

• the information given in the Trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

• the directors' report included within the Trustees' report has been prepared in accordance with applicable legal requirements.

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CHILDS CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHILDS CHARITABLE TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Trust and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Trust for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• we identified the laws and regulations applicable to the charity through discussions with trustees, and from our commercial knowledge and experience of the charity sector;

• we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Charities Act 2011 and employment legislation;

• we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

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CHILDS CHARITABLE TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHILDS CHARITABLE TRUST

We assessed the susceptibility of the trust’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

• performed analytical procedures to identify any unusual or unexpected relationships;

• tested journal entries to identify unusual transactions;

• assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• agreeing financial statement disclosures to underlying supporting documentation;

• reading the minutes of meetings of those charged with governance;

• enquiring of management as to actual and potential litigation and claims; and

• reviewing correspondence with HMRC and relevant regulators

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Mr Colin James Dadswell ACCA (Senior Statutory Auditor) for and on behalf of Caladine Limited

1 August 2023

Chartered Certified Accountants Statutory Auditor

Chantry House 22 Upperton Road Eastbourne East Sussex BN21 1BF

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CHILDS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Current financial year Unrestricted Unrestricted funds funds general designated 2022 2022 Notes £ £ Income from: Donations and legacies 3 - - Investment property 4 200,313 - Investments 5 388,810 - Other income 6 4,433 - Total income 593,556 - Expenditure on: Raising funds 7 49,308 - Charitable activities 8 765,553 - Total expenditure 814,861 - Net gains/(losses) on investments 13 - (417,067) Net (outgoing)/incoming resources before transfers (221,305) (417,067) Gross transfers between funds 25 16,484 (16,484) Net movement in funds (204,821) (433,551) Fund balances at 1 January 2022 664,386 9,808,170 Fund balances at 31 December 2022 459,565 9,374,619	Restricted funds 2022 £ 15,000 - - - 15,000 - 15,000 15,000 - - - - - -	Total 2022 £ 15,000 200,313 388,810 4,433 608,556 49,308 780,553 829,861 (417,067) (638,372) - (638,372) 10,472,556 9,834,184	Total 2021 £ 6,000 173,510 195,280 4,117
			378,907
			49,268
			724,690
			773,958
			813,073
			418,022 -
			418,022 10,054,534
			10,472,556

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

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CHILDS CHARITABLE TRUST

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2022

Prior financial year

Unrestricted Unrestricted funds funds general designated 2021 2021 Notes £ £ Income from: Donations and legacies 3 6,000 - Investment property 4 173,510 - Investments 5 195,280 - Other income 6 4,117 - Total income 378,907 - Expenditure on: Raising funds 7 49,268 - Charitable activities 8 724,690 - Total expenditure 773,958 - Net gains/(losses) on investments 13 - 813,073 Net (outgoing)/incoming resources before transfers (395,051) 813,073 Gross transfers between funds 25 (200,318) 200,318 Net movement in funds (595,369) 1,013,391 Fund balances at 1 January 2021 1,259,755 8,794,779 Fund balances at 31 December 2021 664,386 9,808,170	Total 2021 £ 6,000 173,510 195,280 4,117
	378,907
	49,268
	724,690
	773,958
	813,073
	418,022 -
	418,022 10,054,534
	10,472,556

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CHILDS CHARITABLE TRUST

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2022

Notes Fixed assets Investment property 16 Investments 17 Mixed motive investments 18 Current assets Trade and other receivables 19 Cash at bank and in hand Current liabilities 21 Net current assets Total assets less current liabilities Non-current liabilities 22 Net assets Income funds Unrestricted funds - designated 26 Unrestricted funds - general	2022 £ £ 2,723,500 6,543,173 107,946 9,374,619 148,105 384,177 532,282 (72,717) 459,565 9,834,184 - 9,834,184 9,374,619 459,565 9,834,184	2021 £ £ 2,483,500 7,211,735 112,935 9,808,170 3,840 777,817 781,657 (72,271) 709,386 10,517,556 (45,000) 10,472,556 9,808,170 664,386 10,472,556

The financial statements were approved by the Trustees on 1 August 2023

Mr Christopher Large (Chair)

Trustee

Company registration number 08635189

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CHILDS CHARITABLE TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022

2022 Notes £ £ Cash flows from operating activities Cash absorbed by operations 31 (793,945) Investing activities Purchase of investments (1,635,975) Proceeds from disposal of investments 1,647,470 Investment income received 388,810 Net cash generated from/(used in) investing activities 400,305 Net decrease in cash and cash equivalents (393,640) Cash and cash equivalents at beginning of year 777,817 Cash and cash equivalents at end of year 384,177

2021 £ £ (478,668) (483,972) 278,909 195,280 (9,783) (488,451) 1,266,268 777,817

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CHILDS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Company information

Childs Charitable Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 40 Chapel Road, Pawlett, Bridgwater, Somerset, TA6 4SH.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Trust's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The Trust is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. The Charity's income consists of voluntary income and that from investments, including property.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Rental income from investment properties is deferred where it has been received in advance and is relevant to a subsequent period.

Investment income in income from listed investments and loan interest receivable and is recognised in the accounts when receivable.

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CHILDS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies (Continued)

1.5 Expenditure

Liabilities are recognised as soon as a legal or constructive obligation arises committing the Trust to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs of activities in furtherance of the Trust's objects are grants made by the Trust to support Christian charitable projects, and the support costs relating to this activity.

Costs of raising funds comprise those costs relating to the management and maintenance of the investment properties, as well as the investment manager's fees for managing the investments and securities.

Support costs comprise administration costs in relation to grant making, together with governance costs. Governance costs include the costs of auditing the statutory accounts, the cost of Trustees' meetings and the cost of any legal advice to Trustees' on governance or constitutional matters. The support costs have been allocated wholly to the grant making activities, with the exception of the support wages. These wages have been allocated 10% to the costs of raising funds and 90% to the grant making activities, on a time basis.

1.6 Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Fixtures, fittings and equipment

3 years straight line (All assets fully depreciated)

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Tangible fixed assets are capitalised if they can be used for more than one year and cost at least £500.

Neither land nor the investment properties are depreciated.

1.7 Investment property

Investment properties are those held to earn rentals and/or for capital appreciation. The investment properties are measured using the fair value model and stated at its fair value (open market value) at the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year.

1.8 Non-current investments

Listed investments are measured using the fair value model and stated at its fair value (open market value) at the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year.

The Trust also has mixed motive investments in the form of loans to charities with similar objects and these have been dealt with as financial instruments and in accordance with the treatment suggested in the FRS102 SORP (see financial instruments below). The loans receive interest at a market rate (between 5 and 5.5%), are for periods of up to 25 years and are secured on the assets of the charities. They are provided to further the charitable objects of the charity and specifically in furtherance of the Christian Gospel. The Trustees regularly review the activities of the charities loaned to, to ensure that these aims are being met.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

• 15 -

CHILDS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies (Continued)

1.10 Financial instruments

The Trust has mixed motive investments in the form of loans to charities with similar objects. As these are financial instruments, the Trust has applied the treatment suggested in the FRS102 SORP and has initially recognised and measured the loans at the amount paid. The carrying amount will then be adjusted in subsequent years to reflect repayments and any accrued interest as well as adjusting if necessary for any impairment.

Other than these mixed motive investments, the Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Basic financial assets include trade and other receivables and cash and bank balances. Basic financial liabilities include trade and other payables where trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of operations from suppliers.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Grant Making Policy

The Trust supports by the provision of financial grants some of those Christian organisations whose own activities mirror further the Trust's own aims and objectives. Numerous and varied applications are received by the Trust every month. In addition the Trustees are also aware of other Christian organisations and encourage them to submit applications to the Trust. All applications are prayerfully considered by the Trustees but, due to the Trust's own limited means, not all applications can be supported.

Grants for which there is a legal obligation, or a valid expectation of receipt by the beneficiary at the year end, and for which conditions attaching to their payment have been fulfilled, are accounted for in the year.

2 Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

• 16 -

CHILDS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

3 Donations and legacies

	**Restricted **	Unrestricted
	funds	funds
		general
	2022	2021
	£	£
Donations and gifts	-	6,000
Grants receivable	15,000	-
	15,000	6,000

4 Investment property

	**Unrestricted **	Unrestricted
	funds	funds
	general	general
	2022	2021
	£	£
Rental income	200,313	173,510

5 Investments

	**Unrestricted **	Unrestricted
	funds	funds
	general	general
	2022	2021
	£	£
Income from listed investments	226,691	187,662
Leasehold extension fees	44,509	-
Dilapidation costs recuperated	110,000	-
Interest receivable	7,610	7,618
	388,810	195,280

• 17 -

CHILDS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

6 Other income

	**Unrestricted **	Unrestricted
	funds	funds
	general	general
	2022	2021
	£	£
Employment allowance received	4,433	4,117
Raising funds
	Unrestricted	Unrestricted
	funds	funds
	general	general
	2022	2021
	£	£
Investment property expenses
Property overheads and management	9,382	7,861
Share of Support costs (see note 10)	5,836	5,819
Investment property expenses	15,218	13,680
Investment management fees	34,090	35,588
	49,308	49,268
Property overheads and management
Rates	1,743	76
Light and heat	418	227
Repairs and maintenance	1,957	2,144
Legal and professional	1,544	1,957
Insurance	3,721	3,457
	9,382	7,861

• 7 Raising funds

• 18 -

CHILDS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

8 Charitable activities

Missions day Grant funding of activities (see note 9) Share of support costs (see note 10) Share of governance costs (see note 10) Analysis by fund Unrestricted funds - general Restricted funds	2022 £ 5,124 703,500 54,807 17,122 780,553 765,553 15,000 780,553	2021 £ - 652,500 55,638 16,552
		724,690
		724,690 -
		724,690

• 19 -

CHILDS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

9 Grants payable

Grants to institutions: Off The Fence Speak Life Bible Reading Fellowship Essential Christian International Needs Latvian Bible Centre London City Mission Wycliffe Bible Translators Emmanuel Press MAF UK ACET Innovista International Tearfund Middle East Media Azalea Breadline Kids Alive International Befriending Lifewords Other grants between £15,000 and £20,000 Other grants between £10,000 and £14,999 Other grants between £5,000 and £9,999 Other grants betweem £3,000 £4,999 Other grants not exceeding £2,999	2022 £ 10,000 45,000 - 30,000 30,000 25,000 25,000 25,000 - 10,000 20,000 20,000 20,000 18,000 15,000 15,000 15,000 - 10,000 20,000 174,000 159,000 9,000 8,500 703,500	2021 £ 165,000 - 45,000 40,000 15,000 - - 15,000 35,000 20,000 10,000 15,000 - 5,000 - 5,000 - 15,000 15,000 - 90,000 111,500 34,000 17,000
		652,500

Grants to institutions represent payments made in the year to 73 organisations (2021: 63 organisations).

• 20 -

CHILDS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

10	Support costs Support costs Governance costs £ £ Staff costs 52,528 5,836 Computer expenses 1,407 - Rent and rates 725 - Repairs and renewals 1,564 - Telephone 1,157 - Printing and postage 560 - Travel costs 1,114 1,078 Sundries 1,588 - Audit fees - 5,964 Accountancy - 2,820 Legal and professional - - Trustee meeting costs - 1,424 60,643 17,122 Analysed between Raising funds 5,836 - Charitable activities 54,807 17,122 60,643 17,122	Total 2022 Support costs Governance costs £ £ £ 58,364 52,375 5,819 1,407 1,065 - 725 3,906 - 1,564 767 - 1,157 1,058 - 560 932 - 2,192 127 - 1,588 1,227 - 5,964 - 5,580 2,820 - 2,100 - - 1,392 1,424 - 1,661 77,765 61,457 16,552 5,836 5,819 - 71,929 55,638 16,552 77,765 61,457 16,552	Total 2021 £ 58,194 1,065 3,906 767 1,058 932 127 1,227 5,580 2,100 1,392 1,661
			78,009
			5,819 72,190
			78,009

Governance costs includes payments to the auditors of £5,964 (2021: £5,580) for audit fees and £2,820 (2021: £2,100) for accountancy and bookkeeping support.

11 Trustees

Trustee Melanie Churchyard received a salary of £50,010 (2021: £50,010) and employer pension contributions of £2,501 (2021: £2,501) during the year, the authority for the employment of Trustees is contained within the Memorandum and Articles of Association.

None of the other Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year. Trustees had total expenditure of £3,302 (2021: £1,661) reimbursed or met by the charity for meeting, travel and other expenditure.

• 21 -

CHILDS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

12 Employees

The average monthly number of employees during the year was:

Administration Employment costs Wages and salaries Social security costs Other pension costs	2022 Number 1 2022 £ 50,010 5,853 2,501 58,364	2021 Number 1
		2021 £ 50,010 5,683 2,501
		58,194

There were no employees whose annual remuneration was £60,000 or more.

13 Net gains/(losses) on investments

	Unrestricted Unrestricted	Unrestricted Unrestricted
	funds	funds
	designated	designated
	2022	2021
	£	£
Revaluation of investments	(571,951)	721,023
Gain/(loss) on sale of investments	(85,116)	17,050
Revaluation of investment properties	240,000	75,000
	(417,067)	813,073

14 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

• 22 -

CHILDS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

15	Property, plant and equipment
		Fixtures, fittings and
		equipment
		£
	Cost
	At 1 January 2022	4,361
	At 31 December 2022	4,361
	Depreciation and impairment
	At 1 January 2022	4,361
	At 31 December 2022	4,361
	Carrying amount
	At 31 December 2022	-
	At 31 December 2021	-
16	Investment property
		2022
		£
	Fair value
	At 1 January 2022	2,483,500
	Net gains or losses through fair value adjustments	240,000
	At 31 December 2022	2,723,500

One of the freehold properties in East Sussex was revalued on an open market basis in January 2023 and the remaining two properties were revalued in March 2023. All the valuations were carried out by Mr Anton G K Bree FRICS of Bree Prenton Property Consultants, Eastbourne.

In addition to the freehold properties held in East Sussex, the year end valuation above includes 3 parcels of bare land and a block of garages linked to one of the freehold interests with a total disclosed value £103,500. These were transferred to the Charity when it was incorporated in 2015 with the acting solicitor placing nominal valuations on them. The Trustees believe the there has been no material change to these valuations as at the balance sheet date.

The historical cost of the properties as at 31 December 2022 were £1,677,000 (2021: £1,677,000).

• 23 -

CHILDS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

17 Fixed asset investments

	Listed
	investments
	£
Cost or valuation
At 1 January 2022	7,211,735
Additions	1,635,975
Valuation changes	(571,951)
Disposals	(1,732,586)
At 31 December 2022	6,543,173
Carrying amount
At 31 December 2022	6,543,173
Mixed motive investments
	£
At 1 January 2022	112,936
Interest	5,533
Repayments	(10,523)
At 31 December 2022	107,946

18 Mixed motive investments

Mixed motive investments represent loans made to other charities with similar objects to the charitable company. As these are financial instruments, the charity has applied the treatment suggested in the FRS102 SORP and has initially recognised and measured the loans at the amount paid. The carrying amount will then be adjusted in subsequent years to reflect repayments and any accrued interest as well as adjusting them for any impairment.

In order to secure the loans, the charity has a charge over property owned by the loan holders.

19 Trade and other receivables

Amounts falling due within one year: Trade receivables Other receivables Prepayments and accrued income	2022 £ 38,105 110,000 - 148,105	2021 £ 119 - 3,721
		3,840

• 24 -

CHILDS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

20 Contingent asset

Childs Charitable Trust has a registered charge of £70,000 over a parcel of land located to the west side of Southdown Road, Seaford, East Sussex. The land is registered in the name of Simmons Contractors Limited (Reg. No. 1695245), a company which went into liquidation in 1989 and has been removed from the Companies House Register.

Recoverability of this debt is uncertain. The charity has taken legal advice and Counsel’s opinion on this matter to establish the legal position. It is understood that in the future, ownership of the land plus the property located on the land will revert to the crown but that the land original loan sum of £70,000 which is secured by the charge over the land will be repayable to the charity.

Due to the circumstances surrounding this loan which is subject to uncertain future events, the Charity’s interest in this land has not been recognised in these accounts.

21 Current liabilities

Other taxation and social security Other payables Accruals and deferred income	2022 £ 1,307 55,000 16,410 72,717	2021 £ 333 55,000 16,938
		72,271

22 Non-current liabilities

Non-current liabilities
	2022	2021
	£	£
Other payables	-	45,000

23 Financial commitments, guarantees and contingent liabilities

The Trust has made commitments to fund the following organisations for up to a further two years. These have not been charged in the accounts since they are subject to the grant recipients satisfactorily meeting their reporting requirements for future funding to be released. These grants will be paid from current reserves and future income.

Speak Life Love Barton All Souls Eastbourne Amano Christian School Transform Europe Network	2023 £ 20,000 10,000 10,000 10,000 5,500 55,500	2024 £ 20,000 10,000 10,000 10,000 - 50,000	Total £ 40,000 20,000 20,000 20,000 5,500
			105,500

• 25 -

CHILDS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

24 Retirement benefit schemes

Defined contribution schemes

The Trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Trust in an independently administered fund.

The charge to the SOFA in respect of defined contribution schemes was £2,501 (2021 - £2,501).

25 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

	Movement	in funds
	Incoming	Resources		Balance at
	resources	expended	31	December
				2022
	£	£		£
Latvian Biblical Centre	15,000	(15,000)		-

The fund represents monies donated to the Trust from The Stuart Hine Trust CIO with the condition of passing on the monies to the Latvian Biblical Centre.

26 Unrestricted funds - designated

These are unrestricted funds which are material to the Trust's activities made up as follows:

	Balance at	**Transfers **	Revaluations,	Balance at	**Transfers **	Revaluations,	Balance at
	1 January 2021		gains and	1 January 2022		gains and	31 December
			losses			losses	2022
	£	£	£	£	£	£	£
Fixed Asset
Investment
Fund	8,794,779	200,318	813,073	9,808,170	(16,484)	(417,067)	9,374,619

The fixed asset investment fund represented invested funds of a permanent nature to generate income for the charity to enable it to carry out its activities, and the fixed assets held to run the charity's operations.

• 26 -

CHILDS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

27 Analysis of net assets between funds

Unrestricted funds Designated funds 2022 2022 £ £ Fund balances are represented by: Investment properties - 2,723,500 Investments - 6,543,173 Mixed motive investments - 107,946 Current assets/(liabilities) 459,565 - 459,565 9,374,619 Analysis as at year ended 31 December 2021	Restricted funds 2022 £ - - - - -	Total 2022 £ 2,723,500 6,543,173 107,946 459,565
		9,834,184

Unrestricted funds 2021 £ Fund balances are represented by: Investment properties - Investments - Mixed motive investments - Current assets/(liabilities) 709,386 Long term liabilities (45,000) 664,386	Designated funds 2021 £ 2,483,500 7,211,735 112,935 - - 9,808,170	Restricted funds 2021 £ - - - - - -	Total 2021 £ 2,483,500 7,211,735 112,935 709,386 (45,000)
			10,472,556

• 27 -

CHILDS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

28 Operating lease commitments Lessee

At the reporting end date the Trust had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year Between two and five years	2022 £ 480 - 480	2021 £ 480 480
		960

Lessor

The operating leases represent leases to third parties in investment properties. The leases are negotiated on average over terms of 10 years and rentals are fixed on average for 5 years. All leases include a provision for five-yearly upward rent reviews, if not earlier, according to prevailing market conditions. There are options in place for either party to extend the lease terms.

At the reporting end date the Trust had contracted with tenants for the following minimum lease payments:

Within one year Between two and five years	2022 £ 60,000 25,000 85,000	2021 £ 148,500 262,000
		410,500

29 Events after the reporting date

The property 1 St Annes Road, Eastbourne, BN21 3UN held within Investment properties at £1,420,000 was sold on 31 March 2023 for £1,420,000.

The property at 68 Hazelwood Avenue, Eastbourne, BN22 OSQ held within Investment properties at £270,000 was sold on 7 July 2023 for £260,000.

30 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

	2022	2021
	£	£
Aggregate compensation	58,363	58,193

• 28 -

CHILDS CHARITABLE TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

30 Related party transactions (Continued)

Reverend Sowersby is the father of the CEO and Trustee, Mrs Melanie Churchyard, who runs the day to day administration of the Trust. He rents a property from the Trust and rent received from him during the year was £250 (2021: £600).

Trustee Robert Peake is employed by the registered charity Wycliffe UK (a.k.a Wycliffe Bible Translators). During the year, Wycliffe UK received a grant of £25,000 (2021: £15,000) from Childs Charitable Trust. Robert Peake does not take part in the decision making progress regarding this grant.

Childs Charitable Trust received a grant of £15,000 (2021: £nil), from the Stuart Hine Trust, a charity of which Melanie Churchyard is a trustee. The grant was conditional on the money being passed on to the Latvian Bible Centre.

31 Cash generated from operations

Cash generated from operations	2022	2021
	£	£
(Deficit)/surplus for the year	(638,372)	418,022
Adjustments for:
Investment income recognised in statement of financial activities	(388,810)	(195,280)
Loss/(gain) on disposal of investments	85,116	(17,050)
Fair value gains and losses on investment properties	(240,000)	(75,000)
Fair value gains and losses on investments	571,951	(721,023)
Movements in working capital:
Decrease in mixed motive investments	4,990	4,746
(Increase)/decrease in trade and other receivables	(144,266)	28,833
(Decrease)/increase in trade and other payables	(44,554)	78,084
Cash absorbed by operations	(793,945)	(478,668)

32 Analysis of changes in net funds

The Trust had no debt during the year.

33 Non-audit services provided by auditor

In common with many businesses of our size and nature we use our auditor to assist with the preparation of the financial statements.

• 29 -