CharSty registration number 1153327 Company regiskntion number 08635189 (England and Wales) CHILDS CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Caladine Chartered CerliEFed Accountants
CHILDS CHARITABLE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustèes Mr Christopher Large (Chairl Mr Slephen Puttock Mrs Melanie Churchyard Mr Robert Peake Ms Janice Katyan CEO Mr5 Melanie Churchyard Charity number 1153327 Company number 08635189 Prlnclpal addrèss 40 Chapel Road PavAett Bridgwater Somers8t TA6 4SH Registered office 40 Chapel Road Pawlett Brkdgwater Somerset TA6 4SH Auditor CaL3dine Limrted Ghanlry House 22 Upperton Road EastuMe East Sussex BN21 1BF Bank•rs Natwesl Bank plc 96 Temiinus Road Eastbourne BN21 3AA Solicitors Mayo Wynne Baxier 3 Bell Lane East Sussex BN7 1JU Investment Manager Rathbone Investment Management 8 Finsb¢Jry Circus Lonik)n EC2M 7AZ Savills Investment Management 33 Margaret Street London W1G OJD Property agents Bree Prenton Property Consultsnts 21 The Waterfrorbl Sovereign Harbour Eastboijme, BN23 SUZ
CHILDS CHARITABLE TRUST CONTENTS Page Tnjstees. report Statèmènt of Trust88s' responsibilTties Independent auditorfs report ststement of financral a¢tsvitJes Statement of financi31 postbon 12 ststement of cash Ih)ws 13 Notes to the financial statements 14-28
CHILDS CHARITABLE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their report and financial ststements Chikts Charilable Trust 1.the Trusfi for the year ended 31 Deceffiber 2023. The Iinancial statements have been prepared in accordance wilh ihe accounting policies set out in note 1 to the rinancial statements 3nd compty with the Twst's memorandum and arlicles of assoaation, the Companies Act 2006 and "Accounting and Reporting by Charibes-. Staiement ol Recommended Practice applicable to charities preparing their accounts in aCcOrdar with the Finan¢ial Retth"ng Standard appliG3bk In the UK and Republ of Ireland IFRS 1021 leffeclive 1 January 2019}". Obje¢tives and activities The Trust is a Christian grant-making Trusl and Sin 2013, a Company Limf(ed by Guarantee. Since its inception in 1962 the principal obiect of the Tnjst remains the furtherance of the Christian gospel and the Tmstees are activety invofved in supporbng and encouraging many Christian chartties to achieve this goal. We continually monitor the economic and social situation both wthin the UK and overseas and whilsl we are unable to predict the irnpact on the charlS future. we lake appropriate advi to ensu the grant-making work of the charity continues. Publlc 88nèflt The Trust8es confim thèt they have TeleTred io ihe gUan contsined in the Charity Commission's general guidance on public benefrt when reeWing the Trust's aims aThJ objectNes and in planning future activities and setting the grant rnaking policy for the year. The Trust has established its grant making policy lo achieve its objects for ihe public benefft. All applicants are Informed of the outcome at the end ol Ihe process vthether their applicab.on has bé8ll susSfUl or not. Achievements and perfomiance Grant5 Awarded As required by the Trust's Memorandun7 and Articks ol Association. all activities have as their core purpose the Trust's own main objective Ihe hJrtherance of the Christian Gospel." All applicab'ons are sent on the Trusl's applicab.on form. Al the siart of 2023 Ihe Trustees implemente(I some swJnffjcant changes to the application process. Full details of the current process can be found on Ihe Trusys website. All applications re1ve are considered bLrt, unfortunately, not all can be supported. The totsl ch8rrt8bl8 distribub.ons in Ihe year amounted to £689,8(KI1£703,500 in 20221. The Trust received 153 applicattons and awarded 9ranis to 69 erent organisatK)ns. The organi58tions funded are all based in Ihe UK athough rnarty overseas as w811 as the UK. Many of the organisations we support are working in sensitive areas of the world and have requested that we do not publicise their details. Sorne ol the CoMEntS that we a able to share are a p)y and encouragement to the trustees. Schools Work= e are thrilled wtth all that you've enabled us to do, and I hope you enjoy seeing the fruits of your support. Personally. I love that we can show you the very tangible results of your donab"on. I want to say how thrilled we are lo have your backing and we are so excr£ed for all that we will achieve together wilh this gift.-
CHILDS CHARITABLE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 °It's incredible what you make possible here. and the fact our programme now reaches over 850 top cl85S primary school children every single week, is so much down lo you guys and your generosity. In this present era where less thon 5Q/o of the UK populab.on goes to Churchlsunday School to adually hear and leafn about Jesus, the Gospel message, The Okl Testament. The New Testsment and the Heroes of the Bible like generats.ons of the past. we feel blessed - even though rfs tough on many fronts doir*g what we do - to have the opportunty and pkttorm to go to todals young people on such a largtrscale Ve1 that just woutdnx be possible without the Childs Charitable Trustl Thank youll" Youth Work= °It's really ditficult to put inlo words how much thal grant meant to us as it was our first. Whilsl it was incredibly helpful in a practical way it also gave us as truslees a realty"affirmation' boost, Ihal we were doing what God had calSed us to do.. "We want to extend our sincere grattiude to you for the amazing support you have provided this yearl So far, we have been able tr) reach 2440 young peop wtth 197 interactive and engaging lessons, in 8 different schools. J8SUS' Second command to -love your neighbour as yOUTseif &mpowers and equips these children to have more positive relationships with others. as well as improving their own self esteem. We d8epty appreciate your support, and hope you fe81 a real sense of achieverrent when you read about the dtfferences m8d8 berause tsf your kindness.. Bibl8lLeader5hlp Training- ith your support we have made SwJntfinI stn.des in our 9981 to make Ihe Bible avssible in t2 areas of high persecution and sensitEvty.- 'Thank you so much for your faithfijl support of this pioject which changes the lives of so many. The youn9 people are deeply gratetsl lor what they receNe arid new take it for gnted.° Pastoral carèlHumanitarian Needs= °Your grant h85 had the most tremendous impact on our evangelt5m arKI work in deprivèd communitiès. We are very grateful for your kindness and generosity - thank you so muchl We have been able to work alongside our sister charity and achieve much more than we had antiupaled." e are very grateful for all the grants received to date and rejoice al all the ways we have been able to share the Good News of the Gospel wth people aroursd the Wor W[ your help. Thank you.- .1 would like to extend our deepest gratrtude for the generous support we iecewed from Childs Trust. The funding has been instrumental in emwwering female suryivors of gender-based vKJlence Ihrough our trauma-inforrned Baking & Wellbeing and SkilL8 Training programme.. Monitorlng= In accordance with their monitoring policy, the Trustees wnonttor the activities and perf0mlan of the Trust's beneficiones to ensure the gtrts are used for their tharilable purpose. Impact reports are provided to the Trustees for subsequent review and discussion. These reports enable the TryeeS to understrnd more fijlly th8 actNities and needs of the recipient charities. The charities themselves express Ihetr appreciation for such monitoring 85 It helps them understand the ethos of the Trust and often enables a ck)ser partnership to develop. Melanie (CEO and Trustsel or another Trustee wsrts all grant rerypts WIK) have rec8ived a signfficant donation from the Trust in the year and Teports back to the Trustees. Mlsslons Day.. Evèry yèar the Tmstees arrange a "Missions Daf tr) which varrous chrisb.an charities are invited to join the Trustees. staff and other invited gu8sts. for the day to give presentab.ons of their work and to spend time in prayer. In 2023 we were joined by 5 Mission organisations. The Trustees have expre55ed how beneficial they feel thvse days to be in gaining a deeper insvjht into the work and needs of the MissKTrns.
CHILDS CHARITABLE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Finarteial revi8w Income The income of the Trust is mainty r1Ved from h¥0 asset portfolios. Com[ClaI propertie5 ar investments. The Trustee5 take advrce on their PTopertEs f¥oFn an EasttK>ume based MmerCIal property agent. The investment portfolio continues to be managed by Ratht)ne Inveslrnenl Management. Ass8t cover for funds The Trusvs 85sets 8r8 adequate arKI awafjlable to fvlfil its oblHJations. Reserves policy As èll reserves are unrestricted and "free. resevves, it is the policy of the TFUSt that unrestricted funds should be de51gnated to match the market value of fixed assets investments_ This ensures that these funds are considered "perrnanent- in nature as they are necessary to generate income for the Trust to enable it to carry out it5 activities and continue in the future. At 31 December 2023. such -pemianent' reserves total £7,556.758 equal to the Trusvs fixed asset investments. Investment policy= The investtnent portrolio managed by Rathbcne Investment Management. seeks lo achieve a balan between capitsl growth and income growth through a portfolio investing primarity in equities and fixed interest stocks with mediurn risk. and to ensure a reasonable income. The TnJstees have set certain ethical restrictions on its investments with those being avoided that tate di¥ectty to arrnamenÈ. tobacco. alcohol and media COnmS that conflict with the Trust's Christian etlx)s. The Tnjstees are sab"sfied with the current retum on capital. The Trustees Fneet with the Investment Manager once per year to discuss the wequiretNents lor the forth(x)ming ye8r and lo review past performance. Loans The charity also hfAds orEe investment in the ft)rm of a ban lo a charity with similar objects. The k)an r81v5 interest at a market rate and has a period 0113 years remaining on the tem. The loan is sècured on the assets of the charty. The loan is provided to fvrther the charitable objects of the charity and specifically In fLJrtherance of the Christian Gospel. The Trustees annualty review the activitses arKI finances of the charity loaned to. to ensure that these aims are being met. Plans for futurè periods It is the Intention of the Trustees for the Trust to o)ntinue its aclivities in Ihe long terrn. using annual income and ma*nlaining its capttal base. Strategy Day Each year the Trustees hold a Strategy Day to disGuss the requirements ol the Trust over the nexi 5110115 years and the prOcedUS that might be needed to be put ir¥ pla to achieve Ihe Tnjsls vision. The Trust's Vision and Mission ststements are: Vision- To see a worfd where every person has the potential to hear and respond to the gospel message. Mission- To strategicalty fund Christy'an organi5ations which promote the Chrlstian gospel. The Trustees also discuss the requirements of the Trttstee Iard and Iheir strategy for Trustee recruittnent. A funding strategy 15 diu55ed and agreed for the fOrthming year. Oetails of the 8gree¢J strategy is published on th8 Trust's w8bsrte. At the 2023 Strdtebry Day the TNstees decK#ed that ihey shoukl (x)ntinue throughout 2024 to keep aligned with their vision and mission statements. Ensuring organisations app"ng for funding in 2024 focus pr1rnari on the sharing of the Christian gospel.
CHILDS CHARITABLE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees also discussed their property w)rtfolio. Most of protkrbes Ihal wer8 in thts Trusts portfolh) have now been sold. The Trustees continue to consxler fijiure opporlunities 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 dvance the Christian faith in accordance with the Statement of Beliefs in Eastboume, East Sussex and in such other parts of the United Kingdom or the wortd as the Trustees may from time to time think fit 8nd to fulfil such other purposes which are exdusNeW charitable according to Ihe law of England and Wales 8nd 8r8 connected with the charitable work of the Chanty. Governance Whilst the day to day matters and geneTal running of the Twst are delegated to Melanie Churchyard (CEO and Trusteel, this is done in reference to the other Trustees who illbtelY take responsibility for all decisions. Tho Trustees met every three months to review financial and snvestsnent mattels. consider grant applications and deal wf(h other issues as necessary. communicab.ons by etnail and telephone in beleen formal Trustees, meetings enabb any urgerlt matters lo be dealt wilh. The CEO and Chair of Trustees meet in betsveen meetings to prepare the agenda for meetings and discuss any other relevant matters. The Trustees, who are also the directors for Ihe purpose of (x)mpany bw, and wlx) seThed during the year and up to the date ol signature of the financial statements were.. Mr Christopher Large Ichairl Mr Stsphgn Puttock Mrs MeL4nie Churchyard Mr Robert Peake s Janice Kalyan All Tnjstees must be active memts of their lo(xl church. subsoibe to the Tnjsys Statement of Beliets and sharg th8 Christian ethos and airns of the Trust. h is imperative that all Trustee5 have general charity experience nd are 8ble to devote thgir b.me and energies to the affaiF5 of the TrSt. None ol the Trustees are remunerated for their services but are reimbursed for 0ut-of-pket expenses incurred in the perfom)ance of their duties as Trustees. Management Mrs Melanie Churchyard. CEO, deals with all Ihe day to day affairs of the Trlt. Melanie was employed throughout the year. The Tfust has use of an office in Pawktt, Somerset. MeLanie keeps all Trustees fully informed of the matters of the Trust. The remunefation ol staff is discussed and decided by the Truslees lexdbding melane) and is based on relevant skills and responsibileS and in line wth the rates prevailing in the charitable sector. Throughout 2023 Ihe Trust was a member of the Giwl Society. Risks The Trustges regulady rewew and 8ssess the rnaioT rtsks to which the charity is exposed. Adwce and guidance is sought trom our audrtor5 and other prolessionaLs_ The ffl8irh financial risk tr) the chartty is the level of retum on investments since this affects the grants it can pay oth_ The Trustees are aware that there are likety to continue to stgntfiG3nt challenges due to the after effects of the Coronavinjs pandemic and the ongoin9 war in the Lfrkraine. The Trustees are continually monitoring th8 sltuab.on nd keèp In regular communication vAth their advisors and investment manager.
CHILDS CHARITABLE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 is irnpossible to eliminate 811 risks. but the Trustees are satisfied that the systerns th8y have in place mitigate exposure to Ihe rnajor risks as far as they are ab. AII FK>licies are rewewed in 8¢cordance with the agreed revEw scheduk. The Trustees are kept informed by the auditors and soliotors of the Trust of their obfigations as charity Trustees together with their legal and statutory dut*s. Whenever possible, Truslees and staff attend relevant training and seminars to help undèrstsnd furtheF their resPOn5ibiltties and duties. Feedback from the grant recipients is essential and it is such reports and lestsmtsnies, that help th8 Trustees evaluate the impact of the support the Trust has pfovided and to pL8n for the future. However, as the Trust's main objective and many of the resutts reported are ol a Spifitual natufe, tangible eviden is often lacking. The Trustees recognise that it can be difficult to quanbfy final results and impact- however, they seek to encourage the grant recipients to be as detsiled as wssible in their reporting. Disclosure of Infomiatlon to auditor This report has been prepared in accordance wth the small (x)mpany wime as outlined in Sect¢on 419121 ol the Companies Act 2006. Each ol the Trustèes has confirmed that there is no infom)ation of which they are aware which is relevant to the audit, but ol which the auditor is unaware. They have further cc>nfim)ed that they have taken appropriate steps lo identsty such revant infomialK)n and to establish that the auditors are aware of suth information. TheT es. report was approved by the Board of Trustees. hris Trust Dated.. rg• Ichalr)
CHILDS CHARITABLE TRUST STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees, who are aLso the D1clo[S of Chikls Charitable Trust for the purpos8 of company kw, are sponsible for pparing the Trustees, Rert and the finanaal statements in accordance wth applic8bl8 law and United Kingdom Accountlng Standards (United Kingdom Generalty Accepted Accounting Practi>. Company Law requires the Tnjstees to prepare financial ststements for each financial year whiGh give a true and fair vi8w of thè state of affairs ol the Trust arKI ol the incoming resour and applicaticsn of resources, including the incomè and &XndI1r0. of the Charitable (MpanY for that year. In preparing these finan81 statements, Ihe Truslees are required to.. - select Suitab accounting polictes and then appty them o)nsistentty'. - obseNe the meth(KJs and prinuples in the Charilies SORP., - mak8judgem8nts and 8stimat85 that are reasonable and prudent.. state whether applicable UK Aco)untiThJ Stsndards have been followed. subject to any material departures disck)sed and explained in the financial statements.. and - prepare the financial statements on the going uJncem basis unsS it is inappropriate to presurne that the Trust will continue in operab"orh. The Trustees are rèsponsib for keeping adequate accounb.ng records that disclose with reasonable accuracy at any time the f nanrial posib.on of the Trust and enable them to ensure that th8 financial ststements o)mply with the Companies Act 2006. They are also responsib for safeguarding the assets of the Trust and hen for taking reasonable steps for the prevention and ¢Jetection of fraud and other irregularities.
CHILDS CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHILDS CHARITABLE TRUST Opinion We have audited the financial slalements of Childs Charitable Trust Ilhe 'TnJst') for the year ended 31 December 2023 which comprise the ststement of financial aciivities, the statement of finanaal posilion. the statement of cash flows and notes to the financial statetnents, including 5ignfficant aiLounting policies. The finanaal reporting fraFnework that has been applied in Iheir prepar8tion is applicable law and Uniied Kingdom Accounting Standards, including Financial Reporting Standard 102 The FAnancial Repothn9 Standarf èppliGable the UK and Republic of Ireland (United Kingdom Generally Accepted AccountiThJ Ptscticel. In our opinion, the financial ststèments= give a true and lair view ol the state of the charilable rompanys affairs as at 31 December 2023 and of it5 ncotning resources and application of resouTGes, induding its income and expenditure, for the year then ended", h8vÈ been properly prepared in aw)[dan wilh United Kingdom Generalty Actepted Accounting Practice,. and have been prepared in 8¢xordan¢% wrth the quirements of the Compani8s Act 2006. Basis for opinion We conducted our in accordan vthh International Slandartjs on Audth"rvJ IUKI IISAs IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibffjlities for the audit of the financial statements sectson of our report. We are independent of Ihe TrLJSt in accordance with the ethical requirements that are levant to our audit ol the finanThal statements in the UK. including the FRC'S Ethical Standard, and the provisions available for s[all enttbes. in the T¢UmS1a set out in note 32 to the financial statements, and we have fUffild our other ethiG41 resrMTrnsibilities in ardance with these requir8ments. We belièvè that the audrt Èvid&n we have obtained 15 sufficlent and appropriate to providè a basis for our op4nion. Conclusions relating to 90ing concern In auditing the financial statements, we have condud&l that the Trustees, use of the goiro conrn basis of arxounling in the preparat'on of the financial ststements is appropriate. Based on the work we have performed, we have not i(lenlrfied any material ur*certainties relating to events or conditions that, individua5ty o,- colleclfvely. May Gt significant doubt on the Trusl's ability to continue as a going concem for a period of at least twelve months from when the finanaal statements ère auth0ri5ed ft)r issue. Our responsibiltties and the resportsibilities ol the Trustees wrth ¥espert to going (x)nrn are described in the relevant sections of this report. Other infombatlon The other inlomation cort7prise5 the FnfoTmation Trncludetl in the annual report other Ihan the financial statements and our auditorfs report thereon. The Twstees 8re responsible for the other information contain8d within the annual report. Our opinion on the financial statements does not cover the other information and. except to the extent otheiSe expli¢itty stated in our report. we do not express any forTll of assurance cx)nclusion thereon. Our responsibility is to read the other inforniation and, in doing so, consKler whether the other information is materially inconsistent with Ihe financial statements Or our krM)edgE obtained in the course of the audit, or olhetwise appears to be materially misstated. 11 we identrfy such matenal Inconsistencies or apparent material misstatettlents, we are required lo determine whether this gwes rise to a rnaterial misstatement in the financial statements themselves. If, based on the work we have perforrned, we conclut6e that there is a material misstatement of this othèr information, we a required lo ieport that fact. We hav8 nothing to report in this regard. Opinions on other mattèrs prescribed by the Companies Act 2006 In our opinion. based on the work undertaken Jn the cx)urse of our audit- the inforrnation gwen in the Trustees. port for the financial year for which the financial staternents are prepared. which includes the directors. Teport ppared for the purw)ses of company law, is consistent with the financial statements., and thè director5, Teport included wrlhin the Trustees, reFK>rt has been prepared in a(wrdance with applicable kgal requirernents.
CHILDS CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED TO THE MEMBERS OF CHILDS CHARITABLE TRUST Matters on whkh we arè requir•d to report by exPIlon In the light of the knowledge and understanding of the Trust and its environment obtained in the course of the 8udil, we have not identrfied material miss13tements in the directors. report induded within the Trustees, report. We have nothiro to report in respect ol the folk)w"ng matters in retson to which the Companie8 Art 2006 requires us to report lo you rf. in our opinitsn- adequate accounting records have not been kept. or hlmS equate for our audit have not been recelved from branches not visited by us., or the finanThal ststements are not in agreement Wtth the account5ng records and returns., or certain disclosLSres ol trustees, remuneratK)n spece by law are not made,. or we have not re1Ve all the informab.on and explanations we require for our audit- or the Trustees were not entiled to prepa the financial statements in aGcordanc£ with the small cotnpanies regime and take a(fvantage ol Ihe swnall (x)mpanies' exemptions in weparir¥J the Trustees. report and from the requirement to prepa a strategic retx)rt. R¢$ponsibilities of Trustees As explained more fulty in the Statement of Trustees. responsibilities, the Twstees, who are also the directors of the Trust for the purpose of CA)mpany law, are responsible for ihe ppalation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal (x)ntrol 35 the Tnjstees determine is necessary to enable the preparation of financial statements that ale free Irotn material misstatement. whether due to fraud or error. In pparIng the financial statements, the TnJstee5 are responsible tor assessing the Trust's ability to continue as a going concem, disck)sing, as applicabk, matters related to going o)ncern and using the going ¢oncem basis of accounting unless the Trustees either intend to Iwuthte the charitable company or to cease operatsons, or have no realistic atsrnative but to do so_ Auditorfs responsibllities for the audit of the financial statements Our objectives are to obtain reasonable assurarM% about whether the finanual slalernents as a whole are free from material misstatement, whether due to Iraud or error. ar to issue an auditorfs report that indudes our opinion. Reasonable assurance is a high lével of assurance but is nol a guarantee that an audit conducted in attordance with ISA5 IUKI will ahvays detect a material misstatement when it exists. Misstatements can arise from fraud or error and are wnsidered material rf. individualty or in the aggregaÈe, they could reasonabty be expected to influence the 8conomic decisions of users taken on the basis of these financial statements. The extent to which cwjr procedures are c2p8bl8 ol detecting irre9uLqrilies. including fraud, is detailed below. Thé èxtènt to whlch the audit was considered capable of detectlng Irregularftles Includlng fraud Our approach lo identifying and assessing ttte risks of matenal misstatement in respect of irregularitses, including fraud and non-complian wrth laws and regulations, was as foll)ws: the engagement partner ensured that the engègèmènt team coll8Cttvety had the appropriate competence, capabilities and skills to identify or fecognise non4x>mpliance wth applicable laws and regulations.. we identified the laws and regulations appli¢8ble to the charity Ihrough discussions with tnJstees, and from our (x)mmercial knowledge and experien of the charity sector we focused on specific laws and regulab.ons which we considered rnay h8ve a direct materi81 effect on the financial statemenis or the operalion5 of the company. including the Companies Act 2006, CharÈbes Act 2011 and employment legsla.on., • we assessed the extent of Cornplian the laws and regLslations identified above through making enquines ot management and inspecting legal 0)rresponden- and identified laws and regulations We communicated bwthin the audit team regularly and the team remained 8rt lo instances of Th)n-compliance thrOLhoUt the audit.
CHILDS CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHILDS CHARITABLE TRUST We assessed the susceptibility of the trust's fin8nci81 stements to fflaterial misstatement, induding obtaining an understanding ol how fraud mKJht occur. by.. making enquiries of management as to where they o)nsidered there wa5 susceptibility to fraud, their knowledge of actual. suspected and alleged fraud.. and considering the internal o)ntrob in place to mitigate risks of fraL and non-compliance with laws atKI regulations. Audit response to risks identified To address the risk offraud through management bias 8nd override of (x)ntrols, we- performed anatytical prdureS to Klentty any unusual or UxpeCted relationships; tested journal entrie5 to identify unusual transactions", assessed whether judgements and assurnptions made in determining the accounting estimates were indicative of potential bias.. and investigated the rationa behind swJnfficant or unusual transactions. ITh response to the risk of irregulartbes and non-complian( 1h laws and regulations. we designed procedures which in¢luded, but were not limrted to.. agreeing financial statement disdt)sures to undertying supwbng documentation., reading Ihe minutes of meetings of those charged with govemance", enquiring ol management as to aclual and polenlial lih"gab"on arml daitn5- and rewewing corre5pondenc8 with HMRC and relevant regulators TheE are inherent limrtaiions in OUT audit proureS described above. The ffl0 removed that laws and regulations a from financ¥al transactions. the less like it 15 that we would become aware of non-compliance. Auditing standar(Is also limit the audrt procedures required lo identsfy non-compliance wtth law5 and regulations to enquiry ol the trustees and other tnanagernent and the inspection of regulatory and legal rrespondenCe, if any. Material mi55tslements Ihat arise due to fraud ¢xn be harder to ijetect than those that arise from errof as they may involve deliber*e CoreI[nt or collusion. A further description of our responsibilities is available on the Financial Reporttng Coun(il's website at-. http5'.11 www.frc.org.uklèudrtor5restK)nsibilth"es. This description fowms part of our audttorfs report. Mr Colin James Dadswell FCCA (Senior StatutoryAuditorl for and on behalf of Caladlne Llmltod Illoglio2 Chartered Certified Ac¢ountsnts Statutory Auditor Chanlry House 22 Upperton Road Ea5tbourne East Su55ex BN21 1BF
CHILDS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Current financial year Unrestricted Unrestricted fund fund¥ general de519nated 2023 2023 Total Total 2023 2022 Notes Incomè and èndowm•nts from: Donations and legacies Other trading activbtses Investments Other income 15.000 200.313 388,810 4,433 64,095 289.975 5,402 289.975 5.402 Total income 359,472 359,472 608.556 Expendltum on: Raising funds Charitsble activthies 58,025 773,738 58,025 773,738 49.308 780.553 Total *xp8ndlturn 831.763 831,763 829,861 Net gainslllossesl on investrnents 14 140,4091 140,4091 1417,0671 Net expenditure {472,291) 140,409) 1512,700 1638,3721 Transfers between funds 27 1.777.452 11,777.4521 Net movement in funds 11 1.305.161 {1.817.8611 1512,7001 1638,3721 Reconciliation of funds- Fund baL4nces at 1 January 2023 459.565 9.374.619 9,834.184 10,472,556 Fund balances at 31 t18mber 2023 1.764.726 7.556.758 9.321,484 9.834.184 The statement of financlal actiwlies includes all gains aThJ losses recognised in the year. All income and experiditure derive from continuing activit$. 10-
CHILDS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Prior financial year Unrestrlcted Unrestricted funds funds general deslgnated 2022 2022 Restricted funds Totsl 2022 2022 Notes Income and endowments from.. Donations and legacies other trading actwities Investments (Xher irscorne 15,000 15,000 200,313 388.810 4,433 200,313 388,810 4,433 Totsl Income 593.556 15,000 608,556 Expenditure on.. Raising ft*n¢Js 49.308 49.308 Charitgbte activities 765,553 15,LX)O 780,553 Total eXndIture 814.861 15,000 829.861 Net gainslllossesl on investtnents 14 1417.067) 1417,0671 Net in¢orne 1221,3051 1417,067) 1638,3721 Transfers beeen funds 27 16.484 (16,484) Net movement in funds 11 1204,8211 1433.551) 1638,3721 R8conclllation of ftsnds= Fund balances at 1 January 2022 664.386 9.808.170 10,472,556 Fund balances at 31 December 2022 459,565 9,374.639 9.834.184 11
CHILDS CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION AS A T 31 DECEMBER 2023 2023 2022 Motès FIx8d assets Investment property Investments Mixed motNe investments 17 18 19 1,033,500 6,420,556 102.702 2,723,500 6.543,173 107,946 7,556.758 9,374,619 Current asset5 Trade and other receivab Cash at b8nk and in hand 54,163 1.744.620 148,105 384,177 1,798,783 {34.057) 532,282 72,7171 Current Ilabllltles Nèt current assets 1,764,726 459,565 Net assets 9.321.484 9,834,184 Th• funds of the Trust Unrestricted fiJnds- general Unrestricted funds- designated 1,764,726 7,556.758 459,565 9,374,619 27 9.321,484 9,834,184 cial staternents were approved by thè Trustees ¢)n ......... Mr Christ Trus arge (Chairl Company reg ration number 08635189 (England and Wales) t2-
CHILDS CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash ftows from operating activities Cash absorbed by operations 31 1701.740) 1793,9451 Investing 3CttvitTres Proceeds from disposal of investment property Purchase ot other invesiments Prcteeds from disposal of other inveslments Investmenl income received 1.640,269 1799.8961 931.835 289,975 11,635,9751 1,647,470 388,810 Net 5h generated from invesling activities 2,062.183 400,305 Net Increaselldecreasel In cash and cash equiva*S 1.360.443 1393,6401 Cash and cash wuivalents at beginning ofyear 384,177 777,817 Cash and cash equlvalents at end of year 1.744.620 384.177 13-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcies Company inforniation Childs Charitable Trust is a private cThnpany limited by guarantee inc4)rporated in England and Wales. The registered offKe is 40 Chapd Road. Pawlett. BrIdater. Sometset, TA6 4SH. 1.1 Aeeountlng convèntion The financial ststements have been prepared in accordar> with the Trust's Memorandum and Articles of Association, the Cornpanies Act 2006 ar "Ac(x)unting and Reporting by Charities". Statement of Recornmended Practice applicable to charities preparirvJ their a(wunts ao))rdance with the Financial Reporbng Standard applicable in the UK and Republic of IreLand IFRS 1021 leffecttve 1 January 20191.. The Trust i8 a Public Benefit Entity as defined by FRS 102. The financial ststements are prepar8d in Sterf4J. whith 15 th8 functK)nal cenCY of the Trust. Monetary mounts in these fiTrancial stalemerbts are rounded to th8 nearest £. The financial stateThts have been prepa under the historical cost o)nvention, modrfied lo include investment properties and certain financial instruments at fair value. The prinopal accounting policies adopted are set out bekiw. 1.2 Golng concern At the time ol approving the finantial st3tetTErts. the Tnjstees have a reasonable expectation that the Trust has adequ8t8 r8sourc8S to cx)ntinu8 in operational existen for the foreseeable future. Thus the Trust88S ntinue to adopt the going COnM basis of aunting in preparing the financial ststements. 1.3 Charitable fund$ Unrestricted funds are availabla for Ltse at the di5cr8tion of Ihe Tru*e8s Trn furtherancè of thèir charitable objecttves. Dèsignated funds (xjmprise funds which have been set aside at the discretion of the Trustees for sp8dfie purposes. The purw5es and vses of the designated funds are set out in Ihe notes to the financial ststernenls. Restricted funds are subiect to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the reStrted fijnds are set OLrt in the notes tr) the financial statements. 1A Income Inwme is rewgnised when the Trust IwJalty en14Ued lo it after any performance conditions have been met, the arnounts can be measured reliabty. and it is probable that income will be receNed. The Charitys income consists of voluntary income and that from investments. inckJdiTrJ property. Cash donations are recognised on reIPl. Other donations are rewgnised once the Trust has been notified of the donation. un5ess performance o)ndilions require deferral of the amount. Income tax recoverable in relation to donations received under Grft Aid or deeds of covenant is recognised at the titne ol the donation. Rental income from investment Pro"eS is deferred where it has been received in advance and is relevant to a subsequent period. Investtnent income in income from listed investments and kjan interest receivable 8nd i5 recognised in the accounts whgn recetvabk. 14-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting policies {Continuèd) 1.5 Expenditure Liabilities are recognised as soon as a legal or conslwclive obligation arises committing the TNst to the expenditure. All expenditu is accounted lor on an accfu8L% b3si5 and has been classffjied under headings that aggregate all costs related to the category. Costs of actmties in furtherance of the Trusys objects are grants made by the Twst to support Christian charilable proiects, and Ihe support costs relatsng to this activity. Costs ol raising fund5 COmPri5e those costs relating to the managernent and maintenanff of the investment properties, as well a5 the investment rTbanagerfs lees for managing the inve5trnents and securit5. Support costs comprise adminislration costs in relation to grant making. together with governance costs. GovernanTr costs include the costs ol auditing the statutory accounts, the 5t of Trustees, Eneetings and the cost of any legal advice to Trustees, on govefflance OT n$trOnal matters. The support costs have been allocated wholly to the grant rnaking activities. Ihe exception of the support wages. These wages have been allocated 10% to the costs of raising funds and 90% to the grant making acbvities, on a time basis. 1.6 Property, plant and equipment Property. plant and equiprnent are initialty measure(f at cost arKI subsequentty nwsured al cost or valuation, nel of depreciation and ar¥y impairnier>t k)sses. Depreciation is re(x)gnised so as to write ofi the (x)st or valualion of assets less their SIdUal values over their useful lives on the following ba51S- Fixtures, fitbngs and equipment 3 years straight line IAII assets fulty depcIated) The gain or loss arising on the disposal of an asset is delemined as the difference between the sale proceeds and the carrying value of the asset. and is recognised in the statement of finanual aetivtties. Tangible fixed assets a capitalased rfthey can be used for more than one year and cost at least £500. Neither land nor the investrnent properttes are depr8ciated. 1.7 Investment property Investment properties are those held to eam rentals 8n(flor lor caprtal appreciab"on. The *nvestment properties re rneasured using the fair value model and stated at its tsir value (open market value) at the reporting end date. The Surplus or defi¢it on revaluation is recognised in net incomellexpenditurel for the year. 1.8 Nonwcurrent rnvestments Listed investments are measured usiw Ihe fair value m(xlel ar stated at tts fair value (open market value) at the repottsng end date. The 5u¥plus or defiut on revaluation is re(x)gnise(l in net incomellexpenditurel for the year. The Trust also has mmed motEve investmenis in the fomi of kéns lo tharities with similar objects and these have been dealt with as finanaal insifumenls and in accordance wilh the treatment suggested in the FRS102 SORP (see financial in5ttuments below). The loan5 iecetve interest at a rnarket rate (between 5 and 5.5°/ol, are for penods ol up to 25 years and are secured on the assets of the Charities. They are provided to further the charitabl8 objects of the chartty and specifically in furtheran of the Christian Gospel. The Trustees rUlarlY review the actiwtes of the charities baned to. to ensure that these aims are being met. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, detKTrsits hekl at ¢811 with banks, other short-terrn liquid Investments with original maturitie5 of three nthS or less. and bank overdrafts. Bank overdrafts are shown wrthin borrowings in current liabilities. 15-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting polleies IContÉnued) 1.10 Financial instruments The Trust has mixed n>tive investments in the fomi of k)ans lo charities with similar objects. As these are rinancial instruments, the Trust has applied the treaent suggested in the FRS102 SORP and has initially recognised and measured the k)ans at the amount paid. The (s¥rying amount will then be adjusted in subsequent years to reflect repayments and any accrued interest as well as adiush.ng if necessary for any impaiment. other than these rnrxeil motive inveslments. the Trust onty has financial assets and financial liabilities of a kind that qualty as basic finanaal instruments. Basic financial instnjments a initially recognised 8t transaction value and subsequently ffeasured al Iheii settlement value. Basic f1nancial assets include trade and other CeIvableS and tssh and bank balances. Basic financial liabilities include trade and other payables where trade payables are obligations to pay lor gtmxls arxl servic8S that have been 8cquired in the ordinary course ot operats.ons from suppliers. 1.11 Employee benefits The cost of any unused holhyay entitSemenl is iecognised in ihe pericNJ in which the employee's servi5 are received. Temiination benefits are recognised Immediate as an expensè when the Trust is demonstrabty comrnitt to temiinate the employment of an empbyee or to provide teminalion benefits. 1.12 Retirement benerts Payments lo defined wntribulion retiremenl benefit schemes are charged as an expense as they fall due. 1.13 Grant Making Policy The Trust supports by the prwsti)n of finanaal grants some of those Chrtstian organisations whose own activities mirror further ihe Trust's own aims and objectives. Numerous and varied applications are reiVed by the Trust every month. In addib'on the Trustees are also aware of other Christian organisations and encourage them to submit applicAtions to the Trust_ Al appli13tio¥Js are pr8yerfully considered by the Trustees but, due to the Trusvs own limitèd m8ans. [t 811 applrixtions be supwrted. Grants for which there is a legal oblHJation, or a valid exPectsn of receipt by the beneficiary at the year end, and for which conditions attaching to their payment have been fuhSlled. are accounted for in the year. Crltical accountlng èstlmat•s and]udrnÈnts Ir? the application of the TFUSt5 ac(x)unting pol$. the Trustees are requir&Y lo make judgements. estimates and assumptions 8bout the carrying amount ol assets and li?bilities thal a not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factcrs that are considered to be relevant. Actual Fesults tnay differ from these estimates. The estimates 8nd undertying assumptKns are reviewed on an orvJoing basis_ Revisions to accounting estimates are recognised in the period in which the estimate ts sed where the revision affects only that period, or in the period of the revision and future periods Whe the reviqion affects both current and future periods. 16-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations and legacies Restricted funds 2023 Restricted funds 2022 Grants rec8Nab5 15.000 Incc*me from other trading adivibes Unrestricted Unrestricted funds fund5 2023 2022 Rental income 64,095 200,313 Income from Investments Unrestricted Unrestricted funds funds 2023 2022 Income from Ited investments Leasehold extension fees Dilapidation costs recuperated Interest r$vable 243,441 19,525 226,691 44,509 110,000 7,610 27.009 289,975 388,810 Other income Unrestricted Unrestricted fvnds funds 2023 2022 Employment allowance recelved 5.402 4,433 17_
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Raising funds Unrestricted Unrestrietéd funds funds gèneral general 2023 2022 Investment Property overheads and management Share of Support costs (see note 10) 8ns8s 18,518 6,619 9,382 5,836 nv 25.137 32,888 15,218 34,090 Investmtrnt management lees 58.025 49,308 Rates Light and heat Repairs and maintenance Legal 8nd professional Insuranee 821 11221 4,827 7,206 5,786 1,743 418 1.957 3,720 18,518 9.382 18-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Exptrnditure on charitable activities Charftablfr aetlvltlès Clritable activities 2023 2022 Dtrect ¢05ts Mi55ion5 day 4.032 5,124 Grant funding of activities (see note 9) 691,800 703.500 Share of support and governan costs {see nots IQ) Support Govemance 57,791 20,115 54.807 17.122 773,738 780,553 Anatysis by fund Unrestricted funds - gener31 Restricted Ivnds 773,738 765,553 15,000 773.738 780,553 Grants payable 2023 2022 Grants lo institutions". Asociacion El Elfarero Speak Lrfe Essential Chrisb'an Intemation31 Needs Latvian Bible Centre London Cty Mission Wycliffe Bible Translators Innovi5tz Intematiorial Other grants between £15,CIOO and £20.000 Other grants betbyeen £10,000 and £14,999 Other grants belween £5.000 and £9.999 Other grant5 betweem £3.000 £4.999 Other grants not exceeding £2.999 25,000 20,000 15,000 40.000 45,000 30,000 30,000 25.000 25,000 25,OOQ 20,000 123,000 204,000 159,000 9,000 8,500 10,000 25,000 30.000 175,000 206,100 135,200 691,800 703,500 Grants to institutions represent payn*nts made in thg year to 69 organisalions12022.. 71 organisationsl. 19-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Support costs allocated tg acti¥rti95 2023 2022 Staff costs Computer exFenses Rent and rates Repairs and renewals Telecommunications Printing and postage Travel expenses Sundry expenses Governance costs 59,570 1,604 52.528 1,407 725 1,564 1.157 560 1,114 1,588 17,122 360 1,177 299 176 1,224 20,115 84.525 Tl,765 Anal sed between.. Fundr81sing Charitsbl8 8ctivrf<s 6,619 77,906 5,836 71,929 84,525 77,765 2023 2022 Govemance costs comprlst: staff wsts Audit fees Accountancy Trustee meeting costs Travel expenses 6.619 5.836 5,964 2,820 1.424 1,078 2,160 832 3,664 20,115 17,122 11 Net movement in funds 2023 2022 The net movemenl in funds is stated after Charg1(credItingl'. Fees payable for the audit of the cha¥iVs fir18nal st*ments Loss on disposal of investment property 6,840 49,731 5,964 12 Trustees Trustee Melanie Churchyard te1Ved a salary of £56.TT1 12022.. £50,010) and empltryer pension contributions of £2,839 12022". £2,501) dung the year. the authority for the eplOyment of Trustè6s is Contain within the M&mrarKlum and Artic olAssoaation. None of the other Trustees lor any persons connecled with them) received any remuneration or benefits from the Trust during the year. Trustees had total expenditure of £4,49612022'. £2,502) reimbursed or met by the charity for meeting, travel aThJ other expendiiure. -20-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Employees The average rTKinthty number ol ernpk)yees during the year was: 2023 Number 2022 Number Administration Employment Costs 2023 2022 Wages and salaries Social Security costs Other pension cosls 56,771 6,579 2,839 50.010 5,853 2,501 66,189 58.364 There were no employees whose annual remuneraMn was £60,(X)O or mre. 14 Gains and 1055es on investrnents Unre5trficted Unrestrlcted funds funds designated designated 2023 2022 Gainslllossesl arising on- Revaluation of investments Sale of investments Revaluation of investment propertS Sale of investment properties 30.543 121,2211 1571.9511 185,1161 240,000 149,7311 140,4091 1417,0671 15 Taxation The charity is exempt from taxab.on on rt5 actNibes because all its in(x)me i5 applied for charitable purposes. 21
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Property, plant and equlpment Flxtur88. ffttiTrgs and equtpment C05t Al 1 January 2023 4,361 At 31 December 2023 4,361 Deprecsation and impaÉrment At 1 January 2023 4,361 At 31 December 2023 4,361 Carrying amount At 31 December 2023 17 Investment property 2023 Fair valuè At 1 January 2023 DistK>sa15 2.723.500 11,690.0001 At 31 December 2023 1.033,500 The property 1 St Annes Road. Eastboume. BN21 3UN hekl wthin Investment properties at £1,420,000 was sold on 31 March 2023 for £1.420,000. The propety at 68 Hazekycth Avenue. Eastboume. BN22 OSQ held vthin Investment prOrtIeS 8t £270,000 was SO on 7 July 2023 for £260,(th. The remaining residential investment propety, 17 Maple Road, Eastboume, BN23 6NY. is held within Investment properties at fair valLte £925.000. The last professional valualion was in March 2023 carried out by MrAnton G K BTee FRICS ol Biee Prenton Property Con5uttants, Eastboume. The Trustees a of the opinion the market value has not materially changed at 31 DeceFnbei 2023. In 8ddilion to the freehokl properly hekl. there are 3 parcels of bare land and a block of garages linked lo one of the freehold interests with a total discbsed value £103,500. These were transferred to the Charity when it was incorporated in 2015 with Ihe acting soliator plaang nominal valuations on them. The Trustees believe the thefft has been no material change to these valuations as at the balance sheet date. The historical cost of the properties as at 31 December 2023 were £742,00012022.' £1,677,0001-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Flxed assèt Inv•stm•nts LÉsted investments Cost or valuation At 1 January 2023 Add$tn$ Valuation changes DisFosa15 6,543,173 799,896 30.543 1953,056 At 31 DIllber 2023 6,420.556 Carrying amount Al 31 December 2023 6,420,556 At 31 Detsrnber 2022 6,543,173 19 Mixed motive in¥estments At 1 January 2023 Interest Repaym8nts 107,947 5,278 110.5231 At 31 December 2023 102,702 Mixed motwe investments repiesent k>an5 Thade to other (*arrt+es wth simitar objects to th8 charrtable OmP3ny. As these are financial ir>struments. the chanty has applied the treatment suggested in the FRS102 SORP and has initialty re¢gnised and measured the bans at the atnount paid. The oarrying 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 kians, the charity has a charge over property owned by the h)an hoklers. 20 Trade and other receivables 2023 2022 Amounts tslllng due wlthln one year. Trade receivables Other receivables 54,163 38.105 110.000 $4,163 148,105 -23-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 Contingent asset ChTlds CharTtable Trust has a wistered 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. 16952451, a company which wenl into liquKlation in 1989 and has been removed from the Companies House Register_ Recoverabilty of this debt is uncertain. The charity has taken I81 advice and Counsel's opinion on ths matter to establish the legal pOSitn. It is understtmxl that in the fijture. ownership of the land plus the propety Ited on the land w¢ll 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 repayab lo the charity. Due to the c%rcumstsn(es surrounding Ihis kjan which ts subjecl to Ltncertain future events. the Charity's ynterest in this land has not been recognised in these accounts. 22 Current liabilitles 2023 2022 Notes Other taxation and soaal security Deferred income Other payables Accruals and deferred income 378 1,307 23 12,(100 16,679 55,000 16,410 34,057 72,717 23 DÈferTod incomg 2023 2022 Other deletrÉd inrne 5,0(KJ Defetred inwrrhe is induded in the finara1 Statents as folk)ws". 2023 2022 Deferred income is included thIn.. Current Irabilities 5.000 Movements in the year.. Deferred income at 1 January 2023 Resoyrces deferred in the year 5,000 Deferred income at 31 DecembBr 2023 Deferred income presents rent Incon invoi<%d in advarKe. -24-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 24 Retirement b8nèfit sch•m•s 2023 2022 Defined contrlbutlon schemes Charge to profft or bss in respect of defined (xThlribubon schemes 2,839 2,501 The Trust operates a defined contributiors pension scheme for all quali9 employees. The assets of the scheme a held separalety from th)se of Ihe Trust in an independenuy adminislered fund. Financial commrtments, guarantees and contingent liabilities The Trust has made committnents lo furmj the fo51owing organisations ft)r up to a fvrther two years. These have not been charged in the a(xounts since they are subject to the grant recipients satisfactorily meeting their reporting requirements for future Ivnding lo be reased. These grants wll be paid from current resefves and future income. 2024 2025 Total Speak Life Love Barton All Souls E3Stboume Amallo Christian School Emmanuel press Faith in Kids Asociacion El E310 20,000 10,000 10.000 10,000 10,000 10,000 25,000 20,000 10.000 10,000 10,000 10,000 20,000 50,000 10.000 25,000 95.000 35.000 130.000 Previous y¢ar: 2023 2024 Total Speak Lif8 Love Barton All Souls Eastbourne Amano Christian School Transforrn Europe Nelwork 20.LYJO 10,000 10,000 10,000 5.500 20.000 10,000 10,000 10,000 40,000 20.000 20,000 20,000 5,500 55.500 50,000 105,500 26 Restricted funds The restncted hJrKIs of the charty comprise the unexpended balances of donations and grants held on trust subject lo specifio conditions by donors as to how they may be Ltsed. -25-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 26 Rastrietad funds Icontlnu•dl Previous year: At 1 January 2022 Incoming resources Resources expended At31 December 2022 Lafvi8n Bibllcal Centre 15,000 (Is,0001 The fund represented monies donated to the Trust from The Stuart Hine Trust CIO with the condition of passing on the monies to the Lafvian Bibli(21 Centre. This fijnd is now closed. 27 Unrèstricted funds- designated These are unrestricted funds which ale material to the Trusfs activiiies. At 1 January 2023 Transhws Galns and 105S•S At31 December 2023 Fixed Asset Investment Fund 9.374.619 11.777.452) 140.4091 7,556.758 Previous year: At l January 2022 Transfers Galns and losse5 At31 Deeembèr 2022 Fixed A889t Investment Fund 9,808,170 116,4841 1417,0671 9.374,619 The fixed asset investment fund presentert invested lunds ol a permanènt nature to generate incA)me for the charity to enable it to cary out rts aclivth"es. and the fixed assets held to mn the charitvs operations.
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Operating lease commitments Le55ee At the reporting end date the Trust had OLrtstandirrfJ commitments for fiJbJre minimum lease payments under non-cancellable operating leases, which fall due as fkjWs.' 2023 2022 Within one year 480 Lessor The operating leases represent leases to third parties in investment properties. The leases are negotiated on average over terms of 10 years and renlals are fixed on average lor S years. All leases include a provision for five-yearfy upward rent reviews, if not earlier. aco)rdi¢wJ to pmailing market conditions. There are options in pL8ce for either patty to exlend the lease terms. At the reporting end the Trust contraGt811 vrith tenants for the following minimum lease payments.. 2023 2022 Wrfthin one year Beeen two and fNe years 25,000 60,000 25.000 25,000 85,000 Related party transactions There were no disclosable Telated party transactions during year12022- none). 30 Analysis of changes in net funds The Trust had no material debt during the year. -27-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 31 Cash generated from operations 2023 2022 Deficit for the year 1512.700} 1638.3721 Adjustrnènts for. Investment income COgniSed in statement of finantial aCtiVeS Loss on disposal of investrnent propety Loss on disposal ol invesbnents Fair value gains and k)sses on tnvestment properties Fair v81ue gains and losses OA investments 1289,9751 49,731 21,221 1388,8101 85,116 1240.0001 571,951 130.5431 Movements in working capital= Decrease in mixed molNe investrnents Decreasellincreasel in trade 8nd olher recewables (Decreasel in trade and other payab$ Increase In defgrr&l income 5.245 93,941 143,6601 s,000 4,990 1144.2661 144,5541 Cash absorbed by operdtlons 1701,7401 1793,9451 32 Non4udlt seplices provlded by auditor In common with many bUs1rSSeS of our size and n8re we use our auditor to assist with the preparation of the financial statetnents. -28-