Charity registrdtion number 1153327 (England and Wales) Company registration number 08635189 CHILDS CHARITABLE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Caladine Chartered Certified Accountants
CHILDS CHARITABLE TRUST LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr Christopher Large (Chair) Mr Stephen Puttock Mrs Melanie Churchyard Mr Robert Peake Ms Janice Katyan CEO Mrs Melaniè Churchyard Charity number 1153327 Company number 08635189 Principal address 40 Chapel Road Pawlett Bridgwater Somerset TA6 4SH Registered office 40 Chapel Road Pawlett Bridgwaler Somerset TA6 4SH Auditor Caladine Limrted Chantry House 22 Upperton Road Eastboume East Sussex BN21 1BF Banker5 Natwest Bank plc 96 Terminus Road Easlboume BN213AA Solicitors Mayo Wynne Baxler 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 OJD Property agents Bree Prenton Property Consultants 21 The Waterfront Sovereign Harbour Eastboume, BN23 SUZ
CHILDS CHARITABLE TRUST CONTENTS Page Trustees, report Statement of Trustees. responsibiltties Independent auditoffs report Statement of financial activities 10-11 ststement of financial position 12 Statement of cash flows 13 Notes to the finanGial statements 14-29
CHILDS CHARITABLE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and financial statements for Childs Chatitable Trust Clhe Trusf) for the year ended 31 December 2024. 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 Trusfs memorandum and articles of association, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Rcporting by Chanties.. otatement of Rewivimended Pradlce applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" Objectives and activities The Trust is a Christian grant-making Trust and since 2013. a Company Limited by Guarantee. Since its inception in 1962 the principal object of the Trust remains the furtherance of the Christian gospel and the Trustees are actively involved in supporting and encouraging many Christian charities to achieve this goal. We continually monitor the economic and social situation both within the UK and overseas and whilst we are unable to predict the impact on the charity's future, we take appropriate advice to ensure the granl-making work of the charity continues. Public Benefft The Trustees confim) that Ihey have referred to the guidance ntaIned in the Charity Commission's general guidance on public benefil 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 ts objects for the public benefit. All applicants are infomed of the outcome at the end of the process whether their application has been successful or not. Achievements and perforniance 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 Ihe furtheran of the Christian Gospel." All applications are sent on the Trust's application fonn. Full details of the current process can be found on the Trusys website. All applications received are considered but, unfortunately, not all can be supported. The total charttable distributions in the year amounted to £831,000 (£691,800 in 2023). The Trust reiVed 218 applications and awarded grants to 72 dtfferent organisations. The organisations fvnded are all based in the UK although many work overseas as well 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. Some of the cornments that we are able to share are a joy and encouragement to the trustees. Schools Work: °Using your generous support. we aimed to fiirth8r our wsion - to help childrBn pray, and through prdyer encount8r the God who knows and loves them - in several key sttegiC areas. These included the training of new voluntee, an overhaul of resOUe material (replacing old, pre-pandemic reSoUs, as well as Qating new ones) and expanding our reach and impact..
CHILDS CHARITABLE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 .1 want to convey how gteful we foryourincr8dible support. Youtre held us impact thousands of lives, b£rt youve also helped us tnOn the lives of th8 few who impact the many, prniso the Lonll. Youth Work: °We hav8 produced a high qualty video seiies for youth discipleship and made it freely available on our media page. The level of pdUction was enabled by the generous from Childs Chai7tab18 Tst." °We remain amazed by the goodness of God. the slories we hear fmm ChheS & families and the progress we have seen. In the last 12 months we have been able to produ 11 new resources for Churches & Families. Th8 transfoThnation has been more than we could have hoped for. Thank you so muGh for your Gontinued support to holp us produce resources that ar8 giwng confid8nLE to pantS and church8s and mrg importantly having a great impact on the faith joumey ofmany thousands of childn. BiblelLeadership Training: °Your grdllt supported the establishrnent of a new chu Planting Glass. Over the cOue of a year participants UndeOt th8 fflonths of classroom instruction followed by nine months of fieldwortt. Collectively, this cohort was expected to ach appn)ximately 6,000 families and plant 20 nèw churches. Th8 outcom8s We as follows.. Families Reached.. 5. 539 Scripture and Literature Distributed.. 4,363 Individuals Who R8C8ived Christ." 604 Baptisms.. 175 Prayer Gmups Fonned.. 50 Churches Planted.. 20° Pastornl care: °The grant was pmvided for an OUtaGh and Discipleship prDiect. d81iv8r8d by multiple teams w01ng across the country. For over IQ Yea this pmject has successfully engaged leading hunddS of local people to faith in Christ." Humanitarlan Needs: °ljust wanted to dmp you a note to say a massive thank you for yOUrpyerS and support for the woth this past year. It has been so appreciated.. °This is a very genemus glit ftir t Earthquake Reli&f Fund. We arn so g181 to you and your Tmstees, and I know that it 11 be a great encouragemenff Monitoring: In accordance with their monitoring policy, the Trustees monttor the activtties and perfornian of the Trust's beneficiaries to ensure the gnls are used for their charitable purpose. Impad 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 deveS0p. Melanie (CEO and Trustee) or another Trustee visits all grant recipients who have recewed 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 lo join the Trustees, staff and other invited guests, for the day to give presentstions of their work and to spend time in prayer. In 2024 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.
CHILDS CHARITABLE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review Income The income of the Trust is mainty received from two asset porttolios. comMeral properties and investments. The Trustees take advi on their properties from an Eastboume based commercial propety agent. The investment portfolio continues to be managed by Rathbone Investment Management. Asset cover for funds The Trusvs assets are adequate and available to fulfil tts obligations. Reserves policy As all reserves are unrestricted and "free. reSee5. it is the policy of the Trust that unrestricted funds should be designaled to match the market value of fixed assets investments. This ensures that these fvnds are considered 'permanenf in nature as they are necessary to generate income for the Trust to enable it to rarry out its activities and continue in the future. At 31 Dember 2024, such -permanenf reserves total £8,533,254 equal to the Trusl's [ed asset investments. Investment policy: The investment portfolio managed by Rathbone Investment Management, seeks lo achieve a balan betsveen capital growth and income growth through a porttolio investing Primari in equities and fixed inleresl stocks with medium risk, and to ensure a reasonable income. The Trustees have set rtain ethical restrictions on its investments with those being avoided that relate direclly to amaments. tobacco, alcohol and media cOnmS that conflicl with the Trust's Christian ethos. The Trustees are satisfied with the current retum on capital. The Trustees meet with the Investment Manager once a year to discuss the requirements for the forthcoming year and to review past perf0rrnan. Loans The charty also holds one investment in the form of a loan to a charty with similar objects. The loan receives inlerest at a market rale and has a period of 12 years remaining on the temi. The loan is secured on the assets of the charty. The loan is provided to fvrther the charitable objects of the charity and specifically in furtherance of the Christian Gospel. The Trustees annually review the activrties and finances of the charity loaned lo, to ensure that these aims are being met. Plans for future periods It is the intention of the Trustees for the Trust to continue tts activities in the long te, using its annual income and maintaining its capital base. Strategy Day Each year the Trustees hold a Strategy Day to diSsS the requirements of the Trust over the next 5110115 years and the procedures that might be needed to be put in place to achieve the Trusfs vision. The Trust's Vision and Mission statements are- Vision - To see a wodd where every person has the potential to hear and respond to the gospel message. Mission - To strategically fund Christian organisations which promole the Christian gospel. The Truslees also discuss the requirements of the Trustee board and their strategy for Trustee recruitment. A funding slrategy is discussed and agreed for the forthcoming year. Details of the agreed strategy is published on the Trust's website. At the 2024 Strategy Day the Trustees decided that they should continue throughout 2025 to keep aligned with their vision and mission statements. Ensuring organisations apptying for fijnding in 2025 focus primarily on the sharing of the Christian gospel.
CHILDS CHARITABLE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are mindful of their overspend and have agreed that for the duration of 2025 the Trustees will only accept requests for funding from those organisations that have been supported by the Trust in the prebllous 3 years. The Trustees also discussed their property porttolio. Most of the properties thal were in the Trust's portfolio have now been sold. The Trustees continue lo consider future opportunities for investhient. Structure, governance and management Structure: The Trust's Memorandum and Articles of Assopiation stste.. The Charitls Obieds are for the public benefit to advance the Christian faith in accordance with the Statement of Beliets in Easlbourne. East Sussex and in such other parts of the United Kingdom or the world as the Trustees may from time to lime think fit and to fu1 such other purposes which are exdusively charrtable 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 referen to the other Twstees who ultimately take responsibility for all decisions. The Trustees met every three months to revlew financial and investment matters, consider grant applications and deal with other issues as neSsary. Communications by email and telephone in between formal Trustees. meetings enable any urgent matters to be deam with. The CEO and Chair of Trustees meet in belween meetings to prepare the agenda for meetings and discuss any other relevant matters. 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 Katyan All Truslees must be active members of their local church, subscribe to the Trusys Slatement of Beliefs and share the Christian ethos and aims of the Trust. It is imperative that all Trustees have general Gharity 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 perf0mlan of their duties as Trustees. Management Mrs Melanie Churchyard. CEO. deals with all of the day-tothday 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 (exduding Melanie) and is based on relevant skills and responsibilities and in line wtth the rates prevailing in the charitable sector. Throughout 2024 the Trust was a member of the Crvil Society and the Christian Funder5 Forum.
CHILDS CHARITABLE TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Risks The Trustees regularty rewew and assess the major risks to which the chatity is exposed. Advice and guidance is sought from our auditors and other professionals. The main financial risk to the charty is the level of relum on investments Sin this affects the grants Et can pay out. The Trustees are aware that there are likety to continue to be challenges due to the aftereffects of the CuivFid¥llUb Pdiid¥iiiic and the ongoing war in the Ukraine. The Trustee5 are continualty 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 accordan with the agreed rewew schedule. The Trustees are kept infomied by the auditors and solictiors of the Trust of their obligations as charity Trustees, together with their legal and statutory duties. Whenever possible. Trustees and stsff attend relevant training and seminars to help understand further their responsibililies and duties. Feedback from the grant recipients is essential and it is such reports and testimonies, that help the Trustees evaluate the impad of the support the Trust has provided and to plan for the fvture. However. as the Trust's main objective and many of the resutts reported are of a spirrlual nature, tangible eviden is often lacking. The Trustees recognise that it can be dtfficult to quantify final results and impact; however, they seek to encourage the grant recipients to be as detailed as possible in their reporting. Disclosure of inforniation to auditor This report has been prepared in accordance with the srnall fflpanY regime as outlined in Section 419121 of the Companies Acl 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 audrtor is unaware. They have fvrther confinned Ihat they have taken appropriate steps to identify such relevant infomiats'on and to establish that the audrtors are aware of such information. The es, report was approved by the Board of Trustees. Mr Chri er e (Chair) ee
CHILDS CHARITABLE TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The Tnjstees, 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 accordanGe 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 poliryes and then appty 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 Stsndards have been followed. subject to any material departures disdosed and explained in the financial staternents., and - prepare the finaneial statements on the going conrn basis unless it is inappropriate to presume that the Trust will continue in operation. The Trustees are responsible for keeping adequate accounting records that disdose wtlh reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial slatements 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. Company law requires Ihe 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 consistentty: - observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been folk)wed, subject to any material departures disclosed and explained in the finanLial statements: and prepare the financial ststements on the going concem basis unless it is inappropriate to presume that the Trust will ontinue in operation. The Trustees are responsible for keeping adequate accounting records that disdose 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 iegUlarities.
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 'TrusY) for the year ended 31 December 2024 which comprise the statement of finanryal activrties. the statement of ffinancial posrtion, the statement of cash flows and notes to the financial statements, induding signtficant accounting poliues. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards, including Financial Reporting Standard 102 The Financial Repothng standa applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practs). In our opinion, the financial ststements.. give a true and fair wew of the stale of the charitable company's affairs as at 31 December 2024 and of its incoming resOUrS and application of reSoUrs, induding its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally AcGepted Accounting Practice. and have been prepared in accordan with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibililies under those standards are further described in the Auditorfs responsitslities for the audit of the financial statements section of our report. We are independent of the Trust in a¢xordance with the ethical requirements that are relevant to our audtl of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, in the circumstan5 set out in note 33 to the financial statements, and we have fulfilled our other ethical responsibilities in acxordance 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 conduded that the TnJstees' use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Daseu vi l Ll Ir VVF Iiav "e nrt+ iAenhfiarl mat•ri21 iinNirtainth*¢ r#l#hng In pvpntg or conditions that, individually or collectively. may cast significant doubt on the Trust's abilty to continue as a going concem for a period of at least twelve months from when the finanaal statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Other infonnation The other information comprises the infonnation included in the annual report other than the financial statements and our auditorfs report thereon. The Truslees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other infomalion and, except to the extent otherwise explicitly stated in our report, we do not express any fonn of assuran conclusion thereon. Our responsibility is lo read the other information and. in doing so, consider whether the other infomiation is materially inconsistent wilh the financial ststements or our knowledge obtained in the rKJurse of the audrt. 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 lo a matenal misstalement in the financial slatements themselves. If. based on the work we have performed, we condude 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 statemenls are prepared, which includes the directors. report prepared for the purposes of company law, is consistent with the financial statement5'. and the directors. report included within the Trustees. report has been prepared in accordance with applicable legal requirements.
CHILDS CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHILDS CHARITABLE TRUST Matters on whlch we are requlred to report by exce10n In the light of the knowledge and understanding of the Trust and tts environment obtained in the course of the audit, we have not identified material misstatements in the directors. report included within the Trustee5' 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 rf, in our opinion.. adequate accounting records have not been kept. or retums adequate for our audit have not been reIVed from branches not wsited by us.. or the finanaal statements are not in agreement with the accounting records and retums; or ¢ertain disdosures of trustees. remuneration spectfied by law are not made.. or we have not received all the infom)ation and exptanations we require for our audit-, or the Trustees were not entrtled 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 Trustses As explained more ful in the ststement 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 intemal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misststement, whether due to fraud or error. In preparing the finanrial stalements, the Trustees are responsible for assessing the Trust's ability lo continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Trustees erther intend to liquidate the charitable company or to cease operations, or have no realistic atternative but to do so. Auditorfs responsibilities for the audit of the financial ststements Our objectives are to obtain reasonable assurance about whether the finanual statements as a whole are free from material misstatement, whether due lo fraud or error. and to issue an auditorfs report thal includes our opinion. Reasonable assurance is a high level of assurance bui is not a guarantee that an audtt conducted in accordance with ISAS (UK) will aayS detect a material misstatement when it exists. Misstatemenls can arise from fraud or error and are considered material rf. 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, induding fraud, is detailed below. The extent to which the audit was considered capable of detscting irregularities including fraud Our approach to identifying and assessing the risks of material misststement in respect of Iegulaties, including fraud and norithcompliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectivety had the appropriate competen, apabilities and skills to identify or recognise non-compliance wtth applicable laws and regulations,. we identified the laws and regulations applicable to the charity through discussions with trustees, and from our commercial knowledge and experien 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, induding the Companies Act 20C6. Charities Act 2011 and employment legislation., we assessed the extent of compliance wilh 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 instsnces of non-compliance throughout the audiL
CHILDS CHARITABLE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHILDS CHARITABLE TRUST We assessed the susceptibilty of the trusY5 ffinancial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: making enquiries of management as to where they wnsidered there was susceptibility to fraud. their knowledge of actual, suspected and alleged fraud,. and considering the intemal controls in pla to mitigate risks of fraud and norFcompliance with laws and regulations. Audit response to risks identified To address the risk of fraud through management bias and override of controls, we: perfomed anawical proe£dures to identfy any unusual or unexpected relationships. tested joumal entries to identify unusual transactions- assessed whether judgements and assumptions made in detemiining the accounting estimates were indicative of potential bias- and investigated the rationale behind significant or unusual transactions. In response to the risk of irregulartties and nor)v¢omplian with laws and regulations, we designed procedures which included, but were nol limited to.. agreeing financial statement disdosures to undetying supporting documentation.. reading the minutes of meetings of those charged with governance- enquiring of management as to actual and potential Ittigation and daims- and reviewing correspondence with HMRC and relevant regulators There are inherent limitations in our audit prOdureS described above. The more removed that laws and regulations are from finanal transactions, the less likety it is that we would become aware of non-complian. Auditing standards also limit the audit procedures required to identrfy noTrcompIian with laws and regulalions to p.nquiry of the Irustees 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-11 www.frc.org.uklauditorsresponsibilities. This description foms part of our audttorfs report. Mr Colin James Dadswell FCCA (Senlor Statutory Auditor) for and on behalf of Caladine Limited, Statutory Auditor Chartered Certified Aco)untants Chantry House 22 Upperton Road Eastboume East Sussex BN21 1BF Date-.
CHILDS CHARITABLE TRUST STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Current financial year Unrestricted Unrestricted funds funds general designated 2024 2024 Total Total 2024 2023 Notes Income and endowments from: other trading adivities Investments Other income 75,500 242.486 75,500 242.486 64,095 289.975 5,402 Total income 317,986 317.986 359,472 Expenditure on: Raising funds Charitable activities Other expenditure 57.440 922.703 13.%0 57.440 922,703 13,960 55,408 773,738 13 Totsl expenditure 994.103 994,103 829,146 Net gainsl(losses) on investments 14 291,177 291,177 (40,409) Net incomel(expenditure) (676.11 T) 291.177 (384.940) (510.083) Transfers between funds 26 (685,319) 685,319 Net movement in funds 10 (1.361,436) 976.496 (384.940) (510,083) Reconciliation of funds: Fund balances at 1 January 2024 1,767,343 7.556,758 9,324.101 9,834,184 Fund balances at 31 December 2024 405,907 8.533,254 8.939.161 9,324,101 The statement of finanaal activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 10-
CHILDS CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Prior financial year Unrestricted Unrestricted funds funds general deslgnated 2023 2023 Totsl 2023 Notes Income and endowments from: Other trading activities Investments Other income 64.095 289.975 64,095 289,975 5,402 Total income 359,472 359,472 Expenditure on: Raising funds 55.408 55,408 Charitable adivities 773.738 773,738 Total expenditure 829,146 829,146 Net gainsl(losses) on investments 14 (40,409) {40,409) Net Income (469.674) (40,409) (510,083) Transfers belween funds 26 1,777,452 (1,777.452) Net movement in funds 10 1,307,778 (1,817,861) (510,083) Reconciliation of funds: Fund balan5 at 1 January 2023 459,565 9,374,619 9.834,184 Fund balances at 31 December 2023 1.767,343 7,556,758 9,324.101 11
CHILDS CHARITABLE TRUST STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Investment propety Investments Mixed motive investments 17 18 19 1.033.500 7.402.562 97,192 1,033,500 6,420,556 102,702 8.533,254 7,556,758 Currnnt assets Trade and other receivables Cash at bank and in hand 20 28,551 432,750 56,780 1,744,620 461,301 (55.394) 1,801,400 (34,057) Current liabilities 22 Net current assets 405,907 1,767,343 Totsl assets less current liabilities 8.939,161 9,324,101 The funds of the Trust Unrestricted funds- general Unrestricted funds- designated 405.907 8,533,254 1,767,343 7,556,758 26 8,939,161 9,324,101 Th 181812025 al statements Vre approved by the Trustees on ....................... Mr Christ Tr ge (Chair) Company re tion number 08635189 (England and INales) 12-
CHILDS CHARITABLE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 32 (863.52n (701,740) Investing activities Proceeds from disposal of investment propety Purchase of other investments Proceeds from disposal of other investments Investment income received 1,640.269 1799,896) 931.835 289.975 (2,257,153) 1,566,324 242,486 Net cash (used in)Igenerdted from investing activities (448,343) 2,062,183 Net Idecrease)fincrease in cash and cash equivalents (1.311.870) 1,360,443 Cash and cash equivalents at beginning of year 1.744.620 384,177 Cash and Gash equivalents atend of year 432.750 1,744,620 13-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcies Compary inforniation 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 Basis of preparntion The financial statements have been prepared in accordance with the Trusfs Memorandum and Articles of Associalion. the Companies Act 2006 and "Accounting and Reporting by Charities: Ststement 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 Benefft Entity as deffined by FRS 102. The financial statements are prepared in sterfing. which is the functional currenGy of the Trust. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical o)st convention. modified to include investment properties and certain financbal instnjments at fair value. The principal accounting policies adopted are sel oul below. 1.2 Going concern At the time of approvrng 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 conrn basis of accounting in preparing the finanal statements. 1 a Charltable funds Unrestricted funds are available for use at the discxetion of the Trustees in fijrtherance 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 fvnds are set out in the notes to the financial statements. Restricted funds are subject to speafic conditions by donors or grantors 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 legalty entitled to it after any performance conditions have been met, the amounts can be measured reliably. and tt is probable that income will be received. The Charity's income consists of voluntary income and that from investments, induding property. Cash donations are recognised on reipt. Other donations are recognised once the Trust has been notified of the donation, unless perfomiance conditions require deferral of the amount. Income tsx recoverable in relation to donations received under Gtft Aid or deeds of covenanl is recognised at the time of the donation. Rental income from investment properbes is deferred where it has been recetved 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 re1Vable. 14-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounling 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 acc£)unted for on an accruals basis and has been dassified under headings that aggregate all costs relaled to the category. Costs of activities in furtherance of the Trusvs objects are grants made by the Trust to support Christian charitable projects. and the support costs relating to this activrty. Costs of raising funds comprise those costs relating to the management and maintenance of the investment properties, as well as the investment managerfs fees for managing the investments and securities. Support costs comprise administration costs in relation to grant making, together wllh govemance costs. Governance costs indude the costs of auditing the statutory acunts. the cost of Trustees. meetings and the cost of any legal advice to Trustees. on governance or constrtutional matters. The support costs have been allocated wholty to the grant making actlvities, with the exception of the support wages. These wages have been allocated 100/0 to the costs of raising fijnds and 90% to the grant making actNlties, 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, nel of dePreallOn and any impairment losses. Depreciation is recognised so as to wnte 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 fulty depreciated) The gain or loss arising on the disposal of an asset is determined as the drfference beeen the sale proceeds and the carrying value of the asset. and is recognised in the statement of financial activities. Tangible fixed assets are capitalised rf they be used for more than one year and r))st at least £500. Neither land nor the investment properties are depreciated. 1.7 Investment property Investment properties are those held to eam rentals an(Vor for capital apprecialion. The investmenl 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 incomel(expenditure) for the year. 1.8 Non-current investments Listed inveslmenls are measured using the fair value model and stated at ils fair value (open Maet value) at the reporting end date. The surplus or deficit on revaluation is recognised in net incomellexpendilure) 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 markel rate (between 5 and 5.50A), 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 specificalty in furtherance of the Christian Gospel. The Trustees regularly review the activities of the thar.e5 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-lerm liquid investmenls wilh 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 2024 Accounting policies (Continued 1.10 Flnanclal Instruments The Trust has mixed motive investrnents in the fonn of loans to chartiies 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 carying amount will then be adjusted in subsequent years to reflect repayments and any accrued interest as well as adjusting rf necessary for any impairment. other than these mixed motive investments. the Tnjst 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 indude Irade and other re1VableS and cash and bank balans. Basic finanaal liabillties include trade and other payables where trade payables are obligations to pay for goods and SerS 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. Tennination beneffts are recognised immediately as an expense when the Trust is demonstrably committed lo terminate the employment of an employee or to promde termination beneffts. 1.12 Retirement benefits Payments to defined contribution retirement benefft sthemes 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 actiMties MIOr further the Trusfs 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 allaching lo their payment have been fulfilled. are accounted for in the year. Critical accounting estimates and judgements In the application of the Trusfs accounting policies. the Trustees are required to make judgements, estimates and assumptions aboLrt the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experien 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 2024 Income from other trading actlvltles Unrestricted Unrestrlcted funds funds 2024 2023 Rental income 75.500 64,095 Income from investments Unrestricted Unrestricted funds funds 2024 2023 Income from listed investments Leasehold extension fees Interest receivable 228,767 243,441 19,525 27,009 13,719 242,486 289,975 Other income Unrestricted Unrestricted fvnds funds 2024 2023 Employment allowance received 5,402 17-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on raising funds Unrestricted Unrestricted funds funds 2024 2023 Inveslment ex enses Property overheads and management Support costs 13,427 7,507 15.901 6.619 20.934 22,520 Investment management fees 36,5C 32,888 Total costs 57,440 55,408 Property overheads and management Rates Light and heat Repairs and maintenan Legal and professional Insurance 821 (122) 4,827 7,206 3.169 2,873 7,850 2.702 13.425 15,901 Expenditure on charitable activities Charitable activities Charitable activities 2024 2023 Dlrect costs Missions day 3,153 4,032 Grant funding of a¢tNities (see note 8) 831,000 691,800 Share of support and governance costs (see note 9) Support Govemance 67,523 21,027 57.791 20,115 922,703 773,738 Analysis by fund Unrestricted funds - general 922,703 773,738 18-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable Charitsble activities 2024 Charitable activities 2023 Grants to institutions.. Association El Alfarero International Needs cliffe Bible Translators Innovists International Sat-7 UK Youthscape Faith in Kids Other granls belween £15.000 and £20.000 Other grants beeen £10.000 and £14.999 Other grants belween £5.000 and £9.999 Other grants betweem £3,000 £4.999 Other grants nol exceeding £2.999 25,000 10,000 25,000 70,000 30,000 40,000 60,000 75.000 362.000 25,000 40,000 25,000 30,000 20,000 10,000 20,000 170,000 206,100 li 110.000 12,500 11,500 135,200 3.000 7.500 831,000 691.800 Grants to institutions represent payments made in the year to 72 organisations (2023.. 69 organisations). 19-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support Costs allocated to aclivilies 2024 2023 Staff costs Computer expenses Repairs and renewals Telecommunications Printing and postage Travel expenses Sundry expenses G0Veman costs 67,566 2,347 192 703 140 92 3,990 21,027 59,570 1,604 360 1,177 299 176 1,224 20,115 96,057 84,525 Anal sed belween.. Fundraising Charitable activities 7.507 88,550 6,619 77.906 96.057 84,525 2024 2023 Governance costs comprise: Staff costs Audil fees Accountancy Trustee meeting costs Travel expenses 7.507 6,480 3,000 1,571 2,469 6,619 6,120 2,880 832 3,664 21,027 20,115 10 Net movement in funds 2024 2023 The net movement in funds is ststed after chargingl(crediting): Fees payable to the charitl5 audttor. - for Ihe audit of the charitls financial statements - for other financial services Loss on disposal of investment property 6.480 3.000 6.120 2,880 49.731 -20-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Trustees Trustee Melanie Churchyard received a salary of £64,378 (2023: £56,771) and employer pension contributions of £3,066 (2023: £2.839) during the year, the authority for the employmenl of Trustees is contained within the Memorandum and Articles of Association. Melanie Churchyard also received long serving anniversary gifts of monetary value £486. None of the other Trustees (or any persons connected wtth them) reiVed any remuneration or benefits from the Trust during the year. Trustees had total expendtture of £4,040 (2023: £4,4) reimbursed or met by the harity for meeting, travel and other expenditure. 12 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Administration Employment costs 2024 2023 Wages and salaries Social security costs Olher pension costs 64,378 7,629 3,066 56,771 6,579 2,839 75,073 66,189 The number of employees whose annual remuneration was more than £60.000 is as follows.. 2024 Number 2023 Number £60.000 to £69.999 13 Other expenditure Unrestricted Unrestricted funds funds 2024 2023 Employment allowance repayable 13.960 21
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Gains and losses on investments Unrestricted Unrestrictsd funds funds designated designated 2024 2023 Gainsl(tosses) artsing on= Revaluation of investments Sale of investments Sale of investment properties 267,696 23,481 30.543 (21,221) (49,731) 291.177 (40.409) 15 Taxation The charity is exempt from taxation on its activities because all its income is applied for chaTitable purposes. 16 Property, plant and equipment ffttlngs and equlpment Cost At 1 January 2024 4,361 At 31 December 2024 4,361 Depreciation and impalm*nt At 1 January 2024 4.361 At 31 Dember 2024 4,361 Carrying amount At 31 December 2024 17 Inveslment property 2024 Fair value At 1 January 2024 and 31 December 2024 1,033,500
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Investment property Icontinued) The remaining residential investment propety. 17 Maple Road, Eastboume, BN23 6NY, is held WFthin Investment properties al fair value £925,000. The last professional valuation was in March 2023 carried out by Mr Anton G K Bree FRICS of Bree Prenton Propety Consultants. Eastl)oume. The Trustees are of the opinion the market value has not materially changed at 31 December 2024. In addition to the freehold property held, there are 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 Truslees 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 2024 were £742.000 (2023: £742.000). 18 Fixed asset investments Listed invesljnents Cost orvaluation At 1 January 2024 Additions Valuation changes Disposals 6,420,556 2,257,153 267.696 (1,542.843) At 31 December 2024 7,402.562 Carying amount At 31 December 2024 7,402,562 At 31 December 2023 6,420,556 19 Mixed motive investments At 1 January 2024 Interest Repayments 102,705 5,010 (10,523) At 31 December 2024 97.192 Mixed motive investments represent loans made to other charities with similar objects to the charitable company. As these are finanryal instruments. the charity has applied the treatment suggested in the FRS102 SORP and ha5 initially regnISed and measured the loans at the amount paid. The carying amount will then be adjusted in subsequent years to rellect repayments and any accrued interest as well as adjusting them for any impairment. In order to secure the loans, the chartty has a charge over property owned by the loan holders. -23-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Trade and other receivables 2024 2023 Amounts falllng due wlthln one year. Trade receivables Prepayments and accrued income 25.204 3,347 54,163 2,617 28.551 56,780 21 Contingent asset Childs Charitable Trust has a registered charge of £70.CM)O over a parcel of land located to the west side of SoLrthdown 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 advi and Counsel's opinion on this matter to establish the legal posttion. It is understood that in the future, ownership of the land plus the property located on the land will revert to the crown bul that the land original loan sum of £70,000 which is secured by the charge over the land will be repayable to the chartty. Due to the circumstsnces surrounding this loan which is subject to unrtain fvture events, the Charty's interest in this land has not been recognised in these accounts. 22 Current liabilities 2024 2023 Notes other taxation and social secunty Deferred income other payables Accruals 409 378 5,000 12,000 16,679 23 36.772 18,213 55,394 34,057 23 Deferred income 2024 2023 Other deferred income 5,000 Deferred income 1$ induded in the financial statements as follows: 2024 2023 Deferred ino)me is included within: Current liabilities 5,000 Movements in the year: -24-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Deferred income Icontinued) Defeed income at 1 January 2024 Released from previous periods Resources deferred in the year 5,000 {5,000) 5,000 Deferred income at 31 December 2024 5,000 Deferred income represents rent income invold in athiance. 24 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 2,839 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 independenty administered fvnd. -25-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 25 Financial commitnxnts, guarantees and contingent liabililies The Trust has made crJmmTtments to ftjnd the following organisations for up to a fvrther three 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 reseNes and future income. 2025 2026 2027 Total Faith in Kids Asociacion El Elfarero YMCA Norfolk St Michael &AII Angels Trinity Church London Festive 10.OQM) 25.000 5.000 10.000 10.000 10,000 25,000 5,000 20,000 20,000 30,000 10.000 10.000 15,000 15,000 60,000 35,000 15,000 110.000 Previous year". 2024 2025 Total Speak Lrfe Love Barton All Souls Eastboume Amano Christian Sthool Emmanuel press Faith in Kids Asociaaon El Elfarero 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 -26-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 26 Unrestricted funds - designated These are unrestricted funds which are material to the Trusys activities. At 1 January 2024 Transfers Gains and losses At31 December 2024 Fixed Asset Investment Fund 7.556,758 685,319 291.177 8,533,254 Previous year: At 1 January 2023 Transfe Gains and losses At31 December 2023 Fixed Asset Investment Fund 9.374.619 (1.777,452) (40,409) 7,556,758 The fixed asset investment fund represented invested ftjnds of a pemianent nature to generate income for the charity to enab it to carry out its activities. and the fixed assets held to run the charity's operations. 27 Analysis of net assets between funds Unrestricted Unrestricted funds funds general designated 2024 2024 Totsl 2024 At 31 December 2024: Investment properties Investments Mixed motive inveslments Current assetsl(liabilities) 1,033,500 7.402.562 97.192 1,033,500 7,402,562 97,192 405,907 405,907 405,907 8,533.254 8,939,161 -27-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 27 Analysis of net assets between funds (Continued) Unrestricted Unrestrictsd funds funds general designated 2023 2023 Totsl 2023 At 31 December 2023: Investment properties Investments Mixed motive investments Current assetsl(liabilities) 1,033,500 6,420.556 102,702 1,033,500 6.420,556 102,702 1,767,343 1.767,343 1.767,343 7.556.758 9.324,101 28 Operating lease commitments Lessor The operating leases represent leases to Ihird parties in investment properties. The leases are negotiated on average over temis 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 eartier, according to prevailing market conditions. There are options in place for etther party to extend the lease terms. At the reporting end date the Trust had contracaed with tenants for the following minimum lease payments.. 2024 2023 Within one year Between Iwo and fve years 82.000 280,167 25,000 362.167 25,000 29 Events after the reporling date After the year end. the charity purchased the propety Woodped(ers, Ashford Road, Maidstone, ME14 4AG, with completion occurring on 4 April 2025. The cost of the propety was £550,000 and a further £150,000 has been budgeted towards renovations prior to being leased. 30 Related party transactions There were no disclosable related party transactions during the year (2023 - none). 31 Analysis of changes in net funds The Trust had no material debt during the year. -28-
CHILDS CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 32 Cash generated from operations 2024 2023 Deficit for the year (384,940) (510,083) Adjustmpnt8 fnr. Investment income recognised in statement of financial activitses {Gain)Aoss on disposal of investment property (Gain)lloss on disposal of investments Fair value gains and losses on inveslments (242,486) (289,975) 49,731 21.221 (30,543) (23,481) (267,696) Movements in working capital: Decrease in mixed motNe investments Decrease in trade and other receivables Increasel{decrease) in trade and other payables (Decrease)fincrease in deferred income 5,513 28,226 26.337 (5,000) 5,245 91,324 (43,660) 5,000 Cash absorbed by operations (863,52n (701,740) 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-