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2022-12-31-accounts

Report & Financial Statements

For the year ended 31 December 2022

Company Registration No. 00193144 Charity Registration No. 1164474

CROSSLINKS Company No: 00193144 Contents

1

CROSSLINKS Company No: 00193144 Charity information

Company No.: 00193144 Registered Charity No: 1164474 Principal address 251 Lewisham Way, London SE4 1XF President Mr. David Mills MBE Mission Director Mr John McLernon Trustees Rev. Stephen Boon Chairman (resigned 24 November 2022) Mr. Jonny Burgess (resigned 11 February 2022) Rev. Timothy Houghton Chairman (appointed 24 November 2022) Rev. Les Jesudason Rev. Nick Jones Ms. Deborah Kelly Mrs. Alison Miller (resigned 8 June 2023) Mr. James Steer (appointed 12 January 2023) Mr. Mark Walkington Miss Alex Weston (resigned 22 November 2022) Mrs. Victoria Widdows (appointed 12 January 2023) Mr. Nick Winther Treasurer General Synod Mr Gabriel Chiu General Synod representative Co-opted

The Mission Director and General Synod representative are non-voting members of the Board of Trustees. Other senior staff present by invitation.

Bankers Lloyds TSB Bank Plc, PO Box 1000, Andover, BX11LT Allied Irish Bank, 40-42 Ranelagh, Dublin 6 Republic of Ireland Danske Bank, Donegall Square North, Belfast. Northern Ireland Independent Auditor Mazars LLP, 2[ND] Floor, 6 Sutton Plaza, Sutton Court Road, Sutton, Surrey SM1 4FS Solicitors Lewis & Dick, 443 Kingston Road Ewell, Surrey KT19 0DG Investment Manager Brewin Dolphin Securities Limited, 12 Smithfield Street, London EC1A 9BD

2

CROSSLINKS Company No: 00193144 Trustees’ annual report for the year ended 31 December 2022

The Trustees present their report and financial statements for the year ended 31 December 2022.

Structure, governance and management

Crosslinks is a company limited by guarantee (No. 00193144) which was incorporated on 18 October 1923 and registered as a charity on 19 November 2015 with charity registration number 1164474. The historic role of Crosslinks was to hold property for Bible Churchmen’s Missionary Society as bare trustee.

Any individual can become a member of Crosslinks, if prepared to sign his or her agreement with the basis of the Society, and to signify support for Crosslinks by prayer and gifts for at least a year. The number of members at December 2022 was 789 (2021: 798). Crosslinks also has a number of friends, in 2022 there were 372 friends (2021: 384), with an unquantified number of other individual supporters.

A maximum of 13 individuals make up the Board of Trustees, of whom 8 are elected on a 5 year cycle by members of Crosslinks prior to the Annual General Meeting normally held in June. Trustees can be elected for up to two periods of 5 years, after which there must be a gap of at least one year before being eligible to stand again for election. Profiles of members standing for election are sent to all members prior to the Annual General Meeting. The Board of Trustees may co-opt up to four members in addition to the eight elected members and care is taken to ensure there is a balance of skills and representation on the Board of trustees.

During the year various aspects of the activities of Crosslinks are presented to the Board of Trustees so they gain a more in-depth appreciation of the work. The Board of Trustees normally meets five times a year.

The Board of Trustees is responsible for the strategy and direction of Crosslinks, guarding its doctrinal position in the Christian world and monitoring performance on a regular basis, under the spiritual leadership of the Mission Director. The Mission Director (MD), with the assistance of the staff, is responsible for the day to day running within the policies set by the Board of Trustees.

Selection and Induction of Trustees

To be a trustee of Crosslinks, members are nominated by five current members (one of whom must be a trustee), and must sign the Basis of the Society. If there are more candidates standing than vacancies on the Board of Trustees an election is held, with all current voting members entitled to vote. New Trustees are announced at the Annual General Meeting. Once a Trustee is elected they are introduced at the first Board of Trustees meeting, and provided with the necessary background papers and briefings.

Responsibilities of the trustees

Charity 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 Crosslinks and of its income and expenditure for the financial year. In preparing financial statements the Trustees are required to:

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

The trustees set the remuneration of the Senior Leadership Team, and decide any cost of living increase to be granted to the whole of the UK staff on an annual basis each November.

Each trustee, as at the date of this report, has confirmed that insofar as they are aware there is no relevant information (that is information needed by the charity’s auditors in connection with preparing this report) of which the charity’s auditors are unaware and they have taken the reasonable steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.

Public benefit

The Trustees have complied with their duty as per the Charities Act 2011 to have due regard to Public Benefit guidance published by the Charity Commission.

The Society advances religion for the public benefit by serving churches and individuals in the proclamation of the good news of the Christian gospel, in Britain, Ireland and around the world. We believe it is of eternal benefit to all people to have the opportunity to hear and respond to the invitation of salvation from our loving God.

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CROSSLINKS Company No: 00193144 Trustees’ annual report for the year ended 31 December 2022 (continued)

The ways in which the Society seeks to serve churches and individuals in this endeavour are:

In each of these three areas there are clear ways in which each seeks to proclaim the good news of the Christian gospel through the lens of our two fundamental priorities of evangelistic (i.e. gospel) opportunities and training trainers.

Fundraising Policy

Crosslinks sees itself as a voluntary society of members, who make up the membership of the limited Company.

Crosslinks does not therefore raise funds direct from the public, but receives all of its income from members, individual supporters, churches, trusts, and it also receives legacies from past supporters and members.

Requests for financial support are made to the above groups, on the basis that they have already expressed an interest in the work of Crosslinks. Crosslinks does not contract with any third party for any fundraising activity. Crosslinks is registered with the Fundraising Regulator as well as the Fundraising Preference Service,

Any requests for support are carefully vetted by the Crosslinks team leadership, so that no undue pressure is put on any individual, whether vulnerable or not, and there is no unreasonable intrusion on an individual’s privacy.

Reserves policy

Crosslinks should hold a level of free reserves (being total unrestricted funds excluding tangible fixed assets and Unfunded Pension Provision) equivalent to at least six months of the current year’s expenditure, which amounts to £1,934,925.

Free reserves at 31 December 2022 were £922,227 which is 47.7% below the stated policy level.

Investment policy

The historic assets of Crosslinks have been used to hold properties for the accommodation of senior staff, and for the two offices in London and Belfast, from which the Society has carried out its ministry of taking God’s word to God’s world. In addition the resources of Crosslinks have also been held to provide working capital to meet the demands of the ministry throughout the year, but also to meet the current long term liabilities of two historic pension schemes – the ‘unfunded scheme’ which gave rights to staff and mission partners serving in the 1960’s to 1980’s, and the Church Workers Pension Fund Defined Benefit Scheme which was closed in 2012 (See note 14).

Spare resources not needed for these requirements have been invested, and the trustees have delegated the day to day management of this general investment portfolio to Brewin Dolphin Securities Ltd (See page 2).

Brewin Dolphin have the authority and discretion to make investment decisions within the stated objectives of capital growth, a long term time horizon of at least 10 years , and with a risk category commensurate with this capital growth objective. The Treasurer and Company Accountant are in regular communication with Brewin Dolphin to monitor performance.

At the year end the portfolio held 81.3% equities, split between UK and international equities, 14.5% in fixed income, and 4.2% in cash.

Risk management

The Trustees have a risk management strategy which comprises:

The trustees aim to review risk under the following 8 headings:

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CROSSLINKS Company No: 00193144

Trustees’ annual report for the year ended 31 December 2022 (continued)

2022 Mission Activities

Crosslinks is currently working in 5 continents, and across all of our means of mission as can be seen by the tables below.

----- Start of picture text -----
The Americas Europe Africa Asia & Australia
Long Term Programs Long Term Programs Long Term Programs Long Term Programs
Mission Partners 06 Mission Partners 38 Mission Partners 25 Mission Partners 04
MP Projects 01 MP Projects 04 MP Projects 10 MP Projects -
Assoc. MPs - Assoc. MPs 18 Assoc. MPs 06 Assoc. MPs 06
AMP Projects - AMP Projects - AMP Projects 02 AMP Projects -
Short term Programs Short term Programs Short term Programs Short term Programs
Individuals - Individuals 07 Individuals 04 Individuals 01
SBT - SBT - SBT - SBT -
Teams - Teams - Teams - Teams -
Indigenous Indigenous Indigenous Indigenous
Projects 03 Projects 06 Projects 17 Projects 03
Study Partners 04 Study Partners 06 Study Partners 49 Study Partners 02
Totals _ 14 Totals 79 Totals _ 113 Totals 16
----- End of picture text -----

2021 Mission Activities

The Americas Europe Africa Asia & Australia Total 15 Total 78 Total 109 Total 19

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CROSSLINKS Company No: 00193144

Trustees’ annual report for the year ended 31 December 2022 (continued)

Finance Overview

In 2022 Crosslinks operated in 5 continents across the globe, taking ‘God’s word to God’s world’ in Europe, Asia & Australasia, Africa and The Americas. During the year we have been encouraged by the support of our Members, Churches, Trusts, individuals and the legacies that we have received. This year Crosslinks received £3.89m against expenditure of £3.86m, an operating surplus of £23k on the year’s operating activities.

----- Start of picture text -----
Other Icome
Legacies
£0.04m
£0.26m
1.0%
6.7%
Trust Donations
£0.28m
7.2%
Personal Donations
£2.22m
Church donations
57.1%
£1.09m
28.0%
----- End of picture text -----

2022 Donations £3.89m

Personal Donations £2.22m (57.1%) Church donations £1.09m (28.0%) Trust Donations £0.28m (7.2%) Legacies £0.26m (6.7%) Others £0.04 (1.0%)

----- Start of picture text -----
Support Costs
£0.20m
Cost of rasing funds 5.2%
£0.13m
3.4%
Building
Partnerships
£0.49m
12.7%
Projects &
Grants
£0.41
10.6%
Long Term Mission
£2.52m
Short Term 65.3%
Programmes
£0.11m
2.8%
----- End of picture text -----

2022 Expenditure £3.86m

Long Term Mission £2.52m (65.3%) Short Term Programmes £0.11m (2.8%) Projects & Grants £0.41m (10.6%) Building Partnerships £0.49m (12.7%) Cost of raising funds £0.13m (3.4%) Support Costs £0.20m (5.2%)

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CROSSLINKS Company No: 00193144 Trustees’ annual report for the year ended 31 December 2022 (continued)

Financial review

Income totalled £ 3,893,092 which was £146,042 higher than 2021 (£3,747,050), an increase of 3.89% on 2021.

Donations from individuals relating to continuing support amounted to £2,210,162 an increase of £312,155 on 2021 (£1,898,008). Donations from churches of £1,101,616 showed an increase of £35,546 on 2021 (£1,066,070).

Legacies received in the year amounted to £256,010 (2021: £586,940), which is £330,930 lower,

Trust Income received in the year amounted to £283,770 (2021: £178,471).

Expenditure amounted to £3,869,852 which was £411,908 higher than last year (2021: £3,457,944), an increase of 11.6%.

During the year our investments, held for the provision of historical pensions, loss £121,163 (2021: £ 103,331 gained).

The net deficit before actuarial gain/ (loss) on pensions and assets revaluation was £97,923 compared to net surplus of £392,437 in 2021. We are grateful for the continuing support of our members, Churches, Trusts and individuals to Crosslinks.

The value of the investment portfolios decreased by 23.09% in 2022 (2021: 9.06% increase) compared to an increase of 0.9% for the FTSE 100 (2021: 14.3% increase). The value of the portfolio at 31 December 2022 was £398,703 (2021: £ 718,464). This decrease comprises the investment loss of £121,163 and a divestment of £198,598 partly used for the purchase of property.

Cash of £228,694 at 31 December 2022 (2021: £256,585) was held in bank accounts to meet day to day expenditure.

Crosslinks also owns property for its own use as offices or accommodation for its staff. The value of the property portfolio to December 2022: £2,892,914 (2021: £3,123,063). This is shown under the heading of Tangible Fixed Assets in the Balance Sheet.

The Investments and Tangible Fixed Assets together more than cover the Long Term Unfunded Pension liability of £561,000 as at 31 December 2022 (2021: £722,000).

The cash resources and working capital position at the balance sheet date reflect the benefit of commitments by our supporters to meet their obligations and promises year by year.

The actuarial valuation of the Crosslinks unfunded pension scheme liability has decreased by £ 161,000 (2021: £ 19,000 decrease) and now stands at £561,000 (2021: £722,000).

The CEPB Defined Benefit Scheme, was closed in 2012. During the year we paid £ 190,382 to reduce the liability and pay interest and admin costs. The CEPB has confirmed that the total liability now stands at £ Nil at 31 December 2022 (2021: £881,000)

All current and future Mission Partners and UK Staff are now invited to join the Church of England Defined Contribution Scheme (called Pension Builder Classic). This scheme is auto enrolment compliant. Employer contributions are calculated on the basis of 20% of C of E National Minimum Stipend for Mission Partners and 20% of salary for UK Staff.

As a result of the above, the financial statements shows a net reserves position, after provision in full for the future financial impact of pension liabilities, of £3,685,373(2021: £2,990,149).

Against this background, the Trustees remain hugely grateful to God for the continuing support of churches, Individuals and Trusts,

The trustees have considered the effect of Covid 19 and the cost of living when making their GC assessment and are satisfied that the careful deployment of our reserves are sufficient to sustain our operations and that we can continue to take God’s Word to God’s World for the foreseeable future.

Going Concern

The Trustees continue to monitor the issues that affect both the short and long term viability of the Society to ensure that it remains a going concern.

Our careful budgeting and monitoring process ensures that all Mission Partners are fully funded and three year projections provide early warning of any corrective action that is needed. Other mission activities are committed to only on the basis of funds that have been promised and with no financial liability to the Society.

There are sufficient funds from projected income and cash reserves, if necessary, to cover the budgeted central operating costs of running the Society for at least the next three years.

7

CROSSLINKS Company No: 00193144 Trustees’ annual report for the year ended 31 December 2022 (continued)

In the medium to long term we are addressing the issue of how to fund our central operations. This has already been addressed by reducing our costs in the short term and planning for steadily increasing general donations over time. Donations showed an improvement during 2022 and a further improvement in 2023 income to date has been encouraging.

Review of activity and future plans

2022 marked 100 years of Crosslinks BCMS and we thankfully celebrated this across our organisation. Two events held in London and Ireland were an opportunity to bring together many of those who served or supported Crosslinks over a number of years.

At the very core of Crosslinks is the imperative to take God’s Word to God’s World. We do this by proclaiming the gospel of Jesus Christ and by training and enabling pastor/teacher/evangelists who will proclaim the same gospel. This is achieved by developing partnerships between churches in the UK and Ireland and churches and Christian organisations word-wide. Crosslinks continues to minister to the world through Gospel proclamation and equipping through training.

2022 saw a resurgence of activity and events following previous Covid restrictions. Whilst there is provision for those to attend online, most mission personnel involved in church ministry, evangelism and discipleship, theological education have resumed operating normally.

Now that the world has opened up again, members of the Senior Leadership team began visits mission personnel in person. There are currently 88 personnel serving with Crosslinks in 27 countries and plans are in place to visit many individually or bring them together with events such as a European mission personnel conference in 2023 and Africa conference in 2024.

Despite the challenges of the past few years, new mission personnel continued to be selected, prepared and placed overseas. The Mission activities of the Society are summarised geographically on page 5 of these statements. During the year 2 MPs retired and 9 MPs/AMPs resigned at the end of their deployments. 6 MPs were placed around the world.

Our training ministry “BEST” is currently committed to support 61 Study Partners from 20 countries, who are actively engaged in theological and ministry courses in 20 different colleges in 13 countries.

The Office Team in London and Belfast are equipped to work flexibility and new working patterns post-covid are operating well. Staff and Trustees met in September 2022 for a conference. One of the aims was to share strategic priorities that look beyond our 2022 centenary year.

Rev Timothy Houghton was chosen by the board to be Chairman after Rev Stephen Boon stood down. Miss Alex Weston resigned and James Steer was elected. Gabriel Chiu was co-opted into Crosslinks as General Synod representative replacing Rev Mark Lucas.

The trustees are grateful for the progress that continues to be made by Crosslinks mission personnel and projects, through the Lord’s provision and expects that this will continue.

Our prayer is that these efforts, by the grace of God, will result in disciple making disciples across the whole world.

Auditors

A resolution will be proposed at the Annual General Meeting that Mazars LLP be appointed as auditors to Crosslinks.

BY ORDER OF THE BOARD

Tim H (Sep 26, 2023 15:41 GMT+1)

……………………..

Rev. Tim Houghton Trustee

26-Sep-2023 Dated: ……………………………….

8

CROSSLINKS Company No: 00193144 Independent auditor’s report to the Members of Crosslinks

Opinion

We have audited the financial statements of Crosslinks (the ‘charity’) for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Trustees’ Report.

9

CROSSLINKS Company No: 00193144 Independent auditor’s report to the Members of Crosslinks

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

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 3, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

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

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the charity and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation and anti-money laundering regulation.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as pension legislation and the Companies Act 2006.

In addition, we evaluated the trustees’ and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance and income recognition (which we pinpointed to the cut-off assertion), management bias through judgements and assumptions, in significant accounting estimates, in particular in relation to use of restricted funds and significant one-off or unusual transactions.

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CROSSLINKS Company No: 00193144 Independent auditor’s report to the Members of Crosslinks

Our audit procedures in relation to fraud included but were not limited to:

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the charity’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s members as a body for our audit work, for this report, or for the opinions we have formed.

Signed:

Nicola Wakefield (Sep 28, 2023 17:58 GMT+1)

Nicola Wakefield

(Senior Statutory Auditor)

for and on behalf of Mazars LLP

Chartered Accountants and Statutory Auditor

6 Sutton Plaza, Sutton Court Road, Sutton, Surrey, SM1 4FS

Date: 28-Sep-2023

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CROSSLINKS Company No: 00193144

Statement of financial activities for the year ended 31 December 2022

2022 2021
Notes Unrestricted Restricted Total Total
£ £ £ £
Income
Donations and legacies 2 3,490,337 361,221 3,851,558 3,729,489
Investment income 3 7,833 880 8,713 17,561
Other income 32,821 - 32,821 -
────── ────── ────── ──────
Total Income 3,530,991 362,101 3,893,092 3,747,050
────── ────── ────── ──────
Expenditure
Cost of Raising Funds 4 128,580 - 128,580 130,475
Charitable activities 5 3,394,532 346,740 3,741,272 3,327,469
────── ────── ────── ──────
Total Expenditure 3,523,112 346,740 3,869,852 3,457,944
────── ────── ────── ──────
Operating Surplus 7,879 15,361 23,240 289,106
Net (losses) / gains on investments 11 (107,137) (14,026) (121,163) 103,331
Transfers
Transfers between funds 771 (771) - -
────── ────── ────── ──────
Net Movement in funds after transfers (98,487) 564 (97,923) 392,437
(Loss) on revaluation of property asset 9 - - - (90,000)
Loss on Sale of Investment Property 10 - - - (28,660)
Actuarial gain on defined benefit
pension scheme 14 688,508 - 688,508 44,000
Actuarial gain / (loss) on unfunded
pension scheme 14 104,639 - 104,639 (35,474)
────── ────── ────── ──────
Net Movement of funds 694,660 564 695,224 282,303
Reconciliation of funds
Total funds brought forward 15, 16 2,568,805 421,344 2,990,149 2,707,846
────── ────── ────── ─────
Total funds carried forward 15, 16 3,263,465 421,908 3,685,373 2,990,149
══════ ══════ ══════ ══════

The charity statement of financial activities includes all recognised gains or losses in the year

12

CROSSLINKS Company No.: 00193144 Balance sheet at 31 December 2022

Notes 2022 2021
£ £ £ £
Fixed assets
Tangible fixed assets 9 2,902,238 3,136,871
Investments 11 398,703 718,464
────── ──────
3,300,941 3,855,335
Current assets
Property awaiting sale 590,000 -
Debtors 12 258,559 569,334
Cash at bank & in hand 21 228,694 256,585
────── ──────
1,077,253 825,919
Creditors – Amounts falling due within one year
13		 (131,821) (88,105)
────── ──────
Net current Assets 945,432 737,814
────── ──────
Total assets less current liabilities 4,246,373 4,593,149
Creditors falling due after more than one year
14
Provision for Unfunded Pension (561,000) (722,000)
Provision for C of E scheme
14		 - (881,000)
────── ──────
Net assets 3,685,373 2,990,149
══════ ══════
Funds
Restricted 15 421,908 421,344
Unrestricted
16		 3,263,465 2,568,805
────── ──────
3,685,373 2,990,149
══════ ══════

26-Sep-2023

Approved by the Trustees on ……………………………… and signed on their behalf by:

………………………………… Mr N. Winther Treasurer

Tim H (Sep 26, 2023 15:41 GMT+1)

………………………………… Rev. T. Houghton Chairman

13

CROSSLINKS Company No.: 00193144

Statement of cash flows for the year ended 31 December 2022

Notes 2022 2021
£ £ £ £
Net cash inflow / (outflow) from
operating activities		 20 173,582 (135,437)
────── ──────
Returns on investments and servicing of
finance
Investment Income 8,713 17,561
────── ──────
Net cash inflow from returns on investments &
servicing of finance		 8,713 17,561
Capital expenditure & financial
investment
Disposal of investments 309,260 408,298
Sale of Investment Asset - 456,314
Movement in Cash 144 (4,664)
Purchase of fixed assets (408,784) (714,742)
Purchase of investments (110,806) (5,294)
────── ──────
Cash (outflow) / inflow for capital expenditure
& financial investment		 (210,186) 139,912
────── ──────
(Decrease) / Increase in cash 21 (27,891) 22,036
══════ ══════

14

CROSSLINKS Company No.: 00193144

Notes to the financial statements for the year ended 31 December 2022

1 Crosslinks is a charitable company registered in England and Wales (Co. No. 00193144) and with the charity commission (Charity No. 1164474). The registered address is 251 Lewisham way, London SE4 1XF.

1.1 Accounting policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial Statement are as follows:

1.2 Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January, 2019) - (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

Crosslinks meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

1.3 Going Concern

The trustee have prepared the financial statement on a going concern basis. The trustees have carefully considered the budgets for the 12 months from the date of signing. The trustees believe that Crosslinks has sufficient funds to meet their liabilities as they fall due.

1.4 Income

Income is recognised when the charity has entitlement to the funds and it is probable that the funds will be received and the amount can be measured and is not deferred. Interest receivable is dealt with on an accruals basis. Investment income is dealt with on an accruals basis.

1.5 Fund accounting

All funds received by Crosslinks are applied to the support of direct or indirect mission costs in accordance with the objects of the charity. Where applicable, tax is recovered under the Gift Aid scheme.

As a prerequisite of deploying mission partners we seek funding partnerships to support an initial 3 years of living expenses and other costs of mission including central administration. All funds received are managed in the name of the individual Mission Partners or other means of mission, but are held collectively within general unrestricted funds for the benefit of all mission in process at any one time.

Unrestricted funds

These are funds which can be used in accordance with the charity’s objects at the discretion of the trustees.

Restricted funds

These are funds which can only be used for particular restricted purposes within the objects of the charity. Restrictions may arise when specified by the donor or when funds are raised for particular restricted purposes.

1.6 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be reliably measured. Cost of raising funds - This comprises all costs incurred in attracting voluntary income. Costs of charitable activities - This comprises all costs directly related to the objects of Crosslinks.

1.7 Depreciation

Material individual fixed assets are capitalised at cost. Depreciation is calculated to write off the cost of fixed assets in use at the balance sheet date on the basis described in note 9.

Depreciation and surpluses or losses on the disposal of fixed assets used for charitable purposes are reflected in the Statement of Financial Activities before stating net income before transfers. The charity adopts a policy of revaluation for its properties. Further detail is provided in note 9.

15

CROSSLINKS Company No.: 00193144

Notes to the financial statements for the year ended 31 December 2022 (Continued)

1 Accounting policies (continued)

1.8 Pension contributions

The Society makes use of a defined contribution scheme administered by the Church of England Pensions Board. Contributions payable to the pension schemes are charged to the Statement of Financial Activities so as to spread the cost of pensions over the service lives of employees in the pension scheme. Mission Partners and UK staff who are ordained are members of the Church of England Clergy Pension scheme for whom Crosslinks makes no contributions. See note 14 for further information.

The Society also provides unfunded pensions for some former Mission Partners and UK staff (see note 14).

1.9 Branch offices

The results for the office in Ireland have been incorporated into these financial statements.

1.10 Investments

Investments are stated at market value on the last day of business in the accounting period. Gains and losses on the disposal of investments together with unrealised gains or losses on the annual revaluation are disclosed in aggregate in the Statement of Financial Activities.

1.11 Operating leases

Rentals applicable to operating leases where all the benefits and risks of ownership remain substantially with the lessor are charged to the Statement of Financial Activities as incurred over the term of the lease.

1.12 Foreign currencies

Transactions in foreign currencies are translated at the rates prevailing at the date of the transaction. Balances denominated in foreign currency are translated at the rate of exchange prevailing at the year end.

1.13 Critical Accounting Judgements and Estimation Uncertainty

The directors evaluate estimates and judgements incorporated into the financial statements. Estimates are based on historical information, assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the charity:

Property Valuations

Property valuations are based on external valuations performed in 2021. The trustees have considered the valuations and consider them to be the fair value of the properties at the year-end.

Pension liabilities

The pension liability is held at the valuation performed at the year-end by external actuaries and the trustees consider this to be a reasonable estimate of the pension liabilities.

1.14 Support Costs (Note 7)

The support costs are calculated by removing the costs which relates to the cost of raising funds (Note 4), building partnerships (Note 5), and central support fees from total expenditure of the four UK teams.

2 Donations & legacies

Unrestricted Restricted 2022 2021
Total Total
£ £ £ £
Donations from Individuals 2,006,342 203,820 2,210,162 1,898,008
Donations from Churches 989,665 111,951 1,101,616 1,066,070
Legacies 256,010 - 256,010 586,940
Donations from Trusts 238,320 45,450 283,770 178,471
────── ────── ────── ──────
3,490,337 361,221 3,851,558 3,729,489
══════ ══════ ══════ ══════

16

CROSSLINKS Company No.: 00193144

Notes to the financial statements for the year ended 31 December 2022 (Continued)

3 Investment Income
Unrestricted Restricted 2022 2021
Total Total
£ £ £ £
Rental income - - - 6,000
UK Stock Exchange dividends 7,833 880 8,713 11,561
───── ───── ───── ─────
7,833 880 8,713 17,561
═════ ═════ ═════ ═════
4 Costs of raising funds
Mission 2022 2021
Partnership Ireland
Team
Total Total
£ £ £ £
Salaries and pension 82,452 24,565 107,017 112,385
Mission Travel 5,069 301 5,370 886
Magazines & literature 10,491 688 11,179 12,179
Other costs 3,111 1,903 5,014 5,025
───── ───── ───── ─────
101,123 27,457 128,580 130,475
═════ ═════ ═════ ═════

The above costs are an estimate of the contribution the Mission Partnerships team and the Ireland team makes to the raising of funds and is a percentage of these two teams’ costs.

5 Charitable activities
Admin costs 2022 2021
Direct costs (Note 7) Total Total
£ £ £ £
Mission Partners and Associates 2,519,425 146,888 2,666,313 2,337,918
Short-term programmes (Teams &
Individuals), camps 108,633 6,334 114,967 102,044
Projects and grants (Note 6) 306,428 17,865 324,293 268,610
Study Partners and SBT’s 102,999 6,005 109,004 99,414
Building Partnerships 497,679 29,016 526,695 519,483
────── ────── ────── ──────
3,535,164 206,108 3,741,272 3,327,469
══════ ══════ ══════ ══════

The building partnership line above is an estimate of the cost incurred by each team enabling the above charitable activities and is a percentage of team costs.

6 Projects & Grants –

Permanent Projects
Permanent Projects £
Ethiopia Nekemte school for the deaf 24,617
France/Belgium/Germany Inter-Action 23,966
India Education for Liberation 15,373
Uganda Karamoja 11,687
Gambia Gambia Smile House 6,098
Cuba Predica Fiel 3,062
──────
84,803

17

CROSSLINKS Company No.: 00193144

Notes to the financial statements for the year ended 31 December 2022 (continued)

Projects & Grants – Cont’d

ojects & Grants – Cont’d ojects & Grants – Cont’d
Crosslinks Indigenous Projects (Grants) £
France Edward Nelson Memorial 68,472
Kenya Gracepoint Youth Worker 23,578
South Africa Christ Central Soweto 22,761
Serbia Project Timothy 19,652
Latvia Pardaugava Reformed Church 18,672
Kenya Marsabit Youth Worker 13,557
Rwanda Discipling the Next Generation 13,468
Ethiopia Indigenous Evangelism and Renewal 12,814
India North India Bible Training 7,292
Chile ICR Vitacura Replant 6,863
Gambia Kamayea, Stephen Musa 4,158
Cuba Ceron, Cristobal 3,198
Nigeria Namata, Habibu 3,136
Nigeria Iwuagwu, Ezech 2,057
__
219,678
Others 1,947
__
221,625
__
Total Project & Grants 306,428
══════

6.1 Other Project Activities

(In addition to the support of Mission Partners and Associate Mission Partners, the following payments were made in 2022 for project activities listed below, all covered by designated income.

Associate Mission Partners Projects £
South Africa Buchanan, Hope Church 67,670
Thailand Hume, The Centre 7,796
_
75,466
Mission Partners Projects £
Ukraine Innes – Ukraine Response 97,321
Argentina Walker, Jony & Jenny Bertin 25,933
Belgium Bellis – LLN Ministry Apprentice 23,010
Kenya Mahiani – St Julians 22,640
Italy Oden Educational Fund 17,266
Italy Oden Gospel Worker 14,633
Czech Kralovi Car Fund 13,987
Italy Aranzulla, Project Fund 13,015
Sweden Watson, Equiped Sweden 5,473
Kenya Mwangi – TransformD 2,700
Uganda Howles, UMS Building 2,516
__
238,494
BEST £
South Africa Tomalin, Adam 8,476
Kenya Kahane, Alex Muiruri 6,679
Kenya Kimani, Peter Njoroge 6,080
South Africa Grant, Eden 5,170
Tanzania Jos Evangelical Theological Seminary 4,962
Rwanda Manirafasha, Innocent 4,141
Moldova Chisari, Mihai 3,550
Tanzania Singana Simon Habil 3,300
Uganda Ntambi Derrick 2,992
Zimbabwe Chipurupuru Wilma 2,745

18

CROSSLINKS Company No.: 00193144 Zambia Chilutya joseph

2,732

Notes to the financial statements for the year ended 31 December 2021 (continued)

Projects & Grants – cont’d

Projects & Grants – cont’d
£
Zambia Hanjalika, Clemore 2,724
South Africa Mangwira John 2,693
South Africa Mhlenti Mziwanele 2,664
Tanzania Katunzi Grayson 2,537
Liberia Quetee Mathias 2,210
Chile Rivera, Diego 2,180
Kenya Nganga Cephas 2,090
Chile Aguilera, Pablo 2,076
Chile Perez, Cristian 2,067
Burundi Nimbona Elie 1,921
Kenya Bulyaar George Thogula 1,554
Uganda Cwinyaai Walter 1,410
Uganda Egati Eric 1,410
DR Congo Matumbi, Jelesco 1,295
Kenya Emorot Eliud Obella 1,120
Kenya Kahore, Alex Muiruri 1,058
Uganda Longok Samuel 1,044
__
82,880
Others
Payments of £1,000 or less 13,075
__
409,915
══════
Administration costs allocation
Mission Mission Ireland 2022 2021
Personnel The Hub Partnership Team Admin Admin
Team Team Costs Costs
£ £ £ £ £ £
Salaries and pensions 238,573 228,028 206,130 122,826 795,557 749,149
Office expenses & other costs 9,043 198,093 20,451 11,586 239,173 251,536
Governance Costs - 21,173 - - 21,173 14,140
Communication costs - - 28,733 3,487 32,220 30,472
────── ────── ────── ────── ────── ──────
Total Expenditure by Teams 247,616 447,294 255,314 137,899 1,088,123 1,045,297
Less: Costs of raising funds
(Note 4) - - (101,123) (27,457) (128,580) (130,475)
Less: Costs relating to Building
Partnerships (197,823) (89,459) (127,657) (82,740) (497,679) (492,245)
Less: Central Support Fees - (255,756) - - (255,756) (248,117)
────── ────── ────── ────── ────── ──────
Total Administration Costs 49,793 102,079 26,534 27,702 206,108 174,460
══════ ══════ ══════ ══════ ══════ ══════

7 Administration costs allocation

The total expenditure of the four UK teams is shown above. The administration costs are calculated by removing the costs which relate to the cost of raising funds (Note 4) and building partnerships (Note 5). No trustees were remunerated during the year (2021: None) for their services as trustees.

Audit Fees for 2022 was £ 18,500 plus vat (2021:£ 11,575 plus vat).

19

CROSSLINKS Company No.: 00193144

Notes to the financial statements for the year ended 31 December 2022 (continued)

8 Staff costs

aff costs
2022 2021
£ £
Salaries 624,144 582,268
Social security costs 65,295 59,659
Pension contributions (C of E) 106,117 107,222
───── ─────
795,556 749,149
═════ ═════
Staff numbers 2022 2021
Full time Part time Full time Part time
Partnership 5 - 4 -
Personnel 4 1 4 1
Ireland 2 2 2 2
Hub 6 1 6 -
── ── ── ──
17 4 16 3
══ ══ ══ ══

In addition there are 75 (2021: 73) Mission Partners and 24 (2021: 24) Associate Mission Partners for whom the charity is responsible.

No employee was paid at a rate between £60k -£70k in 2022.

The key management personnel of the Charity comprise the Senior Leadership Team (4), the Accountant, and the Ireland team leader whose Employee benefits total £ 263,654 (2021: £ 259,341).

9 Tangible Fixed assets

gible Fixed assets
Freehold
property		 Furniture and
equipment		 Total
Cost or valuation £ £ £
At 1 January 2022 3,170,000 43,341 3,213,341
Additions 405,434 3,350 408,784
Transfer to current assets (615,000) - (615,000)
────── ────── ──────
At 31 December 2022 2,960,434 46,691 3,007,125
────── ────── ──────
Depreciation
At 1 January 2022 46,937 29,533 76,470
Charge for the year 45,583 7,834 53,417
Transfer to current assets (25,000) - (25,000)
────── ────── ──────
At 31 December 2022 67,520 37,367 104,887
────── ────── ──────
Net book value
At 31 December 2022 2,892,914 9,324 2,902,238
══════ ══════ ══════
At 31 December 2021 3,123,063 13,808 3,136,871
══════ ══════ ══════

The historical cost of the freehold property shown above was £2,057,701 (2021: £2,267,267).

One property, 5 Mills Crescent was put up for sale during the year, and was transferred to current assets. The property was subsequently sold in January 2023 for £590,000. This is included within current assets on the Balance Sheet as at 31 December 2022

20

CROSSLINKS Company No.: 00193144

Notes to the financial statements for the year ended 31 December 2022 (continued)

The building element of freehold properties is written off on a straight line basis over 50 years. Furniture and equipment is depreciated at 15% per annum on a reducing balance basis or 20% per annum on cost depending upon the estimated useful life of the assets.

10 Investment Property

vestment Property
2022 2021
£ £
At 1 January - 484,974
Disposal - (456,314
Revaluation of Investment Property - -
Loss on Sale - (28,660)
────── ──────
At 31 December - -
══════ ══════

11 Investments

2022
2021
Market Market
Cost value
Cost		 value
£ £
£		 £
Listed on the Stock Exchange 356,861 381,590
556,861		 702,001
Cash held as part of the investment portfolio 13,250 13250
15,199		 15,199
Cash Held in Charities Official Investment Fund 3,863 3,863
1,264		 1,264
────── ──────
──────		 ──────
373,974 398,703
573,324		 718,464
══════ ══════
══════		 ══════
ovement in Investments during the year
2022
 2021
£ £
Value at 1 January 718,464 1,013,472
Additions of listed investments 110,806 5,294
Disposals of listed investments (309,260) (408,298)
Movement in cash (143) 4,665
Gains on investments (121,163) 103,331
────── ──────
Value at 31 December 398,703 718,464
══════ ══════

Movement in Investments during the year

Included in the portfolio are the following investments which represents more than 5% of the total value of the portfolios.

the portfolios.
2022 2021
Market value Market Value
£
 £
Baillie Gifford American W1 DIS - 43,325
Vanguard Inv UK LT US Equity IDX 25,024 80,459
12 Debtors
2022 2021
£ £
Accrued Income 257,059 568,201
Prepayments - 944
Other debtors 1,500 189
────── ──────
258,559 569,334
══════ ══════

21

Accrued Income includes legacies of £256K (2021: £567K).

CROSSLINKS Company No.: 00193144

Notes to the financial statements for the year ended 31 December 2022 (continued)

13 Creditors

2022 2021
£ £
Social Security 20,691 18,738
Accrued expenses 111,130 69,367
───── ─────
131,821 88,105
═════ ═════

14 Pensions

Crosslinks has participated in the following 6 separate pension schemes, 5 of which are within the Church Workers Pension Fund (CWPF) of the Church of England Pension Board (CEPB).

a. Crosslinks CWPF Pension Builder Classic scheme, for all current lay UK staff and Mission Partners

This Scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of Crosslinks and the other participating employers.

The Pension Builder Classic scheme provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Bonuses may also be declared, depending upon the investment returns and other factors.

Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable from members’ Normal Pension Age.

There is no sub-division of assets between employers in each section of this scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable. (2022: £ 378,891, 2021 £ 371,750)

A valuation of the scheme is carried out once every three years. The most recent scheme valuation was carried out as at 31 December 2019.

All current and future lay UK staff and Mission Partners are invited to join this scheme.

Contributions are calculated on the basis of 20% of National Minimum Stipend for Mission Partners and 20% of salary for UK staff.

At 31 December 2022 Crosslinks had 71 (2021: 70) active members of the CEPB Pension Builder Scheme.

b. Crosslinks Church of England Pensions Scheme for clergy, whether UK Staff or Mission Partners or Associate Mission Partners.

Crosslinks participates in this scheme by virtue of its membership of the Partnership for World Mission (PWM), a network of historical Church of England Mission Agencies.

Under the terms of the PWM agreement, there is a statutory requirement under the Pension Measure 1997 that the Church Commissioners are required to meet the pension costs of clergy employed by Church of England members of PWM.

At 31[st] December 2022 there were 14 (2021: 20) Active Crosslinks clergy who benefited from this provision at no cost to Crosslinks.

c. Crosslinks Unfunded Pension Scheme (Closed)

Crosslinks has made pension payments of £ 56,361 (2021: £ 54,474) to former UK staff and mission partners which are not funded by the arrangements with The Church of England Pension Board. As at 31 December 2022 the liability for the pensions is estimated by the society’s actuary, First Actuarial at £ 561,000 (2021: £ 722,000) and

22

CROSSLINKS Company No.: 00193144

this has been provided in full. The overall liability decreased by £ 161,000 in the year (2021: decreased £19,000).

Notes to the financial statements for the year ended 31 December 2022 (continued)

The main assumptions used in the valuation of this liability are the discount rate applied and the annual increase in the CPI. The discount rate was estimated at 4.8% (2021: 1.8%) for the year. The annual increase in the CPI has been estimated at 3.0% per annum for 2021 and 3.2% thereafter.

2022 2021
£ £
Provision for pensions at 1 January 722,000 741,000
Payment in the year (56,361) (54,474)
Increase/(decrease)in provision for the year (104,639) 35,474
────── ──────
561,000 722,000
══════ ══════

This represents the trustees’ estimate of the discounted value of future liabilities for unfunded pension payments for the 27 current pensioners in payment. The provision relates to the potential liability to members and former members of the BCMS 1972 Retirement Pension Scheme, including those who also joined the Scottish Amicable scheme in 1983. Within these numbers adjustments have been made for 14 pensioners who have waived these pensions from Crosslinks for the benefit of Crosslinks. We are very grateful to these individuals for their support of the Society in this way.

There is also 1 further individual identified as a prospective unfunded pensioner and provision has been made for their possible future pension liability.

d. Crosslinks CWPF lay UK Staff and Mission Partners Defined benefit Scheme (Closed)

Crosslinks participates in the Defined Benefits Scheme section of CWPF for both lay UK staff and Mission staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of Crosslinks and the other participating employers.

The Defined Benefits Scheme (“DBS”) section of the Church Workers Pension Fund provides benefits for both lay UK staff and Mission Staff, based on final pensionable salaries.

For funding purposes, the DBS is divided into sub-pools in respect of each participating employer as well as a further sub-pool, known as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers, including those relating to mortality and post-retirement investment returns.

The division of the DBS into sub-pools is notional and is for the purpose of calculating ongoing contributions. They do not alter the fact that the assets of the DBS are held as a single trust fund out of which all the benefits are to be provided. From time to time, a notional premium is transferred from employers’ sub-pools to the Life Risk Pool and all pensions and death benefits are paid from the Life Risk Pool.

It is not possible to attribute the scheme’s assets and liabilities to specific employers, since each employer, through the Life Risk Pool, is exposed to actuarial risks associated with the current and former employees of other entities participating in the DBS. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102 and as such contributions are accounted for as if the Scheme were a defined contribution scheme.

If, following an actuarial valuation of the Life Risk Pool, there is a surplus or deficit in the pool and the Actuary so recommends, further transfers may be made from the Life Risk Pool to the employers’ sub-pools, or vice versa. The amounts to be transferred (and their allocation between the sub-pools) will be settled by the Church of England Pensions Board on the advice of the Actuary.

A valuation of the DBS is carried out once every three years, the most recent having been carried out as at 31 December 2019. In this valuation, the Life Risk Section was shown to be in deficit by £7.7m and £7.7m was notionally transferred from the employers’ sub-pools to the Life Risk Pool. This increased the Employer contributions that would otherwise have been payable. The overall deficit in the DBS was £11.3m.

Lay UK Staff. The pensions costs charged to the SoFA in the year contributions are payable towards benefits and expenses accrued in that year (2022: £9,700, 2021: £9,700), plus any impact of deficit contributions (see below), giving a total charge of £30,300 for 2022 (2021: £28,300).

Following the 2019 valuation, Crosslinks entered into an agreement with the Church Workers Pension Fund to pay expenses of £9,700 per year. In addition, deficit payments of £39,529 per year were also agreed from 1

23

CROSSLINKS Company No.: 00193144

April 2021 in respect of the shortfall in Crosslinks sub-pool. Due to the improvements in the projected funding

Notes to the financial statements for the year ended 31 December 2022 (continued)

position of the fund, the Church of England Pension Board agreed, the deficit contributions should cease with effect from 31 December 2022.

effect from 31 December 2022.
2022 2021
£ £
Balance sheet liability at 1 January 234,000 244,000
Deficit contribution paid (40,000) (38,000)
Interest cost (recognised in SoFA) 3,000 1,000
Remaining change to the balance sheet liability*(recognised in SoFA) (197,000) 27,000
────── ──────
Balance sheet liability at 31 December - 234,000
══════ ══════
This liability represents the present value of the deficit contributions agreed as at the accounting date and has
been valued using the following assumptions, set by reference to the duration of the deficit recovery
payments:
December 2022
December 2021
December 2020
Discount rate
0.00%
1.50%
0.50%

Lay Mission Staff. The pensions costs charged to the SoFA in the year contributions are payable towards benefits and expenses accrued in that year (2022: £26,600, 2021: £26,600), plus any impact of deficit contributions (see below), giving a total charge of £90,400 for 2022 (2021: £90,400).

Following the valuation, Crosslinks has entered into an agreement with the Church Workers Pension Fund to pay expenses of £26,600 per year. In addition deficit payments of £116,664 per year have been agreed for 6.58 years from 1 April 2021 in respect of the shortfall in the Employer sub-pool. Due to the improvements in the projected funding position of the fund, the Church of England Pension Board agreed the deficit contributions should cease with effect from 31 December 2022.

contributions should cease with effect from 31 December 2022.
2022 2021
£ £
Balance sheet liability at 1 January 647,000 829,000
Deficit contribution paid (117,000) (117,000)
Interest cost (recognised in SoFA) 9,000 4,000
Remaining change to the balance sheet liability*(recognised in SoFA) (539,000) (69,000)
────── ──────
Balance sheet liability at 31 December - 647,000
══════ ══════
payments:
December 2022 December 2021 December 2020
Discount rate 0.00% 1.50% 0.50%

At 31[st] December 2022 there were 34 (2021: 55) lay UK Staff and Mission Staff pensioners and 104 (2021:134) deferred pension members in the Fund.

e. Crosslinks Funded Pension Scheme (CEFPS)

Crosslinks participates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefit pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Responsible Bodies. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it is not possible to attribute the Scheme’s assets and liabilities to each specific Responsible Body, and this means contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions payable towards benefits and expenses accrued in that year (2022: (£0) 2021: £ 4,000).

24

CROSSLINKS Company No.: 00193144

Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. The

Notes to the financial statements for the year ended 31 December 2022 (continued)

movement in the balance sheet liability over 2021 and over 2022 is set out in the table below.

2022 2021
£ £
Provision for pensions at 1 January - 4,000
Payments in the year - (2,000)
Remaining charge to the Balance Sheet - (2,000)
────── ──────
Balance sheet liability at 31 December - -
══════ ══════
December 2022 December 2021 December 2020
Discount rate 0.00% 0.20% 0.20%

At 31[st] December 2022 there was 0 (2021: 0) member in the fund. The legal structure of the scheme is such that if another Responsible Body fails (Christchurch Durham), Crosslinks could become responsible for paying a share of that Responsible Body’s pension liabilities.

The combined overall liability of the three closed Defined schemes decreased by £ 881,000 at the year end see table below.

2022 2021
£
 £
C of E pension Liability at 1 January 881,000 1,077,000
Payment in the year (157,000) (152,000)
(Decrease)/increase in Liability at Triennial Valuation (724,000) (44,000)
────── ──────
- 881,000
══════ ══════
15 Restricted funds
Mission Associate
Partner Mission
Karamoja Projects Partners Total
£ £ £ £
Funds at 1 January 2022 85,559 193,526 142,259 421,344
───── ───── ───── ─────
Income 2,123 110,182 249,796 362,101
Expenditure (12,725) (92,833) (241,182) (346,740)
Loss on investment (14,026) - - (14,026)
Transfers between funds - (2,833) 2,062 (771)
───── ───── ───── ─────
Balance as at 31 December 2022 60,931 208,042 152,935 421,908
═════ ═════ ═════ ═════

The Karamoja fund represents donations received to fund lump sum payments to Ugandan pastors on retirement within the two Karamoja dioceses. Mission Partner Project funds comprise some 16 (2021: 17) individual funds. These funds represent appeals made by Crosslinks for specific projects controlled by the Mission Partner for specific restricted purposes. Associate Mission Partners funds are funds for which Crosslinks acted in a trustee capacity. A number of AMP funds were closed in 2022 and their balances were transferred out. Two MP funds over spend and funds were transferred in to cover the over spend.

25

CROSSLINKS Company No.: 00193144

Notes to the financial statements for the year ended 31 December 2022 (continued)

16 Unrestricted funds

16 Unrestricted funds
2022
 2021
£ £
Funds at 1 January 2,568,805 2,290,586
Income 3,530,991 3,347,005
Expenditure (3,523,112) (3,062,566)
Impairment - (90,000)
Loss on Sale of asset - (28,660)
Asset revaluation(Property) - -
Gain on investments (107,137) 96,765
Revaluation in unfunded pension liability 104,639 (35,474)
C of E Pension revaluation 688,508 44,000
Transfer between funds 771 7,149
────── ──────
Funds at 31 December 3,263,465 2,568,805
══════ ══════
17 Allocation of net assets between funds
Restricted Unrestricted 2022 2021
Total Total
£ £ £ £
Tangible fixed assets - 2,902,238 2,902,238 3,136,871
Investments 60,931 337,772 398,703 718,464
Net current assets 360,977 584,455 945,432 737,814
Unfunded Pension Provision - (561,000) (561,000) (722,000)
C of E Provision - - - (881,000)
────── ────── ────── ──────
Total funds at 31 December 2022 421,908 3,263,465 3,685,373 2,990,149
══════ ══════ ══════ ══════
18 Other Financial Commitments
2022 2021
£
 £
Operating leases
Expires within 2-5 years 919 919
══════ ══════

19 Related Party Transactions

One member of the Trustees and senior staff was a Trustee of a Churches and/or organisations who made no donations to Crosslinks during the year. A total of none (2021: £0) was received.

A total of £441 (2021: £167) was reimbursed in 2022 to trustees to cover out of pocket expenses, mainly travelling to trustee meetings.

A total of £16,942 (2021:£20,671) was donated to the charity by Trustees and senior management team.

No trustees received any remuneration or other benefits relating to employment in the period from Crosslinks.

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CROSSLINKS Company No.: 00193144

Notes to the financial statements for the year ended 31 December 2022 (continued)

20 Statement of cash flows reconciliation

atement of cash flows reconciliation
2022
 2021
£ £
Net (expenditure) / income before other recognised gains and (97,923) 392,437
transfers
Investment gains / (losses) 121,163 (103,331)
Sale of Property 590,000 -
Investment income (8,713) (17,561)
────── ──────
604,527 271,545
Depreciation 53,417 54,770
(Increase)in debtors (279,225) (237,064)
Increase/(decrease) in creditors 43,716 (18,214)
Pension payment for CofE scheme (192,492) (152,000)
Pension payment for unfunded liability (56,361) (54,474)
────── ──────
Net cash inflow / (outflow) from operating activities 173,582 (135,437)
══════ ══════
ovement in Cash
2022
 2021
£ £
At 1 January 256,585 234,549
Movement (27,891) 22,036
────── ──────
At 31 December 228,694 256,585
══════ ══════

21 Movement in Cash

22 Bartlett Trust

In the year to 31st December 1990, the Bible Churchmen’s Missionary Society an unincorporated association and charity No 249986 (and transferred to Crosslinks in 2015), set up the Bartlett Trust to provide funds for capital expenditure for the benefit of Trinity College (Bristol Limited) a company limited by Guarantee No. 1056656 and registered charity No. 311793.

The trustee is the Bible Churchmen’s Missionary Trust Limited now Crosslinks.

Assets acquired from the Trust funds are considered to be property of the Trust, Trinity College (Bristol) Ltd receiving free and beneficial use of those assets. Accordingly, the assets are not reflected in the Accounts of Crosslinks.

Since 1990 certain property assets have been sold and net proceeds from the sales have been applied to the development of the College site. Such funds continue to be held under the terms of the Bartlett Trust Deed.

At the balance sheet date the College had the use of one property (2021:1), which cost £136,760 (2021: £136,760) and the Trust had incurred expenditure of £1,774,979 (2021: £1,774,979) on the development of Stoke House, a College property, as

follows:

£

Original Development – 1990 1,195,912 Sale proceeds - 15 Lime Close, Brentry (2002) 99,950 Sale proceeds - 105 Knole Lane, Brentry (2013) 138,500 Sale proceeds - 81 Pine Road, Brentry (2014) 160,617 Sale proceeds - 12 Fern Close, Brentry (2015) 180,000 __

1,774,979

══════

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CROSSLINKS Company No.: 00193144

Acknowledgements

The mission work of Crosslinks is based on cooperation and partnerships with our many Churches, Members, Individuals and Trusts. We would like to thank those who have been in gospel partnership with us throughout 2018.

Churches

We would like to thank the various partner churches who continue to support Crosslinks, through their support for a Mission Partner or a particular Means of Mission. We would also like to thank those churches who contribute towards the central support costs of the society.

Members

Crosslinks would like to thank its membership for their continuing support both spiritually and financially. Without this membership the mission society would not survive so we are grateful to them.

Legacies

We continue to give thanks to the Lord for providing for Crosslinks in this way. We are very grateful to all those who have chosen to leave legacies to Crosslinks in the last year.

Trusts

We would like to thank the Trusts who have given so generously to Crosslinks.

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