CHARrrY REGISTrATION NUMBER.. 1176451 The Shaftesbury Chrlstian Trust Financlal Statements 31 December 2023 Chartered accountants & statutory auditor The Old Mill, 9 Soar Lane Leicester LE3 SDE The Shaftesbury Chrlstian TNst Financial Ststemenls Year ended 31 December 2023 Page Tru8tee8' annual ieport Independent audilorfs report to the members Statement of financial activities Statement of financial position Statement of cash flows Notes to the financial statements The followlng pages do not form part of the flnanclal statements Detailed statement of linancial activllles Notes to the detalled statement of financial activities 10 11 18 19 The Shaftesbury Chrlstian Trust Trustees, Annual Roport Year ended 31 December 2023 Tho tnjstees prw&ent thèir r8POrt and ihe finencial statements of the charity for the ￿ar ended 31 December 2023. Refer￿ and admInist￿1v• dotsiis Regisletrwl eharlty nA Ch¥lty rgglstrauon numb•r prh￿Ip￿l office The lrnsto The Shaftesbury Chrtsikgn Tnjst 1176451 J Duffin S R Dulfin J V Egmond Nwmay S Taylor dllor Versant Associat¢s LLP Chartéred accountants & 8tstutory auditor The Mill. 9 Soar Lana Leicester LE3 5DE The Shaftesbury Chrlsllan Trust Trustee3' Annual Report f¢orfW Year ended 31 December 2023 8lnKtUrn* gov8rwiee and managoment The name ot the Charitable InGorwratgd OrganisatN)n I'lhe CIO) 18 The Shaftèthry Christian Tntst. Th8 Shaftèsbury Christian Trust was creatsd by a Doed of Tiusl on 25 Octobgr 2017. Thè Trust's feolsièJBd charity status was COnfim￿ by th& Charity Commi8sKm on 22 December 2017. )art trom the ffrst charfty trustees, ev8ry IruBteg must be appoint8d by a resolution passed at a proper￿ convened meeting of the charty tnJsl8es. In s9￿ctIng Ind￿Klu81s for appoinknent as charity tru$tees, the charty tru$tee$ and the Etthrs must hav8 rggard to tho skllis, kr￿W￿dg0 and experrenee ne8ded fof the offectlve adminlstration of the CIO. Th6re must ￿ at least thr88 chartty truste8È. 11 nurnber falls b&low this minlmum, the remaining trustse or Iruslees may act (￿lY lo call a m8gting ￿ the charfty trustees, or appolnt a new charity tnJsl88. Th8ro Is no maxrmum fturn￿r of charity Irustses that may b8 app)inted to CD. Any person retiring gs a cljarity trLEt88 Is elgble lor reapwyitmenL The day-to-day running and the adm*iistratw)n of the charrty 18 carr￿d out by th8 Tw8te85. ho￿ver. Ihgy may lelegalo matters to i)drth(knals or comrnitt895. Any charity trustee may c*1 a meeting ol the Charity trust&as. The charty tru5te88 shall deckle how their m￿ing8 are to be ca118d, and ￿at notlc8 ts required. The Charity tru8to0s may d8slgnate any of Ihelr mègtlnas Ihar nave alr9ady bgen called aB a g8neral meeting of the m•mb8rs of the CIO, provijed that all of the members ar6 Given at least 14 days, notic8 of this. Ob￿1￿$ WKI actlvlites The purF#)Sg8 of the CIO are: 1. The advancemenl ol the ChrtstiBn famh in a¢o)rdance vllh th8 Basis ol Falth. prlmarily, but not exclu$wety, within the Unhed Klngcknm. and 2. such other charitable purposes, as shall in the opinlon of th8 charlty trustee5, facilitate tho wrk of the charity. wov&4ed that such purposes must be wried out in a manner consistent wth tho BasL8 of Farth. AchSevthnents and pgrt0rnM￿a Tha Charity has supwrted knNJing ol gospel V•DrL via gD8pel fikn8. SUPPOrt for buikllng a chibjren gospel camp centr8. SUPPOrt for new church ￿lIding8 arKI mission work armss the UK. Th8 Shaftesbury Chrlstian Trust Truslees. Annual Report (¢ Year ended 31 Decembor 2023 FlnanclBI rnvl•w main s￿[CO of in(x)me ol Th• ShaftesI￿ry Chrtstian Trust are the donations reoeNed from Tek 4 Ltd a￿1 thè inleresl received for the k)an regarding th8 sate of the shares lo Tek 4 Gr￿P 2022 Ltd. This prowdes the necessary fr￿￿18 for the objeots of the Trust and for lunds to othe1 tharfti8S. Income from (hjnattons from Tek 4 Ltd have Increased Irom £425.582 to £571.544. Investment incom8, whFch consists of int6resl recew8d lor a joan to Tek 4 Group 2022 Lld for the salè of Il* sales shares in July 2022 has I￿r￿ased from £112.249 to fdOO.692, Tot81 unrestricted funds hehj by the charity have incr&as&J from £3.953.341 to £4.486.419. Plans lor future perlods To ￿ntinue distr1tr￿tir4 funds as per the purwses of ts trusL TNstw' rwi0n￿blllI188 8tstemoni Thg trust￿ are responsib18 for preparlng the trustees, r8wrt and the flnancial statements in aceofdance with appli¢able law and Unw ￿r￿Orn Aco)unting Standards (United Kingdom Generally Accepted Accounting PracbGel. law aFplicable 10 charities In England Wa￿3 requlres the charty trustees to prepore linancial stalements lor each year whlch a true and lair ol the state of affairs of the charity and of the in￿ming res¢xJrc8s and appltstkjn of re￿￿r￿s, of Iha charity for that peiiod. In prèparing these linandal statements, the trustoes are recwired to: select Suitab￿ accounting wlKi95 and then aFyyth8n7 ¢onsL8tentty' observe ihe melhcth prinop1è5 in the applrAble Charilles SORP. make ludrynents ar¥J accwntlrKJ èstlmates that are reasonablg and prudent: stats whethér appllcable UK AcC￿nt￿O Standards have followed. $uLy8Ct lo any malerkn departures dr6ck)sed and expiain&l in thg financial 5talements'. prepare the tlnancial 8tat8menls on the golng con(*m basks Un￿ it &8 inapwoprtate to presum8 Ihat thg charty wlll Cornlnue In business. The tru5te88 are resKX)nsib￿ lor keeping ajgquate aco)uming records that aro 8Lthicient to 8how and axplain the charit￿S transa¢tiDns and di￿￿>$& wrth reasonab￿ accuracy ai any timt the financtal P08rtk)n of the charity and gnable them to ensure that the linanclal slatsments ￿rnp[y with th& Charfll&s Act 2011, the applicabl6 Chari(ies (Accounts and Rewrtsl Flègulations, and ihe piowsrons 01 the Trust Doed. They are dso responsibb for saleguarding the assets of tho charty and hen￿ for tskiro reasonable sioP8 for the prevention and det8ctk)n of tra￿1 and other irregularities. The Shaftesbury Chrlstlan Trust Trustees. Annual Report Year ended 31 December 2023 The trustees, annual rerNJrt was approved on 30 Octthr 2024 and signed on b8hdl ol the toard of J Duffin Trustee The Shaftesbury Chrlstian Trust Independenl Audltor'$ Roport to the Members of The Shaftesbury Chrlstlan Trusl Year 8nded 31 December 2023 Qualiligd oplnlon Wg have audtted the fina[￿la1 siatements of The Shaftesbury ChTi8llan TnBt Ithe'charltrf) for ihe year ended 31 December 2023 wh￿h comprlse lh8 statemènt ol linar￿181 aclNities, Statement of finan￿al positton. ststemgnt of cash flows and the relat@d noies, Including a summary of swJnrficant aGcounllng pJllcie8. The finanual reportlng framework that has teen applied in th￿r pr8paratlon is applicablg law and Unked Kingdom Ac¢ountirtg Standard5, including FRS 102 The Financial ReF(Irbng SiarKlard applicabl8 in the UK and Rewblic of IrelaTrJ (United Kingdom Generauy A￿ept￿l Accounting Practjc£l. In our opinion. &xc¥pt for the effects of th8 matter desCri￿j In the basis for qualif￿ o￿nIOn $¢ctton of our report. the financial slalements: uive a tru8 and I￿r vlew ol th8 Stste of chartys affairs as at 31 D￿rnber 2023 and ot its incoming roS(￿r¢05 applkalh?n of resources. including Its income and exwdilure, for t yearlhen and•J; have prcy8r1y prepared in a￿rdance wlh United I￿￿￿10M Geno￿ty Accepted Accounting Practice: have b8on prepared in accoT(lanee wilh the rewlr&ments ol the Charitles Act 2011. Basls lor quallflod oplnlon Financial statements for th8 yaar eTrYlng 31 December have not boon a￿tted. We therefore canr#)t pive an audit opinK)n on the ￿uracY of the FNi)r year financial statemgnls. We conducted our audit in accordan¢g wrth Intemallonal Standards on Audthng (UK) IISAS IUKII arKI applicabk law. Our r8spJnsbih￿8 under th059 slaryjards are further descrbod in the audilorfs respOns￿lI1￿85 for th8 a￿111 of the financial statements sethon of our report. We are inwndent of tho ¢harity in accordance wrth th8 ethical rwuirements that are rel￿aTrI to our audit ol the financlal stataments In the UK. in¢ludlng the FRC'S Ethical Standaid. and wè havè fuMill¢d our other ethical responsibilities in accordance wth these reqUireM8n￿ We believe ihai th8 audft èvklen¢8 we hav& obtained i8 SUff￿lent and approprfats to provKl& a basls for wr quallll&Y oplnlL)n. Conduslon& ￿tIng lo golng eoncom In auditing the flnancial Siatemonts. we havo conclLYJod ihat thè trustees. of the going cortem bask8 of accountsng in the preparalbn ol the financial stat8m&nts is approprlate. Based on the work we have perforni￿, ￿ have not identrfled any matsrial Lsncertainiles relalrno lo events or ojndilions that. iK1￿jua1IY or collectivety, may cast slgnrficani doubl on the charitls atilty to [￿ntInUe as a going wncgrn for a ￿￿0d of al least ts¥8lve months from wfion the firwick￿ slalgm8nts are authori8ed for issue. Jr respon$ibilili8s artl th9 r8sponsibilitw ot the trustees with resm lo going coneérn are d•s(#l In th9 relevant sectlons of this re￿rt. The Shaftesbury Christian Trust Independenl Audltor's Report to the Members of The Shaftèsbury Chrlstlan Trust ic￿) Year onded 31 December 2023 Olhor Intornwlon The other inlorrnat￿n compdses thg Informat*)n inclLKlod in the annual ra[￿, other than ts financkai statements and our auditor's rep)rt ther8on. Ttte truste8s are rgsponsibkg for the other Into￿at￿)n. Our opinion on the linanGlal statements ijoes not cover the other inlormallon and. excem to the extent othewse explW slated in our report, we do not expRss any lomi ol assuranc£ wncljsion tsreon. In connecllon wilh cAJr aLKlit of the financMI statements. our rgsponsiblllty is to read the other infonnalion and, In doing ￿, ujnshder whglher the oih8r Infomialion is mateilalty inconsistent with the fina￿la1 statements or our knowledge oblaineLI Tn the audlt or Otherw￿$¢ appgars to be matsrially misstated. If V+E identrfy 8u¢h matertal inconsistencBs OT akwar8nt material misstatements. w¢ are rgquired to determin8 whether there is a material misslatsment In the flnancvdl statemonts or a material misstatement ol the oth8r information. 11, ba59d on the w(xk we have performed, we conclud that there Is a material mi58lalement ol this other Informa￿On. we are required to rep)rt that fact. W8 have nothino to rerx)rt in thls reganl. Ualtern on which wo are v8qulred kn rnport by oxceplion thè informalion glven In ihe trustèes, r8[￿ is inconsistgnt in any mate￿￿ respe¢t wrth flnar¢ial statements: or ' adequab acc4)untlng rer4)rds have not been kgpt," or ' the linandal statements ats not k) agreement with the a¢counJng records and relums,. or ' ￿ have nor recew ￿1 tho infomialion and 8xplanalions ￿ r8quir& for our auctil. Re8ponslblIlti￿ of trusts9$ As exp1w￿l more fully in the trustees, responsiblliti#s slatem9nt, the t￿￿18&8 ￿ reS￿nsI)I& lor the preparatton of the linanoal stalemeffl$ and lor belno satYsli8d tha* they givo a two and fair view, and for swh Iniemal (x)ntrol as the trustees determi￿ Is necessary lo enabla the preparatiC￿ d financlal stslements that are Iree material misslatsment. wheth81 du8 to fraud or error. In praparfng th9 financkql slatgments, the trustees are rasponsible for assessing th8 charftys ￿lIty to continue as a kv)ing 0)n￿rn, discbsing. as applicable, matters related lo going concern and using the ing concem basi8 Ot aco)undno unkn th8 trusioes either intend to liqukyate th8 chaty or to cease gxratlons. or ha￿ no reallsli¢ attemative but to do so. The Shaftesbury Christlan Trust Ind8pendent Auditors Report to the Members of Thg Shaftesbury Chrlstian Trusi Year ended 31 December 2023 Audltorf4 rwJpOn￿bK1llpS for the audlt of the flnanclgl stateii Enqulry of rnanag8ment and the trustses wtth regard to a￿al a￿1 potgniial fraud and ￿n- Mpria￿ wfth laws arxl regulations. ' Rev￿￿ng cor￿sp￿denCe y￿th th9 Charthes Commission. . Urthrstanding 8fKI evaluating the chartys oJntro] environment. ' Tegling ol joumal entries th* deem8d unusual. ' Ass8sslng ilnanciai stalemgnt discb$ur06. and testino to 8upportirKJ dO(￿MentatIOn, for complian with app1knab￿ laws regulations. Uso ot our report Thi8 report is made Sole￿ to the GhariV$ memters. as a body. In accordance vAth sectFon 144 of the Charilies Act 2011 and Trgulations ma¢Je under sectlon 154 of that ACL Our audil work has b8en undertaken so that ￿ might statg 10 the charit￿S m8mbors those matters w8 are requir8d to slate to them in an auditors report and lor no other purFose. To the lulbst extent rwmitted by law, w8 do not aecepl or assume responsibility lo anyone othor than th& charity and the charws memb&ts as a kody. for our a￿111 worK lor thu% rewrt, or lor the cpinion5 we have fomed. Mark llllnw￿rth (Senior Ststutory AudrLor) For and on bghall of Versant Associates LLP Chartared a¢￿UntantS & statutory auditor Thg Old Mlll, 9 Soar Lano Lekes*r LE3 SDE The Shaftesbury Christlan Trust Staioment of Flnanclal Activltl8S Year ended 31 December 2023 2023 Unrestrictéd funds Total funds Total luThJs 2022 Ilote Income and endovmi8nl6 Donations and bgacigs Investr)8nt in￿rne Other income Total Incomè 571.544 a￿.892 571.544 300.692 425,582 112.249 3,146.000 3.683,831 872.236 872,236 Expendfture Expendhurg on chartrab18 Activities Total expondlturn 353,158 3S3,158 363,158 353,158 50,240 50,240 Incom8 and net movwn•nt in funds 519.078 519.078 3.633.591 Réconclllatlon of funds Total tunds brought forward Total fuMI8 carrled fotward 3,965.341 4.484,419 3.965.341 331.750 3.965.341 4.484,419 Th8 statsment of financial activities includes all gains and loss96 recogni*J in the year. All income a￿1 expertd1￿re d&rive from ￿ntInuing aGtNit*s. Th8 nots8 on pg•J 1110 16 form pjrt ol Ih•so lirnnclol statement The Shaftesbury Christlan Trust Statement of Flnancial Poslllon 31 December 2023 2022 (Ye81• Curront as89ts Debtors Invgslmènts Cash at bank in hand 13 2,501.5(KI 14 1,4f6.797 568.122 4,486.419 3.086,340 879,001 3.965.341 Crodltors: amount$ falllng due wlthln one yeor N8t eurrgnt •8s0ts Totsl a•sets18ss ¢urrent11obllltl06 N•t 8880ts 15 2.000 4,484,419 4,484.419 3.965.341 3.965,341 3.965.341 4.484.419 Funds of the ¢h•rlty ￿n￿striCted funds Toial charity fu 4.484,419 16 4,484,419 3,965,341 3.965.341 ThgS8 Ilnancial statsments ￿Te approved by the twd of Iru8tses aThJ aulhorised for issue on 30 Oc*ob8r 2024. and aro sign8d on behatt ol thè board by: J Duffin Trustee Tho noto8 on 11 to 16 fomi PArt of these financlil thtements. The Shaftesbury Chrlstian Tru3t Stalement ol Cash Flows Year ended 31 December 2023 2022 Cash flo￿ from operatlng actlvllles Net income 519.078 3,￿￿.591 Adjustments lor.. Othèr inlgresl r8c8ivablg and simllar inc#Jme Accwod o¥penses Changgs In.. Trade and other debtors Cash g8neral&Y from opgrallon$ (300.6921 1112.249} 584,840 (3.086,3401 805,228 435.002 Interest re￿Ned Net cash from OFwalng activiEbs 3CrfJ.692 1,105,918 112249 547.251 Cash flow8 Irom Investlng acllvHles Purthases of other Inv8slments Nel cash used in Inveslino aGtNltk85 11,416.797) 11,416.7971 Not (d•er¢a8oyinerea8e In ¢a8h and cash tqulvalats Cash and ¢ah 8qulvalents ai beglnnlng Ot year Cash ¢ath wlvatents al end of yaar 1310.879) 879.001 568,122 547.251 331,750 679,001 The nots* on pages 11 to 16 fom part oflh•*è statemont& 10 The Shaftesbury Christlan Trust Notes to the Flnanclal Statements Year ended 31 December 20ZJ Gernral Infonnallon The chaThy 1$ a public tenefft entrty and a reglBtsred charty in England and Wales and fs uninoirporaled. Th8 addross of the prinripal office Is 11 Tendring Drwe, Wigslon. Ler¢&slershire. LE183WR. statomont ol ￿MPlIanvernanc8 0)sts 351.098 351,158 50,240 351,098 353,153 50,240 Anatyslg of support costs Anatysts of SiIPt#)rt costs acthty l Toial %)23 Total 2￿￿ G)vemance costs 60 60 65 10. Audltor8 reMur￿klft 2022 Ir66tsto11) Fees payable for the a(vJil of the financid ststements 2,0 11. Staff cosls The average head count of empbw during tho year was Nil121Y22.' Nil). empw r8¢8wed employee bgnefits of more than £60.¢YJO during the year12￿. Nil). 12. Tnth rnmunwatk•n ond ?xponso8 No ￿mUn￿rat￿an or other be￿Ilt8 from empbyment with the charity or a r81ated entty were recew by thè trust86S. No expenses wre paSd to Tru5tee8 durlng the year12022'. Nil) 13 The Shaftesbury Chrlstlan Trust Notes to thè Financial Statements Year ended 31 December 2023 13. Deblors 2023 2022 Oiher debtors 2,501500 3.086,340 d9biots above Incl￿ the folk)wing amounts falling dug aft9r more than onè year. 2022 frosl•i8d) Other dthrs 1.866.922 2.231.438 14. Invostmonts 2022 Other investments 1.416.797 15. Credilors: amoun18 f•lllng due wlthln one yMr 2022 Accruals and deferred irxome 2,000 1& ATr•lysl$ ol eharitablo funds Unr88lrfctod fvnds At 1 January202 31 Dec•mb8r 2023 Income Expendttufè Gen￿￿ funds 3.965.341 872,236 (353,158) 4.484,419 At 1 January 202 31 Oe¢ember 2022 Income Expenditure General funds 331,750 3,683,831 150,240> 3.965,341 14 The Shaftesbury Chrlstian Trust Notes to thè Financial Statements Year ended 31 December 2023 17. An￿y$l9 ol net a8gets betweèn tunds Unr8strtcW Tothi Fund3 Funds 21Y23 Cuftent as88ts CrgJiior51888 than 1 >ear 4,486.419 12,000} 4.484,419 4.488.419 12,0001 4.484,419 Unrestricted Totd Funds Funds 2022 Current a8sets Creditors Ihan 1 year Ngt a689ts 3,965.341 3.965,341 3.965.341 3,965.341 l& Prfor year •dju$tm•nts General luThJs brought fotward as stated Prior year adjustmgnt as a result ol saL8 of shares P￿r year &JlLtstmenl as a r88utt ol decrea$8 in donattons rgceived Prior year adjustrnent as a result of interest welvod 879,001 3,146.000 (171,909) 112,249 Restated brtNJoht forward gengral funds 3.965.341 19. Analysls ot chang85 In not dobi Ai 1 Jan 20¥J Cash flows 31 Dec 2tr23 Cash at bank a￿1 In hand Currerrt ass&t investments 879.001 1310.879) 1,416.797 1,105,918 568,122 1,416,797 1.984.919 879.￿1 15 Th6 Shaftesbury Chrlstlan Trust Noles to the Flnanclal siatements (¢￿ti￿N￿d) Ye8r ended 31 Decomber 2023 20. Relatod pardes During the year the charty r#eived donations 01 £571.54412022: £425.￿) from TEK 4 Lfd. The Trusl¢e of thg Charity Mr J Duffin is aL%o a director in TEK 4 Lid. Durlro Ilp year thè charty madè donations of £94712022.. £niD to United Beach Mlssion Trust. The Trusie8s of thg charty Mr J Dulfin and Mr S Ta￿or are a&0 Tr￿￿eBS in United Beach miss￿￿ Trust. During tho year thè charity maée donations of £119,60012Q22: £25,600) to UFM WothlwKle and £50,218 12022.. £2,000) to GL8n¢roft Church IGl&n Patval. Mr J Duffin Ls a Trustee in both th& charilies. During the year Ihe Chartty m* donatk)ns to Barton B8pbst Church, IhEs indud8d payments made to ma￿aY Gonsintcllon Ltd dlreuty of E18,649. Th8 Trust88 of lh8 ¢harty Mf N May is also a dlreclor in Mayway ConstructDn Ltd. In the We￿OU$ ypar the charbty a￿UlTed Shares In Tek 4 Ltmited and sold them to Tek 4 Group {20221 Umrtod for a profit of £3.146.000. The TnJsle8 ot the charty Mr J Dullin k aiso a director In TEK 4 Ltd and TEK 4 Group lknmitedl. Tha balance t)utslandlng at the year end 1$ £2,501, 12022.. £3,086.3401 and is shown as ot￿r debiors on th9 balance shoet. The Shaftesbury Christlan Trust Management Information Year ended 31 December 2023 The followlrrfJ pag•s do not tomi part of tho flnandal slatem•nts. 17 The Shaftesbury Christlan Trust D8tail8d Stal8ment of Flnanclal Actlvilies Year ended 31 December 2023 2022 Incomo endowment$ Don*lons and1ogacS88 Donations 571.544 425.582 Investiw￿ Incomè Bank interest receiv￿9 Other interest receivable 30,630 270.062 300,692 112,249 112.249 Olh•r income Galn on disposal ol shares 3.146.1 Totsi Incomè 872,236 3.683,831 Exp￿￿[tur Expendlture on oharttabte acilvhl98 Leoal professional lees Donations made 2.000 351.158 353,158 50.240 50,240 Total exP￿IlUre 353.158 50,240 Nel income 519,078 3.633.591 18 The Shaftesbury Christlan Trusl Notss to the Detailod Statement of Flnanclal Aotivhles Year ended 31 December 2023 2022 EX5￿dItUTe on charliable aclMIio# Dlrect Gharhabl? aGilvltles Actlvllles IN￿ertaken dlrKUy Donations made 351,098 50.175 Bank dwgas Gov8rnance costs Governance costs. a￿lt fees 60 65 2,000 Exp8ndliure on charttable activi118S 3,158 50,240 19