CHARITY REGISTRATION NUMBER: 1176451 The Shaftesbury Christian Trust Financial Statements 31 December 2024 VERSANT ASSOCIATES LLP Chartered accountants & statutory auditor The Old Mill, 9 Soar Lane Leicester LE3 5DE
The Shaftesbury Christian Trust Financial Staiements Year ended 31 December 2024 Page Trustees, annual report Independent auditor's report to the members Statement of financial activities Statement of financial position Statement of cash flows 10 Notes to the financial statements 11 The following pages do not form part of the financial statements Detailed statement of financial activities 18 Notes to the detailed statement of financial activities 19
The Shaftesbury Christian Trust Trusiees. Annual Report Year ended 31 December 2024 The trustees present their report and the financial slalements ol the charity for the year ended 31 December 2024. Reference and administrative details Registered charity name The Shaftesbury Christian Trust Charity registration number 1176451 Principal office The trustees J Dullin S R Dullin J V Egmond Nwmay S Taylor Auditor Versanl Associates LLP Chartered accounlanls & slatulory auditor The Old Mill. 9 Soar Lane Leicester LE3 5DE
The Shaftesbury Christian Trust Trustees. Annual Report (¢ontlnue#) Year ended 31 December 2024 Structure, governance and management The name ol the Charitable Incorporated Organisalion I'lhe CIO") is The Shaftesbury Christian Trust. The Shaftesbury Chrislian Trust was created by a Deed of Trust on 25 October 2017. The Trust's registered charity status was confirmed by the Charity Commission on 22 December 2017. Apart from the firsl charity truslees, every trustee musl be appointed by a resolution passed at a properly convened meeting ol the chartty trustees. In selecting individuals lor appointment as charity Iruslees, the charity Iruslees and the Elders must have regard lo the skills, knowledge and experience needed for the elleclive administration ol the CIO. There must be al least three charity Iruslees. If the number falls below this minimum, the remaining Iruslee or Iruslees may act only lo call a meeting ol the charity trustees, or appoint a new charity Iruslee. There is no maximum number of charity trustees that may be appointed to the CIO. Any person retiring as a charity Iruslee is eligible lor reappointment. The day-to-day running and the adminislralion ol the charity is carried out by the Trustees, however, they may delegate matters lo individuals or commillees. Any charity trustee may call a meeting ol the charity Iruslees. The charity trustees shall decide how their meetings are to be called, and what notice is required. The charity trustees may designate any ol their meetings that have already been called as a general meeting of the members ol the CIO, provided that all ol the members are given at least 14 days. notice ol this. Oble¢tlves and a¢tlvltles Th8 purposes of the CIO are.. 1. The advancement ol the Christian faith in accordance with the Basis of Faith, primarily, but not exclusively, within the United Kingdom., and 2. such other charitable purposes, as shall in the opinion ol the charily Iruslees, facilitate the work ol the Charity, provided that such purposes musl be carried out in a manner consistent with the Basis ol Faith. Achievements and perlormance The charity has conlinued lo support many projects that are within the scope of the ¢harily- grants have been provided lo establish new churches and support people doing mission work.
The Shaftesbury Christian Trust Trustees. Annual Report (¢ontlnue#) Year ended 31 December 2024 Flnan¢lal revlew The main source of income of The Shallesbury Christian Trust is the interest received for the loan regarding the sale ol the shares lo Tek 4 Group 2022 Ltd. This provides the necessary funds for the objects of the Trust and lor funds lo other charities. Investment income, which consists ol interest received lor a loan lo Tek 4 Group 2022 Ltd for the sale of the sales shares in July 2022 has increased from £300,692 10 £301,855. Total unreslricled funds held by Ihe charity have increased from £4,484,419 10 £4,488,715. Plans for future periods The charity will continue to make grants lo support Christian ministry and meet needs. Trustees. responsibilities statement The Iruslees are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practicel- The law applicable to charities in England and Wales requires the charity Iruslees lo prepare financial slalements lor each year which give a true and lair view ol the stale ol allairs of the charity and ol the incoming resources and application ol resources, ol the charity lor that period. In preparing these financial slatemenls, the trustees are required lo.. select suitable accounting policies and then apply them consislenily- observe the methods and principles in the applicable Charities SORP., make judgments and accounting eslimales that are reasonable and prudent., slate whether applicable UK AccoLJnling Standards have been followed, subject lo any material departures disclosed and explained in the financial slalements. prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity will continue in business. The Iruslees are responsible for keeping adequate accounting records that are sullicienl lo show and explain the charills transactions and disclose with reasonable accuracy al any lime the financial position ol the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions ol the Trust Deed. They are also responsible for safeguarding the assets ol the charity and hence for taking reasonable steps lor the prevention and detection ol fraud and other irregularities.
The Shaftesbury Christian Trust Trustees. Annual Report (¢ontlnued) Year ended 31 December 2024 The Irustees, annual report was approved on 24 October 2025 and signed on behalf ol the board ol Iruslees by.. J DLJffin Trustee
The Shaftesbury Christian Trust Independenl Auditor's Report to the Members of The Shaftesbury Chrisiian Trust Year ended 31 December 2024 Oplnlon We have audited the financial statements ol The Shaliesbury Christian Trust (the 'charrf(11 lor the year ended 31 December 2024 which comprise the statement ol financial aclivilies, statement ol financial position, slalement ol cash flows and the related notes, 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.. give a true and fair view ol the stale ol the charity's affairs 88 al 31 December 2024 and ol its incoming resources and application ol resources. inclLJding 118 income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements ol the Charities Act 2011. Bas1$ for oplnlon We conducted our audrft in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities lor the audit ol the financial statements section of our report. We are independent ol the charity in accordance with the ethical requirements that are relevant lo our audit ol 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 lo provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial slalemenls, we have concluded that the trustees, use of Ihe 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 doubl on the charity's ability to continue as a going concern lor a period ol al lèast twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities ol the trustees with respect lo going concern are described in the relevant sections ol this report.
The Shaftesbury Christian Trust Independenl Auditor's Report to the Members of The Shaftesbury Chrisiian Trust f¢onllnued? Year ended 31 December 2024 Other Informatlon The other information comprises the information included in the annual report, other than the financial slalements and our auditor's report Ihereon. The Iruslees are responsible lor the other information. Our opinion on the financial slalements does not cover the other information and, except to the exlenl othenNise explicitly staled in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial slalements, our responsibility is lo 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 audit or otherwise appears to be materially misstated. 11 we idenlify such material inconsislencies or apparent material misslatemenls, we are required lo determine whether there is a material misslatemenl in the financial slalements or a material misstatement ol the other information. 11, based on the work we have performed, we conclude that there is a material misstatement ol this other information, we are required to report Ihal facl. We have nothing lo retX)rt in this regard. Matters on which we are required to report by exception the information given in the Iruslees, retX)rt is inconsislenl in any material respect with financial slalements.. or adequate accounting records have not been kept., or the financial statements are not in agreement wlh the accounting records and returns., or We have nor received all the information and explanations we require lor our audit. Respon$ibilities of Irustees As explained more lully in the trustees, responsibilities slalemenl, the Iruslees are responsible lor the preparation ol the financial slalemenls and lor being satisfied that they give a true and lair view, and lor such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible lor assessing the charity's ability to Continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis ol accounting unless the Iruslees either intend lo liquidate the charity or lo cease operations, or have no realistic alternative bul lo do so.
The Shaftesbury Christian Trust Independenl Auditor's Report to the Members of The Shaftesbury Chrisiian Trust f¢onllnued? Year ended 31 December 2024 Audltor's responslbllltles for the audlt of the flnanclal statements Enquiry of managemenl and the Iruslees wth regard lo actual and potential fraud and non- compliance with laws and regulations., Reviewing correspondence wth the Charities Commission., Understanding and evaluating the charity's control environment., Testing of journal entries that were deemed Ljnusual., Assessing financial statement disclosures, and testing to supporting documentation. for compliance with applicable laws and regulations. Use of our report This report is made solely to the charills members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 01 that Act. Our audit work has been undertaken so that we might slate lo the charity's members those matters we are required lo slate to them in an auditor's report and lor no other purpose. To the lullesl exlenl permilled by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, lor our audit work, for this report. or for the opinions we have formed. Mark Illingsworth FCA (Senior Slalutory Audilorl For and on behalf ol Versanl Associates LLP Chartered accountants & slalutory auditor The Old Mill, 9 Soar Lane Leicester LE3 5DE
The Shaftesbury Christian Trust siatemeni of Financial Activities Year ended 31 December 2024 2024 Unrestricted funds Total funds 2023 Total funds Note Income and endowments Donations and legacies Investment income 17,292 301,855 17,292 301,855 571,544 300,692 Totsl Income 319,147 319,147 872,236 Expendilure Expenditure on charitable activities Totsl expenditu 314,851 314,851 353,158 314,851 314,851 353,158 Net Income and net movement In funds 4,296 4,296 519,078 Reconciliation of funds Total funds brought lonNard Total funds carried forward 4,484,419 4,484,419 3,965,341 4,488,715 4,488,715 4,484,419 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 11 to 16 fomi part of these financial statements.
The Shaftesbury Christian Trust Statement of Financial Position 31 December 2024 2024 2023 Note Flxed assets Investments 283,941 Current assets Debtors Investments Cash al bank and in hand 13 14 2,008,090 1,482,104 717,730 2,501,500 1,416,797 568,122 4,207,924 4,486,419 Creditors- amounts falling due within one year Net current assets 15 3,150 2,000 4,204,774 4,484,419 Total assets less current Ilabllltles 4,488,715 4,484,419 Net assets 4,488,715 4,484,419 Funds of the charity Unrestricted funds 4,488,715 4,488,715 4,484,419 4,484,419 Total charity funds 16 These financial statements were approved by the board ol Iruslees and aulhorised lor issue on 24 October 2025, and are signed on behalf ol the board by.. J Duffin Trustee The notes on pages 11 to 16 fomi part of these financial statements.
The Shaftesbury Christian Trust siatemeni of Cash Flows Year ended 31 December 2024 2024 2023 Cash flows from operatlng actlvltles Nel income 4,296 519,078 Adjusln7ents for.. Other interest receivable and similar income Accrued expenses 1301,8551 1,150 1300,6921 2,000 Changes in.- Trade and other debtors 493,410 584,840 Cash generated from operations 197,001 805,226 Interest received 301,855 300,692 Nel cash from operating activities 498,856 1,105,918 Cash flows from investing activities Purchases of other investments 1349,2481 11,416,797) 1349,2481 11.416,7971 Nel cash used in investing activities Net increaselldecrease) in cash and cash equivalents Cash and cash equivalents at beginning ol year Cash and Cash equivalents at end of year 149,608 568,122 1310,8791 879,001 717,730 568,122 The notes on pages 11 to 16 fomi part of these financial statements. 10
The Shaftesbury Christian Trust Notes to Ihe Financial Staiements Year ended 31 December 2024 General Infomiatlon The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address ol the principal ollice is 11 Tendring Drive, Wigston, Leicestershire, LE18 3WR. ststement of compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement ol Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Charities A¢1 2011, as amended by the Charities Act 2022. Accounting policies Basis ol preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation ol certain financial assets and liabilities and investment properties measured at lair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity- Going ¢oncem There are no material uncertainties about the charity's ability to continue. Judgement$ and key sour¢e$ of estimation un¢ertainty The preparation ol the financial slalements requires management lo make judgements, estimates and assumptions that allecl the amounts reported. These eslimales and judgements are continually reviewed and are based on experience and other laclors, including expectations ol lulure events that are believed lo be reasonable under the circumstances. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees lo further any ol the charily's purposes. Incoming resources All income is included in the statement of financial activities when entitlement has passed to the ¢harily, il is probable that the economi¢ benelilg associated with the Iransaelion will flow lo the ¢harity and the amount can be reliably measured. The following spe¢ifi¢ policies are applied to particular categories ol income.. Income from donations is reeognised on receipts basis as there is no contractually enforceable right to donations promised. Other interest received is accounted for on a receivable basis. 11
The Shaftesbury Christian Trust Notes to Ihe Financial Staiements (¢ontlnuedJ Year ended 31 December 2024 A¢¢ountlng poll¢les (contlnued) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings ol the statement ol financial activities to which it relates.. expenditure on charitable activities includes all costs incurred by a charf(y in undertaking activities that further tts charitable aims lor the benefit of its beneficiaries, including those support costs and costs relating lo the governance of the charity apportioned lo charilable activities. Investment property Investment property is initially recorded al cost, which includes purchase price and any directly attributable expenditure. Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a party lo the conlraclLJal provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Ljnless the arrangement conslilules a financing transaction, where it is recognised at the present value ol the future payments discounted al a market rale ol interest lor a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected lo be paid or received and not discounted. Donation$ and lega¢ies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donatlon$ Donations 17,292 17,292 571,544 571,544 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable Other interest receivable 65,307 236,548 301,855 65,307 236,548 301,855 30,630 270,062 300,692 30,630 270,062 300,692 12
The Shaftesbury Christian Trust Notes to Ihe Financial Staiements (¢ontlnuedJ Year ended 31 December 2024 Expendlture on ¢harltable a¢tlvltles by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Direct charitable activities Support costs 310,641 4,210 310,641 4,210 351,098 2,060 351,098 2,060 314,851 314,851 353,158 353,158 Expenditure on charitable activities by activity type Activities undertaken directly Support cost8 Total funds 2024 Total fund 2023 Direct charitable activities Governance costs 310,641 60 4,150 310,701 4,150 314,851 351,158 2,000 310,641 4,210 353,158 Analysis of support costs Total 2024 Total 2023 Governance costs 60 Auditors remuneration 2024 2023 Fees payable for the audil ol Ihe financial statements 4,149 2,000 10. Staff costs The average head count ol employees during the year was Nil12023'. Nill. No employee received employee benefits ol more than £60.000 during the year12023.' Nill. 11. Trustee remuneratlon and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. No expenses were paid to Trustees during the year12022.. Nil) 13
The Shaftesbury Christian Trust Notes to Ihe Financial Staiements (¢ontlnuedJ Year ended 31 December 2024 12. Investments Investment properties Cost or valuatlon Al 1 January 2024 Additions 283,941 At 31 December 2024 283,941 Impalrment At 1 January 2024 and 31 December 2024 Carrylng amount At 31 December 2024 283,941 Al 31 December 2023 All investments shown above are held at valuation. Investment properties Investment property is initially recorded al cost, which includes purchase price and any directly attributable expenditure. 13. Debtors 2024 2023 Other debtors 2,008,090 2,501,500 The debtors above include the following amounts falling due after more than one year.. 2024 2023 Other debtors 252,858 1,866,922 14. Investments 2024 2023 Other investments 1,482,104 1,416,797 15. Creditors.. amounts falling due within one year 2024 2023 Accruals and deferred income 3,150 2,000 14
The Shaftesbury Christian Trust Notes to Ihe Financial Staiements (¢ontlnuedJ Year ended 31 December 2024 16. Analy$ls of ¢harltable funds Unrestrlcted funds At 1 January 202 At 31 December 2024 Income Expenditure General funds 4,484,419 319,147 1314,8511 4,488,715 At l January 202 Al 31 December 2023 Income Expenditure General funds 3,965,341 872,236 1353,1581 4,484,419 17. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Current assets Credilors less than 1 year Net assets 283,941 4,207,924 13,1501 4,488,715 283,941 4,207,924 13,1501 4,488,715 Unreslricled Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 4,486,419 12,0001 4,484,419 4,486,419 12,0001 4,484,419 18. Analysis of changes in net debt At Al 1 Jan 2024 Cash flows 31 Dec 2024 Cash al bank and in hand Current asset investments 568.122 1,416.797 149,608 65,307 717,730 1,482,104 1,984.919 214,915 2,199,834 15
The Shaftesbury Christian Trust Notes to Ihe Financial Staiements (¢ontlnuedJ Year ended 31 December 2024 19. Related partles During the year the charity received no donations from TEK 4 Ltd12023'. £571,544). The Trustee ol the charity Mr J Dullin is also a director in TEK 4 Ltd. During the year the charity made donations of £1,502 12023.. £9471 lo United Beach Mission Trust. The Trustees of the charity Mr J Dullin and Mr S Taylor are also Trustees in United Beach Mission Trust. During the year the charity made donations of £9,60012023'. £119,600) lo UFM Worldwide and £10,00012023= £50,218) lo Glencroft Church (Glen Parval. Mr J Dullin is a Trustee in both the Charilies. During the year the charity made no donations lo Barton Baptist Church, in 2023 this included payments made lo Mayway Conslruelion Ltd directly of £18,649. The Trustee of the charity Mr N May is also a diredor in Mayway Construction Ltd. During the year the charity made donations lo Llys Andres Christian camp, this included payments made to Mayway Construction Ltd directly of £1,930 12023.. £nill. The Trustee of the charity Mr N May is also a director in Mayway Construction Ltd. The Trustee ol the charity Mr J Duffin is also a director in TEK 4 Ltd and TEK 4 Group ILimitedl. During the year the charity received loan interest of £238,548 1£270,0621. The balance outstanding al the year end is £2,008,09012023'. £2,501,500) and is shown as other debtors on the balance sheet. 16
The Shaftesbury Christian Trust Managemenl Informaiion Year ended 31 December 2024 Th8 following pages do not form part of the financial statements. 17
The Shaftesbury Christian Trust Detailed Staiement of Financial Activilies Year ended 31 December 2024 2024 2023 Income and endowments Donations and legacies Donations 17,292 571,544 Investment income Bank inlerest receivable Other interest receivable 65,307 236,548 30,630 270,062 301,855 300,692 Total income 319,147 872,236 Expenditure Expenditure on charitable activities Legal and professional lees Donations made 4,150 310,701 2,000 351,158 314,851 353,158 Total expendlture 314,851 353,158 Net income 4,296 519,078 18
The Shaftesbury Christian Trust Noies io the Detsiled Statement of Financial Activilies Year ended 31 December 2024 2024 2023 Expendlture on charltable actlvltles Direct charitable activities Activities undert8ken directly Donations made 310,641 351,098 Support costs Bank charges Governance costs Governance costs - audit lees 60 60 4,150 2,000 Expenditure on charitable activities 314,851 353,158