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2023-12-31-accounts

ST. MARY’S CHRISTIAN WORKERS' TRUST

A Charitable Incorporated Organisation (CIO) Charity Registered Number 1186879

Report

And

Financial Statements

1[st] January 2023 to 31[st] December 2023

ST. MARY’S CHRISTIAN WORKERS' TRUST Report of the Trustees – year to 31[st] December 2023

The St. Mary’s Christian Workers Trust is a Charitable Incorporated Organisation, registered by the Charity Commission on 11[th] December 2019 with Registered Charity No. 1186879 hereinafter referred to as the CIO or as the charity.

The Charity Trustees in the period were:

David Freeman (Chairman) Leanne Lynch Jill Forsyth – Until 6[th] March 2023 Colin Seaward (Treasurer) Chris Kersley – From 17[th] July 2023 Duncan Reid Andrew Redbond Chisom Eyesan

The CIO’s address is St. Mary’s Church, Goat Lane, Eastrop, Basingstoke, RG21 7PZ ("St. Mary's Church"). The Charity banks with Lloyds Bank and holds deposits also with Reliance Bank and Kingdom Bank.

The aims of the charity are to promote the Christian Religion and in particular to assist with salaries, costs, and expenses of Christian workers at home and abroad, including help with workers’ accommodation costs and to support other missionary projects in UK and abroad. The Charity Commissioners' public benefit guidance has been taken into account when exercising any powers or duties to which the guidance is relevant. In particular the activities supported by the charity are open to anyone with the availability and inclination to take part. The charity supports projects presenting the Christian faith to people who have expressed a need or interest to understand it better including:

In these accounts full year comparisons are made to the 2022 figures. For the first time in 2023 the Trust social security costs are broken out from other employment cost. For comparison reasons the 2022 figures have been re-worked in the same way.

Total income for the whole year, mainly in respect of donations, amounted to £237,497 (2022 - £241,575). The small drop in income is not a concern as the trustees had planned for a greater deficit in the year to reduce reserves. To avoid an uncontrolled decrease in reserves a modest appeal was made in November to slow down the expected monthly shortfall and early signs show sufficient monthly increase to maintain or slightly increase income in 2024. Of course there has been little time for this to have effect on the 2023 accounts. Additionally, expenditure, reported later, has come in a little lower than expected and this may carry into 2024 for a time due to an unexpected decrease in staff costs at the moment. Overall a very small cash deficit for the year is reported leaving reserves a little higher than planned. The trustees are not concerned about the high level of reserves at this time because we expect staffing levels to increase again in 2024 and therefore anticipate a slow decrease of reserves by the end of next year. The trustees are pleased to report that the recent increase in giving includes further new donors joining and increased giving from faithful donors.

Expenditure totalled £237,747 (2022 - £192,426).

Salaries, pensions and expenses were paid for staff of St. Mary’s Church amounting to £186,407 (2022 - £141,944). This is a second annual increase reflecting the charity's support for further new staff members

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joining St. Mary's Church. One staff member left in December 2023 and trustees expect to be asked to fund a replacement new staff member in the near future.

Payments of £35,500 (2022 - £32,000) were made to mission partners around the world including; £5,000 (2022 - £3,600) to a church minister from Argentina who is now lecturing in Old Testament Greek at a bible college in Chile, £3,000 (2022 - £1,400) to a family engaged in Christian ministry in South America, £3,000 (2022 £3,000) for church planting activities in UK, £5,000 (2022 - £5,000) to a family engaged in mission work in Asia, £5,000 (2022 - £0) to a lady engaged in mission work in Europe, £1,500 (2022 £1,500) for general mission through Crosslinks, £3,000 (2022 - £3,000) via other organisations as help for the persecuted church, £4,500 (2022 – £4,500) for Christian training institutions and literature provision, £3,000 (2022 - £2,500) to UCCF and specific University Christian Unions, £1,500 (2022 - £1,500) to Basingstoke Town Chaplaincy for support of those working, shopping or spending time in our town, £1,000 (2022 - £1,000) to Christian Institute campaigning for Christian rights and freedoms. The trust did not make a payment to Carlile College in Kenya in 2023 (2022 - £5,000).

Student support amounted to £1,684 (2022 - £0) for students exploring opportunities in mission or attending Christian activities.

House expenses totalled £8,375 (2022 - £11,833) which this year included refurbishment of the bathroom and some additional re-decoration.

Other expenses came to £1,968 (2022 - £1,849) the increase being mostly driven by insurance costs.

The CIO paid rent for accommodation for workers additional to the capacity of the house £3,813 (2022 - £4,800).

CIO reserves remain higher than the target of 9 months of expenditure. The actual value of reserves has remained stable in value but represents a decrease of actual number of months of expenditure. Even so it remains greater than one year. Expenditure is expected to increase further in 2024 once the departed member of staff at St. Mary's is replaced and taking into account the whole year costs of the staff member starting in 2023. This will result in a further decrease in the number of months of reserves to be closer to the trusts target. The trustees will carefully monitor this to ensure that reserves do not flow away too quickly. The trustees will also consider the merits of other use of the current reserves before making an appeal in 2024 to balance income and expenditure and to move towards an optimal level of reserves.

In accordance with the Charities Act 2011, the financial statements have been prepared on the accruals basis. The trustees have approved the statements, which accurately set out the financial activity for the period of operation of the CIO.

The trustees have this year again chosen to use Verdant Accountants as our Accounts Independent Examiner in respect of these financial statements.

David Freeman, Chairman On behalf of the Trustees

30[th ] January 2024

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INDEPENDENT EXAMINER’S REPORT

Independent examiner’s report to The Trustees of the St. Mary’s Christian Workers Trust (Charity no 1186879) on the financial statements of the charity for the year ended 31 December 2023, which comprise of the statement of financial activities, balance sheet and notes to the accounts.

Responsibilities and basis of report

The charity’s trustees are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (‘the Act’). The Charity’s trustees consider that an audit is not required for this year under section 144 of the Act and that an independent examination is needed.

It is my responsibility to examine the accounts under section 145 of the Charities Act, follow the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act, and state whether particular matters have come to my attention.

Independent examiner’s statement

Where the charity’s gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination by being a registered member of the Chartered Association of Certified Accountants which is one of the listed bodies.

I have completed my examination. I confirm that:

Chaweevan Williams FCCA Chartered Certified Accountant Verdant Accountants Limited 20-22 Wenlock Road, London N1 7GU

Date: 6 February 2024

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ST. MARY'S CHRISTIAN WORKERS TRUST STATEMENT OF FINANCIAL ACTIVITIES

for the year ended 31st December 2023

INCOMING RESOURCES
Covenanted Income and Planned Giving (Regular
Giving)
CAF, CT & Stewardship
Gift Aid Small Doation Scheme (GASDS)
General Appeal (One off gifts)
Income Tax Recovered
House Rent
Bank Interest
Total receipts for the year
RESOURCES USED
Activities Directly Relating to the Work of the Charity
Paid to Missionaries, Mission Societies and Overseas
Mission Projects
Salaries in St. Mary's Parish
Pensions
Employees Expenses
Employers Social Security Costs
Legal Expenses
Bank Charges
Accident and Public Liability Insurance
Student Support
House Expenses
Computer software
House Rent
Governance Costs
Total payments for the year		 2023 General
Fund
166,641
4,792
945
15,316
43,306
0
6,497
237,497
35,500
151,259
23,439
8,486
3,223
0
131
1,357
1,684
8,375
0
3,813
480
237,747
(250)
4,200
(4,450)
485,318
480,868		 2022 General
Fund
Variance
163,163
3,478
7,972
(3,180)
60
885
21,770
(6,454)
41,249
2,057
6,097
(6,097)
1,264
5,233
241,575
(4,078)
32,000
3,500
113,578
37,681
21,446
1,993
5,858
2,628
1,062
0
0
88
43
1,101
256
0
1,684
11,833
(3,458)
180
(180)
4,800
(987)
480
0
192,426
45,321
49,149
(49,399)
4,200
0
44,949
(49,399)
440,369
485,318
NET INCOMING (OUTGOING) RESOURCES
Depreciation charged for the year
SURPLUS (DEFICIT) FOR THE YEAR
Balance brought forward - Start period
BALANCE at end of period

- 5 -

ST. MARY'S CHRISTIAN WORKERS TRUST

BALANCE SHEET as at 31st DECEMBER 2023

Notes
FIXED ASSETS
3
CURRENT ASSETS
Bank Current Account
Kingdom Bank Deposit Account
Reliance Deposit Account
Lloyds Deposit Account
Lloyds Fixed Term Deposit Account
Debtors including income tax recoverable
Sub- Total of current Assets
LIABILITIES
Amounts falling due within one year
4
NET CURRENT ASSETS
LIABILITIES
Falling due in more than one year
4
NET ASSETS
FUNDS
Unrestricted
1		 2023
138,600
31,207
134,761
133,091
20,149
30,000
5,340
354,548
(12,280)
342,268
0
480,868
480,868
480,868		 2022
142,800
169,255
85,862
85,633
0
0
5,844
346,594
(4,076)
342,518
0
485,318
485,318
485,318

On behalf of the Trustees

5th February 2024

C. Seaward Treasurer

ST. MARY’S CHRISTIAN WORKERS' TRUST NOTES TO THE FINANCIAL STATEMENTS year to 31[st] December 2023

Accounting Policies

The financial statements have been prepared on the accruals basis in accordance with the requirements of the Charities Act 2011 for charities with income of greater than £250,000.

The financial statements have been prepared under the historic cost convention.

1. Funds

The Charity operates a single fund which is used to support all expenditure.

The accounts include all transactions, assets and liabilities for which the Charity is responsible in law.

2. Incoming Funds

Voluntary Income

Planned giving under gift aid is recognised when the income is received.

Income tax recoverable on gift aid is recognised when the income is recognised.

Grants and legacies to the Charity are accounted for as soon as the Charity is notified of its legal entitlement to the amount due.

Other monies are accounted for on their receipt.

Income from investments

Interest is accounted for when receivable.

3. Resources Used

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the Charity.

4. Fixed Assets

Land and Buildings

Freehold Property is depreciated on a straight line basis over 50 years.

Fixtures Fittings and Office Equipment

Computer equipment is depreciated on a straight line basis over three years, other equipment over four years. Individual items of equipment with a purchase price of £3,000 or less are written off in the year the asset is acquired.

5. Current Assets

Amounts owing to the Charity at 31[st] December, including income tax, are shown as debtors, less any provision for amounts that may prove uncollectable.

Cash is held on deposit with various banks until needed to limit the credit amount at any one specific bank.

6. Reserves Policy

To continue to meet its charitable purposes, especially salary commitments, without building up unnecessarily large reserves the trust aims to hold a target 9 months reserves (referenced to the greater of current outgoings or expected imminent future outgoings).

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ST. MARY'S CHRISTIAN WORKERS TRUST NOTES TO THE FINANCIAL STATEMENTS

for the year ended 31st December 2023

2. STAFF COSTS

All staff costs and related expenses are in respect of St. Mary's Eastrop. During the year none of the Trustees received any amounts in respect of remuneration.

3. FIXED ASSETS

3. FIXED ASSETS Freehold
Property
210,000
0
210,000
67,200
4,200
71,400
142,800
138,600
2023
1,366
7,983
2,931
12,280
0		 Office
Equipment
1,888
0
1,888
1,888
0
1,888
0
0
2022
1,874
1,270
932
4,076
0		 Total
Balance at 31/12/2022 211,888
Additions during the period 0
Balance at 31/12/2023 211,888
Accumulated Depreciation at 31/12/2022 69,088
Charge for theperiod 4,200
Accumulated Depreciation at 31/12/2023 73,288
Written Down Value at 31/12/2022 142,800
Written Down Value at 31/12/2023 138,600
4. LIABILITIES
(a)Falling due within one year
Salaries, pension and Expenses
Inland Revenue
Other		 1,366
7,983
2,931
Total
(b)Falling due after one year

(c) The Charity does not have any contingent liabilities or future obligations