**REGISTERED CHARITY NUMBER: 1204505** 

## **Report of the Trustees and** 

## **Financial Statements** 

## **for the Year Ended 31 December 2025** 

## **for** 

**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 



**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

## **Contents of the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2025** 


**----- Start of picture text -----**<br>
Page<br>Report of the Trustees   1 to 6<br>Report of the Independent Auditors   7 to 9<br>Statement of Financial Activities   10<br>Balance Sheet   11<br>Cash Flow Statement   12<br>Notes to the Cash Flow Statement   13<br>Notes to the Financial Statements   14 to 25<br>**----- End of picture text -----**<br>




**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2025** 

The trustees present their report with the financial statements of the charity for the year ended 31 December 2025.  The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019). 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives and aims** 

The objects of the Trust are to promote Christian evangelism predominantly in the South-West of England and South Wales, and to edify Christians as the Trustees may decide. The purposes of the Trust are described in detail in the Trust document, whilst the statement of Doctrines and Practices are contained in the Schedule to the CIO constitution. 

The Trustees continue to be mindful of the Charity Commission's guidance on public benefit and, in particular, the specific guidance to charities for the advancement of religion. 

The Aims of the Trust are to: 

- i) Support local groups of Christians subscribing to the CIO Constitution by providing a Trustee service for their property, 

- ii) Dispose of redundant properties, and use the proceeds for the purchase or improvement of other properties which will be used by groups of Christians for the advancement of the Gospel, 

- iii) Make gifts to Evangelists for the purpose of carrying on their work of Evangelism. 

Page 1 



**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

**Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **ACHIEVEMENTS AND PERFORMANCE Charitable activities** 

The work of the Trust consisted of two primary activities in order to achieve its Aims outlined above. 

## **Property Portfolio** 

For operational properties, activities include storage of property deeds, periodic inspection, ensuring continuation of insurance cover and other support work as necessary, according to each occupier's needs. From time to time, the Trustees are asked to accept new properties into the portfolio, and when necessary, the Trustees dispose of  properties no longer required for the use of local congregations. From such money arising, the Trustees are able to make occasional grants to their properties for repairs or improvements. 

The total number of properties for which the Trust provides trustee services has decreased by a net change of 3 in the year. Five properties were disposed of, one property accepted into the Trust and a new property purchased. In addition, two are in discussions with the Trust about being accepted. The total number on the Trust register has reduced to 95 properties. Currently, eight properties are unused and the Trust is currently considering their future. The Trust has decided to dispose of two properties and these are being held as current assets. One of these relates to the investment property previously held as a long term rental investment by the Trust. 

During the year, the Trust carried out property surveys at 8 properties, and a larger number were visited by  Trustees. 13 properties received a grant from the Trust, amounting to a total of £91,190 (2024 - £131,772). In addition, building work, planning activities and care for empty properties amounted to a further £98,294 (2024 - £35,804). 

In addition to making grants, from time to time the Trust makes loans to assist with building projects. These are described in the accounts as Social investments. 

Finally, the Trustees consider making strategic grants to non-Trust properties or organisations. In fulfilling this aim of supporting local groups of Christians who are providing benefit to the public, in the year, the Trust made grants to two non-Trust properties and organisations which totalled £22,500 (2024 - £77,500). 

The cost of this activity during the year has been £232,872 (2024 - £264,016). 

## C **hristian Activities** 

To further the aims of the Trust, the Trustees make grants to Christian evangelists and teachers or their families who are working in their various ministries to the benefit the public and their communities in open and unrestricted ways. The selection of beneficiaries, assessment of need and allocation of grant is delegated to a sub-committee of Trustees. During the year, the Trust made grants to 40 Christian Evangelists. Additional support was provided by  distributing funds for individuals and Churches to various Christian causes which are in accordance with the objects. 

The cost of this activity during the year has been £172,619 (2024 - £177,837). 

## **Governance** 

In 2025, the Trustees met together on 10 April and 9 October to consider the work of the Trust. Outside the formal meetings, Trustees are in communication via email. 

Accounts are maintained in accordance with good accountancy practice. A statement of the financial situation is prepared for each Trustees meeting. Annually, the accounts are submitted to the Charity Commission. The accounts are annually audited by an independent firm of Chartered Accountants. 

Page 2 



**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **FINANCIAL REVIEW** 

## **Financial position** 

The accounts for the year ended 31 December 2025 are part of this report. The Annual Report and Accounts have been prepared in accordance with the relevant charity "Statement of Recommended Practice" (SORP - FRS102). Accounts are maintained in accordance with good accountancy practice. Annually, the audited accounts are submitted to the Charity Commission. Within the year, the total Trust Income was £754,838 (2024 - £613,680), and Total Expenditure was £432,150 (2024 - £462,267). 

## **Investments** 

As much of the income in recent years has been derived from the sale of properties no longer required, this is neither a sustainable nor predictable source of funds. During the year, Trustees decided to increase the amount of funds under investment. 

The Trustees have entrusted Rathbones to manage the portfolio on a discretionary basis. Under this option the investment manager has authorisation to make investment decisions on behalf of the Trustees which are felt to be appropriate to meet the needs and agreed investment objectives of the Trust. 

The main desire of the Trust is to maintain the purchasing power of the financial assets by investing across a portfolio of fixed income investments, equities and diversified assets. 

To meet these aims the Trustees are aiming for capital growth across a level 4 risk range of ideas. This is defined as a medium risk approach with a long-term aim of obtaining inflation +3% with a model structure of approximately 10% in liquid assets, 80% in equity type risk investments and 10% in diversifiers. 

## **Property Values** 

93 of the 95 Trust properties are held in trust on behalf of the local congregations, they are considered inalienable and included in the balance sheet at the nominal figure of £1 to maintain the record. If a building is unused, extensive enquiries are carried out to ascertain the possibility of other fellowships which could maintain a Christian work in that building. Only once such alternatives are exhausted is there a disposal of a property. At that time, the property ceases to be a nominal value, and the proceeds are brought into the accounts. 

Two properties are in the process of being disposed and have been shown as current assets in the balance sheet. 

## **Fundraising** 

Other than the cost of managing investments, the Trust undertakes no fundraising, and as such there have been no complaints from the public or any use of third-party fundraisers. 

## **Reserves** 

Uncertainty and large fluctuations of both income and expenditure demands have led the Trustees to take a very long-term view of the reserves they hold. The General Fund is utilised for the day-to-day operational requirements of the Trust, and a figure of £50,000 has been specified by the Trustees as the target General Fund Free Reserve. The actual General Fund Free Reserve at the end of 2025 was £50,644 (2024 - £49,952). 

## **Going Concern** 

The Trustees have instituted policies and practices which are designed to ensure that the Trust continues to meet its Aims and Objectives in a financially sound way. These accounts and financial descriptions demonstrate that the Trustees believe that the Charity is and can continue to be a going concern. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document** 

The charity is controlled by its governing document, the constitution for a  Charitable Incorporated Organisation. 

Page 3 



**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

**Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Recruitment and appointment of new trustees** 

The power of appointment of a new trustee resides with the Trustees. New Trustees are selected on the basis of  their experience, skill and knowledge of the Christian community which is served by the Trust. A guidance document has been prepared and adopted to describe the operation of the Trust and to aid the induction of new Trustees. 

## **Operation of the Trust** 

The Trustees normally meet twice each year to deliberate on the business of the Trust and to make decisions necessary for policy and direction, acceptance of new properties, disposal of unused properties and the use of funds available. The Trust office actions the financial instructions of the Trust meeting, the Chair actions the legal matters and the surveyors inspect properties according to a schedule. Trustees maintain contact with a group of properties and make reports to the Trust meeting as appropriate. Where matters need more urgent consideration, the Chairman seeks advice from a majority of Trustees, especially those with the relevant knowledge or experience of the matter. 

Properties held by the Trust are operated autonomously by local congregations without any management by the Trust. The Trust fulfils its obligation as owner of the properties by ensuring that the properties are insured and in good structural order. Church members are responsible for ensuring that their operations provide appropriate public benefit. They are also responsible for their own finances and property maintenance. The Trust only takes control of  a property if a congregation ceases to meet. 

Making of grants and loans is usually discussed at the meeting of Trustees and is dependent upon funds available at the time. The Trustees consider many factors including the known need, other funds available to the project, the purpose and benefit of the proposed work and the intended timescales, together with other projects in progress at the time. 

## **Risk management** 

The operation of the Trust is wholly dependent upon the effective functioning of the Trustees to address all the objectives of the Trust, and therefore the key risk to successful operations is the continuing effectiveness of the Trustee body.   This key risk is managed and minimized in the following way: 

• Work is currently distributed amongst the officers - Chairman and Treasurer, with all the rest of the Trustees bringing their local knowledge and contacts to bear on specific issues. The biannual meetings are the opportunities for fellow Trustees to call the officers to account for all the work of the Trust in the intervening months. 

• The Trustee body also seeks out possible new Trustees to join the Board and to experience the operation and nature of the Trust. In this way the Trustees are enabled to develop new officers and maintain the vigour of the Trust work. It is anticipated this process minimizes the risks and uncertainties which might otherwise affect the Trust. 

The Trustees have identified more detailed areas of risk to this Trust which are addressed in the Trust's risk policy document which is reviewed regularly. 

## **General Conclusions** 

The Trustees continually monitor and review the operation and performance of the charity, taking particular note of the Public Benefit aspects of the use of these Funds. 

The Strategy of the Trust is periodically reviewed, together with its policies for Risk mitigation, Investments, Reserves and other general guidance. Strategic actions are likely to continue to ensure that the Trust remains on a proper footing both organisationally and financially, and continues to meet its objects and aims. By these means, the Trustees consider that the charity is fulfilling its requirement for appropriate governance. 

## **Auditor** 

The Trustees intend to ask Gravita Audit Western Limited to conduct the audit of the Trust for the following year. 

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**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1204505 

## **Principal address** 

122 Wells Road Bath BA2 3AH 

## **Trustees** 

J M D Maclane - Chair J Davies - Deputy Chair Y Potjewijd - Treasurer C Bartlett M Bodger M R Burr R A Clatworthy P Dalling G J Davies S C Restall S A Simmons A J Street N P Townsend 

## **Auditors** 

Gravita Audit Western Limited Chartered Accountants & Registered Auditors 2nd Floor, South One Castle Park Tower Hill Bristol BS2 0JA 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Page 5 



**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

## **Report of the Trustees FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued** 

Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 

Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charities SORP; 

- make judgements and estimates that are reasonable and prudent; 

- state whether applicable accounting standards have been followed, subject to any material departures disclosed  and explained in the financial statements; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Approved by order of the board of trustees on .......23 April 2026...................................... and signed on its behalf by: 

..........SIGNED......................................................... J M D Maclane - Trustee 

Page 6 



**Report of the Independent Auditors to the Trustees of Western Counties & South Wales Evangelisation Trust** 

## **Opinion** 

We have audited the financial statements of Western Counties & South Wales Evangelisation Trust (the 'charity') for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 31 December 2025 and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **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 Auditors' 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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 

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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports)  Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

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**Report of the Independent Auditors to the Trustees of Western Counties & South Wales Evangelisation Trust** 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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. 

## **Our responsibilities for the audit of the financial statements** 

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

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 a Report of the Independent Auditors 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 these financial statements. 

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

(i) We obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which it operates. We determined the following laws and regulations of most significance were: Charity SORP 2019 and UK GAAP. 

(ii) We obtained an understanding of how the charity complies with those legal and regulatory frameworks by  making inquiries of management. We corroborated our enquiries through our review of board minutes and other relevant meeting minutes. 

(iii) We assessed the susceptibility of the charity's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: 

- identifying and assessing the effectiveness of controls management has in place to prevent and detect fraud; - understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; 

- challenging assumptions and judgements made by management in its significant accounting estimates; 

- identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; 

- and assessing the extent of compliance with the relevant laws and regulations. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

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 Report of the Independent Auditors. 

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**Report of the Independent Auditors to the Trustees of Western Counties & South Wales Evangelisation Trust** 

## **Use of our report** 

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' 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 trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

Signed on 23 April 2026 

Gravita Audit Western Limited Chartered Accountants & Registered Auditors 2nd Floor, South One Castle ParkDate: ............................................. Tower Hill Bristol BS2 0JA 

Page 9 



**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

## **Statement of Financial Activities FOR THE YEAR ENDED 31 DECEMBER 2025** 

|Notes<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>2<br>**Charitable activities**<br>4<br>Property Portfolio<br>Investment income<br>3<br>**Total**<br>**EXPENDITURE ON**<br>Raising funds<br>5<br>**Charitable activities**<br>6<br>Property Portfolio<br>Christian Activities<br>**Total**<br>Net gains on investments<br>**NET INCOME**<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted<br>funds<br>£<br>**13,954**<br>**639,253**<br>**87,196**<br>**740,403**<br>**26,659**<br>**232,872**<br>**158,184**<br>**417,715**<br>**316,253**<br>**638,941**<br>**4,441,990**<br>**5,080,931**|Restricted<br>funds<br>£<br>**14,435**<br>**-**<br>**-**<br>**14,435**<br>**-**<br>**-**<br>**14,435**<br>**14,435**<br>**-**<br>**-**<br>**145,000**<br>**145,000**|**2025**<br>**Total**<br>**funds**<br>**£**<br>**28,389**<br>**639,253**<br>**87,196**<br>**754,838**<br>**26,659**<br>**232,872**<br>**172,619**<br>**432,150**<br>**316,253**<br>**638,941**<br>**4,586,990**<br>**5,225,931**|2024<br>Total<br>funds<br>£<br>14,235<br>486,539<br>112,906<br>613,680<br>20,414<br>264,016<br>177,837<br>462,267<br>119,827<br>271,240<br>4,315,750<br>4,586,990|
|---|---|---|---|---|



The notes form part of these financial statements 

Page 10 



**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

## **Balance Sheet 31 DECEMBER 2025** 

|Notes<br>**FIXED ASSETS**<br>Tangible assets<br>12<br>**Investments**<br>Investments<br>13<br>Investment property<br>14<br>Social investments<br>15<br>**CURRENT ASSETS**<br>Debtors<br>16<br>Investments<br>17<br>Cash at bank<br>**CREDITORS**<br>Amounts falling due within one year<br>18<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**NET ASSETS**<br>**FUNDS**<br>19<br>Unrestricted funds<br>Restricted funds<br>**TOTAL FUNDS**|Unrestricted<br>funds<br>£<br>**382**<br>**4,122,923**<br>**-**<br>**465,000**<br>**4,588,305**<br>**1,982**<br>**215,001**<br>**318,794**<br>**535,777**<br>**(43,151)**<br>**492,626**<br>**5,080,931**<br>**5,080,931**|Restricted<br>funds<br>£<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**145,000**<br>**145,000**<br>**-**<br>**145,000**<br>**145,000**<br>**145,000**|**2025**<br>**Total**<br>**funds**<br>**£**<br>**382**<br>**4,122,923**<br>**-**<br>**465,000**<br>**4,588,305**<br>**1,982**<br>**215,001**<br>**463,794**<br>**680,777**<br>**(43,151)**<br>**637,626**<br>**5,225,931**<br>**5,225,931**<br>**5,080,931**<br>**145,000**<br>**5,225,931**|2024<br>Total<br>funds<br>£<br>1,262<br>3,556,671<br>215,000<br>-<br>3,772,933<br>884<br>-<br>836,040<br>836,924<br>(22,867)<br>814,057<br>4,586,990<br>4,586,990<br>4,441,990<br>145,000<br>4,586,990|
|---|---|---|---|---|



The financial statements were approved by the Board of Trustees and authorised for issue on ..........23 April 2026................................... and were signed on its behalf by: 

...............Signed.............................. J M D Maclane - Trustee 

The notes form part of these financial statements 

Page 11 



**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

## **Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2025** 

|Notes<br>**Cash flows from operating activities**<br>Cash generated from operations<br>1<br>Net cash provided by operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Purchase of fixed asset investments<br>Improvements to investment property<br>Funds provided as social investment<br>Sale of fixed asset investments<br>Net movement in inalienable properties<br>Investment income<br>Net cash used in investing activities<br>**Change in cash and cash equivalents in**<br>**the reporting period**<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>**Cash and cash equivalents at the end of**<br>**the reporting period**|**2025**<br>**£**<br>**255,554**<br>**255,554**<br>**-**<br>**(711,526)**<br>**-**<br>**(465,000)**<br>**461,527**<br>**3**<br>**87,196**<br>**(627,800)**<br>**(372,246)**<br>**836,040**<br>**463,794**|2024<br>£<br>63,305<br>63,305<br>(481)<br>(1,277,397)<br>(12,500)<br>-<br>977,399<br>4<br>112,906<br>(200,069)<br>(136,764)<br>972,804<br>836,040|
|---|---|---|



The notes form part of these financial statements 

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**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

## **Notes to the Cash Flow Statement FOR THE YEAR ENDED 31 DECEMBER 2025** 

|**1.**<br>**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM**<br>**Net income for the reporting period (as per the Statement of**<br>**Financial Activities)**<br>**Adjustments for:**<br>Depreciation charges<br>Gain on investments<br>Investment income<br>Programme related investments repaid<br>(Increase)/decrease in debtors<br>Increase in creditors|**1.**<br>**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM**<br>**Net income for the reporting period (as per the Statement of**<br>**Financial Activities)**<br>**Adjustments for:**<br>Depreciation charges<br>Gain on investments<br>Investment income<br>Programme related investments repaid<br>(Increase)/decrease in debtors<br>Increase in creditors|**OPERATING ACTIVITIES**<br>**2025**<br>2024<br>**£**<br>£<br>**638,941**<br>271,240<br>**876**<br>876<br>**(316,253)**<br>(119,827)<br>**(87,196)**<br>(112,906)<br>**-**<br>17,626<br>**(1,098)**<br>3,667<br>**20,284**<br>2,629|
|---|---|---|
|**Net cash provided by operations**||**255,554**<br>63,305|
|**2.**<br>**ANALYSIS OF CHANGES IN NET FUNDS**<br>**Net cash**<br>Cash at bank|At 1.1.25<br>£<br>**836,040**|Cash flow<br>**At 31.12.25**<br>£<br>**£**<br>**(372,246)**<br>**463,794**|
||**836,040**|**(372,246)**<br>**463,794**|
|**Liquid resources**<br>Deposits included in cash<br>Current asset investments|**-**<br>**-**|**-**<br>**-**<br>**215,001**<br>**215,001**|
||**-**|**215,001**<br>**215,001**|
|**Total**|**836,040**|**(157,245)**<br>**678,795**|



The notes form part of these financial statements 

Page 13 



**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

**Notes to the Financial Statements FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **1. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. 

The Trustees have instituted policies and practices which are designed to ensure that the Trust continues to meet its Aims and Objectives in a financially sound way. These accounts and financial descriptions demonstrate that there are sufficient reserves for at least the next 12 months, and there are no material uncertainties about the Charity's ability to continue to operate as a going concern. 

The financial statements are drawn up on the historical cost basis of accounting, modified to include the revaluation of fixed asset investments. 

The financial statements have been prepared in sterling, which is the functional currency of the charity. Numbers presented in these financial statements are rounded to the nearest £. 

## **Income** 

Income is brought into account when there is entitlement and the amount is reliably measurable since it is more likely than the economic benefit of the income will be forthcoming. 

Legacies are recognised when it is probable that a legacy will be received and the amount can be quantified. 

Donations and gifts are accounted for when received. Gift aid is included in the same period to which it relates. 

Investment income is recognised once the funds have been received by the Nominee account at the Stockbroker. 

## **Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constraining obligation committing the charity to the expenditure, it is probable that a transfer of economic benefits will be required and the amount of the obligation can be measured reliably. 

All costs are allocated between expenditure categories of the SOFA on a basis designed to reflect the use of  the resource. Costs relating to a particular activity are allocated directly, others are apportioned on a 50/50 basis where appropriate. 

Although grants are awarded in principle these are not paid automatically as the Trust imposes certain conditions on the grant. These include that the recipient needs to provide evidence that the work has been completed and that expenditure up to the value of the grant has been incurred. Depending on the size of the grant and the work involved, there can be a delay between the award and actual payment. Only grants that have fulfilled the conditions are accrued in the accounts with the remaining awarded grants listed as contingent liabilities. 

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. 

continued... 

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**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **1. ACCOUNTING POLICIES - continued** 

## **Tangible fixed assets** 

All assets costing more than £500 are capitalised and valued at historic cost. 

Deprecation is charged on furniture and equipment which is written off on a straight line basis over their estimated useful life of 5 years. 

Properties have been included in the financial statements at a nominal value of £1 each as the Trust has no power over the asset until the point of property disposal. Therefore until this time, these properties are considered to be inalienable. Properties which have closed but are not yet disposed of continue to be  included at nominal value as there still remains the possibility of reopening for the original deed purpose, and therefore remains inalienable.   Proceeds from the sale of properties are included in the accounts once receivable. 

## **Performance related investments** 

These loans are measured on their expected settlement value with income from these being recognised when earned. 

## **Investment property** 

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. 

Investment properties are recognised initially at cost, then at fair valuation through the Statement of  Financial Activities. Investment properties are revalued by the Trustees every five years, using their expertise and are reviewed annually for impairment.  Rental income is recognised in the period to which it relates. 

## **Investments** 

Listed investments are valued at market value as at the balance sheet date. Unrealised gains and losses  arising on the revaluation of investments are credited or charged to the statement of financial activities and are allocated to the appropriate fund according to the ownership of the underlying assets. 

## **Taxation** 

The Trust is a Registered Charity and accordingly is exempt from taxation on its income and gains which are all used for charitable purposes. 

## **Fund accounting** 

Unrestricted funds are incoming resources receivable or generated for the objects of the Trust without further specified purpose. They are available as general funds and can be used in accordance with the charitable objectives at the discretion of the Trustees. 

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Expenditure which meets the criteria is charged to the fund together with a fair allocation of support costs where appropriate. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

Fund balances have been carried forward from the unincorporated entity in accordance with merger accounting principles, ensuring continuity in financial reporting. 

continued... 

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**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025** 


**----- Start of picture text -----**<br>
2. DONATIONS AND LEGACIES<br>2025 2024<br>£ £<br>-<br>General donations and legacies  13,953<br>Workers gifts from trusts  10,000 10,000<br>Defined gifts  4,225 4,035<br>Tax refund on defined gifts  210 199<br>Additional properties  1 1<br>28,389 14,235<br>3. INVESTMENT INCOME<br>2025 2024<br>£ £<br>Investment income  67,404 68,530<br>Investment property income  4,544 9,857<br>Interest income  15,248 34,519<br>87,196 112,906<br>4. INCOME FROM CHARITABLE ACTIVITIES<br>2025 2024<br>Activity £ £<br>Site sale  Property Portfolio  627,700 468,886<br>Rents  Property Portfolio  11,553 17,653<br>639,253 486,539<br>5. RAISING FUNDS<br>Investment management costs<br>2025 2024<br>£ £<br>Stock Broker management costs  26,659 20,414<br>**----- End of picture text -----**<br>


continued... 

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**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **6. CHARITABLE ACTIVITIES COSTS** 

|Property Portfolio<br>Christian Activities<br>**7.**<br>**GRANTS PAYABLE**<br>Property Portfolio<br>Christian Activities<br>The total grants paid to institutions during the year<br>Cardiff, Bethesda Rhiwbina<br>Exmouth, Exmouth Chapel<br>Hill House Christian Centre<br>Bath, Manvers Hall<br>Dinas Powys, Bethesda Chapel<br>Cardiff, Canton Gospel Hall<br>Cardiff, Emmaus Chapel<br>Newent, Glebe Chapel<br>Newcastle Upon Tyne, Regent Chapel<br>Truro, Gloweth Chapel<br>Other grants|Direct<br>Costs<br>£<br>**98,294**<br>**-**<br>**98,294**<br>was as follows:|Grant<br>funding of<br>activities<br>(see note<br>7)<br>£<br>**113,690**<br>**155,635**<br>**269,325**|Support<br>costs (see<br>note 8)<br>£<br>**20,888**<br>**16,984**<br>**37,872**<br>**2025**<br>**£**<br>**113,690**<br>**155,635**<br>**269,325**<br>**2025**<br>**£**<br>**50,000**<br>**25,000**<br>**15,000**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**23,690**<br>**113,690**|Totals<br>£<br>**232,872**<br>**172,619**<br>**405,491**<br>2024<br>£<br>209,272<br>160,984<br>370,256<br>2024<br>£<br>-<br>20,000<br>-<br>10,000<br>10,000<br>11,500<br>45,000<br>30,000<br>30,000<br>12,500<br>40,272<br>209,272|
|---|---|---|---|---|



Grants to properties within the Trust totalled £91,190 (2024: £131,772). Grants to properties outside the Trust totalled £22,500 (2024: £77,500). 

Grants to evangelists totalled £155,635 (2024: £160,984). 

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**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **8. SUPPORT COSTS** 


**----- Start of picture text -----**<br>
|||||
|---|---|---|---|
|Governance|
|Management|costs|Totals|
|£|£|£|
|Property Portfolio|16,463|4,425|20,888|
|Christian Activities|12,559|4,425|16,984|
|29,022|8,850|37,872|

**----- End of picture text -----**<br>


The Trustees have decided that all support costs should be borne by the General Fund. 

## **9. AUDITORS' REMUNERATION** 


**----- Start of picture text -----**<br>
||||
|---|---|---|
|2025|2024|
|£|£|
|Fees payable to the charity's auditors for the audit of the charity's financial|
|statements|5,010|5,400|
|Other non-audit services|3,840|3,600|

**----- End of picture text -----**<br>


## **10. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024. 

## **Trustees' expenses** 

In 2025, 4 Trustees received reimbursement of travel expenses incurred in the performance of their duties totalling £2,777 (2024 - £1,798). 

Mr Y. Potjewijd who is a Trustee and Treasurer was paid £5,985 (2024 - £6,250) for Technical Services provided. 

Mr N. Townsend who is a Trustee was paid £1,058 (2024 - £757) for property inspections. 

## **11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** 


**----- Start of picture text -----**<br>
|||||
|---|---|---|---|
|Unrestricted|Restricted|Total|
|funds|funds|funds|
|£|£|£|
|INCOME AND ENDOWMENTS FROM|
|Donations and legacies|1|14,234|14,235|
|Charitable activities|
|-|
|Property Portfolio|486,539|486,539|
|Investment income|112,906|-|112,906|
|Total|599,446|14,234|613,680|
|EXPENDITURE ON|
|-|
|Raising funds|20,414|20,414|

**----- End of picture text -----**<br>


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**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025** 


**----- Start of picture text -----**<br>
11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued<br>Unrestricted Restricted Total<br>funds funds funds<br>£ £ £<br>Charitable activities<br>-<br>Property Portfolio  264,016 264,016<br>Christian Activities  163,603 14,234 177,837<br>Total  448,033 14,234 462,267<br>-<br>Net gains on investments  119,827 119,827<br>NET INCOME  271,240 - 271,240<br>RECONCILIATION OF FUNDS<br>Total funds brought forward  4,170,750 145,000 4,315,750<br>TOTAL FUNDS CARRIED FORWARD  4,441,990 145,000 4,586,990<br>12. TANGIBLE FIXED ASSETS<br>Inalienable<br>properties<br>at<br>Furniture Nominal<br>& fittings Value Totals<br>£ £ £<br>COST OR VALUATION<br>At 1 January 2025  4,381 97 4,478<br>Additions  - 1 1<br>-<br>Disposals  (4) (4)<br>Transfer to current asset  - (1) (1)<br>At 31 December 2025  4,381 93 4,474<br>DEPRECIATION<br>-<br>At 1 January 2025  3,216 3,216<br>Charge for year  876 - 876<br>At 31 December 2025  4,092 - 4,092<br>NET BOOK VALUE<br>At 31 December 2025  289 93 382<br>At 31 December 2024  1,165 97 1,262<br>**----- End of picture text -----**<br>


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**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **12. TANGIBLE FIXED ASSETS - continued** 

Cost or valuation at 31 December 2025 is represented by: 


**----- Start of picture text -----**<br>
|||||
|---|---|---|---|
|Inalienable|
|properties|
|at|
|Furniture|Nominal|
|& fittings|Value|Totals|
|£|£|£|
|Cost|4,381|93|4,474|

**----- End of picture text -----**<br>


All Trust properties are regarded as inalienable properties and recognised at a nominal value of £1. 

## **13. FIXED ASSET INVESTMENTS** 


**----- Start of picture text -----**<br>
|||||
|---|---|---|---|
|Investment|
|Investments|cash|Totals|
|£|£|£|
|MARKET VALUE|
|At 1 January 2025|3,492,217|64,454|3,556,671|
|Additions at cost|711,526|-|711,526|
|Disposals at MV|(398,396)|(63,131)|(461,527)|
|Revaluations|316,253|-|316,253|
|At 31 December 2025|4,121,600|1,323|4,122,923|
|NET BOOK VALUE|
|At 31 December 2025|4,121,600|1,323|4,122,923|
|At 31 December 2024|3,492,217|64,454|3,556,671|

**----- End of picture text -----**<br>


There were no investment assets outside the UK. 

## **14. INVESTMENT PROPERTY** 


**----- Start of picture text -----**<br>
|||
|---|---|
|£|
|FAIR VALUE|
|At 1 January 2025|215,000|
|Transfer|(215,000)|
|At 31 December 2025|-|
|NET BOOK VALUE|
|At 31 December 2025|-|
|At 31 December 2024|215,000|

**----- End of picture text -----**<br>


During the year, the Trustees committed to a plan to dispose of its investment property. As the property is available for immediate sale in its current condition, and the sale is considered highly probable, the property has been classified as a current asset investment. 

continued... 

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**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **15. SOCIAL INVESTMENTS** 

|**MARKET VALUE**<br>Loans made in the year<br>**NET BOOK VALUE**<br>At 31 December 2025<br>At 31 December 2024|Programme<br>related<br>investment<br>£<br>**465,000**<br>**465,000**<br>-|
|---|---|



During the course of the year, the Trust has made loans to occupiers of Trust properties to assist them in their wider building redevelopments projects. The building developments are expected to further advance the Gospel at these locations.  The loans are not expected to be repaid within the next 12 months. 

## **16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|**2025**<br>**£**<br>Accrued income<br>**1,772**<br>Due from HMRC<br>**210**<br>**1,982**<br>**CURRENT ASSET INVESTMENTS**<br>**2025**<br>**£**<br>Properties held for sale<br>**215,001**|2024<br>£<br>685<br>199<br>884<br>2024<br>£<br>-|
|---|---|



## **17. CURRENT ASSET INVESTMENTS** 

Current asset investments represent the fair value of the properties that were in the process of being sold at the year end. The total market value of £215,001 comprises a transfer from fixed asset investment property and an inalienable property held at its nominal value of £1. 

continued... 

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**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

## **Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Trade creditors<br>Other creditors<br>Accruals<br>Deferred income|**2025**<br>**£**<br>**4,842**<br>**-**<br>**38,309**<br>**-**<br>**43,151**|2024<br>£<br>4,242<br>2,474<br>15,401<br>750<br>22,867|
|---|---|---|



A sum of £174,750 (2024 - £102,000) has been pledged by the Trustees for identified projects, but it only becomes payable once work has commenced on each project. 

## **19. MOVEMENT IN FUNDS** 

|**Unrestricted funds**<br>General fund<br>Current Properties Fund<br>Special Projects Funds<br>Revaluation Reserve<br>**Restricted funds**<br>Property Gift Fund<br>**TOTAL FUNDS**|At 1.1.25<br>£<br>**49,952**<br>**32,318**<br>**3,835,656**<br>**524,064**<br>**4,441,990**<br>**145,000**<br>**4,586,990**|Net<br>movement<br>in funds<br>£<br>**28,690**<br>**3,208**<br>**290,790**<br>**316,253**<br>**638,941**<br>**-**<br>**638,941**|Transfers<br>between<br>funds<br>£<br>**(27,998)**<br>**(765)**<br>**28,763**<br>**-**<br>**-**<br>**-**<br>**-**|At<br>31.12.25<br>£<br>**50,644**<br>**34,761**<br>**4,155,209**<br>**840,317**<br>**5,080,931**<br>**145,000**<br>**5,225,931**|
|---|---|---|---|---|



continued... 

Page 22 



**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **19. MOVEMENT IN FUNDS - continued** 

Net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>Current Properties Fund<br>Special Projects Funds<br>Revaluation Reserve<br>**Restricted funds**<br>Evangelists Fund<br>Other Restricted Funds<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>**93,221**<br>**14,938**<br>**632,244**<br>**-**<br>**740,403**<br>**10,250**<br>**4,185**<br>**14,435**<br>**754,838**|Resources<br>expended<br>£<br>**(64,531)**<br>**(11,730)**<br>**(341,454)**<br>**-**<br>**(417,715)**<br>**(10,250)**<br>**(4,185)**<br>**(14,435)**<br>**(432,150)**|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>**-**<br>**28,690**<br>**-**<br>**3,208**<br>**-**<br>**290,790**<br>**316,253**<br>**316,253**<br>**316,253**<br>**638,941**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**316,253**<br>**638,941**|
|---|---|---|---|



## **Comparatives for movement in funds** 

|**Unrestricted funds**<br>General fund<br>Current Properties Fund<br>Special Projects Funds<br>Revaluation Reserve<br>**Restricted funds**<br>Property Gift Fund<br>**TOTAL FUNDS**|At 1.1.24<br>£<br>57,666<br>26,524<br>3,682,323<br>404,237<br>4,170,750<br>145,000<br>4,315,750|Net<br>movement<br>in funds<br>£<br>42,286<br>15,661<br>93,466<br>119,827<br>271,240<br>-<br>271,240|Transfers<br>between<br>funds<br>£<br>(50,000)<br>(9,867)<br>59,867<br>-<br>-<br>-<br>-|At<br>31.12.24<br>£<br>49,952<br>32,318<br>3,835,656<br>524,064<br>4,441,990<br>145,000<br>4,586,990|
|---|---|---|---|---|



continued... 

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**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **19. MOVEMENT IN FUNDS - continued** 

Comparative net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>Current Properties Fund<br>Special Projects Funds<br>Revaluation Reserve<br>**Restricted funds**<br>Evangelists Fund<br>Other Restricted Funds<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>98,503<br>22,197<br>478,746<br>-<br>599,446<br>10,000<br>4,234<br>14,234<br>613,680|Resources<br>expended<br>£<br>(56,217)<br>(6,536)<br>(385,280)<br>-<br>(448,033)<br>(10,000)<br>(4,234)<br>(14,234)<br>(462,267)|Gains and<br>Movement<br>losses<br>in funds<br>£<br>£<br>-<br>42,286<br>-<br>15,661<br>-<br>93,466<br>119,827<br>119,827<br>119,827<br>271,240<br>-<br>-<br>-<br>-<br>-<br>-<br>119,827<br>271,240|
|---|---|---|---|



## **DESIGNATED FUNDS** 

**Special Projects Fund** arises from the proceeds of property sales and the Trustees have designated its use for buildings, maintenanc e and improvements and support of evangelists. 

**Current Properties Fund** arises from monies held by the Trust on specific occupied properties. Local fellowships have discretion on how these monies are spent. 

**Revaluation Reserve Fund** was established in 2010 to give clarity in the accounts to the variations in value of investments from year to  year. 

## **RESTRICTED FUNDS** 

The **Evangelists Fund** receives money restricted by the donors to provide gifts for Christian Evangelists, selected at the discretion of the Trustees. 

**Restricted Gifts Fund** is designated by the Donor and Income Tax reclaimed on those gifts are a restricted fund.   These monies a re forwarded to the recipient designated by the donor without deduction. 

**Property Gift Fund** holds a restricted gift received by the Trust for the maintenance and upkeep arising from the use of a single property over a set period of time. 

Sufficient resources are held in an appropriate form to enable funds to be applied in accordance with any restrictions. 

The Trustees transferred £27,998 (2024 £50,000) from the General Fund, to the Special Projects Fund reflecting the setting aside of funds for future projects. 

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**WESTERN COUNTIES & SOUTH WALES EVANGELISATION TRUST** 

**Notes to the Financial Statements - continued FOR THE YEAR ENDED 31 DECEMBER 2025** 

## **19. MOVEMENT IN FUNDS - continued** 

## **Comparative analysis of net assets between funds, are as follows:** 

|Fund balances as at 31 December 2024<br>Unrestricted<br>Restricted<br>funds<br>funds<br>£<br>£<br>Fixed assets<br>1,262<br>-<br>Investments<br>3,771,671<br>-|Fund balances as at 31 December 2024<br>Unrestricted<br>Restricted<br>funds<br>funds<br>£<br>£<br>Fixed assets<br>1,262<br>-<br>Investments<br>3,771,671<br>-|Fund balances as at 31 December 2024<br>Unrestricted<br>Restricted<br>funds<br>funds<br>£<br>£<br>Fixed assets<br>1,262<br>-<br>Investments<br>3,771,671<br>-|Fund balances as at 31 December 2024<br>Unrestricted<br>Restricted<br>funds<br>funds<br>£<br>£<br>Fixed assets<br>1,262<br>-<br>Investments<br>3,771,671<br>-||Total<br>funds<br>£<br>1,262<br>3,771,671|
|---|---|---|---|---|---|
|Net current assets|669,057|145,000|||814,057|
|||||||
|**Total net assets**|4,441,990|145,000|||4,586,990|
|||||||



## **20. RELATED PARTY DISCLOSURES** 

Mr G Davies is also a Trustee of Stewards Company Limited (Charity 234558). Stewards Company second a part time administrator and rent an office to the Trust.  The transactions are treated at arm's length. 

During the year ended 30 September 2025, the Trust paid £3,637 (2024: £4,296) for rent of the office space occupied and £12,270 (£10,804) in respect of administrator costs charged by Stewards Company Limited. 

Page 25