Company Registration No. 472409 Charlty Registration No. 213148 THE BRITISH AND IRISH CHURCHES TRUST LIMITED (A charltsble company Ilmlted by guarantee) Report and Financial Ststoments 31 Docember 2023
THE BRrrisH AND IRISH CHURCHES TRUST LIMITED (A charitable company limited by guarantee) REPORT AND FINANCIAL STATEMENTS 2023 CONTENTS Page Dlroctorg (Trustoes) r•port Statemont of dlrectors, respon8lbllltl08 Indopendant audltor's report Statement of flnanclal actlvltles Balance sheet Statement of cash fl¢5 10 Notes to the accounts
THE BRITISH AND IRISH CHURCHES TRUST LIMITED (A charftable company limited by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The directors present their annual pOrt and the audited financial statements for the year ended 31 Dernber 2023. Reference and admlnlstratlve details Charity number 213148 Company numbor 472409 Reglster•d offlce Inter Church House plc 35-41 Lower Marsh London SE17RL Independent auditor Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG Bankers Barclays Bank plc 1 ChUh111 Place London E14 5HP Sollcltors Bates Wells 10 Queen Street Place London EC4R 1BE Dlractors and trustees The directors who served during the year were as follows: The Rt. Rev Mgr Canon N J Rothon (Chairman) Ms Nicola Br8dy Mr Michael Mcclure Mr Mark Currie Mr Nick Georgiadls Mr Martin Birch (resigned 1 April 2024) Ms Osai Ojigho (appointed 26 June 2024) Ms Elizabeth Walker (appointed 26 June 2024) Company secretary Mr M Birch {resigned 1 April 2024) Structur•, Gov•rnance and Management Governing Document The British and Irish Churches Twst Limited is a company limited by guarantee and a registered charity. The principal activity of the Company is to act as custodian trustee for Churches Together in Britain and Ireland and Christian Aid. All charitable expenditure is in relation to grants made to the connected charities.
Connectsd charities The company is connected to Churches Together in Britain and Ireland (registered charity number 1113299) and Christian Aid (registered charity number 1105851). Recharged expenses all derive from these connected charities. The principal contact address for Christian Aid is Inter Church House, 35-41 Lower Marsh, London SE17RL, and the principal contact address for Churches Together in Britain and Ireland is also Inter Church House, 3541 Lower Marsh, London SE1 7RL. Funds held on behalf of others The Company acts as a custodian trustee for Christian Aid and Churches Together in Britain and Ireland. All assets held by the Company as a custodian trustee are either as cash or investments and are accounted for separately, including the use of separate and distinct bank accounts. Trustees The Board should comprise a maximum of ten members, six nominated by Christian Ald and four by Churches Together in Britain and Ireland. At the end of the financial year there were four vacancies. No D1ctor or Secretary received any remuneration or expenses from the Company. In accordance with the Articles of Association, one third, or Ihe number nearest to one third of the Directors retire from office at the Annual General Meeting and may stand for re-election at that meeting. Trustees of BICT Ltd are either trustees, directors or senlor members of staff of Chrlstian Ald or Churches Together in Britain and Ireland and as such are appointed for their understanding of ch8rity and company law and best practice in organisational govemance. Through their respective organisations they are kept up-to4ate with current rules. regulations and best practice. New trustees are offered an induction to Christian Aid, Churches Together in Britaln and Ireland and the British and Irish Churches Trust. Key management personnel Day to day management of the Charity Is effectlvely devolved by the Trustees to the Flnance and Corporate Govemance Director of Christian Aid for the time being. Key management personnel and Trustees receive rK) remuneration from BICT Ltd. Accountlng treatment of entlty For accounting purposes the property known as Inter Church HoLJse to which the Trust retains legal title is treated as a joint arrangement not an entity by The Bntish and Irish Churches Trust Limited. On 13 December 2003 Christian Aid entered into a lease wlth BICT Ltd to occupy the whole property. Risk management The Directors have given consideration to the major risks that the company is exposed to and assessed the likelihood of these risks occurring and the likely level of impact each risk poses. They have also considered the controls that are in place for these risks and have identified areas of action for the next year. This is an annual process, which the Directors undertake to ensure that the operations of the company are adequately protected against the risks it faces in achieving its strategic objectives. The Directors have taken account of the major risks to which the charity is exposed and set in place appropriate control measures. The principal risk is to the integrity of Inter-church House. which is managed by appropriate policies and procedures within Christian Aid (the lessee), and by ensuring that an appropriate level of insurance is in place and reviewed annually. The trustees recognise their responsibility for ensuring Inter Church House is an office environment that is safe from harm and has therefore confirmed with Christian Aid as tenant and through Christian Aid with its sub-tenants that appropriate policies and procedures for managing health, safety and security risks including
safeguarding of children and vulnerable adults are in place, monitored and regulady reviewed. The Trustees remain satisfied that Christian Aid has robust policies in these areas as do other sub-tenants in ICH. Reserves policy The Charity holds an unrestricted reserve of £20,000 at the balance sheet date. This is considered by the Board o be the appropriate level of reserve to meet any liabilities in the event of cessation of operations. It is reviewed annually to ensure that this is sufficient, but not excessive. for meeting this requirement. Achlevements and perforniance, and flnanclal revlew Throughout the year the Company continued to hold assets in its role as custodian trustee, acting on the instructions of Churches Together in Britain and Ireland and Christian Aid. During the year, the income generated by the Company, comprising rent, recharged expenses and other income totalled £1,307,419 {2022'. £1.209,401), which after the addition of interest receivable, ensured all costs were met. On 7th February 2019, a resolution was signed to agree that the annual rent payable under the lease of Inter Church House, 35-41 Lower Marsh, London SE1 7RL made beeen British and Irish Churches Trust Limited and Christian Aid would be increased to £1,200,000 per annum from 15 December 2018. This arrangement continued through the financial year 2023. The British and Irish Churches Trust Limited acts as custodian trustee on behalf of Christian Aid for the following two properties.. 26 St. Leonard Road, Harrogate, 2 Preshaw Crescent, Mitcham. Churches Together in Britain and Ireland has retained its equity share in the property Inter Church House. Christian Aid leases the whole of the property from The British and Irish Churches Trust Limited under a lease signed 27th March 2017. Plans for future perlods The Company will continue to act as a custodian trustee forchristian Aid and Churches Together in Britain and Ireland for the foreseeable future. The Directors consider the Company to be a going concern. Publlc beneflt The Charity Commlssion in its Charities and Public Benefit Guidance requires that there are two key principles to b8 met to show that an organisation's aims are for the public benefit. Firstly, there must be an identifiable benefit. Second, the benefit must be to the public or a section of the public. The Trustees confirm that in setting the Charity's objectives and in planning its activities, they have had due regard to the Charity Commission's guidance on public benefit and that they will continue to ensure each year that they will consider how the Charity continues to meet the public benefit objectives outlined in the Charities Act 2011. The Trustees are satisfied that the Charity meets the requirements and conforms with the Act's definition of a Charity meeting all of the key elements of the two key principles.
THE BRITISH AND IRISH CHURCHES TRUST LIMITED (A charitable company limited by guarantee) STATEMENT OF DIRECTORS, RESPONSIBILITIES The directors are responsible for preparing the Annual Report and the financial ststements. The directors have chosen to prepare the accounts for the company in accordance with Unlted Kingdom Generally Accepted Accounting Practice. Company law requires the directors to prepare such financial statements for each financial year which give a true and fair view, in accordance Wlth United Kingdom Generally Accepted Accounting Practice, of the state of affairs of the company and of the income and expenditure of the company for that period and comply with UK GAAP and the Companies Act 2006. In preparing those financial statements. the directors are required to.. (a) (b) (c) (d) select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed. prepare the financial statements on the going concem basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping proper accountlng records which dlsclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and henc8 for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of th8 persons who Is a director at the date of approval of this report confinns that. there is no relevant audit information of which the company's auditors are unaware.. and he I she has taken all the steps that helshe ought to have taken as a director to make hlmselflherself aware of any relevant audit infomiatior) and to establish that the company's auditors are aware of that infomiation. This confimation is given and should be interpreted in accordance wlth the provisions of S418 of the Companles Act 2006. Approved by Board of Directors and signed on behalf of the Board on Director E Walker Director Date.. 20 September 2024
Ind•pondent Auditorfs Report to the Members of The British and Irish Churches Trust Limlted Oplnlon We have audited the financial statement5 of The British and Irish Churches Trust Llmlted for the year ended 31 December 2023 which comprise the Statement of Financial Activities (incorporating an income and expenditure account), the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom AccountTng Standard5, Including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accountlng Pract1ce). In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of the charitable company's net movement in funds, including the income and expenditure, for the year then ended. have been properly prepared in accordance wlth Unlted Klngdom Generally Accepted Accounting Practice; arwj have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit In accordance with International Standards on Auditing IUK) IISAS {UKI} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financlal statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statement5 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 obtalned is sufficient and appropriate to provlde a basls for our opinion. Concluslons relatlng to golng concern In auditing the flnancial statement5, 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 Identlfled any materlal uncertalnties relatlng to events or condltlons that, individually or collectlvely, may cast 51qnlflcant doubt on the charltable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorfsed for issue. Our respons?bllltles and the responsibilities of the trustees with respect to going concern are described in the relevant sections of thls report. Other Informatlon The trustee5 are responsible for the other information. The other information comprises the information included in the Trustees, Annual Report. 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 5tatement5. our responsibility 15 .to read the other information and, in doing 50, consider whether the other information is materially inconsistent with the financTal statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi5Statements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material mis5taternent of this other information, we are required to report that fact. We have nothing to report in this regard.
Independent Auditor's Report to the Members of The British and Irish Churches Trust Llmlted (continued> Opinions on other matters prescribed by the Companles Act 2006 In our opinlon, based on the work undertaken in the course of the audit: the information given in the Trustees, Annual Report (which include5 the dlrectors, report prepared for the purposes of company lawl for the financial year for whlch the financial statements are prepared is consistent wlth the f7nancial statements; and and the directors, report included within the Trustees, Annual Report have been prepared in accordance wlth applicable legal requlrements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environrnent obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report {which incorporates the strategic report and the directors, report). We have nothing to report in respect of the following matters In relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the charitable company. or the charitable company financial statements are not in agreement with the accountlng records and returns. or certain disclosures of trustee5' remuneration specTfled by law are not made. or we have not received all the information and explanations we require for our audit. or the trustees were not entitled to prepare the financial Statements in accordance with the small companies, regime and take advantage of the small companie5, exemptions In preparing the trustees, report and from the requirement to prepare a strategic report. Responslbllltles of trustees for the flnandal statements As explained more fully In the tru5tee5' responsibilities statement set out on page 5, the trustees (who are also the directors of the charitable cornpany for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they glve a true and fair view, and for such Internal control as the trustees determine is necessary to enable the preparatlon of financial statements that are free from material misstatement, whether due to fraLKI or error. In preparfng the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountin8 unles5 the trustees either Intend to liquidate the charftable company or to cease operatlons, or have no realistic alternatlve but to do so. Audltor'5 re5pon51bllltles for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the flnancial statements as a whole are free from material misstatement, whether due to fraud or error, and to 155ue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Mi$5tatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economlc decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prtxedure5 in line with our re5pon5ibilities, outlined above, .to detect material mi55taternent5 in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, Tncluding fraud is detailed below: Based on our understanding of the and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to regulatory requirements of the Charity Commission, and we considered the extent to which non-compliance might have a material effect on the financial 5tatement5. We a150 considered those laws and regulations that have a direct
Independent Auditor'5 Report to the Members of The Brltlsh and Irish Churches Trust Limited (continued) impact on the preparation of the flnandal statement5 such as the Companies Act 2006 and the Charities Act2011. We evaluated management's incentives and opportunTties for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate Journal entries and management bias in accounting estimates and judgements. Audit procedures performed by the engagemerit team included: Inspecting correspondence with regulators and tax authorities. Discussions wth managefflent Includin8 consideration of known or suspected instances of non- compliance with law5 and regulation and fraud; Evaluating management'5 controls designed to prevent and detect irregularities; Identifying and testing journal entries; and Challenglng assumptions and judgements made by management in their critical accounting estlmates Because of the Inherent Ilmltations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the flnanclal statement5 or rn-CoMplIance with regulation. Thi5 risk increases the more that compliance with a law or regulation 15 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 rlsk is also greater regarding irregularltles occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, colluslon, omlsslon or misrepresentation. A further descriptlon of our responslblllties for the audit of the financial statements is located on the Financial Reporting CouncTI's website at: www.frc.or .uk/auditorsres nslbilities. This descriptlon forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, In accordance with Chapter 3 of Part 16 of the Companles Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matter5 we are required to state to them In an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a t)ody, for our audlt work, for this report, or for the oplnions we have formed. Adam Halsey Senior Statutory Auditor For and on behalf of Haysmacintyre LLP Statutory Auditor London Dat•: 27 September 2024
THE BRITISH AND IRISH CHURCHES TRUST LIMITED (A charitable company limited by guarantee) Statement of financial activities (incorporating an Incomo and expenditure account) for the year ended 31 December 2023 2023 Unrestrlct ed fvnds 2023 2022 Unrestrict ed funds 2022 Total funds Total fund5 Note Incom• and •ndowm•nts from: Charltable actlvltle• Rental income from lease 1,200,000 1,200,000 1,200.000 1,200,000 R8charged expenses 107,419 107,419 9,401 9,401 Total 1307 419 1307 419 1209 401 1,209.401 Expendltur• on: Chorltab10 actlvltl Grants to Connected Charili¢$ Other 1,200,000 1,200,000 107,419 107,419 1,200.000 9,401 1.200,000 9,401 Total 1307 419 1307 419 1209.401 1,209,401 Not Incom{0XPendtUrn> Transfers betsveen fund8 Other recognised gains/llosses1 N•t movement In fund• Roconclllatlon of fund8'. Total fvnds txoughl forward Total fund8 carrled forward 20,000 20,000 All incoming and outgoing resources derive from continuing operations. The only recognised gains and losses are the results included in the Statement of Financial Activities., accordingly no statement of total recognised gains and losses is included.
THE BRITISH AND IRISH CHURCHES TRUST LIMITED (A charitable company limited by guarantee) Balance sheet as at 31 December 2023 Note 2023 2022 Current ass•ts Debtors 48.080 22,900 Cash al bank 112,557 109,000 160,637 131,900 Llabllltla¥ Creditors.. 8mounl8 falling due wllhln one year 111900 Not Cufrent BS8el8 20,000 20.000 Total net assets 20,000 20,000 Th• funds of lh• charfty UnStri8d fvnds 20,000 20,000 Total funds 20,000 20,000 Approved and authorised for issue by the Board of D1CtOrS and signed on behalf of the Board of Dire othon Date: 20 September 2024 Company Registration no.. 472409
THE BRITISH AND IRISH CHURCHES TRUST UMITED (A charitable company limited by guarantee) ststamont of cash flows as at 31 December 2023 Not• 2023 2022 Ca8h flows from operatlng actlvbtl Nel cash utilised by operating activities Change In cash and cash oqulval•nts In th• r•portlng p•rlod 3,557 {5) Cash and cash equivalents al the bggSnning of the r6porting perbd ' 112,557 109,000 Ca•h and cash equlval•nts at th• ond of tho r•portlng perlod 112,557 109,000 R•¢on¢lliatlon of nat incom• to n•t cash flow from op•ratlng actlvltl•8 Incr8858 In debtors 125,1801 {3.256) Increase in ¢reditor$ Net cash outllow from operating activities An•lysls of caBh and cash equlvalents C8sh 8t bank and In hand Total cash and cash equivalents 112,557 109.000 10
THE BRITISH AND IRISH CHURCHES TRUST LIMITED {A charitable company limited by guarantee) Notes to the accounts 1. Accounting policies Basls of preparation The accounts (financial statements) have been prepared in accordance with the Charities SORP (FRS102} applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 (Second Edition. effective 1 January 2019) arKI UK Generally Accepted Practice as It applies from 1 January 2019. The accounts are prepared under the historlcal cost convention. The Trustees believe there are no material uncertainties about the charity's ability to continue, and therefore the accounts have been prepared under the going concern basis. These financial statements present the results of BICT, a charitable company registered in England and Wales. Incom• pollcy All incoming resources accruing to the charity during the year are recognised in the statement of financial activities as soon as it is prudent and practicable to do so, when entitled, probable and measurable. Rental Income from leases consists of income from Christian Aid arising from the rent of Inter Church House. All other incom8 IS derived from recharging costs to the Charity's parent entities. Expendltura pollcy Expenditure consists primarily of grants to Connected Charities consisting of grants of income arising from the rent of Inter Church House. Other expenditure consists of audit foes. insurance costs and minor ancillary running expenses, as set out in Note 2. 11
THE BRITISH AND IRISH CHURCHES TRUST LIMITED (A charitable company limited by guarantee} Notes to the accounts {contlnued) Taxation BICT as a registered charity is potentially exempt from taxation on income and gains falling within section 466-493 of the Corporation Taxes Act 2010 and section 256 of the Taxation of Chargeable Gain Act 1992 to the extent these are applied for charitable purposes. Funds General funds are donations and other incoming resources recelvable or generated for the objects of the Charity without specified purpose. Judgements and estlmates In the application of the charity's accountlng policies, Trustees are required to make judgernents, estimates, and assumptions about the carying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects the current and future periods. In the view of the Trustees, no assumptions concerning th8 future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustrnent to their carrying amounts in the next financial year. The principal accounting policies, as set out above, have all been applied consistently throughout the year and the preceding year Flnanclal Assets and Llabilities BICT has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective interest method. Financial assets held at amortised cost comprise trade and other debtors. Financial liabilities held at amortised cost comprise, trade and other creditors. The financial assets held at amortised cost at 31 December 2023 were £149,556 (2022: £120,550). The financial liabilities held at amortised cost at 31 December 2023 were £140,637 (2022.. £111.900). 12
THE BRITISH AND IRISH CHURCHES TRUST LIMITED {A charitable company Ilmlted by guarantee) Notes to the accounts {continued) 2. Expenditure Grants to Connected Charities Grants to Connected Charities consists of grants of income arising from the rent of Inter Church House to Christian Aid. Other Charitable activities includes the following: 2023 2022 Charge for Llght and Space 150 150 Insurance premiums '12,357 8,406 Auditorfs remuneration - audit fee8 Bank Charges Legal and professional fees 1,590 840 93,283 107,419 9,401 There were no employees in BICT. in the current or previous year. 3. Net Incomo1(•xpandlture) Net incomel(expenditure) for the year is stated after charging: 2023 2022 Auditorfs remuneration - audit fees (net of VAT) Key management personnel and TNstees receive no remuneration from BICT Ltd. 1,325 700 4. DEBTORS 2023 2022 Prepayments 11,071 1,351 CTBI - current Account 37,009 11,549 48,080 22,900 13
THE BRITISH AND IRISH CHURCHES TRUST LIMITED (A charitable company limited by guarantee) Notes to the accounts (continued) 2023 2022 5. CREDITORS Accruals Christian Aid - current account 93.501 47,136 140,637 91.005 20,895 111,900 6. RELATED PARTY TRANSACTIONS Related party transactions in the year consisted of the recharging of expenses and grants of income arislng from the rent of .Inter Church House to Christian Aid. There have been no related party transactions that require disclosure other than transactions with connected charities, as follows: 2023 2022 Payments received from connected charities for rent: Christian Aid 1,200.000 1,200,000 Grants made to connected charities of rent received: Christian Ald Churches Together in Britain and Ireland 855.000 345,000 849,621 350,379 1200,000 1,200,000 Amounts due {toVfrom connected charitles at balance sheet date.. Recharged expenses Christian Aid Churches Together in Britain and Ireland Payment of insurance premlum on behalf of BICT Ltd 76,536 30.883 6,698 2,703 Christian Aid Payment of audit fees on behalf of BICT Ltd Christian Aid (12,077) (12,383) (840) 14
- CUSTODIAN TRUSTEE The Trust holds as custodian trustee the freeholds of the Offi property known as Inter Church House and a number of residential p.roperties. on behalf of Christian Aid and CTBI. 15