Company Registration No. 472409 Charity Registration No. 213148 THE BRITISH AND IRISH CHURCHES TRUST LIMITED (A charltable company Ilmlted by guarantee) Report and Financial Stat•m•nts 31 Decemb•r 2024
THE BRITISH AND IRISH CHURCHES TRUST LIMITED (A charitable company limited by guarant?e} REPORT AND FINANCIAL STATEMENTS 2024 CONTENTS Page Dlrectorn (Trustees) report stat•mont of directors, responslbllltie8 Indepondont audltor's report Stat•mant of flnanclal actlvltl•s Balanc• sh•at Statement of cash flows 10 Notes to the accounts
THE BRITISH AND IRISH CHURCHES TRUST LIMITED (A charltable company Ilmlted by guarantee) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The directors present their annual report and the audited financial statements for the year ended 31 December 2024. Reference and administrative details Charity number 213148 Company number 472409 Roglstered offlce Inter Church House 35-41 Lower Marsh London SE17RL Independent audltor Haysmac LLP 10 Queen Street Place London EC4R 1AG Bankers Lloyds Bank plc 25 Gresham Street London EC2V 7HN Sollcltors Bates Wells 10 Queen Street Place London EC4R 1BE Dlrectors and trust••s The directors who served durfng the year were as follows: The Rt. Rev Mgr Canon N J Rothon (Chalman) Ms Nicola Brady Mr Michael Mcclure Mr Mark Currie Mr Nick Georgiadis 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) Ms Elizabeth Walker (appointed 20 September 2024) Structure, Governance and Management Governlng Document The British and Irish Churches Trust Limited is a company limited by guarant8e 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.
Connected 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, 3541 Lower Marsh, London SE1 7RL, 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 maxlmum of ten members, six nominated by Christian Aid and four by Churches Together in Britain and Ireland. At the end of the financial year there were seven Directors from a maximurn of ten. No Director or Secretary received any remuneration or expenses from the Company. In accordance with the Articles of Association, one third, or the number nearest to one third of the Directors retire from office at the Annual General Meeting and may stand for re-election at that meeling. Trustees of BICT Ltd are either trustees, directors or senior members of staff of Christian Aid or Churches Together in Britain and Ireland and as such are appointed for their understanding of charity and company law and best practice in organisational governance. Through their respective organisations they are kept up-to-date with current rules, regulations and best practice. New trustees are offered an induction to Christian Aid, Churches Together in Britain and Ireland and the British and Irish Churches Trust. Key manag•ment personnel Day to day management of the Charity is effectively devolved by the Trustees to the Finance and Corporate Governance Director of Christian Aid for the time being. Key management personnel and Trustees receive no remuneration from BICT Ltd. Accountlng treatment of entlty For accounting purposes the property known 8s Inter Church House to which the Trust retains legal title is treated as a joint arrangement not an entity by The British and Irish Churches Trust Limited. On 13 December 2003 Christian Aid entered into a lease with BICT Ltd to occupy the whole propety. Rlsk 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 {Ihe lessee), and by ensuring that an appropriate level of insurance is in pla 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 regularly 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 to 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. Achievements and performance, and financial review 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 £1,229.483 (2023= £1,307.419), 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 SE17RL made between 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 2024. The Britlsh and Irish Churches Trust Limited acts as custodian trustee on behalf of Christian Aid for the following Iwo 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 for Christian Aid and Churches Together in Britain and Ireland for the foreseeable future. The Directors consider the Company to be a going concem. Public benefit The Trustees confirm that they have complled with thelr duty under sectlon 17 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit. In shaping th8 Charity's objectives and planning ils activities for the year, the Trustees have ensured that the Charity's aims are carried out for the public benefit. The Charity furthers its purposes by acting as custodian trustee for Christian Aid and Churches Together in Britain and Ireland, thereby supporting the charitable work of these organisations. The Trustees are satisfied that the Charity continues to meet the public benefit requirement and will review this annually.
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 statements. The directors have chosen to prepare the accounts for the company in accordance with United 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 with 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 suitsble 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 conrn basis unless it is inappropriate to presume that the company will continue in business, The directors are responsible for keeping proper accounting records whlch disclose 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Each of the persons who is a director at the date of approval of this report confirms 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 directorto make himselflherself aware of any relevant audit infomation and to establish that the company's auditors are aware of that infomalion. Thls confirmatlon is given and should be interpreted in accordance with the provisions of S418 of the Companies Act 2006. Approved by the Board of Directors and signed on behalf of the Board NRot Director E Walker Director Date.. 23 July 2025
Independent Auditor's Report to the Members of The British and Irish Churche5 Trust Limited Oplnlon We have audited the financial statements of The British and Irish Churche5 Trust Limited for the year ended 31 December 2024 which comprise the Statement of Financial Activities (incorporating an incorne and expenditure account), the Balance Sheet. the Statement of Cash Flows and notes to the financTal 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 Standard5. including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable cofflpany's affairs as at 31 December 2024 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 with Unlted Klngdom Generally Accepted Accounting Practice, and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance wlth Internatlonal Standards on Auditing (UK) {ISAs IUKII and applicable law. Our responsibllities under those Standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirement5 that are relevant to our audit of the financial statements in the UK, includlng the FRC'S Ethlcal Standard, and we have fulfilled our other ethical re5pon5ibilitie5 in accordance with these requirement5. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our oplnion. Concluslons relatlng to 8olng concern In aLkliting the financial statements, we have concluded that the trustees, use of the going concern ba515 of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertaintie5 relating to events or conditions that. individually or collectively, may cast Significant doubt on the charitable company'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 thls report. Other Informatlon The trustees are responsible for the other information. The other information comprises the Information included in the Trustees, Annual Report. Our opinlon on the financial statements doe5 not cover the other infomiation 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 5tatement5 or our knowledge obtained in the audit or otherwise appears to be fflaterially misstated. If we identify such material incon51Stencies or apparent material mi55tatements, 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 misstatement of this other information, we are required to report that fact. We have nothing to report in thi5 regard.
Independent Auditor's Report to the Members of The British and Irish Churches Trust Limited (continued) Opinlons on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information g7ven in the Trustees, Annual Report (which includes the director5, report prepared for the purposes of company lawl for the financial year for which the financial statements are prepared is consistent with the financial statement5; and and the directors. report included within the Trustees, Annual Report have been prepared Tn accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatement5 in the Trustees, Annual Report (which incorporates the strategic report and the directors, reporti. 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 accounting records and return5: or certain disclosures of trustees, remuneration Specified by law are not made. or we have not received all the informatlon and explanations we require for our audit. or the trustees were not entitled to prepare the financlal 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 5trate8ic report. Responslbllltles of trustee5 for the flnanclal statements As explained more fully in the trustee5' responslbilities statement set out on page 5, the tru5tee5 (who are also the directors of the charitable company for the purposes of company lawl are responslble for the preparation of the financial statements and for being sat15fied that they 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 assesslng the charitable cornpany'5 ability to continue as a going concern, disclosing, as applicable, matter5 related to going concern and using the going concern basis of accounting unless the trustees either intend to Ilquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responslbSlltles for the audit of the financlal statements 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of a55urance, but is not a guarantee that an audit conducted in accordance with 15As IUKI 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 u5er5 taken on the basis of these financial statements. Irregularitie5, including fraLKJ, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mi55tatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including 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 statements. We also considered those laws and regulations that have a direct Independent Audltor's Report to the Members of The British and Irish Churche5 Trust Limited (continued) impact on the preparation of the financial statements such a5 the Companies Act 2006 and the Charities Act 2011. We evaluated management's incentives and opportunities 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 entrie5 and management bias in accounting estimate5 and judgements: Audit procedures performed by the engagement team included.. Inspecting correspondence with regulator5 and tax authorities; Discussions with management including consideration of known or suspected instances of non-compliance wlth laws and regulation and fraud. Evaluatlng management's controls designed to prevent and detect irregularities: IdentifyTng and testlng journal entries; and Challenging assumptions and judgements made by management in their critical accounting estlmates Because of the inherent Ilrnltatlons of an audlt, there Is a risk that we wlll not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compllance 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 ri5k15 a150 greater regarding irregularities cKcurring due to fraud rather than error, as fra involves Intentional concealment, forgery, collusion, omission or mlsrepresentation. A further description of our responslbilities for the audit of the financial statements is located on the Financial Reporting Council'5 website at: www.frc.or .uk/auditorsres nsibilities. This description forms part of our auditor's report. Use of our report Thls report is made solely to the charitable company's members, as a body, In accordance with Chapter 3 of Part 16 of the Companies Act 2006, Our audit work has been undertaken so that we might State to the charitable company's member5 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'5 mernbers, as a body, for our audit work, for this report, or for the opinions we have formed. Adam Halsey Senior Statutory Auditor For and on behalf of Haysmac LLP Statutory Auditor London g£
Date: THE BRITISH AND IRISH CHURCHES TRUST LIMITED (A charitable company limited by guarantee) Statement of flnanclal actlvltias (incorporatlng an Income and expenditure account) for the year ended 31 December 2024 2024 Unrestrlcted funds 2024 Total fund8 2023 Unrgstrlcted funds 2023 Total funds Noto Income and endowments from: Charltable aGtlvitlo8 Rental Income from lease Re¢harged expensos 1,200.000 1,200,000 29,483 29,483 1,200,000 107,419 1.200.000 107.419 Total 1,229,483 1,229,483 1,307,419 1,307,419 ExpendStur• on: Chafltable actlvltl•s Grants to Connected Charities Olhor 1,200,000 1,200,000 29,483 29,483 1,200,WO 107,419 1.200.000 107.419 Total 1,229,483 1,229,483 1,307,419 1,307,419 Net in¢om•llaxp8ndltur•) Transfers between fvnd$ other re¢ognised gainslllossesl Not mov•m•nt in funds Roconclllatlon of fund8: Total funds brought forward 20,000 20,000 20,000 20.000 Total funds carrled forward 20,000 20.000 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 charltable company Ilmlted by guarantee) Balance sheet as at 31 December 2024 Note 2024 2023 Current a8sets Debtors 57.932 48.080 Cash at bank 112,035 112,5S7 169,987 180,637 Liabiliti•• Credilor5.' amounts falling due within one year 149,967 140,637 Net ¢urr8nl assets 20,000 20,000 Total nel 88sets 20.OCH) 20,000 Tho funds of the charlty Unr8slrScled funds 20,000 20,000 Total funds 20,000 20,000 Approved and authorised for issue by the Board of Directors and signed on behalf of the Board of Directors Director Date: 23 July 2025 Company Registration no.. 472409
THE BRITISH AND IRISH CHURCHES TRUST LIMITED {A charltable company Ilmlted by guarantee) Statement of cash flows as at 31 December 2024 Note 2024 2023 Cash flows from operatlng actlvltlos Nel cash ulilised by operating activities (5221 3,557 Change In cash and cash equlval•nts In tho rnportlng p•rlod 15221 3.557 Cash and ca8h equlvalenls 81 the beginning of the reporting perlo¢J 112,557 109,000 Ca•h and cash oquSval•nts at th• •nd of tho roportlng perSod 112.035 112,557 R•conclllatlon of net Incorno to net Cuh flow from operatlng actlvltles Increase In debtors 19,8521 {25,1801 Increase in creditors 9.330 28,737 Net cash oufflow from operating activities 1522) 3,557 Analy818 of ¢ash and cash equlvalents Cash al bank and in hand 112.035 112,557 Total cash and cash equivalents 112,035 112,557 The charity has no borrowings and therefore no reconclliation of net debt is presented THE BRITISH AND IRISH CHURCHES TRUST LIMITED 10
(A charltable company Ilmlted by guarantea) Notes to the accounts 1. Accountlng policies Basis of preparation The accounts (financial statements) have been prepared in accordance with the Charities SORP (FRS1021 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) and UK Generally ACpted Practice as it applies from 1 January 2019. The accounts are ppared under the historical 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 concem basis. These financial statements present the results of BICT. a charitable company registered in England and Wales. Income pollcy All Incomlng resources accruing to the charity during the year are r8cognis8d 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 income is derived from recharging costs to the Charity's parent entities. Expenditure 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 fees, insurance costs and minor ancillary running expenses, as set out in Note 2. 11
THE BRITISH AND IRISH CHURCHES TRUST LIMITED (A charitabl• company limited by guarantee) Notes to the accounts (continued) Taxation BICT as a registered charity is exempt from corporate tax on income to the extent that it is applied for its charitable purposes. Funds General funds are donations and other incoming resources receivable or generated for the objects of the Charity without specified purpose. Judgements and estlmates In the application of the charity's accounting policies. Trustees are required to make judgements, estimates, and assumptions about the carrying 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 undedying 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 conceming the future or estimation uncertainty affecting assets and liabilities at the balance sheet date are likely to result in a material adjustment 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 Finanelal Assets and Llabllltles 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 melhod. Financial assets held at amortised cost comprise trade and other debtors. Financial liabilities held at amortised cosl comprise, trade and other creditors. 12
THE BRITISH AND IRISH CHURCHES TRUST LIMITED (A charitsble company limited by guarantee) Notes to the accounts (continued) 2. Expendituro Grants to Connected Charitl8S 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: 2024 2023 Charge for Light and Space Insurance premiums Auditor's remuneration- audit fees Bank Charges Legal and professSonal fees 150 12,069 1,800 43 15,421 150 12,357 1,590 38 93,283 29,483 107,419 There were no employees in BICT. in the current or previous year. 3. Net Incomel(expendlture) Net 1ncomel(expenditu) for the year is stated after charging.. 2024 2023 Auditorfs remuneration- audlt fees (net of VAT) 1,500 1,325 Key management personnel and Trustees receive no remuneration from BICT Ltd. 4. DEBTORS 2024 2023 Prepayments 10,983 11,071 CTBI - current Account 46,949 37,009 57,932 48,080 13
THE BRITISH AND IRISH CHURCHES TRUST LIMITED (A charitable company limit9d by guarantee) Notes to the accounts (continued) 2024 2023 5. CREDITORS Accruals 94,929 93,501 Christian Aid - current account 55,038 149,967 47,136 140,637 6. RELATED PARTY TRANSACTIONS Related party transactions in the year consisted of the recharging of expenses and grants of income arising 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.. 2024 2023 Payments received from connected charities for rent.. Christian Aid 1,200,000 1,200,000 Grants made to connected charities of rent received: Christian Aid Churches Together in Britain and Ireland 855,000 345,000 855,000 345,000 1,200,000 1,200,000 Amounts due (to)Ifrom connected charities at balance sheet date.. Recharged expenses Christian Aid Churches Together in Britain and Ireland Payment of Insurance premium on behalf of BICT Ltd 21.006 8,476 76,536 30,883 Christian Aid Payment of audit fees on behalf of BICT Ltd Christian Aid (11,981> (12,077) (1,800) (1,590) 14
- CUSTODIAN TRUSTEE The Trust hold8 as custodian trustee the freeholds of the office property known as Inter Church House and a number of residential properties, on behalf of Christian Aid and CTBI. 15