Missionaries’ Children’s Fund
Report and Unaudited Financial Statements
Year ended 31 December 2023 Charity Number 220204
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Missionaries’ Children’s Fund
| Contents | |
|---|---|
| Page | |
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 3 |
| Trustees’ Report | 4 |
| Independent Examiner’s Report | 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 |
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Missionaries’ Children’s Fund
Reference and administrative details of the charity, its trustees and advisers
Corporate trustee: Echoes International Charity registered number: 220204 Principal office: 124 Wells Road BATH BA2 3AH Independent Examiner: Joshua Kingston BSc ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Flax Bourton Bristol BS48 1UR Bankers: National Westminster Bank plc 24-25 Stall Street BATH BA1 1QF Solicitors: Hugh James Two Central Square Cardifff CF10 1FS
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Missionaries’ Children’s Fund
Report of the trustee for the year ended 31 December 2023
The Trustee presents its annual report and financial statements of the charity for the year ended 31 December 2023. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and 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 United Kingdom and Republic of Ireland (FRS102).
Objects, mission and aims
The object is to care for the children of mission partners associated with Echoes International and particularly in assisting them in connection with their education.
The mission is:
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to assist mission partners with educational costs for their children, particularly when boarding is necessary due to their overseas location but not to relieve parents of their responsibility for the education of their children, and only after careful enquiry, each case being decided on its merits.
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to make the work of the Fund widely known through all United Kingdom assemblies and assembly agencies with whom the Fund will co-operate in cases where specific needs are brought to the attention of the Management Committee.
The aim of the Fund is to support the children of mission partners commended from UK assemblies to help with the educational expenses incurred, until further education, while their parents are serving in crosscultural mission.
Grant making policy
Each year the Management Committee approves an annual distribution of funds to support the education of the children of families on the Echoes International Daily Prayer Guide. The amounts awarded to each family are based on an assessment of the known needs of each child. Each award is determined according to two broad categories:
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families who need to send their children to schools which charge fees or provide home schooling receive a contribution towards the annual school fee.
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families who send their children to non fee-paying local schools receive a one-off annual contribution towards books and uniform. The value depends upon whether the child attends a primary or secondary school.
The Management Committee may also approve extra grants towards the known special educational needs of the children of mission partners.
Nursery and pre-school education are not eligible for financial assistance from the Fund and no ongoing support is given in respect of children entering tertiary education.
The grant-making criteria are determined by the Management Committee, and are subject to review at their regular meetings.
Achievements and performance: how our activities delivered public benefit
The Trustee has considered the Charity Commission’s guidance on public benefit. The Fund contributes to the delivery of public benefit by supplying financial resources for the educational and associated needs of children whose parents are engaged in voluntary work overseas, often with very low levels of income. The support given by the Fund allows such parents to continue working in their chosen country as they provide a range of educational, medical, environmental, social, religious and other developmental assistance.
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Missionaries’ Children’s Fund
During 2023, the Fund made grants totalling £44,174 to 26 families in respect of 62 children in 13 countries. The letters and emails received from parents not only express appreciation for the grants from the Fund but often refer to the timeliness of the grant, arriving when needs are greatest.
Financial review
During the past year, the Fund received income totalling £47,368 and has distributed funds totalling £44,174. Administration costs amounted to £579, being the cost of fees and sundry bank charges.
The Charity's full financial position is set out in the attached financial statements. There are no contingent liabilities. The Fund owns no property and, as a matter of investment policy, all its assets are in funds with its bankers.
Risk management
The key risks for the Fund are a lack of incoming resources and payments to ineligible families or in respect of ineligible children.
The Fund welcomes the free-will gifts of assemblies, individuals and organisations but it does not, as a matter of policy, undertake fund-raising activities. Financial contributions to cover shortfalls in proposals for disbursements have always been provided by a committed source, and there is no reason to suppose this support will not continue.
To mitigate the risk of payments to ineligible families or in respect of ineligible children, the Management Committee reviews the financial needs for the education of each child each year on an annual basis to ensure that proposals for disbursements are based on up-to-date information.
Reserves policy
The Fund has no formal reserves policy as we distribute all the funds that are received from donors, and we have no long-term liabilities. Although our distributions help provide funds towards educational costs for families linked to Echoes International, there is no promise made or implied contract that guarantees support will continue if income is not received.
Plans for the future
Each year brings a new set of educational needs to the Management Committee and it intends to continue to identify, assess and support these needs.
Structure, governance and management
The Missionaries' Children's Fund, earlier registered as a charity in the name of "Missionaries' Children's Home", based at Bury St. Edmund's since 1913, was formed on 1 August 1966 possessed of the assets of the Missionaries' Children's Home which closed at the end of July in that same year. The Fund was registered as a Charity in England and Wales on 1 April 1964.
There is no overall governing document, the Charity being run upon guidelines which were established in May 1969 and revised in 2012.
The Management Committee members are appointed by the Corporate Trustee on the basis of their experience, skills and knowledge of the particular work of the Fund.
Members of the Management Committee continue to serve without any specific term of office.
New members of the Management Committee are given Minutes, Annual Reports and Accounts, and are invited to monitor Management Committee operations as their induction to the role.
Management Committee Members meet up to twice a year to discuss each case based on personal knowledge and correspondence that has been received. A decision is made on the known needs of the children at that time and the level of funds available.
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Missionaries’ Children’s Fund
Most of the money is distributed to the families through Echoes International. In exceptional circumstances a distribution is sent directly as a need arises.
The function of the office is to perform the day-to-day administration of the Fund and to receive, acknowledge and process donations from individuals, churches, trusts and legacies.
The charity has no direct relationship with any charity other than Echoes International.
Key management personnel remuneration
The members of the Management Committee comprise the key management personnel of the charity in charge of directing, controlling, running and operating the charity, as well as others who provide educational and financial advice. All members of the Management Committee give of their time freely; no remuneration is paid to them and there are no paid employees.
Reference and Administrative information
Charity Registration
The Missionaries’ Children’s Fund is registered with the Charity Commission, reference 220204.
Trustees
Echoes International are the Corporate Trustees, of whom the Trustees are:
| S R Durrant | A H Smith |
|---|---|
| F M McPhail | S Prince |
| S Shaw | D Brown |
| Paul Coxall | N McQuoid |
| Management Committee | |
| Mr Jim Armstrong, Chairman | Miss Debbie Scott |
| Mr Bogi Vang (retired 14 June 2024) | Mr Rupert Abbott |
| Miss Rachel Daws | Mrs Angie Dodds |
| Miss Hilary Millard | Mrs Michelle Munro (appointed 14 June 2024) |
Principal Address
Missionaries' Children's Fund, Echoes International, 124 Wells Road, Bath, BA2 3AH
Independent Examiner
Burton Sweet Ltd, The Clock Tower, 5 Farleigh Court, Old Weston Road, Flax Bourton, Bristol, BS48 1UR
Bankers
National Westminster Bank, City of Bath Branch, 24-25 Stall Street, Bath, BA1 1QF
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Missionaries’ Children’s Fund
Trustee's responsibilities in relation to the financial statements
The charity trustee is responsible for preparing a trustee’s annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the charity trustee to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustee is required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP (FRS 102);
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make judgments and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustee is responsible for keeping proper accounting records that 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, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustee is responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
Approved by the trustee on 2 August 2024 and signed on its behalf by:
Simon Prince
Chair of the Corporate Trustee
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Missionaries’ Children’s Fund
Independent Examiner’s report for the year ended 31 December 2023
I report to the trustees on my examination of the accounts of Missionaries' Children's Fund (the Charity) for the year ended 31 December 2023, which are set out on pages 9 to 14.
Responsibilities and basis of report
As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Joshua Kingston BSc ACA Burton Sweet Limited The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR
Date: 2 August 2024
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REPORT AND UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
Statement of Financial Activities
| Note Income from: Donations and legacies 2 Investments Total income Expenditure on: Charitable activities 3 Total expenditure Net income/(expenditure) and net movement in funds 5 Total funds at start of year 10 Total funds at end of year 10 |
Total Funds 2023 £ 47,336 32 47,368 44,753 44,753 2,615 51,063 53,678 |
Total Funds 2022 £ 68,018 37 |
|---|---|---|
| 68,055 | ||
| 46,252 | ||
| 46,252 | ||
| 21,803 29,260 |
||
| 51,063 |
The Charity has no recognised gains or losses other than the results of the year as set out above.
All of the activities of the Charity are related to unrestricted funds in both years and are classed as continuing.
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REPORT AND UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
Balance Sheet
| Note Current assets Debtors 8 Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 9 Net current asset Net assets FUNDS Unrestricted funds General funds Designated funds Total funds |
2023 £ 53,227 2,886 56,113 (2,435) 53,678 53,678 53,678 - 53,678 |
2022 £ 23,524 29,974 |
|---|---|---|
| 53,498 (2,435) |
||
| 51,063 | ||
| 51,063 | ||
| 51,063 - |
||
| 51,063 |
The financial statements were approved by the Trustees on 2 August 2024 and are signed on their behalf by:
Simon Prince Chair of the Corporate Trustee
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REPORT AND UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
1. Accounting policies
Accounting convention
The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity is a public benefit entity as defined under FRS102. The Trustees consider that there are no material uncertainties affecting the ability of the charity to continue as a going concern.
Income
Income from donations is included in income when these are receivable, except as follows:
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I. When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods;
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II. When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met.
Legacies are included on a receivable basis where charity is entitled to the income, it can be measured reliably and receipt is probable. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is not included in income but is treated as a contingent asset and disclosed if material.
Investment income is included on a receivable basis.
Expenditure
Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered.
Charitable activities
Grants awarded are allocated to charitable activities.
Grants awarded are treated as expenditure and a liability in the accounts as soon as they become legal or constructive obligations. In the case of multi-year grant awards, the funding for all years is immediately recognised unless there are conditions which need to be met by the recipient to enable the release of subsequent years’ funding.
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REPORT AND UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
1. Accounting policies (continued)
Governance costs
Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity. Governance costs are included within support costs.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees.
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.
Designated funds form part of unrestricted funds and have been identified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees.
Further explanation of the nature and purpose of each fund is included in note 10 of the financial statements.
2. Income from: Donations and legacies
| Donations Gift Aid Refund |
Total Funds 2023 £ 45,611 1,725 47,336 |
Total Funds 2022 £ 66,491 1,527 68,018 |
|---|---|---|
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REPORT AND UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
3. Expenditure on: Charitable activities
| Charitable activities Grants for the education of missionaries’ children Support costs Bank charges Governance costs (Note 4) Governance costs Accountant’s fees Publication cost |
Total Funds 2023 £ 44,174 9 570 44,753 Total Funds 2023 £ 570 - 570 |
Total Funds 2022 £ 44,681 11 1,560 46,252 Total Funds 2022 £ 570 990 1,560 |
|---|---|---|
4. Governance costs
5. Net income/(expenditure) for the year
No Trustees have been reimbursed for their out of pocket travel expenses (2022: None). No Trustee received any remuneration during the year.
Aggregate donations from Trustees, key management personnel, and other related parties was £nil (2022: £nil).
6. Staff costs and numbers
There were no employees in the current or prior year. Key management personnel of the charity are the Trustees. The total employee benefits of the key management personnel of the charity were £nil (2022: £nil). No trustee received any remuneration during both the current and prior year.
7. Taxation
The charity is exempt from corporation tax on its charitable activities.
8. Debtors
| Due in less than one year: Trade debtors Tax reclaimable under Gift Aid |
2023 £ 52,527 700 53,227 |
2022 £ 22,824 700 23,524 |
|---|---|---|
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REPORT AND UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
9. Creditors: amounts falling due within one year
| Trade creditors Accruals and deferred income |
2023 £ 1,025 1,410 2,435 |
2022 £ 1,025 1,410 2,435 |
|---|---|---|
10. Movement in funds
For the year ended 31 December 2023
| Unrestricted funds Missionary funds General funds Total funds |
At 1 Jan 2023 £ - 51,063 51,063 51,063 |
Income £ - 47,368 47,368 47,368 |
Expenditure £ (44,174) (579) (44,753) (44,753) |
Transfers £ 44,174 (44,174) - - |
At 31 Dec 2023 £ - 53,678 |
|---|---|---|---|---|---|
| 53,678 | |||||
| 53,678 |
Missionary Funds – Grants for the education of missionaries’ children
For the year ended 31 December 2022
| Unrestricted funds Missionary funds General funds Total funds |
At 1 Jan 2022 £ - 29,260 29,260 29,260 |
Income £ - 68,055 68,055 68,055 |
Expenditure £ (44,681) (1,571) (46,252) (46,252) |
Transfers £ 44,681 (44,681) - - |
At 31 Dec 2022 £ - 51,063 |
|---|---|---|---|---|---|
| 51,063 | |||||
| 51,063 |
11. Related party transactions
There are no transactions with the trustees or other related parties other than those disclosed as required by the SORP elsewhere in the financial statements.
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