OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-04-30-accounts

U SCL UNITED SOCIETY FOR CHRISTIAN LITERATURE

TRUSTEES’ REPORT AND ACCOUNTS FOR THE YEAR ENDED 30 April 2024

Company Registration Number: 64568 Charity Registration Number: 226512

The Foundry 17 Oval Way London SE11 5RR

Telephone: 020 3752 5800

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

Contents

2 Trustees’ Report 8 Independent Auditor’s report to the Members of the United Society for Christian Literature 12 Statement of Financial Activities 13 Balance Sheet 14 Statement of Cashflows 15 Notes to the Accounts

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

Trustees’ Report

LEGAL AND ADMINISTRATIVE INFORMATION

The United Society for Christian Literature (USCL) is an incorporated charity limited by guarantee, company registration no. 64568, and charity registration no. 226512, having special permission to dispense with the use of the word ‘limited’ and operates in accordance with its Memorandum and Articles of Association. The company was incorporated in 1899 and renamed on 14[th] May 1935 as the United Society for Christian Literature. The Society is interdenominational in organisation and spirit and exists to provide Christian teaching to Christians and others around the world.

USCL’s registered office is at The Foundry, 17 Oval Way, London, SE11 5RR.

PRESIDENT AND HONORARY OFFICERS

Mr Jonathan Kerry (Chair)

The Revd Philip Simpson (Honorary Secretary) Mrs Christine Elliott (Honorary Secretary) Mr Garry Beech (Honorary Treasurer)

TRUSTEES AND DIRECTORS

The members of the General Committee of USCL who act as Directors and Trustees are:

Mr Jonathan Kerry

Dr Frances Shaw Mr Garry Beech

Ms Christine Elliott

The Revd Philip Simpson

Mr Paul Langridge

Mrs Josephine Carlsson

COMPANY SECRETARY

Ms Sandra Golding – resigned 30 May 2024 Ms Lucy Moore – appointed 31 May 2024

CONNECTED CHARITIES

USCL continues to work in partnership with Feed the Minds (Charitable Incorporated Organisation Number 1165603) following the agreement of the MoU signed on 13[th] July 2016 with the intention to work together to increase their charitable work, improve cost-to-income ratios, improve administration and create a better service to beneficiaries. Feed the Minds is the managing partner in the MoU and all programme related decisions are made by Feed the Minds, with representatives of USCL sitting on the Feed the Minds Executive Committee, and regularly monitoring FTM programme work. The Director of Feed the Minds is also the Company Secretary of USCL.

EXECUTIVE STAFF

The activities of USCL are performed by the executive staff team of Feed the Minds headed by its CEO, Ms Sandra Golding, who was also the Company Secretary for USCL throughout the 2023-24 financial year. Ms Golding resigned from her position on 30 May 2024 and an interim CEO, Ms Lucy Moore, has been appointed to fill this role until such time as a permanent replacement is recruited.

No staff members are employed directly by USCL.

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

PRINCIPAL PROFESSIONAL ADVISERS

Auditors:

Sayer Vincent LLP 110 Golden Lane London, EC1Y 0TG 020 7841 6360

Bankers: Lloyds Bank Guildford Branch PO Box 3, 147 High Street Guildford Surrey GU1 3AG

Investment Managers : CCLA Investment Management Ltd 1 Angel Lane, London EC4R 3AB Solicitors: Winkworth Sheerwood Minerva House 5 Montague Close London SE1 9BB

STRUCTURE, GOVERNANCE AND MANAGEMENT

USCL is administered by a Committee of unpaid members, acting as Trustees and Directors, who serve alongside the paid executives, employed by Feed the Minds. Feed the Minds administers the activities of the charity on a day to day basis under delegated authority. All Trustees are unpaid volunteers and no trustee remuneration or expenses were paid in the year. Trustees are required to disclose all relevant interests in a register and in accordance with the charity’s policy withdraw from decisions should a conflict of interest arise.

Committees

The Committee is elected at the Annual General Meeting by members of the Society and consists of the Treasurer and Honorary Secretaries, not more than nine elected members and not more than three co-opted members.

The Committee approves major decisions and has overall responsibility for all USCL’s activities.

The Investment Committee of USCL consists of the Chairman, the Honorary Treasurer and one Honorary Secretary.

Trustee selection, appointment and competence

At each General Meeting the three longest-serving elected members of the Committee retire and are eligible for re-election except that after a continuous period of service of nine years, they are not eligible for re-election until the following year.

New Trustees receive a comprehensive induction pack to acquaint them with USCL’s aims and activities, policies and practices, management and governance, with what is expected of them under charity law, with particular reference to Charity Commission guidance publications.

The Committee conducts an annual review of its requirement for Trustee appointments and maintains the personal competence of its members through occasional training days. The organisation conducts an annual review of its strategy and objectives.

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

Risk Management

The major risks to which the charity is exposed, as identified by the Trustees, have been reviewed and systems established to manage those risks. The Trustees have formalised their risk assessment and management process to include a review of the risk register compiled by the Trustees and Company Secretary. The Trustees delegate responsibility for day-to-day management to Feed the Minds, including committees, planning and budgeting procedures, authorisation, and delegation of tasks with segregation of duties. The risk register is updated quarterly and discussed by the Trustees and it was last reviewed in April 2024. The main risks for the charity are the security and income from the assets in Zambia and the value and level of income derived from the investments. These risks are monitored closely, and an investment committee has annual meetings with the investment manager and regularly reviews the performance.

AIMS, OBJECTIVES AND ACTIVITIES

Objects

The Society, interdenominational in organisation and spirit, exists for the dissemination of Christian teaching and by this means seeks to serve the church around the world. The objects of the charity are laid out in the Memorandum and Articles of Association 1899 (revised 1935, 1942, 1951 and 1986).

The Trustees confirm that they have complied with the duty in Section 17(5) of the Charities Act 2011, to have due regard to the guidance issued by the Charity Commission on public benefit.

The charitable purpose for the charity within the meaning of the Act is enshrined within its objects.

Aims

The objective of USCL is to provide grants and other assistance to support communication of the Christian faith around the world.

Activities

The main thrust of work occurs through the regular grants made to support the programme of the charity Feed the Minds, with whom USCL has enjoyed a very long-standing relationship. A decision was taken in February 1983 by the Committee to make most of the incoming resources to USCL available to Feed the Minds for their programme.

Grant-making policy

USCL makes grants to Feed the Minds in support of projects that include the following activities: theological education worldwide, support to Christian publishing initiatives overseas, and support to a wide range of communication and education activities of Church-related and other Christian organisations around the world who serve their local communities. Beneficiaries are of all faiths and none.

These aims, objectives and activities have remained unchanged since the previous set of Financial Statements.

Statement of Trustees’ responsibilities

The Trustees (who are also directors of United Society for Christian Literature for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and the provisions of the charity’s constitution. 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.

TRUSTEES’ RESPONSIBILITIES

So far as each of the Trustees is aware at the time the report is approved:

The Society’s accounts for the year ended 30 April 2024 have been prepared in accordance with The Charities (Accounts and Reports) Regulations 2005, the current Statement of Recommended Practice ‘Accounting and Reporting by Charities’ (Charities SORP 2015) and applicable accounting standards.

ACHIEVEMENTS AND PERFORMANCE

Despite realised and unrealised gains on the investment portfolio this year, the value of the investments still decreased (as specified in the financial review), primarily due to the level of drawdown that was required in order to meet grant commitments to Feed the Minds this year.

Following on from a review of the CCLA’s investment management over the year and their predictions of future performance, the Investment Committee recommended that USCL should continue to use CCLA for the management of the funds.

The rental income generated by USCL’s properties in Zambia remained fairly consistent with previous years. This was despite the difficult economic climate. Whist Zambia's economy had started to recover, the impact of a contraction in copper production / export for 3 consecutive years, significantly reduced the country’s foreign currency earnings. This, combined with the uncertainty in finalising Zambia’s debt restructuring, put pressure on the exchange rate in 2023/24, leading to significant currency depreciation in 2023 and an associated rise in inflation.

Feed the Minds’ continued sustainable growth is in line with USCL’s strategic aims. The support to Feed the Minds’ small and medium programmes is enabling programme implementation with a strong emphasis on equipping partners with knowledge related to effective literacy programming. In 2023, the charity provided match funding support to two projects based in Uganda.

Examples of these and other projects can be viewed at www.feedtheminds.org and further information is available in the Annual Report and Accounts and the Annual Review of Feed the Minds.

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

FINANCIAL REVIEW AND RESULTS

The results from USCL’s activities are set out on pages 12 to 22. For the year ended 30 April 2024, USCL’s total expenditure exceeded its income by £297,328 (2023: by £255,515).

Total income reduced by almost £25,000 (22%) versus the prior year. This was partly due to a reduction in dividend income from investments of £8,141 (11%), compounded by a reduction of £16,752 (40%) in income received and drawn down from the property rentals in Zambia this year, following the significant currency depreciation.

Total charitable activity increased by £16,996 (5%) versus prior year at £386,122 (2023: £369,126), mainly reflecting the increase in grants payable to Feed the Minds in the year to 30 April 2024. The amount of unrestricted grant payable to Feed the Minds reduced by £20,000 to £330,000 (2023: £350,000). However, the amount granted to support specific projects in Uganda and Zambia, increased by £37,567, this year, in order to allow Feed the Minds to start up a greater number of projects this year.

Realised and unrealised gains on investment assets amounted to a gain of £209,295 (2023: loss of £60,696) and this left the charity with an overall deficit for the year of £88,033 (2023: 316,211).

The total value of net assets at 30 April 2024 was £2,297,367 (2023: £2,385,400) a decrease of £88,033 on last year, reflecting the reduced level of income receivable this year, together with the increased level of grant support to Feed the Minds, (in part netted by the investment gains to year-end).

Investments

The value of our investments at 30 April 2024 was £2,273,061 (2023: £2,363,766) which comprised £1,983,607 (2023: £2,134,681) in the COIF’s Charities Ethical Investment Fund and £289,454 (2023: £229,085) relating to the freehold property in Zambia.

USCL is empowered under its Memorandum and Articles of Association to invest fund balances to provide an income which can be distributed in grants. It has appointed CCLA of 1 Angel Lane, London EC4R 3AB as its investment managers. USCL have delegated the day-to-day management of its investments to Feed the Minds but the USCL Investment Committee aims to meet with investment managers annually to review investments. This Committee seeks a balance between capital growth and income in managing the charity’s portfolio. The USCL Chairman, Treasurer and one Honorary Secretary are members of the Investment Committee. The Investment Policy Statement was updated and approved by the USCL Trustees on 21[st] November 2022.

Reserves

Details of the Society’s Reserves are set out in note 10. Total reserves at 30 April 2024 were £2,297,367 (2023: £2,385,400) made up of endowment funds of £78,153 (2023: £72,687) and unrestricted income funds of £2,219,214 (2023: £2,312,713). Unrestricted income funds are split into three parts: a general fund of £1,929,761 (2023: £2,080,867), a designated property fund of £289,453 (2023: £229,085) reflecting the value of the freehold property in Zambia, and a legacy fund of £nil (2023: £2,761) which releases legacies received into general funds over a five year period with the aim of equalising the amount available for distribution as grants.

USCL has a substantial reserve resulting partly from the sale of its Guildford property in 1983. Since that time, the Society has adopted the policy of treating this as a fund to provide an income stream for the work and objectives of the charity through Feed the Minds.

FUTURE PLANS

The Society intends to maintain its support of the programmes of Feed the Minds by continuing to make available to them, donations and incoming resources for their partner programmes. The Society has also expressed openness to provide match funding for statutory grants, should such projects be in line with USCLs’ aims. A new Memorandum of Understanding was adopted on 13 July 2016 due to the change of legal status for Feed the Minds in becoming a Charitable Incorporated Organisation (CIO) but with similar objectives. This was last reviewed and updated in May 2020.

The Society’s objectives for the financial year 2024-25 are as follows: -

  1. To further the purposes of USCL by providing funds to Feed the Minds.

  2. 6 -

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

  1. To continue to closely monitor the management of the USCL property in Zambia with the aim of selling the property.

  2. To keep the performance of its investments under careful review.

AUDITOR

Sayer Vincent LLP was reappointed as the charitable company’s auditor during the year and has expressed its willingness to continue in that capacity.

The trustees’ annual report has been approved by the trustees on 3[rd] October 2024 and signed on their behalf by

Mr Jonathan Kerry Chair of the Committee

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

Independent auditor’s report to the to the members of United Society for Christian Literature

Opinion

We have audited the financial statements of United Society for Christian Literature (the ‘charitable company’) for the year ended 30 April 2024 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 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 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 United Society for Christian Literature'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 other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the 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. 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 course

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

of 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required 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 misstatements in the trustees’ annual 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:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied 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 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 accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial 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 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.

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

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 is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities . This description 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 Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters 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

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Noelia Serrano (Senior statutory auditor)

30 October 2024

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

United Society for Christian Literature Statement of Financial Activities for the year ended 30 April 2024

Year ended 30 April 2024 ended 30 April 2024
Statement of Financial Activities Unrestricted
Endowment		 Total Total
Funds
Funds		 Funds Funds
2024 2023
Notes £ £ £ £
Income and endowments:
Donations 328 - 328 357
Investment income 3 88,466 - 88,466 113,254
___ ___ ___ __
Total income 88,794 - 88,794 113,611
___ ___ ___ __
Expenditure:
Expenditure on Charitable activities:
4 386,122 - 386,122 369,126
___ ___ ___ __
Total expenditure 386,122 - 386,122 369,126
___ ___ ___ __
Net Expenditure and net movement in funds before gains (297,328) - (297,328) (255,515)
/ (losses) on investments
Net gains / (losses) on investments 6 203,829 5,466 209,295 (60,696)
___ ___ ___ __
Net movement in funds (93,499) 5,466 (88,033) (316,211)
Reconciliation of Funds
Total Funds brought forward 2,312,713 72,687 2,385,400 2,701,611
___ ___ ___ __
Total Funds carried forward 10-11 2,219,214 78,153 2,297,367 2,385,400
___ ___ ___ __

The statement of financial activities includes all gains / losses recognised in the year.

All income and expenditure derive from continuing activities. Movements in funds are disclosed in Note 10 to the financial statements.

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

United Society for Christian Literature Company Registration Number: 64568 Balance Sheet as at 30 April 2024

Unrestricted Funds Endowment Total Funds At 30 April
Funds
2024 2024 2024 2023
Notes £ £ £ £
Fixed assets
Investments 6 2,194,908 78,153 2,273,061 2,363,766
__ __ __ __
Current assets:
Debtors 7 9,891 - 9,891 39,694
Short term deposits 238 - 238 227
Cash at bank and in hand 36,986 - 36,986 5,350
__ __ __ __
47,115 - 47,115 45,271
Liabilities:
Creditors falling due within one 8 (22,809) - (22,809) (23,637)
year
__ __ __ __
Net current assets 24,306 - 24,306 21,634
__ __ __ __
Net assets 11 2,219,214 78,153 2,297,367 2,385,400
____ ____ ____ ____
Funds:
Endowment Funds 10 - 78,153 78,153 72,687
Unrestricted Income Funds 10 2,219,214 - 2,219,214 2,312,713
__ __ __ __
2,219,214 78,153 2,297,367 2,385,400
__ __ __ __

These accounts have been prepared in accordance with the special provisions of the Companies Act 2006 relating to small companies.

The notes on pages 15 to 22 form part of these accounts.

Approved by the Trustees and authorised for issue on 3[rd] October 2024 and signed on their behalf by

Mr Jonathan Kerry Chair of the Committee

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

Statement of Cashflows For the year ended 30 April 2024

2024 2023
£ £
__ __
Net Movement in Funds (88,033) (316,211)
Adjustments for:
Investment income received (63,076) (71,113)
(Gains) / losses on investments (209,295) 60,696
Decrease / (increase) in debtors 29,803 (17,738)
(Decrease) in creditors (828) (4,589)
__ __
Net Cash used in Operating Activities (331,429) (348,955)
__ __
Cash flows from investing activities:
Interest and dividends 63,076 71,113
Sale of Investments 300,000 270,000
__ __
Net cash provided by investing activities 363,076 341,113
__ __
Change in cash and cash equivalents in the year 31,647 (7,842)
Cash and cash equivalent brought forward 5,577 13,419
__ __
Cash and cash equivalent carried forward 37,224 5,577
__ __
Cash and cash equivalents can be analysed as follows:
Cash in hand 36,986 5,350
Short term deposits 238 227
__ __
37,224 5,577
__ __

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

Notes to the Accounts

for the Year Ended 30 April 2024

1. ACCOUNTING POLICIES

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a. Basis of Preparation

The 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 September 2015 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s), and in accordance with the special provisions of the Companies Act 2006 relating to small companies.

The charity constitutes a public benefit entity as defined by FRS 102.

b. Key Judgements and Assumptions in applying Accounting Policies

With respect to the current reporting period, the only significant area of judgement and estimates is the measurement of the market value of the investment property held by the charity. The basis for this is explained in note 6.

The most significant areas of uncertainty that affect the carrying value of assets held by the charity are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the Trustees’ annual report for more information).

c. Funds Structure

The charity has a single permanent endowment. The Matthew Mowson Proctor Fund provides for the Trustees to invest the capital in perpetuity and is managed on a total return basis. The Trustees, at their discretion, may allocate any part of the total return to the general purposes of the charity, namely, to promote Christian education through making grants to appropriate institutions and individuals.

d. Preparation of the Accounts on a Going Concern basis

The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The charity has cash resources and has no requirement for external funding. The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. They continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements.

e. Incoming Resources

Legacies

Legacies are recognised when the amount is certain, there is entitlement and receipt is probable.

Other income

Dividend income and other unsolicited donations are accounted for when received. All other income is accounted for on an accruals basis.

f. Resources Expended:

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

All expenses are accounted for on an accruals basis. Charitable expenditure includes all costs relating to grant making activities.

i. Grants payable

Under the terms of the agreement with Feed the Minds, USCL has agreed to make grants to Feed the Minds of all of its income and legacies, less amounts required to meet direct expenditure and transfers to reserves approved by the Trustees.

ii. Support costs

Support costs are all costs attributable to the management of the charity’s assets and organisation administration.

iii. Governance costs

Governance costs are those costs associated with charity governance requirements and which relate to the general running of the Society.

g. Fixed Asset Investments

Investments are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date, using the closing quoted market price. Purchases and sales include transaction fees charged by the investment managers. The investments are managed by CCLA Investment Management Limited through the Charities Official Investment Fund (COIF). All funds are invested in units of the COIF Charities Ethical Investment Fund. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. The charity does not acquire, or use put options, derivatives or other complex financial instruments.

h. Debtors

Short term debtors are measured at transaction price, less any impairment.

i. Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than 3 months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

j. Creditors

Short term creditors are measured at the transaction price.

k. Realised gains and losses

Investment funds

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.

Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

Investment properties

Investment properties are measured initially at cost and subsequently included in the balance sheet at fair value. Investment properties are not depreciated. Any change in fair value is recognised in the statement of financial activities.

l. Funds

Unrestricted funds are those received, which are not subject to any special restriction. Endowment funds are those where the capital is maintained and used to generate income which can be used for any purpose. Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

m. Foreign exchange

Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences arising in the ordinary course of business are included in incoming resources or resources expended. Assets and liabilities denominated in foreign currencies are translated into sterling at the exchange rates ruling at the balance sheet date.

n. Trustees’ expenses reimbursed

Trustees’ expenses are reimbursed by Feed the Minds.

2. LEGAL STATUS OF THE CHARITY

The United Society for Christian Literature (USCL) is an incorporated charity limited by guarantee and registered in England and Wales (company registration no. 64568, and charity registration no. 226512). It has no share capital. The maximum liability of each of the members in the event of the company windingup is £1.

It is governed by a Memorandum and Articles of Association. USCL’s registered office is at The Foundry, 17 Oval Way, London, SE11 5RR.

3. INVESTMENT INCOME

NVESTMENT INCOME
Year ended Year ended
30 April 2024 30 April 2023
£ £
Dividend income from investments:
COIF Charities Investment Fund 62,913 71,054
Income from property rental in Zambia 25,390 42,142
Interest received 163 58
___ ___
88,466 113,254
___ ___

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

4. ANALYSIS OF TOTAL EXPENDITURE

ANALYSIS OF TOTAL EXPENDITURE
Year ended Year ended
30 April 2024 30 April 2023
£ £
Expenditure on Charitable activities
Grants payable:
Feed the Minds: Overseas grants and administration 379,803 362,236
Governance costs:
Auditor’s fees (inclusive of VAT) 6,060 5,640
Other expenses 259 1,250
___ ___
Total governance costs 6,319 6,890
___ ___
Total expenditure 386,122 369,126
___ ___

5. TRUSTEES AND EMPLOYEES

The Trustees and persons connected with them have not received or obtained any remuneration or other financial benefits for the year directly or indirectly from the charity’s funds (2023: £Nil).

The aggregate amount of expenses reimbursed to members of the Committee to cover travel and subsistence expenditure in attending meetings during the year, as paid by Feed the Minds, was £Nil (2023): £Nil). There were no other transactions with any related party.

All staff payments were made by Feed the Minds and there were no employees during the year (2023: Nil).

6. FIXED ASSET INVESTMENTS

At 30 April At 30 April
2024 2023
£ £
Investment funds 1,983,607 2,134,681
Freehold property 289,454 229,085
__ __
2,273,061 2,363,766
__ __
Market value at 1 May 2023
Additions
Disposals
Net (losses) / gains on investments
Market value at 30 April 2024
Historical cost at 30 April 2024		 2024

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

6. FIXED ASSET INVESTMENTS (continued)

Investment funds Investment funds
At 30 April At 30 April
2024 2023
£ £
a) Unrestricted
Investments at market value:
COIF Charities Ethical Investment Fund 1,905,455 2,061,994
__ __
Investments at cost:
COIF Charities Ethical Investment Fund 939,852 1,093,537
__ __
b) Endowed
Investments at market value:
COIF Charities Ethical Investment Fund 78,153 72,687
__ __
Investments at cost:
COIF Charities Ethical Investment Fund 38,549 38,549
__ __

Freehold property

USCL owns one freehold property in Lusaka, Zambia. This is let commercially on short term leases. In January 2024, a valuation was undertaken by a local Zambia registered surveyor. The property was valued at 9.9 million Kwacha. Subsequent to the year-end, an offer was accepted for the sale of the property at 9.5 million Kwacha, as detailed further in Note 14 with respect to Post Balance Sheet Events. It is therefore included within these accounts at this amount as a reasonable reflection of fair value, and as converted to UK pounds at the year-end exchange rate.

7. DEBTORS

Year ended Year ended
30 April 2024 30 April 2023
£ £
Rental income from Property - held in Zambia 9,891 9,694
CCLA Investment disbursement - 30,000
___ ___
9,891 39,694
___ ___
8. CREDITORS: FALLING DUE WITHIN ONE YEAR
At 30 April At 30 April
2024 2023
£ £
Grants agreed but not yet paid: Amount due to Feed the Minds 15,000 17,997
Accruals 7,809 5,640
_ _
22,809 23,637

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

9. OTHER FINANCIAL COMMITMENTS AND GUARANTEES

At 30 April 2024 no annual commitments under non-cancellable operating leases existed (2023: None).

10. ANALYSIS OF CHARITABLE FUNDS

Analysis of Movements in Endowment Funds

Balance at Incoming Gains Balance at
1 May 2023 Resources And Transfers 30 April 2024
£ £ £ £
Matthew Mowson Proctor Fund 72,687 - 5,466 78,153
_ _ _ _

The endowment fund represents capital received from the Matthew Mowson Proctor Fund, under the terms of which the capital must be retained and the income can be used for general purposes.

Analysis of Movements in Unrestricted Funds

Incoming
Balance at /(Outgoing) Gains / (Losses) Balance at
1 May 2023 Resources And Transfers 30 April 2024
£ £ £ £
General Fund 2,080,867 (153,867) 2,761 1,929,761
Legacy Fund 2,761 - (2,761) -
Designated Property Fund 229,085 60,368 - 289,453
__ _ _ __
2,312,713 (93,499) - 2,219,214
__ _ _ __

11. ANALYSIS OF THE CHARITY’S NET ASSETS BY FUND

Unrestricted Endowment Total
Funds Funds Funds
£ £ £
Fund balances at 30 April 2024 are represented by:
Investments 2,194,908 78,153 2,273,061
Current assets 47,115 - 47,115
Current liabilities (22,809) - (22,809)
__ _ __
Total net assets 2,219,214 78,153 2,297,367
__ _ __
Unrealised gains included above:
On investment assets 200,556 5,466 206,022
__ _ __

12. TAXATION STATUS AND GIFT AID

USCL is a registered charity and no taxation is payable on its income arising in the United Kingdom.

13. CONNECTED CHARITY TRANSACTIONS

Throughout the year USCL worked in close association with Feed the Minds, (Charitable Incorporated Organisation (CIO) in England and Wales 1165603, in Scotland SCO46591), which is also registered at the same address.

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

The organisations work together in accordance with a MoU signed on 13th July 2016. The charities plan to work together to increase their charitable work, improve cost to income ratios, improve administration and create a better service to beneficiaries. Feed the Minds is the managing partner in the MOU and all programme related decisions are made by Feed the Minds, with representatives of USCL sitting on the Feed the Minds Executive Committee. The Chair of USCL is regularly monitoring and revising Feed the Minds programme work. The CEO of Feed the Minds is also the Company Secretary of USCL. The Feed the Minds Trustees have approved the waiver of membership fees for USCL.

During the year, USCL paid grants totalling £379,803 to Feed the Minds (2023: £362,236). At the year-end £15,000 (2023: £17,997) was due to Feed the Minds.

At 30 April 2024, Feed the Minds and USCL had 3 common Trustees. These were Mr Garry Beech, Ms Christine Elliott, and The Revd Philip Simpson. None of the Trustees receive remuneration or other benefit from their work with either charity. Trustee expenses for USCL are paid by Feed the Minds. The aggregate amount of expenses reimbursed to Trustees to cover travel expenses for both Feed the Minds and USCL during 2023-24 was £Nil (2023: £Nil).

14. POST BALANCE SHEET EVENTS

After the year end, sale of the property in Zambia was agreed for Kw 9.5m and the property has been revalued to that amount in these accounts. Any costs associated with the sale will be recognised in the next annual accounts to 30 April 2025.

15. COMPARATIVE 2023 STATEMENT OF FINANCIAL ACTIVITIES

Year ended 30 April 2023 Year ended 30 April 2023 Year ended 30 April 2023
Statement of Financial Activities Unrestricted Endowment Total
Funds Funds Funds
2023
£ £ £
Income and endowments:
Donations 357 - 357
Investment income 113,254 - 113,254
___ ___ __

Total income		 113,611 - 113,611
___ ___ __
Expenditure:
Expenditure on Charitable activities:
Dissemination of Christian education 369,126 - 369,126
___ ___ __
Total expenditure 369,126 - 369,126
___ ___ __
Net Expenditure and net movement in funds before (255,515) - (255,515)
gains and losses on investments
Net gains / (losses) on investments (59,087) (1,609) (60,696)
___ ___ _
Net movement in funds (314,602) (1,609) (316,211)
Reconciliation of Funds
Total Funds brought forward 2,627,315 74,296 2,701,611
___ ___ _
Total Funds carried forward 2,312,713 72,687 2,385,400
___ ___ __

The statement of financial activities includes all gains / losses recognised in the year. All income and expenditure derive from continuing activities.

United Society for Christian Literature Truslees. Report and Accounts for the year ended 30 April 2024 22-

United Society for Christian Literature Trustees' Report and Accounts for the year ended 30 April 2024

16. COMPARATIVE 2023 ANALYSIS OF CHARITABLE FUNDS

Analysis of Movements in Endowment Funds

Balance at Incoming Gains Balance at
1 May 2022 Resources And Transfers 30 April 2023
£ £ £ £
Matthew Mowson Proctor Fund 74,296 - (1,609) 72,687
_ _ _ _

The endowment fund represents capital received from the Matthew Mowson Proctor Fund, under the terms of which the capital must be retained and the income can be used for general purposes.

Analysis of Movements in Unrestricted Funds

Incoming
Balance at /(Outgoing) Gains / (Losses) Balance at
1 May 2022 Resources And Transfers 30 April 2023
£ £ £ £
General Fund 2,381,695 (304,544) 3,716 2,080,867
Legacy Fund 6,477 - (3,716) 2,761
Designated property fund 239,143 (10,058) - 229,085
__ _ _ __
2,627,315 (314,602) - 2,312,713
__ _ _ __

17. COMPARATIVE 2023 ANALYSIS OF THE CHARITY’S NET ASSETS BY FUND

Unrestricted Endowment Total
Funds Funds Funds
£ £ £
Fund balances at 30 April 2023 are represented by:
Investments 2,291,079 72,687 2,363,766
Current assets 45,271 - 45,271
Current liabilities (23,637) - (23,637)
__ _ __
Total net assets 2,312,713 72,687 2,385,400
__ _ __
Unrealised (losses) included above:
On investment assets (45,630) (1,609) (47,239)
__ _ __