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2024-04-05-accounts

REGISTERED NUMBER:00253587 REGISTERED CHARITY NUMBER: 243118

The Evangelical Trust Limited

Financial Statements

5th April 2024

SD-0215843-1-6

The Evangelical Trust Limited

Contents of the Financial Statements for the year ended 5th April 2024

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Report of the Independent Auditors 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 14

The Evangelical Trust Limited

Reference and Administrative Details for the year ended 5th April 2024

TRUSTEES S A Brailsford G R Weston D F Juckes P Flynn M Underhill COMPANY SECRETARY S A Brailsford REGISTERED OFFICE All Saints Church North Ferriby Parish Hall 19 Church Road North Ferriby East Yorkshire HU14 3DA REGISTERED COMPANY 00253587 (England and Wales) NUMBER REGISTERED CHARITY 243118 NUMBER EXTERNAL EXAMINERS Smailes Goldie Chartered Accountants Statutory Auditor Regent's Court Princess Street Hull East Yorkshire HU2 8BA BANKERS CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ SOLICITORS Rollits Forsyth House Alpha Court Monks Cross York YO32 9WN INVESTMENT MANAGERS Barclays Investment Solutions Limited 1 Park Row Leeds LS1 5AB

Page 1

The Evangelical Trust Limited

Report of the Trustees for the year ended 5th April 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 5th April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the charitable company are governed by its memorandum of association. Its objectives are "to promote and encourage by every means in its power the teaching of the Bible as the inspired revelation of God and the truths therein set forth" and "to assist missionary effort and enterprise both in the United Kingdom and elsewhere". The charitable company also has the power "to receive money legacies, funds and securities and gifts of any kind and apply the same in accordance with the charitable instructions of the donors or in such manner as the charitable company may decide within the scope of its objects".

The charitable company's principal activities are acting as a trust corporation in:

Public benefit

The trustees have paid due regard to the guidance on public benefit in deciding what activities the charity should undertake and are satisfied that the requirements are being complied with. The directors keep the guidance on public benefit under review.

Page 2

The Evangelical Trust Limited

Report of the Trustees

for the year ended 5th April 2024

ACHIEVEMENT AND PERFORMANCE

A total of £54,800 was awarded and paid out in 29 separate grants during the year. This is a decrease on the previous year where we had seen high charitable needs in the aftermath of COVID19. The level of current year grants has dropped slightly to a more normal level and giving regard to the drop in value of investments we had seen to April 2023. Individual amounts of grants ranged from £500 to £5,000, and of the grant total £11,000 of grants were made from our Trafalgar Street Hull fund, designated for use in Hull and the surrounding area. It is good to have seen a recovery in value of investments in the current financial year, which should enable us to maintain the level of grant-making activities.

Applications for grants are received and considered without discrimination as to denomination, nationality, gender, disability or race so long as the grantee can subscribe to the basis of faith of the charitable company. The charitable company's grant policy is to prefer to grant towards the start-up of projects which might not otherwise get started. The charitable company does not commit itself to long term funding for any project or for personal support. Occasionally a grant is made on the basis of multiple annual grants in order to ensure that a project can be reasonably delivered, but with the objective of ensuring that dependency does not result. Grants are also made to men and women studying at evangelical theological colleges in preparation for Christian ministry.

The charitable company does not undertake active marketing, whether for additional funds or to broaden the range of grant applications/requests. Administrative costs are kept to a minimum to maximise the surpluses of restricted and unrestricted income, available for grants.

(a) Unrestricted funds

The charitable company's unrestricted funds consist of accumulated capital amounts, annual surpluses of investment income, profits or losses on the realisation of investments, occasional additional bequests and, from time to time, the inward transfer of restricted funds on the cessation of the donors' discretionary interest in them.

The trustees review such funds according to their source and any wishes of donors and determine the way in which these should be invested in order to generate an income stream which can be used for the future support of the objectives of the charity. Reserves of unrealised gains have been reviewed and are regarded (after retention of sufficient funds intended to reflect monetary inflation in the year in question) as available for distribution, balancing the needs of maintaining the capital of the charitable company and the needs expressed by applicants for grant assistance.

After meeting administrative expenses, the income stream generated from the investments together with the reserve of unrealised gains as adjusted for inflation is then available to meet current requests for grants from organisations, churches and individuals which meet the objects of the charitable company as set out above.

(b) Custodian assets

The charitable company continued to act as custodian trustee for the Union Hall Evangelical Church in Hulme Manchester and ‘The Wells Church’, 29 Dawlish Road, Reading, both of which are used for Christian purposes. As the charitable company does not hold beneficial title to the property, it is excluded from the charitable company's accounts. The title is registered at the Land Registry. The trustees of the Union Hall Evangelical Church have previously requested that the title of the property be transferred to them, upon its formation as a registered charity. This was still in process and at the close of the year, however the transfer has now taken place subsequent to the end of the financial year.

Page 3

The Evangelical Trust Limited

Report of the Trustees

for the year ended 5th April 2024

FINANCIAL REVIEW

The charitable company's policy on reserves is as explained within the review of achievement and performance.

The grant making policy is as determined by the objects of the charitable company.

The investment powers as set out in the memorandum and articles of association allow investment in such investments as the board of trustees for the time being may deem advisable. The quoted investments are held by investment managers as nominees. The investment managers throughout the period are Barclays Investment Solutions Limited (formerly Barclays Wealth Management), an operating arm of Barclays Bank UK PLC.

The investment policy is to have a balance of growth and income with a medium risk factor. The investment performance reflects this policy.

In accordance with the Trustee Act 2000, the charitable company's investment strategy and investment policy is reviewed on a regular basis with the Investment Managers and the Auditors.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Evangelical Trust Limited is a registered charity number 243118 and a company limited by shares number 253587 which is governed by its memorandum and articles of association.

In view of its diverse aims and activities the charitable company seeks to appoint trustees so as to provide a wide variety of professional skills and a broad spread of Christian experience around the country. The trustees meet twice a year to direct its policies and manage its affairs. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Each trustee shall hold office for three years. If after three years no person has been appointed in the place of a trustee, it is deemed that he/she has been re-elected for a further three years.

The administration and day to day management during the year of report was carried out by the trustees and the secretary on a voluntary basis.

There are no employees.

DEVELOPMENT OF THE CHARITABLE COMPANY

No moves to develop the charitable company were undertaken in the year of report.

INTERNAL CONTROLS

The major risks to which the charitable company is exposed have been reviewed in the year in a detailed risk assessment. Systems have been established to mitigate the risks identified.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Evangelical Trust Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which 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 those financial statements, the trustees are required to

Page 4

The Evangelical Trust Limited

Report of the Trustees

for the year ended 5th April 2024

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Trustees and their interests

The trustees holding office throughout the period and their interests in the share capital of the company were as follows:

Ordinary shares
At 5th April 2024 At 5th April 2023
S. A. Brailsford 15 15
G. R. Weston 15 15
P. Flynn 10 10
D. F.Juckes 10 10
M. Underhill 10 10

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 19[th] November 2024 and signed on its behalf by:

S A Brailsford - Trustee and Secretary

Page 5

Report of the Independent Examiners to the Members of The Evangelical Trust Limited

I report to the charity trustees on my examination of the accounts of the company for the year ended 5[th] April 2024 which are set out on pages 7 to 15

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.

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.

Smailes Goldie Chartered Accountants Statutory Auditor Regent's Court Princess Street Hull East Yorkshire HU2 8BA

19[th] November 2024

Page 6

The Evangelical Trust Limited

Statement of Financial Activities

(Incorporating an Income and Expenditure Account) for the year ended 5th April 2024

Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
Bank interest
EXPENDITURE ON
Raising funds
3
Charitable activities
Teaching of the bible
4
Assisting missionary effort
4
Governance costs
5
Total Expenditure
NET EXPENDITURE before investment gains/ (losses)
Net gains/ (losses) on investments
NET INCOME/ (EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 2024
Unrestricted
fund
£
46,518
37
14,181
36,800
18,000
9,258
78,239
(31,684)
112,177
80,493
1,580,632
1,661,125		 2023
Total
funds
£
47,849
26
14,034
33,709
38,848
8,201
94,792
(46,917)
(116,067)
(162,984)
1,743,616
1,580,632

The notes form part of these financial statements

Page 7

The Evangelical Trust Limited

Balance Sheet 5th April 2024

Notes
FIXED ASSETS
Investments
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
Share capital
14
Unrestricted funds
12
TOTAL FUNDS		 2024
Total
funds
£
1,616,314
438
51,554
51,992
(7,081)
44,911
1,661,225
1,661,225
100
1,661,125
1,661,225		 2023
Total
funds
£
1,529,452
1,205
56,859
58,064
(6,784)
51,280
1,580,732
1,580,732
100
1,580,632
1,580,732

For the year ending 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its accounts for the year ended 5[th] April 2024 in accordance with Section 476 of the Companies Act.

The directors acknowledge their responsibilities for

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 19[th] November 2024 and were signed on its behalf by:

G R Weston - Trustee and Treasurer

The notes form part of these financial statements

Page 8

The Evangelical Trust Limited

Notes to the Financial Statements

for the year ended 5th April 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The Evangelical Trust Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address is given on page one of these financial statements.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 issued on October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest pound.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charitable company is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charitable company will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charitable company and it is probable that they will be fulfilled.

For legacies, entitlement is the earlier of the charitable company being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charitable company however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the charitable company's right to receive payment is established.

Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Page 9

continued...

The Evangelical Trust Limited

Notes to the Financial Statements - continued for the year ended 5th April 2024

1. ACCOUNTING POLICIES - continued

Expenditure recognition

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charitable company.

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

Support costs allocation

Support costs are those that assist the work of the charitable company but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charitable company. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources. There are no premises overheads as office facilities are provided by the secretary and the trustees free of charge.

Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Value added tax is not recoverable by the charitable company and is charged to the statement of financial activities or balance sheet, as incurred.

Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably.

Debtors and creditors

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

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continued...

The Evangelical Trust Limited

Notes to the Financial Statements - continued for the year ended 5th April 2024

1. ACCOUNTING POLICIES - continued

Funds

Provisions

Provisions are recognised when the charitable company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charitable company to be able to continue as a going concern.

2. INVESTMENT INCOME

3.

Income receivable from UK equity shares
Income receivable from UK funds and unit trusts
Income receivable from overseas securities
RAISING FUNDS
Investment management costs
Investment management costs		 2024
£
17,602
20,581
8,335
46,518
2024
£
14,181		 2023
£
17,764
20,025
10,060		 2023
£
17,764
20,025
10,060
47,849
2023
£
14,034

All of the expenditure above was attributable to unrestricted funds.

4. CHARITABLE ACTIVITIES

Grants to charitable causes (note 6) Unrestricted
£
54,800
54,800		 Total
2024
£
54,800
54,800		 Total
2023
£
72,557
72,557

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continued...

The Evangelical Trust Limited

Notes to the Financial Statements - continued for the year ended 5th April 2024

5. GOVERNANCE COSTS

Travel & other Director expenses
External Examiners fees
Insurance
Bank charges
Legal and professional costs
Sundry expenses
GRANTS PAYABLE
Analysis of grants by activities:
Grants to institutions
Grants to individuals		 Total
Unrestricted
2024
£
£
450
450
3,480
3,480
830
830
60
60
4,438
4,438
-
-
9,258
9,258
Teaching of
the bible
Assisting
missionary
effort
£
£
9,000
15,000
27,800
3,000
36,800
18,000		 Total
Unrestricted
2024
£
£
450
450
3,480
3,480
830
830
60
60
4,438
4,438
-
-
9,258
9,258
Teaching of
the bible
Assisting
missionary
effort
£
£
9,000
15,000
27,800
3,000
36,800
18,000		 Total
2023
£
303
3,240
756
72
3,830
-
8,201
Total
£
24,000
30,800
54,800

6. GRANTS PAYABLE

7. TRUSTEES' REMUNERATION AND BENEFITS

The trustees neither received nor waived any emoluments during the year (2023 £Nil).

Trustees' expenses

Out of pocket expenses were reimbursed to trustees as follows:

2024 2023 2024 2023
No. No. £ £
Administration costs 4 3 450 303

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continued...

The Evangelical Trust Limited

Notes to the Financial Statements - continued for the year ended 5th April 2024

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

The comparative amounts shown in the SOFA all relate to the unrestricted funds of the charitable company.

9. FIXED ASSET INVESTMENTS

Listed investments:
Market value at 6th April 2023
Additions at cost
Disposal proceeds
Net unrealised gains/(losses)
Market value at 5th April 2024
Historical cost at 6th April 2023
Additions
Disposals
Historical cost at 5th April 2024
Analysis of investments:
Government securities
Other fixed interest securities
Equities
Funds & other
UK equities and investments
Overseas equities and investments		 2024
£
1,529,452
599,801
(625,116)
112,177
1,616,314
1,397,262
599,801
(569,967)
1,427,096
2024
£
44,694
253,735
1,025,248
292,637
1,616,314
1,120,643
495,671
1,616,314		 2023
£
1,700,930
244,373
(299,784)
(116,067)
1,529,452
1,452,905
244,373
(300,016)
1,397,262
2023
£
93,077
147,924
1,002,097
286,354
1,529,452
1,133,206
396,246
1,529,452

Historical cost is the cost of the investments purchased or market value at date of receipt of investments donated to the trust. Market value is as advised by our investment managers for the date specified.

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continued...

The Evangelical Trust Limited

Notes to the Financial Statements - continued

for the year ended 5th April 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors – investment income
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accruals and deferred income
12.
MOVEMENT IN FUNDS
At 6th April
2023
Incoming
resources
Expenditure
£
£
£
Unrestricted funds
1,580,632
46,555
(78,239)
Total
1,580,632
46,555
(78,239)		 2024
£
438
2024
£
7,081
Investment
losses
£
112,177
112,177		 2023
£
1,205
2023
£
6,784
At 5th April
2024
£
1,661,125		 2023
£
1,205
2023
£
6,784
1,661,125

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5 April 2024 or the year ended 5 April 2023.

14. SHARE CAPITAL

Ordinary shares of £1 each

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Allotted, called up and
fully paid
2024 2023
£ £
100 100
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