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2025-12-31-accounts

CHRISTIANS IN OVERSEAS SERVICE TRUST LIMITED

Report and Accounts Year ended 31 December 2025

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

CHRISTIANS IN OVERSEAS SERVICE TRUST LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2025

Trustees

Company Secretary

Rev Rory Graham (Chair) Mrs Helen Clyne Dr Marion Ritchie Mr Michael Frith Mr Richard Thomson Mr Michael Frith

Governing Document Memorandum and Articles of Association dated 26th April 1974, amended 14th June 1977 and 22nd November 2023. Company Registration Number 01168292 Charity Registration Number 267655 Registered Office The Vicarage Hailsham Parish Church Vicarage Road Hailsham East Sussex BN27 1BL Independent Examiner Sarah Crispin ACA Stewardship 1 Lamb's Passage London EC1Y 8AB Bankers Barclays Bank plc Leicester LE87 2BB

Registered Office

Independent Examiner

Bankers

Contents Page
Company Information 1
Trustees' Annual Report 2-5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Accounts 9-14
Detailed Statement of Financial Activities with Comparatives 14

Page 1

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

The trustees, who are the charity’s directors for the purposes of company law, present their annual report together with the financial statements of the charity for the 1 January 2025 to 31 December 2025. The annual report serves the purposes of both a trustees’ report under Charities SORP and a directors' report under company law. The trustees confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

report required of medium and large companies under the Companies Act 2006 (Strategic Report and Trustees' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Its principal objectives according to its governing document, the Memorandum and Articles of Association, is the advancement of the Christian faith by helping Christians who are engaged in employment overseas and to assist Christian churches, institutions and missions overseas.

b. Strategies for achieving objectives

The principal objective is achieved primarily through the awarding of grants to those who, through their work, are advancing the Christian faith overseas.

received without deduction.

c. Grant-making policies

Grants are made to applicants who meet the criteria for the award of a grant. The criteria that must be met before grants are awarded are that the applicant must be a Christian, contribute to their own costs, pay their own travel and receive no remuneration for their work.

All applications are handled as soon as possible. Applicants are judged on their maturity reflected, for example by their participation in University or College Christian activities. Successful applicants are encouraged to write a report on their project on their return. This report should also indicate their growing experience of God through the work they have undertaken and the people they have met.

Applicants planning very short placements of up to two weeks are not discouraged, but their applications would be the first to be rejected in the event of a lack of available funds.

Page 2

d. Volunteers

The charity is grateful for the work of its two volunteers, a general secretary and an administrator. They spend approximately one day a week working for the trust. It is difficult to quantify the value of this contribution because of the diverse range of services provided to the trust.

Achievements and performance

a. Key performance indicators

The market value of the investment funds held by the charity has increased by 16.9% (2024 - increased by 2.1%) from a value of £474,134 at 31 December 2024 to a value of £554,250 at 31 December 2025.

In 2025 we made 85 (2024 - 95) grants to individuals totalling £25,100 (2024 - £17,596).

In 2025 a total of £0 (2024 - £0) was paid from restricted income. Grants are awarded for restricted projects to the extent funds are given by donors for these purposes.

b. Investment policy and performance

Under the Memorandum and Articles of Association the charity has the power to make any

The charity is seeking to build a portfolio of investments large enough to generate income sufficient to meet demand for grants.

Financial review

During the year income decreased by £1,489, to £23,669, and expenditure increased by £9,084, to £28,391. After changes in the value of investments, this resulted in a surplus for the year of £85,971 (2024: £4,902).

a. Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The charity intends to maintain a reserve of unrestricted funds, at a level adequate enough to cover the management, administration, support costs and to maintain a fund of investments that will generate income sufficient to meet demand for grants. Unrestricted funds were maintained at this level or above throughout the year.

c. Material investments policy

Material investments held by the charity have been acquired on the advice of the investment advisors and are held for their future capital growth and income generating capabilities.

Page 3

d. Principal risks and uncertainties

The principal risk faced by the charity is that the resources may not generate adequate income to meet the demand for grants. In such an event the number of successful grant applications would have to be reduced.

e. Principal funding

The principal funding of the charity is generated by the investment income derived from the investment portfolio.

Structure, governance and management

a. Constitution

The charity is registered as a charitable company limited by guarantee and its constitution is contained in the Memorandum and Articles of Association dated 26 May 1974.

b. Methods of appointment or election of trustees

The trustees recruit and appoint new trustees as and when they consider it necessary and such appointments are at their discretion.

c. Organisational structure and decision-making policies

The number of trustees shall not be less than 2 nor more than 10. The trustees administer the charity and a general secretary and/or administrator are appointed by the trustees to manage the day-to-day operations of the charity.

d. Policies adopted for the induction and training of trustees

The trustees induct and train the new trustees.

e. Financial risk management

The trustees have assessed the major strategic, business and operational risks which the charity faces and confirm that systems have been established so the necessary steps can be taken to lessen these risks.

Plans for future periods

The charity intends to generate adequate income to meet the demand for grants.

The Charitable Company was converted to a Charitable Incorporated Organisation (CIO) on 22 April 2026.

Members' liability

The members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up.

Page 4

Responsibilities of trustees’ under company law

The trustees (who are also the directors of the charitable company 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 Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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 charity and of its incoming resources and application of resources, including its income and expenditure, for that year. In preparing these financial statements, the trustees are required to:

· select suitable accounting policies and then apply them consistently;

· observe the methods and principles of the Charities SORP (FRS 105);

· make judgements and accounting estimates that are reasonable and prudent;

· state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

presume that the charity will continue in business.

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

This report, which has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies, was approved by the board of trustees and signed on their behalf by:

R Graham

R Graham (Jul 16, 2026 11:09:44 GMT+1) ................................................

R. M. Graham

Trustee

Date: Jul 16, 2026

Page 5

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

CHRISTIANS IN OVERSEAS SERVICE TRUST LIMITED

('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2025 on pages 7 to 14 following, which have been prepared on the basis of the accounting policies set out on pages 9 to 10.

Responsibilities and basis of report

As the charity’s 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 charity’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:

  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 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Sarah Crispin

Sarah Crispin (Jul 21, 2026 10:50:25 GMT+1)

Sarah Crispin ACA Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: Jul 21, 2026

Page 6

CHRISTIANS IN OVERSEAS SERVICE TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2025

Note
INCOME AND ENDOWMENTS FROM:
Donations
3
Investments
4
Total income and endowments
EXPENDITURE ON:
Charitable activities
5
Raising funds
6
Total expenditure
Net gains/(losses) on investments
8
Net income/(expenditure)
Transfers between funds
12
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
12		 Unrestricted
Funds
£
637
23,030
23,667
28,123
267
28,390
90,695
85,972
205
86,177
489,497
575,675		 Restricted
Funds
£
-
-
-
-
-
-
-
-
(205)
(205)
205
-		 Total
Funds
2025
£
637
23,030
23,667
28,123
267
28,390
90,695
85,972
-
85,972
489,702
575,675		 Total
Funds
2024
£
-
25,156
25,156
19,049
257
19,306
(948)
4,902
-
4,902
484,799
489,702

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

All income and expenditure derive from continuing operations.

The statement of financial activities also complies with the requirements for an income and expenditure account required by the Companies Act 2006.

The notes on page 9-13 form part of these accounts.

Page 7

CHRISTIANS IN OVERSEAS SERVICE TRUST LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2025

Note
FIXED ASSETS
Investments
8
CURRENT ASSETS
Debtors
9
Cash at bank and in hand
10
CREDITORS: Amounts falling
due within one year
11
Net current assets / (liabilities)
Total assets less current liabilities
TOTAL NET ASSETS
FUND BALANCES
12
Unrestricted Funds
General funds
Restricted Funds		 Unrestricted
Funds
£
554,250
554,250
1,532
20,943
22,475
(1,050)
21,425
575,675
575,675
575,675
575,675
-
575,675		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2025
£
554,250
554,250
1,532
20,943
22,475
(1,050)
21,425
575,675
575,675
575,675
575,675
-
575,675		 Total
Funds
2024
£
474,134
474,134
1,628
14,931
16,558
(990)
15,568
489,702
489,702
489,497
489,497
205
489,702

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006 however, in accordance with Section 145 of the Charities Act 2011, the accounts have been examined by an independent examiner and their report has been included in these financial statements.

The directors (who are the charitable company's trustees for the purposes of charity law) acknowledge their responsibilities for:

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors and were signed on its behalf by:

R Graham ---------------------------------------R Graham (Jul 16, 2026 11:09:44 GMT+1) R. M. Graham Jul 16, 2026 Date: _______

Company number: 01168292

Charity number: 267655

The notes on page 9-13 form part of these accounts.

Page 8

CHRISTIANS IN OVERSEAS SERVICE TRUST LIMITED

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1 Statutory Information

The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain assets, which are measured at fair value through the Statement of Financial Activities.

These 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) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), with the Companies Act 2006 and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income

Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations includes:

Recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.

The charity relies on volunteers to carry out all of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

Investment income represents income generated by the charity's assets, mostly in dividend and interest payments.

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

Expenditure on raising funds comprises the costs incurred on commercial trading activities, fundraising and managing

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

Page 9

CHRISTIANS IN OVERSEAS SERVICE TRUST LIMITED

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2025

e) Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities. The fair value is determined with reference to the published value of the listed market values.

f) Taxation

The company is a registered charity; it has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

h) Foreign currency translation

These financial statements are presented in sterling, which is the charity's functional currency.

iii) Non-monetary assets are measured at historic cost at the rate of exchange prevailing on the date of the transaction and are not subsequently re-translated.

All differences arising from the application of the above policy are charged (or credited) to the Statement of Financial Activities.

The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.

j) Critical accounting estimates and areas of judgement The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

3 Donations

Donations of cash and similar
Gift aid recoverable
Adjustment for Gift Aid recoverable written off
4
Investment income
Dividends and interest from investments
5
Charitable expenditure
a
Costs incurred directly on specific activities
Grants payable (note 5c)
b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Legal and professional fees
Administrative expenditure
Total expenditure		 2025
£
660
-
(23)
637
2025
£
23,030
23,030
2025
£
25,100
25,100
1,050
1,500
2,550
473
3,023
28,123		 2024
£
-
-
-
-
2024
£
25,156
25,156
2024
£
17,596
17,596
990
216
1,206
247
1,453
19,049

The fee payable to the independent examiner for preparing and examining the accounts was £1,050 (2024: £990).

Page 10

CHRISTIANS IN OVERSEAS SERVICE TRUST LIMITED

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2025

c Grants payable

Grants for UK and overseas mission
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
Cost of raising funds
Investment management fees		 Institutions
£
-
-
Institutions
£
-
-		 Individuals
£
25,100
25,100
Individuals
£
17,596
17,596
2025
£
267
267		 2025
£
25,100
25,100
2024
£
17,596
17,596
2024
£
257
257

6 Cost of raising funds

7 Analysis of staff costs, the cost of key management personnel and trustee remuneration

During the year, the charity did not have any employees (2024: none). All of the charity's activities are carried out by volunteers. The charity's key management comprise the trustees named on the Company Information page.

No trustees received employment benefits in either the current or preceding year.

8 Fixed asset investments

Market value brought forward
Purchases during the year
Disposals during the year
Change in value of investments
Market value carried forward
9
Debtors
Falling due within one year:
Dividends receivable
Gift aid recoverable
Other debtors
10
Cash at Bank and in Hand
Cash at bank with immediate access
Cash held in investment accounts
11
Creditors: liabilities falling due within one year
Accruals		 2025
£
474,134
-
(10,580)
90,695
554,250
2025
£
1,532
-
-
1,532
2025
£
5,365
15,578
20,943
2025
£
1,050
1,050		 2024
£
464,442
31,896
(21,256)
(948)
474,134
2024
£
1,259
269
100
1,628
2024
£
9,665
5,265
14,931
2024
£
990
990

Page 11

CHRISTIANS IN OVERSEAS SERVICE TRUST LIMITED

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12 Funds

During the year the movements in the charity's funds were as follows:

General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Tank Hospital fund
Aggregate of funds		 Opening
balance
2025
£
489,497
489,497
205
205
489,702		 Incoming
resources
2025
£
23,667
23,667
-
-
23,667		 Outgoing
resources
2025
£
(28,391)
(28,391)
-
-
(28,391)		 Transfers
in the year
2025
£
205
205
(205)
(205)
-		 Gains and
losses
2025
£
90,695
90,695
-
-
90,695		 Closing
balance
2025
£
575,675
575,675
-
-
575,675

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

ysis of net assets by fund
assets and liabilities of the various funds were as follows:
Fixed asset investments
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
Designated
funds
funds
£
£
554,250
-
1,532
-
20,943
-
(1,050)
-
575,675
-
Unrestricted Funds		 Restricted
funds
£
-
-
-
-
-		 2025
£
554,250
1,532
20,943
(1,050)
575,675

In the previous year the movements in the charity's funds were as follows:

General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Tank Hospital Fund
Aggregate of funds		 Opening
balance
2024
£
484,594
484,594
205
205
484,799		 Incoming
resources
2024
£
25,156
25,156
-
-
25,156		 Outgoing
resources
2024
£
(19,306)
(19,306)
-
-
(19,306)		 Transfers
in the year
2024
£
-
-
-
-
-		 Gains and
losses
2024
£
(948)
(948)
-
-
(948)		 Closing
balance
2024
£
489,497
489,497
205
205
489,702

Page 12

CHRISTIANS IN OVERSEAS SERVICE TRUST LIMITED

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

Fixed asset investments
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
Designated
funds
funds
£
£
474,134
-
1,628
-
14,726
-
(990)
-
489,497
-
Unrestricted Funds		 Restricted
funds
£
-
-
205
-
205		 2024
£
474,134
1,628
14,931
(990)
489,702

The Tank Hospital Fund is a fund for donations to be given to the Christian Tank Hospital in Pakistan.

13 Transactions with related parties

During the year the charity paid travel expenses totalling £332 (2024: £171) to 3 trustees (2024: 2) to attend the company AGM.

There have been no other transactions with related parties during the year.

14 Events since the year end

Subsequent to the year end, the charitable company converted to a Charitable Incorporated Organisation (CIO) on 22 April 2026. This is a non-adjusting event and therefore no changes have been made to these financial statements.

Page 13

CHRISTIANS IN OVERSEAS SERVICE TRUST LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 DECEMBER 2025

Note
INCOME AND ENDOWMENTS FROM:
Donations
3
Investments
4
Total income and endowments
EXPENDITURE ON:
Charitable activities:
5
Raising funds
6
Total Expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
12
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
12		 General
Designated
2025
2025
£
£
637
23,030
23,667
-
28,123
267
28,391
-
90,695
85,972
-
205
-
86,177
-
489,497
-
575,675
-
Unrestricted funds		 Restricted
2025
£
-
-
-
(205)
(205)
205
-		 Total
2025
£
637
23,030
23,667
28,123
267
28,391
90,695
85,972
-
85,972
489,702
575,675		 General
Designated
2024
2024
£
£
-
25,156
-
25,156
-
19,049
-
257
-
19,306
-
(948)
-
4,902
-
-
-
4,902
-
484,594
-
489,497
-
Unrestricted funds		 Restricted
2024
£
-
-
-
-
-
-
-
-
-
205
205		 Total
2024
£
-
25,156
25,156
19,049
257
19,306
(948)
4,902
-
4,902
484,799
489,702

Page 14