ULTING OVERSEAS TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 6TH APRIL 2024 Company No. 2018465 Reglstered Charity No. 294397
ULTING OVERSEAS TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 Contents Page Schedule of legal and administrative information Report of the directors Report of the auditors Statement of Financial Activitres Balance sheet Notes lo the financial statements 10 11-15
ULTING OVERSEAS TRUST SCHEDULE OF LEGAL AND ADMINISTRATIVE INFORMATION Prlncipal address Goosehill Hall, Buxton Road, Castlelon. Hope Valley S33 8WP Reglstered auditor Jacob Cavenagh & Skeet 5 Robin Hood Lane, Sutton. Surrey SM12SW SolScitors Polhecary Witham Weld 84 Ecclèston Square, Pimlico. London SW1V 1 PX Investment advlsers Ruffer LLP 80 Victoria Street London SW1E 5JL CCLA Senator House 85 Queen Victoria St London EC4V 4ET Investment Proporty Advlsers Strutt & Parker LLP Coval Hall, Chelmsford, Essex, CM12QF Bankers CAF Bank Ltd 25 Kings Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ
ULTING OVERSEAS TRUST REPORT OF THE DIRECTORS (INCLUDING TRUSTEES REPORT) FOR THE YEAR ENDED 5TH APRIL 2024 The directors of Ulting Overseas Trust {the 'Trusl') (who are also the Trustees under Charrty lawl have pleasure in submitting their report and the audited ffinancial statements for the company for the year ended 5th April 2024. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association, the Companies Act 2006. the Charities Act 2011, Financial Reporting Standard 102 (FRS102) and the Charilies Statement of Recommended Practice {Charities SORP IFRS1021). Structure, Governance and Management Governing document The Trust was incorporated under Ihe Companies Act 1985 as a private company, limrted by guarantee (Company number 2018465). 11 is governed by Its Memorandum and Articles of Association. The Trust is registered as a charity under reference number 294397. The legal and administrative infomiation sel out on page 1 forms part of this report. Recruitment and appointment of Trustees The Board consists of elected members. Election is made by the existing directors and recrurts are identified and selected to ensure an appropriate mix of skills. Directors during the year, and since the year-end were.. Miss JR Brown Dr S Brown (retired 17° October 2023) Mrwclark Mr N J Durlacher Mr PJ Greenwood Mr J C Heyward Rev J Kapolyo- Chaimian Miss JG Stewart Iresigned 17th October 2023) Dr C Walker Mr T 8 Warren- Secretary Mr J O Whitfield New Trustees aTe identified and interviewed by one or more existing Trustees. proposed to a full meeting of the Board, seconded and voted. Articles provide for Ihe progressive rotation of directors by retirement at least every three years. Such directors may, by agreement, be re-appointed as members and directors. Trustee induction and training 11 is a necessity for all Trustees to support wholeheartedly the obj'ects of the Trust, and this fact is established al Ihe IntervW. No other formal induction and training procedures have been eslablished. Risk management The directors have reviewed the major risks to which the Trust is exposed and have accordingly established systems to mitigate these risks. OrganiTsational structure In addition lo the Board, there is an Inveslment SutFCommittee, consisting of Mr N Durla¢her, Mr J C Heyward, Mr T B Warren and Mr J D Whiffseld. which reviews porttolio and asset performance immediately before the main Trustees, meetings on a half-yeady basis. Grants are administered by the Project Officer. Rev P Bryan, who attends trustee meetings, liaises with grant applicants and administers the payment5 authorised by the Trustees.
ULTING OVERSEAS TRUST REPORT OF THE DIRECTORS (INCLUDING TRUSTEES REPORT) FOR THE YEAR ENDED 5TH APRIL 2024 (continued} Key management personnel The key management personnel are the directors and the Project Officer. all as listed above. They are in charge of directing, controlling, running and operating the charrty on a day to day basis. All directors give of their lime freely and none have received any remuneration. Reasonable travel expenses to board meetings and on Ufting business are reimbursed. The Project Officer was paid £6.600 Inote 3 to the accounts). Oblective$ and Activitles The objects of the company are to advance the Christian faith and lo relieve poverty and diseas6 in the Majority world. This is done by making charitable grants to those training for Christian Ministry, teachers in theological education, theological inststutions in the Majority world and those seeking to assist in the Majority world. Charitable Grants The diieclors seek to achieve the objects of the company for the public benefit by making grants lo those highlighted in the obj'ecls. The schedule of allocations is agreed by the Board and is based on the lolal grant budget for the year using a formula deriving from asset and income performance. They are awarded on an annual basis, and no ongoing commitment lo any beneficiary has been made. Applications made by beneficiaries are reviewed against the criteria set by Ihe Trust and once approved. payments are made and monitored against the annual grant schedule. Reports from each beneficiary are requested to review whether the grant has been expended in accordance with the stated aims. Thè Trust makes grants mainly direct to training institutions bul occasionally to individuals, so that Ihay may further their Chflstian studies in order lo retum as farth leaders in their native countries. These grants are for those from Maiorily world counlries who cannot achieve similar Standards of education in their homeland, and who could not otherwise afford to support the costs either from their own resources or from what is available from government or other instilulions. Each application is carefully examined against strict criteria, progress is reviewed annualty and the outcome of their studies is reviewed to ensure ongoing benefit. Publlc benefft The Tfuslees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objectives and in planning future aclNlties and setting the grant making policy for the year. Achlevements and Perfomiance This year, the Trust made charrtable grants to 44 12023= 39) institutions amounting to £149,759 12023.. £132,175) as set out in note 7 on page 14. In addition granls to an individual amounted to £2,00012023'. £2.856).
ULTING OVERSEAS TRUST REPORT OF THE DIRECTORS (INCLUDING TRUSTEES REPORT) FOR THE YEAR ENOED 5TH APRIL 2024 {conlinued} All the beneficiaries operate on a faith-based commitment similar to that of the Trust, and have committed lo expending these grants in line with the Trust's crrteria, and the quality of such instilulions. and the courses and faculties supported. are reviewed by the truslees or, exceptionalty. by way of a commissioned report on their behalf. Financlal Review and Reserves N81 expenditure before investment gains and losses was £126,375 (2023.. £84,767). The net assets of th8 Trust decreased from £4.631,618 at 6 Akyil 2023 to £4,462.373 at 5 April 2024. Investments The investments are in the Chafity Assets Trust managed by Ruffer LLP. the COIF Investment managed by CCLA and in the Charities Property Fund managed by Savills Investment Management (UK) Ltd. The Ruffer and CCLA investments are accumulation units", investment income6 is reinvested and management charges are deducted all wrthin the unil price. The benefits to the Trust of holding funds are lower management costs and much easief record keeping required by the Trust. The Ruffer fund made gains during the year, the CCLA made losses. Both funds remain good performance in the annual review 20 charity funds. Both funds significanlly exceeded the ARC Charity Indices. The managers and the portfolio are reviewed twice yearly by the Investment Committee. Both funds follow ethical guidelines. checking the Environmental, Societal and Governance IESG) stance of each investment, and voting at General Meetings. Opportunities to sell the plot of land containing some of the farmland in Haffield Peverel and a neighbouring plol. and for which planning approval was granted in 2021. are still being sought. Earlier offers were withdrawn during the economic turmoil in Autumn 2022. Grants paid Grant commitments are budgeted annually at a level proportionate lo the average value of readily Tealisable assets year on year and the income from property. This approach enables the Trust to adopt a commrtment budget which does not change wrth short term market movements. The income generated by propety and investment assets when supplemented by cash held in reserve ensures that each year's bvdgelary commitment is met. At the present level of granls paid. the direclors are of the opinion the Reserves held and the nature of the investments will enable the work of the Trust lo continue into the foreseeable future. Prlncipal funding sources The principal source of income is the returns on investments hekl by the Trust throughout the year.
ULTING OVERSEAS TRUST REPORT OF THE DIRECTORS {INCLUDING TRUSTEES REPORT) FOR THE YEAR ENDED 5TH APRIL 2024 {continued) Investment powers The directors have powef from the Memorandum and Artides of Association lo invest any money belonging to the company as they see ffil. Investment property valuation The directors revalued the inveslment properties on an open market basis al 5 April 2024, using information from the land agents. Plans for the Future If the development land is sold, the assets of Ihe Twst will increase substantially. The Trustees have held special meetings with experts in how theological colleges are adapting to post pandemic changes and embracing technological advances. The airn V11 be to expand how Ulting fvnds may be used whilst remaining in line with the objects of the Trust. Auditors The auditors. Jacob Cavenagh & Skeet will be proposed for re-appointment in accordance with the Companies Act 2006. Dlrectors. responsibilitie$ The directors (who are also the trustees for the purposes of charity lawl are responsible for preparing the Annual Report and Ihe financial slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}. Company law requires the directors to prepare financial statements for each financial period which give a true and fair view of Ihe stale 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 directors are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP.. make judgements and estimates Ihat are reasonable and prudenl., slate whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial slalements.. prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charitable company will continue. The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and which enable them to ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the chaTrtable Company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities.
ULTING OVERSEAS TRUST REPORT OF THE DIRECTORS (INCLUDING TRUSTEES REPORT) FOR THE YEAR ENDED 5TH APRIL 2024 In so fw as the th"reu(Ks are aware.. there is no relevani drI inf0nn81k of the ttsitabkn o>mpanls (fit0r 18 unaware., and Ihey have taken all the steps Ihat they OU to have taken in der to make thernselves aware of any relevant audrt irrfmtth and lo eslatwl that ihe aware of that InfcrniatM)n. Thls report has been wepared wi accrxoarte the wovishjis to cwanles %4eci to the small companies regime in Pan 15 d the C¢xnpanies Aa 2(K16. ON BEHALF OF THE BOARD JD WHITFI ELD Trusiee Registered offlce: G(K)sehll Hall, 8uxton Road Castlei(Ki, Pk)pe Valley L)erbyshKe S33 8WP Dated 16 October 2024
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF VLTING OVERSEAS TRUST Opinion We have aLJitèd thè finanrAal statements of Ulb"rvJ Overseas Tnjst lihe'drty.I for the year •nthd 5 April 2024 which comprise the Statement of Financial Activilies, the Balan Sheet. the Statement of Cash Flows and the notes to th& financial statements, Including a summary of &gnificant accounbng policies The financial rwrtin9 framevffjrk that has been applied In theirpreparation 15 applicable law and United ngdoM Accounting Stsndards. Induding Financial Reporting Siandar¢J 102 Th8 Financ181Reporting Sl8rJdard applicable In tl)e UK and RfjpUbl 011land<unia lfjr4dom Generalty Accepted Accounting Practsl. In our opinion the financial statements givè a Iiue and fair view of th8 State of chantsble companls affairs as at 5 April 2024 and of its ncoming re50urce5 and application of resource5 for the year then ended. have been prwrty prèpared In accordance wrth United Kingdom Generally Aptfrj Ac¢ountsng Practice". and have be8n preparéd In accordance vthh the wuirernents ofthe Companhes Act 20C6. 8aBio for oplnlon We conducted our audit In accordance vthh lnt8mah.onal Stsftdards on Audity'ng IUKI IISAS IUKII and applicab law. Our fesponsibililies under those standards are fvrtherdgscnbad In the Audiiofs SponSi1111ieS forth8 audit of the financial statements section ol our wport. We are Independent of the chanlable company In accordance wrth the ethical requirements that are relevant to our audit ol the financial statements In the UK. Induding the FRC'5 Ethical Standard, ancj we have fulfilled our other ethical responsibilities In aceordanc8 with these requ¥wnents. We tel8 thal the audit 9¥n¢• wa have obtained 15 sufficient and appropriate ¢0 providé a basis lor our opinion Con¢lu#lon r•latlng to golng ¢on¢•m In auditing the financi?13tatemènis. we have condudgd Ihat th• trust•8s' use of the goin9 ne•M basis ol accL)untsng in the proparation of tre financial st8tèmènis Is appropriate. Basgd on tha work wo have performe<l. wè havè not Jenbfied any mot•n#l uftcertats rel8ts.ng to evonts or ¢onditions that, IndNidually or coll¢¢tively. may ca81 significant doubl on lh8 Chanty's alIty to ¢onbnw 8$ a going conc8m for a period of at198$t 12 months from when th¢ finaneial statements are aulhons•J fof Issue. Our responsibilits and the responsibilitiès ol Ihe directors re5pe¢t to goirKJ concom are descril)ed in th& I•vant CtionS ol this feport.Inion on the financial statements ¢Joe5 not ctsr the other Infomialion and. excgpt to th• extent othe[Se expliThUy statèd In our report. do nol gxprtss any lom of assurance ndUs1On thereon. Ourresponsibilily is to read the other Intsrnatn and, In doing so con5lderwhèif tho other Infornation 15 maierially inconsistent with th• financial 3¢atem¢nts or our knowlge ¢¥Ined In thè course ofthe audi¢. or0th?ls8 appears lo be matenally misstated. If wè Identify such malenal Inconsisienoes or apparent mattnal misstatements, we are r8quirèd to detemiine whether Ihij 9lV¢J rise to a material misstaternenl In thè financial ststernents theMSèls. 11. based on the work we porfornieLI, we conclude that thgr& is a matenal misstatem¢ni of Ihr& otl*r Infomation. arè r•quired to report that fact. We hav• nothing to report In Ihis regard. Oplnlon# on oth•r matt•r• pre•cribed by th• Cornpanl•• Act 2006 In our opinion, based on the work undertaken In tho course of our audit thè Inlom)ation given in th¢ truste88' report, which Intludès Ihè trustees. report pparert for thè purposes of company law. for thè financial year for which the financial stalements are prepared Is consistent with the financial statements. and the ITU$tees' Mport included wthin th¢ truste8s' report has I? pr8par8d In accordance applicable legal uirements. M•tt•rn on which w• ar• rnqulr•d to report by •xc•pllon In the light of the knowledge an¢J understanding of the chanty an<1 its enmranment rt)tained in the wutsè of the audit. we have not wjaniified material misstatements In the trustees report Induded wrth the trustees, report. We have nothing to report in resp1 of Ihe fouowing matter5 in relabon to which the Companiès Act 2006 requires us to report to you Il, In our opinion adequate and proper accounbng lYd9 have not been kept, or re¢yms adequatè for our audit have not beèn recèived from branches not visited by us. or thè financial statements are not In )3reement with thè accounb.ry record5 and r8bJm$". or certain disclosu$ of InJstee5' remunerabon speufied by law a not ma¢le. or we have not r1Ved all the infomiatson and explanatsons fequire for our audrt,. or
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF ULTING OVERSEAS TRUST IcontinLd) Matters on which we are re4uir•d to r¢port by exception Icontinuedl the trustees were not entilted to prepare the finarla1 staternents in accordan vath the small companies regime and take advantage ofthe 5rn011 cornpanies exnpbons in wepariThJ the trustees, report and trom the requirnent to prepare a strale9ic report. Rèsponslblllti?$ of tru8tee# As 8xplained more fully In the trusteès, SPonbIlityes ststement. the tnJstèes' (who a also the trustees of the charitable company for the purposes of company lawl are respons1bk for the preparation of the financial statements and for being s3t15fied that they give a true and fair wew. and for such Intemal as the trustees detemiine Is necessary to enable the preparation of financial statemgnts that are fr8e from matsn4 msta1all1. wheiher due fraud or emy. In prèpanng the financial staternènts, the twstees are re5ponsitAe forassèssing the charty's abdity to continue as a going concern. disc1051ng, as applicable, matters related to 9oirrfJ concèm and using the going concem basis tsf accounting unless the Iruslees either intend to liquidat8 the company or to cease op¢rats¢ns. or ha no feabsbc attematy've bul to do so. Auditorf8 r•spon•lbllltlg• for the audit ol th• flnan¢ial •tsl•m•nt• Our objecbves ar8 to obtain feasonable assurance about wheihef the financial $tents as a th018 ar• Iw frorn material misstatement. whethgr duè to Irau¢J or error. and to Issue an audiio¢s report that In¢lYeS our gpinion. Rèasonable assurance is a high level ol as3urance. but Is not a guarantee thal an auditconduetéd In accordance wth ISAS IUKI will always dètèct a material rnisstaièment when il exists Misstatements Can arise from fraud or error and are considerecl material If. Individually or In th8 aggregale. they rg0sonlY t• expected to Inflwn¢¢ 8conomic deCts13 of u¥er¥ lÉ&n the basis of these financial statements. The ¢xtgni to which our procedures are Capab ol detectirg iffegulanbo5, Induding traud Is detaId balow. 8os8d on our understaTrJing ol thè company. we Klentsfiod that th• pn"nopal nsks ol non<omplian¢& with laws and ragulations rolaiè¢J to finanoal reporting kg15laln and we consi#ered the extent to which nonthcompliance mi9ht have a rnaitrial effect on the financial statements. We 0150 Cgnsidered those laws and regulations that have a direct Impact on the praparation ol the financi statements such as the Companva3 Act 2006 and tho chare$ Act 2011. assessed the SU3P11b1llty ol the company's finan¢ial stat•menls lo material m13$ts1trnènt. Including obtaining an understanding of how fraud might occur, by makir¥J enqusrs tsf management, consJerir4 ¢he Intemal Controls In place and discussion am¢ng$1 thè engagement te. dèt•rmined that Ihe pnntypal nsks re related ¢0 monag•m•nt bias ID accounty'ng e5tinat•s. pr•8ont8tion ol separately di8¢los8d itsms In the financial $ts1omnts and managernent ov¢rThJ8 ol controls. In rasponse to the rkS hlsntifred we designed procèdures which Induded. bu¢ woro not Iimiied to challenging si9nifi¢ant ¢ounling èsknmates. 89reein9 finanual statement dio$Ur•S to vnd•rfying supportsrg dowrnantatson, reviewing Iruslees minuttrs. èvaluatrng the Internal contr¢Ls testing joumal èntr. Tharè are Inherent limitations In the aJIt procedures dèscnbed above. The more rern¢vèd that laws and regulalions arè fvtsm financial transactions. the likèly It Is thai we would bewne aware ol non-compliance. Malenal misst8ternenls that anse due to fraud ean bo harder to detect than thosè that arise Irom error as thèy may Invofve deliberate conalMent or collusion. A lurther descriplion of our f¢$ponsibilrt for the audit of thè finanoal statemen¢s Is locatèd on the FinancAal Reporb'ng Council j website at http I.fr¢.019.uJ9udItarsrn$pSlIite9. Th (Iry)n fomis part of our audi¢ofs rwrt. U•• of our report This report is made sOty to the charitable Cnpan$ members. a5 a body. In accordance wrth Chapter 3 01 Part 16 of the Companies Acl 2006 and regulations made under Ihat Act. Our audit work has been undertaken so thal we rnight Statè to the charrtable company's mernber5 those matters we are requirad to stste to them in an audrtots. report and for no other purpos0. To the frjllest extènt pennrtte¢ by law. we do noi acwt or assume fe$w)nsibility to anyone olr than the chantsbb company and its members a5 a body, for our auLIrt work. for this report. or for the opinions we have formed. Miriam Hiekson FCA ISen40r Ststutory Auditor) for and on behalf of Jacob Cavenagh & Skeet Statutory Auditor Charttrod Accountants 5 Robin Hood Lane SLrtton Surrey SM1 2SW
ULTING OVERSEAS TRUST STATEMENT OF FINANCIAL ACTIVITIES {including Income and Expendrture account) FOR THE YEAR ENDED 5TH APRIL 2024 Total Unrestri¢ted Funds 2024 Total Unrestricted Funds 2023 Notes Income Income from listed investments Propety income Bank interest receivable Total income 9,934 72,452 215 82 601 6,702 73,491 111 80 304 Expenditure on Ralsing funds: Investment management costs Property costs 41.968 18,120 Charltable actlvltlu: Grants payable Support costs 151,759 135,031 Total expenditurn 08 976 {126,375) (84,767) (Lossesllgains on investrnenls Net {exndItUre)l Incom• Being Net movement In funds {169,245) 1108,575} Fund balances brought forward Fund balances ¢arrled forward 4 631618 4 740 193 All recognised gains and losses are reflected through the Statement of Financial Activities and no separate Statement of Total Rècognised Gains and Losses 1$ presented. There were no discontinued or acquired activities during the current or preceding year.
ULT114G OVERSEAS TRUST BALANCE SHEET AS AT 5TH APRIL 2024 2024 2023 Flxed assets Ilnvesim&Ns 4,357.557 4,5C(1,339 Current assets Debtors Cash at bank 60.471 83,061 129.040 151.155 i>edltors: amourts fallry due wrthin one year 10 Total assets ss IlablNtkns Fd5 Unrestrtted (Incluthng revaluation resw¥e of £2.031.678 12023. £2,127,749) 4.462,373 4.631.618 Resth'cied These accounts have l)een prepared in acc(xdarKe special Frnrfsths 18thj to sm811 companies wlihin i S of 2(Th. The finarKlal staternerts were apwoval ty dIre$ 16 Octotw 2024 and n8d on tts tshal by.. JD wh11r1 Trustee ar Treasww 10-
ULTING OVERSEAS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 1 ACCOUNTING POLICIES 3 Basis of preparation The financial statements have been prepared under the Companies Act 2006 and In accordance with the Charities Ststemenl of Recommended Pfactsce (Charities SORP IFRS 10211. Financial Reporting Standard 102 IFRS 1021 and the Charitie$ Ael 2011. The financial statements are drawn up on the historical cost basis of accounting convents"on. as modified by the Inclusion of Investment5 al market value. Ulb'ng Overseas Trust is a company limited by guarantee and in¢orporaled in England and Wales. 11 meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in sterling, whi¢h is the funCtnal currency of the charity- b Invo8trnent income Income from Investments is accounted for on the basis of Ihe due and payable dale. Interest is included when receivable. Rental income is accotjnted for on a receivable basis. c Forolgn currency translatlon Foreign currency transactions are translated into the charity's records u$ing the exchange rates prevailing on the dales the transactions o¢¢ur. Al the balance sheel dale. all monetsry assets and liabilities denominated in foreign currencies are translated using the rates of exchange ruling al that dale. Exchange gains of losses arising are recognised as gains or losses on investments. The Tru51 holds some advance foreign exchange contracts lo offset some of the exposure to exchange nsk from items in the Investment portfolio denominated in foreign currencies. Gains and losses on the ¢onlracls have been accounted for using hedge accountin9 - ie are offset against losses and gains on the foreign exchange conlracls. d Expgndltur• Expenditure Is included in the Statement of Financial Activities on an accruals basis, inclusive of VAT and Is directly attributable lo specific categories of resources expended underwhi¢h il is classified. Grants payable are Induded in the Stalement of Financial Acliwties when approved by the directors. Invostrnents Realised and unrealised gainslllo$$esl on investments affj refle¢led through the Statement of Financial Aclivilies. Inve$tment property Is valued on an open market basis by the direclorg. Listed investments are included in the accounts al their market value at the balance sheet dale. f Fund accounting All funds held by the Tfust are Unrestricted general funds which can be used in accordance wlh the charitable obiects al the discretion of the trustee$. g Goin9 concem The financial statements have been prepared on a going concem basis as the trustees believe that no material uncertaintses exist. The trustees have consKlered the level of funds held and the expeeled level of Income and expenditure for trlelve months from aulhorising these financial stalemenls. The budgeted income and expenditu is sufficient with the level of reserves for the charity to be able lo continue as a going concern. 11
ULTING OVERSEAS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 (continued) h Derivatlves Derivative financial instruments are initially measured at fair value at the dale on which a derivative conlraet is entered into and are subsequently measured al fair value through the Statement of Financial Aclivilies. Derivatives are used for the purposes of reducing risk in the portfolio. More specifically, exchange traded fomard currency contracts are held for hedging all Of part of the overseas currency exposure in the portfolio. Other derivatives are held within the Ruffer Protection Strategies Fund with the aim lo protect the value of the (US and UK) index-linked bonds against a sudden rise In global inlere$t rale expeclalions, and also lo reduce the portfolio's sensiliwty to a sharp. sudden collapse In equity markets. Since the Ruffer portfolio was unit15ed. the Trust longer holds fojward currency conlracls. i Flnancial instruments The Company holds a variety of ba$1¢ financial instrument5 a$ part of its day-trpday activities, principally inveslmenls. bank deposits and accounts and trade creditors and debtors. The investment managers al limes use hedges as part of a cautious investment strategy lo reduce the underlying risks in the portfolio, bul do not actively seek lo invest In hedge fvnds. The Company has no direct exposure lo credit risk, liquidity risk or cash flow risk, and ils price risk exposu largely relates lo the value of inveslmenls. Investments are monitored by the Investrnent Committee. j Oebtorn Grants receivable and other debtor$ are included al the settlement amount due. Prepayments are valued at the amount prepaid. k Cash at bank and in hand Cash at bank and in hand Includes cash and short temi highly liquid investments with a short maturity of three months or less from the dale of opening of the deposit. I Credltors and provi8lon8 Creditors and provisions are recogni$ed where the charity has a present obligation arising from a past event that will probably result In the Iran$ler of funds lo a third paty and the amount due to settle the obligation can be measured or eslimaled reliably. Creditors and provisions are recognised at their settlement amount. CONSTITUTION OF THE COMPANY The company is limited by guarantee, and each member is under covenant lo contribute a sum not exceeding £10 in rtain circumstances as set out in clause 6 of the Memorandum of Association. The number of members is 11 12023.. 12). 12-
ULTING OVERSEAS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2024 (conlinuedl 3 EXPENDITURE Raising funds Charitable a¢tivitles Total 2024 Total 2023 Unrestricted Grants payable (Note 7) Project Officer's services Investment management and custodian fees Audit fees Bank charges & interesl Truslees Travel Expenses 151.759 151.759 135.031 6,600 6.600 6.600 4.620 185 610 4.620 185 610 4.380 147 318 Sundry expenses Property mainlenance and repairs Insurance Property related professional and legal fees Land agent's fees and expenses 3,234 3.234 18,391 1,876 10,890 475 7,405 1,597 18.391 1.876 10.890 4 TAXATION The Charity is exempt from taxation on its charrtable actNilies. 5 DIRECTORS, REMUNERATION No fees or emoluments were paid to the directors of the company during the year12023', £nill. They provide Iheir services gratuitously. No value is reflected in the financial statements for these donated seICe8. Travel expenses amounting lo £610 (2023 £3181 were paid to directors for travel on Ulting Overseas Trust business. 8 RELATED PARTY TRANSACTIONS Directors have connections wilh individual bodies to which granls were paid as sel out below.. Mr. JC Heyward is a trustee of Oxford Cenlre for Mission Studies (Grant paid £8,10012023. £7,35011. Dr. C Walker is a trustee of Solomon Academic Trust (Grant paid £3,000 (2023 £3.00011. 7 GRA Trrrs PA YABLE During the year grants were made to inslrtutions and individuals. lo assist those training for Christian Ministry, teachers in Iheological education, theological institutions in the Majorrty world and those seeking lo assist in the Majority world. as follows= 13-
ULTING OVERSEAS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED AT 5TH APRIL 2024 {conts"nued) 2024 2023 Grants to Inststutions African International Universty All Nations Christian College Anglican International Development (AID) Asia Graduate School of Theology, Nepal Asian Theological Seminary Member colleges of the Association of Theological Education Nepal Atiri Bible School Bangkok Bible Seminary Bangladesh Bible Correspondence College Christian Service Universrty College Kumasi Cornerstone Christian College. Capetown Discipleship Training Cènlre- Singapore Domboshawa Theological College El Aprendiz Emanuel University Romania Ethiopian Graduate School of Theology Evangelical Seminary of Southern Afri Evangelical University Zambia Faculte de Theologie Evangelique Shalom George Whiffield University Increase Association Inslituto Superior de la Iglesia Evangelica International Fellowship of Evangelical Students International Baptist Theological Study Centre iserve Africa Kathmandu Instrtute of Theology Koinonia Theological Seminary, Davao Langham Preaching Langham Scholarships Latin Link London School of Theology Nagaland Bible College North India Institute for Theological Studies Oxford Centre for Mission Studies Oxford Centre for Religious and Public Lrfe Palm Ministries Pan African Christian College Penuel School of Theology Proclamation Zambia Program for Theological Education by Extension (Jordan) Scripture Union International Seminario Evangelico do Puerto Rico Solomon Academic Trust South Asia Institute of Advanced Christian Studies Theological College of Northem Nigeria Transform Europe Network Uganda Bible Seminary Ukrainian Evangelical Theological Seminary 5,250 2.035 2,500 5,040 1,850 2,200 1,000 2,394 1,100 1,850 2.370 1.450 1.865 2.900 3,120 1.500 1,950 1,215 1,750 2,670 1,500 1,750 2,670 1,000 1,750 18,600 3,000 1,500 1,750 1,965 2,625 15,825 7,000 2,000 2,195 1,890 1,680 2,155 1.315 1,575 2,625 2,835 1,105 4.725 3,575 2.205 1,575 16,905 2,000 1,320 1,575 1,810 2,625 14,385 5,040 1,600 1,995 1,785 7,350 2,640 1,575 5,985 8.100 3,750 6,600 1,065 1,965 1,000 15,000 1.785 13.650 1,470 3,000 2,205 1,575 1,050 3,000 2,670 1,750 1,160 1,000 149,759 132,175 Grants to Indlvlduals Total Grants Payable 14-
ULTING OVERSEAS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED AT 5TH APRIL 2024 (continued) INVESTMENTS Investment property Listed Investments Total Market value At 6th April 2023 Additions Disposals Unrealised Ilossesl in year At 5th April 2024 2.230.000 2,270,339 88 1107,699) 4,500,339 88 1107,699} ost At 5th April 2024 The investment properties were valued on an open market basis al 5 April 2024, by the Directors. using information from the land agents. DEBTORS 2024 2023 Other debtors and prepayments 47 10 CREDITORS: Amounts falling due wrthin one year 2024 2023 Other creditors Accruals and deferred income 13,140 10,846 11 REVALUATION RESERVE At 6 April 2023 Adjustments for additions and disposals Unrealised Ilossesl in year At 5 April 2024 2,127,749 160,9001 15-