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 Interv￿W. 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 V￿11 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 aL*Jitèd thè finanrAal statements of Ulb"rvJ Overseas Tnjst lihe'd￿rty.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￿ 011￿landedltors: amourts fallry due wrthin one year 10 Total assets *ss IlablNtkns F￿d5 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 ￿18th￿j 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 wh11r￿1 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 funCt￿nal 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 se￿ICe8. 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-