ULTING OVERSEAS TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 6TH APRIL 2025 Company No. 2018465 Registered Charity No. 294397 ULTING OVERSEAS TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2025 Content8 Page Schedule of legal and administrative inf¢ymation Report of the directors Report of the auditors Slatement of Financial Activities Balance sheet Notes to the financial statements 10 11-15 ULTING OVERSEAS TRUST SCHEDULE OF LEGAL AND ADMINISTRATIVE INFORIAATION Prlncipal address Goosehill Hall, Buxlon Road, Casueton, Hope Valley S33 8WP Registered audltor Xeinadin Audit Limited 5 Robin Hood Lane. Sutton. Surrey SM1 2SW Solicitors Polhecary Wilham Weh 84 Eccleston Square. Pimlico. London SW1V 1 PX Investment advisers Ruffer LLP 80 Victoria Street London SW1E 5JL CCLA Senator House 85 Queen Victoria St London EC4V 4ET Investmont Pro￿rtY Advi8ern Strutt & Parker LLP Coval Hall, Chelmsford, Essex, CM12QF Banke CAF Bank Ltd 25 King5 Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ ULTING OVERSEAS TRUST REPORT OF THE DIRECTORS (INCLUDING TRUSTEES REPORT) FOR THE YEAR ENOED 5TH APRIL 2025 The directors of Ulting Overseas Trust {Ihe 'Trust') {who are also the Trustees under Charity law) have pleasure in submitting their report and ltte audited financial statements for the company for the year ended Sth April 2025. The financial stslements comply with current stalutory requirements, the Memorandum and Articles of Associalion, the Companies Act 20C6. the Charities Act 2011, Financial Reporting Slandard 102 {FRS1021 and the Charities Statement of Recommended Practice (Charilies SORP {FRS1021). Structure, Govèrnance and Management Governing document The Trust wa5 incorporated under the Companies Act 1985 as a private compary, limited by guarantee (Company number 2018465). It is govemed by its Memorandum and Artides of Association. The Trust is registered as a charity under reference number 294397. The *al arKI administrative information set out on page 1 forms part ofthis report. Recrultmenl and appointment of Trustees The Board consists of elected members. E*tion is made by the existing directors and recruits are identified and selected lo ensure an appropriate mix of skills. Directors during the year, and since the year*nd were.. Miss JR Brown {relired 22 October 2025) Mr RPW Bryan (appointed 23 October 2024} Mr W Clark Mr NJ Durlach8r Mr PJ Greenwood Mr JC Heyward Rev JM Kapolyo- Chainnan Dr CM Walker Mr TB Warren - Secretary Mr JD Whitfield New Trustees are Identif￿ arKI intervwed by or more existing Trustees, proposed to a full meeting of the Board, seconded and voted. Article5 pfovKle for the proJressNe 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 lo support wholeheartedly the objects of the Trust, and this fact is established at Ihe interview. No other formal induction and training procedures have been established. Risk management andpolicles The directors have reviewed the major risks to vthich the Trust is exposed and have accordingly established systems lo miligate these risks. In accordance wilh Charity Commission guidance lo all charities, the trustees have agreed a cOmpre￿￿ve series of policies to promote gocwj and proper conduct. Oryanlsational structure In addition lo Ihe Board, there is an InVestn￿nt SU￿CoMMittee, consisting of Mr N Durlacher, Mr JC Heyward, Mr TB Warren and Mr JD Whitfield, which reviews portfolio and asset performance immediately before the main Trustees, meetings on a half-yeaty basis. Grants are administered by the Project Offi￿r, Rev P Bryan. who attends trustee meetings, liaises with grant applicants and administers the payments aulhorised by the Truslees. ULTING OVERSEAS TRUST REPORT OF THE DIRECTORS (INCLUDING TRUSTEES REPORT) FOR THE YEAR ENDED 5TH APRIL 2025 (continued) Key management personnel The key management personnel are the d1￿CtorS and the Project offi￿r. all as listed above. They are in charge of directing, controlling. running and operating the charity on a day to day basis. All directors give of their time freely and none have r￿￿ed any remuneration. Reasonable travel expenses to board meetings and on Ulting business are reimbursed. The Project Officer was paid £6,600 (note 3 to the accounts). Obje¢tlves and Actlvitles The objects of the company are to advance the Christian faith and lo relieve poverty and disease in the Majority world This is done by making charitable grants lo those training for Christian Ministry, leachers in theological education. theological institutions in the Majority world and those seeking lo assist in the Majority wodd. Charltable Grants The directors seek to achieve the objects of the company for the public benefil by making granls to those highlighted in the objects. The schedule of allocations is agreed by the Board and is based on the total grant budget for the year using a fomiula deriving from asset and income perfomiance. They are awarded on an annual basis, and no ongoing commrtment to any benefiuary has been made. Applications made by beneficiaries are reviewed against Ihe criteria sel by the 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. The Trust makes grants mainly direct to training instrtutions but occasionally to individuals, so that they may further their Christian slLtdies in order lo relum as faith leaders in their native countries. These grants are for those from Majority world countr￿S who cannot achieve similar standards of education in their homeland, and who could nol otherwise afford to support the costs either from their own resources or from what is available from government or olher instilulions. Each application is carefully examined against $tricl crileria, progress is reviewed annually and the outcome of their stud￿$ is reviewed to ensure ongoing benefit. Publlc beneflt The TTUStees confirm that they have referred lo the guidance contained in the Charity Commission's general guidan￿ on public benefit when reviewing the Trust's aims and objectives and in planning futLtre activities and setting the grant making policy for the year. Achlevements and Perforniance This year, the Trust made charitable grants to 39 (2024.. 44) instrtutions amounting to £153,67812024. £149,759) as set out in rK)te 7 on page 14. In addrtion grants to an individual amounted to £2,500 (2024.. £2,000). ULTING OVERSEAS TRUST REPORT OF THE DIRECTORS {INCLUDING TRUSTEES REPORT) FOR THE YEAR ENDED 5TH APRIL 2025 {conlinued) All the beneficiaries operate on a faith-based commitment similar lo that of the Trust. and have committed to expending these granls in line wth the Trust's cllteria. and the quality of such institutions, and the courses and faculties supported, are reviewed by the Iruslees or, exceptionalty, by way of a commissioned report on their behatf. Financial Reviow and RaseThes Nel expenditure before investment gains and losses was £120,527 (2024.. £126,375>. The nel assets of the Trusl decreased from £4,462,373 al 6 April 2024 10 £4,370,470 at 5 April 2025. Investments The investments are in the Charity Assets Trust managed by Ruffer LLP, the COIF Investment managed by CCLA and in the Charities Propety Fund managed by Savills Investrnent Management (UK) Lld The Ruffer and CCLA investments are accumulation units. Invest￿nI income is reinvested and management charges are deducted all within the unil price. Thè benefits lo the Trust of holding funds are lower management costs and much easier record keeping required by the Trust. The Ruffer fund made gains during the year, the CCLA made losses. Both funds have achieved good perfornance at different limes in the annual reV￿W 20 charity funds. Both funds significantly exceeded the ARC Charity Indices. The managers and the portfolio are revEwed Iwice yearly by the Investmenl Committee. Both funds follow ethical guidelines, checking the Environmenlal, Societal aThJ Governance {ESGI stance of each investment, and voting at General Meetings. Much of the larKI owned by the Trust is in an area of Haffield Peverel where new housing developments are being considered. With the help of its property advisers. the Twst has enlered contracts wilh land promoters lo identify and progress help realise the full value of the Trust's land for the benefit of the Trust. Grants pald Grant commitments are budgeted annualty at a level proportionate to the average value of readily realisable assets year on year and the income from propety. Thts approach enables the Trusl lo adopt a commilmenl budget which does not change with short term market movements. The income generated by property and inveslmenl assets when supplemented by cash held in reseNe ensures that each year's budgetary commitment is mel. At Ihe present level of grants paid. the directors are of the opinion the Reserves held and the nature of the investments will enab￿ the work of the Trust lo continue into the foreseeable future. Principal funding sources The principal Sour￿ of income is the retums on investments held by the Trust throughout the year. ULTING OVERSEAS TRUST REPORT OF THE DIRECTORS {INCLUDING TRUSTEES REPORT) FOR THE YEAR ENDED 5TH APRIL 2025 (continued) Investment powers The directors have power from the Memorandum and Articles of Association to invesl any money belonging lo the company as they see fil. Investmentproperty valuation The directors revalued the investment properties on an open market basis at 5 April 2025, using information from the land agents. Plans for the Future If the development land is sold, the assets of the Trust will increase substantially. The Trustees have held special meetings with experts in how theological colleges are adapting to post pandemic changes and embiacing technological advances. The aim will be lo expand how Ulling funds may be used whilst remaining in line with the objects of the Trust. Auditors The auditors, Xeinadin Audit Limited will be proposed for re-appointrnent in accordan￿ with the Companies Att 2006. Dlrectors, respon$ibilltSes The directors (who are also the trustees for the purposes of charity law) are responsible for preparing the Annual Report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom Generally A¢￿PIed Accounting Practice). Company law Tequires the directors lo prepare financial stalemenls for each financial period which give a true and fair view of the slate 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 to.. select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed. subject to any material departures di5¢1osed and explained in the financial slalements.. prepare the financial statements on the going concern basis unless it is inappropiiale 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 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. ULTING OVERSEAS TRUST REPORT OF THE DIRECTORS (INCLUDING TRUSTEES REPORT) FOR THE YEAR ENDED 5TH APRIL 2025 (continued) In so far as the directors are aware.. there is no relevant audit information of vthich the charitable company's auditor is unaware., and they have taken all the steps thal they ought to have taken in order lo make themselves aware of any relevant audit informab'on and to establish that the auditor is aware of that infoimalion. Small Company This report has been prepared in accordance with the provisions applicable lo companies subject to the small companies (egime in Part 15 of the Companies Act 2006. BY ORDER OF THE BOARD T 8 Warren Secretary Registered office.. Goosehill Hall, Buxlon Road Caslleton. Hope Valley Derbyshire S33 8WP Daled 22 Oclober 2025 REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF ULTING OVERSEAS TRUST Oplnlon We have audited the finanaal statements of Utting O4erseas Trust (the'd￿nty'I for Ihe year ended 5 Awil 2025 which compflS8 the Statement ol Financial ActivitEs, the BaL4rtte Sheel and notes to the financkal slatemenls, incI￿ling a summary of 5ignrficant accounting pOl￿eS. The financ￿41 reporting Iramework that has been ap￿￿d in their PTeparation 15 applicab￿ law and United Kingdom Accounting Standards, Induding Financial Repryting standa￿ 102 Th8 F￿ancIal Rgw)rting St8ndarf applicab in the UK and RepublK oflr8lènd (Unrted Kfftgdom Generalty Accepled Accounting Practice). In our opinion the finanaal ststém&nts". give a true and fair view ol the stale of the thaiitat48 Company's affaiis as at S April 2025 and of ts Incoming resources and application of resources fry the yew then ended." havè béen pioperty pfepared in atcordancE with Uftiied Kmigdom G&nwaHy Acc*pied AeuMJnling Pract￿. and have been prepared in ac£ordance wrth the wuiremenls ofthe coThYan￿$ Act 20LK. Bagis for opinion We conducted our audit in with IntematK>nal S*dards Audrting IUKI IISAS IUKII and appllcabl• law. Our responsibilitie5 under Ihose standards afe further tJescribed In the Audrtc¢s respons1tslit￿S for the audrt of the financial statements section ol our report. We are inder*ndent of th& charitab￿ coynpany In *cordance wrth t15e ethical requirements that are relevant to our audit ol the finanual Sts1e￿￿nts In the UK, Induding the FRC'S Elhical Standard, and we have lulfilled our other ethical r8spon3ibillt￿S In a¢cofdanc• wrth thése requiremenls. We tdieve Ihat Ihg audrt ev￿8n¢¢ we havg obl3ined is Suff40￿nt and appropriate to provide a basis lor our opinion. Conclu•Jon• r•latlng to golng cone•m In audlting Ihe financial slalements. we have concluded Ihat the truslees. ut• ol th• w.ng con￿￿ basis ol accounliTra Sn tho preparation ol the finanGial statèments Is appropnato. Ba58d on Ihe work we have performed, we hav* not hJtnlrf￿d malertal uwirtalnt￿5 relatsng lo evenis OT cond5tKJns that. ndividually or collectNdy. May ￿st ￿￿rf￿an1 doub¢ cm the Chanty's ability lo conb'rbue as a going Co[￿eM for a period of at least 12 months from when ltte financial slatements arg aulhonsed lor Issu8. Our responsibilities and the ￿SpOnsI￿1rtlè$ ol the directors ffilh respect lo going concern are descn'bed in the relevant sectDns ol Ih15 report. OUT opinion on the financial ststements doe5 not cover Ihe other Inlonnatsoft and. èxcèpt to the extent oth$rw15è explicitty Slated in our report. we do rtoi ¢xpwss a)y lom) ol aSsura￿e CO￿luS￿l I￿re0￿. Our rosponsSbilily Is lo read thè other InlormatKJn and. irt doing so, cOn￿der whèlhèr Ihe other inlomation is maleria11y incon5islenl with Ihe financial ststerrenls orour knoW￿d￿8 obtained In thecoufseol Iheaudrt. or otherwise appear8 to be rnaterially rnisstated If we idenlify such material inconsistencEs or apparent maienal misstsièm•nts. we are requi￿ to determine whether this gives rise lo a matenal mis$iaièmènl sn Ihe financial state￿￿nts theMSe￿e$ If. based on lh¢ work wt have pèrformÈd, wè eoneludè that th•re Is a material misslatenwnt olthi¥ Olh¢f H)fr)mwllon. we af• rnquir8d to repcyl that fact. We have nothing lo report in Ihi$ ryrd. Qplnlons on oth•i matters prescilbed by the CcMnp¥nl*J A¢1 2006 In o¢Jr opinion, based on tt* %vk undertaken In the courne of our audrt.. the information gNen in the trustt•s' reporl. indudes the trustees. report prepared for the purposes of company law, for the financial year for whith the financrdl statem8nts are prepa￿ L8 consistent wilh the financwl slatemenls., and the Iru51¢e5' report induded wrthm the Irsjslees. W has been prepared in Kcordance with applicable legal requirements. Mattèrs on whlch we arn r•qulfed to report by ex¢eptkbn In the light of the knowledge and understanding ol the chanty and its environment obtained in the course of the audit, we have not Identified material mis5talemenis In the trustees. reFQrt induded with Ihe trusw. Teport. We have nothing lo report in res￿ ol the folhxing li rdation to whth the Ccfflpanies Act 2006 wuires us to report lo you if, in our oF¥nion-. adequate and proper Xcounting records havé not b8en kept. w retums aLl￿U9¢e for our audit have nol been rerEived frorn branches llDt wsrted ty us, or the finaW￿l slatements a￿ ifi agmmant wrth the a￿oUnting records anLI retums.. or certairl d15closures of trustees. remUnerat￿n speufied by law are n¢A Made. or we have nol re¢eNed all the inlorrnation and exp¢ar￿￿n$ we Wuife for our audit.. or REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF ULTING OVERSEAS TRUST conlinued) Mattera on which ￿ are requlred to report by exceptoon l¢ont4nuedl the trustees were not entrfed to prepare the financial ststements in WA)ydance wtth the small compan￿9 iogime and take advantage ofthe small compan*s exempb.ons in weparing Ihe tfUStees' rep￿ and Irom the requirement lo prepare a strategic report. Responglbllittes of trustees As explained Tnore fully In the truslees, reSp(￿Sibili￿.es stalement. Ihe tNstee5' (who 8re a150 the Irustees of the charitable company for the purposes ol company lawl are res1x)n*b￿ for the prepar31ton of the financial stslements and lor being satisfied th81 they gNe a tTue and lair ¥￿. and for such tnlemal control as the trustees ¢Jetem)Ina ts n8c•ssèry to ènable Ihe preparation of financ+al slatements that are free from material mi$5ts*mtni, whtrther due lo fraud Of error. In preparing the financial slalements, Ihe Iw51ees are responsible fora$6esswtg the chanty's abiltyto continue as a 90ing con￿M, disclosin9, 8s applvble. matter5 reL8ted lo g)ir¥J concem and using Ihe going concém t￿1$ of &xtsuntin9 unless the trustees either intend lo liquidate Ihe company or lo eease operatitins. or have realBtK attemabve but lo do so Audltorfs rw4pon•lbllltles for the •udrt of the flnanclal ststèmewtts Our objectives are lo oblaln reasonable assurance abotsl *helher Ihe financial slatements as a whole are trèe from material rnisslaiemeni, whether due to fraud or errof. to issue an audrtonal currency of the charity. b Investment Income Income from investmeftls is accounted for on the basis of the due and payable date. Interest is included when receivable. Rental Income is accounted for on a feceivable ba51S. Forelgn ¢urrency translatlon Foreign currency transactions are translaled inlo the charity's records using the exchange rates prevailing on the dales the transath'ons ocojr. At the balance sheet dale, all monetary assets and liabilities denominated in fofeign currencies are translated using the rales of exchange ruling al that date, Exchange gains or losses arising are recognised as gains or losses on inveslmenls. The Trust holds some advance forewn exchange contracts to offset some of Ihe exposure to exchange risk from items in the inveslmenl portfolio denominated In foreign currencies. Gains and losses on the contracts have been accounted for using hedge aKounting - ie are offset against losses and gains on the foreign exchange contracts. d Expondlture Expenditure is included in the Slatemenl of Fina￿>al Activrties on an acwals basis, inclusive of VAT and is directly attributable to speufic categories of reSour￿S expended underwhich it is Classified. Grants payable are Induded In the Slalemenl of Finanaal Ath'vities when approved by the difectors. e Investments Realised and unrealised gainsl(losses) on investrnenls are reflected through the Statement of Financial Activilies. Investment propety is valued on an open mafkel basis by the directors, Listed investments are Included in the accounts al their market value al the baLance sheet date. f Fund accounting All funds held by the Trusl are Unrestricted general funds which can be used in accordance with the Charitable objects al the discreli¢)n of the trustees. g Going concem The financial slalements have been prepared on a going concem 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 bvelve months from aulhorising these financial statements. The budgeted income and expenditufe is sufficient wrth the level of reseTres for the chanty to be a￿￿e to continue as a going Concern. 11 ULTING OVERSEAS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2025 (continued) h Derivatives Defivative financFal instruments are initialty measured al fair value al the dale on which a derivative contract is entered into and are sUbSequen￿Y measured at fair value through the Statement of Financial Activities. Derivatives are used for the purposes of reducing risk in the portfolio. More specifically, exchange traded forward currency Contracts are held for hedging all or 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 nse In global Inlefesl rate expectations. and also to feduce the portfolio's sensiliwty to a sha￿, sudden collapse in equity markets. Since the Ruffer portfolio was unitised, the Tnsst no longer holds forward ￿rrencY contracts. Flnancial instruments The Company holds a variety of basic financial instruments as part of Ils day-to-day aclivilies, principally investments, 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 porffolio, but do not actively seek to invest in hedge funds The Company has no direct exposure to credit risk, liquidity fisk Of cash flow risk, and its piice risk exposu￿ largely relates to the value of investments. Investments are monitored by the Investment Committee. j Debtors Grants receivable and other debtors are included al the settlement amount due. Prepayments are valued al the amount prepaid. k Cash at bank and in hand Cash al bank and in hand includes cash and short tem highly liquid investments with a short maturity of three months or less from Ihe dale of opening of the deposit. I Creditorn and provlsions Creditors and provisions are recognised where the charty has a present obligation arising from a past event that will probably result in the Iransfef of funds lo a third paty and the amount due to settle the obligation can be measured or estimated reliably Creditors and provisions are re¢ognised al their settlemenl amount. 2 CONSTITUTION OF THE COMPANY The company is limited by guarantee, and each member is under covenant lo contribute a sum not exceeding £10 in certain Circumstan￿ as sel out in clause 6 of the Memorandum of Association. The number of members is 10 (2024.. 11). 12- ULTING OVERSEAS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5TH APRIL 2025 (continued) 3 EXPENDITURE All unregtrlcted 2025 2024 Raising fund$ Propety Maintenan￿ and repairs Insurance Propety related professional and legal fees Land agent's fees and expenses 22,874 2,091 2,160 18,391 1,876 10,890 41 35 654 ￿68 Charitabl8 activltlos Grants payable (Note 7) 151 759 Support CO8t8 Project OffI￿r.S seNices Audit fees Bank charges & interest Trustees Travel Expenses Sundry expenses 6,600 4,920 110 1,105 294 6,600 4,620 185 610 4 TAXATION The charity is exempt from taxation on rts charitable actNitie8. 5 DIRECTORS, REMUNERATION No fees or emolumenls were paid to the directors of the company dLtring Ihe year12024. £nill. They provide their seNices gratuitously. No value is reflected in the financial statements for these donated services. Travel expenses amounting to £1,105 (2024". £610) V￿re paid lo directors for travel on Ultin9 Ovetseas Trust business. 6 RELATED PARTY TRANSACTIONS Directors have connections with individual bodies to vthich grants were paid as sel oul below.. Mr. JC Heyward is a trustee of Oxford Centre for Mission Studies (Grant paid £8,100 {2024. £8,10011. Dr. CM Walker is a trustee of Solomon Academic Trust (Grant paid £2.7C() {2024 .' £3,000}}. 7 GRANTS PAYABLE During Ihe year grants were made to institutions and indNiduals, lo assist those Iralning Yor Christian Ministry, teacher5 in theological education. theological insb"tutions in the Majority world and those seeking to assist in the MajoTrty world. as follows.. 13- ULTING OVERSEAS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED AT 5TH APRIL 2025 (continued) 2025 2024 Grants to Institutions African Christian University African International University 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 corresponden￿ College Christian servi￿ University College Kumasi Comerstone Christian Col*e, Capelown Discipleship Training Centre- Singapore Domboshawa Theological College El Aprendiz Emanuel University Romania Ethiopian Graduate School of Theology Evangelical Seminary of Soulhem Afnca Evangelical University Zambia Faculle de Theologie Evangelique Shalom George Whitfield University Increase Association Inslitulo Superior de la Iglesia Evangelica International Fellowship ol Evangelical Students International Baptist Theological Study Centre iserve Africa Kathmandu Institute of Theology Koinonia Theological Seminary. Davao Langham Preaching Langham Scholarships Latin Link London School of Theolcgy Nagaland Bible College Mission India North India Institute for Theological Studies Oxford Centre for Mission Sludies Palm Ministries Pan African Christian Ccllege Penuel School of Theology Proclamation Zambia Program for Theological Education by Extension (Jordan) Scripture Union International Seminario Evangelico do Puerto Rico Solomon Academic Trusl South Asia Institute of Advanced Christs'an Stud Theological College of Northem Nigeria Transform Europe Network Uganda Bible Seminary Ukrainian Evangelical Theologtcal Seminary 1.000 5.250 7.100 2,500 1.100 5,250 2.035 2,500 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 3,100 2.000 2,500 1,500 3.000 3,250 1.950 1,300 2,670 1,750 1.750 5,300 2.000 20,000 1.348 2,000 1,965 3.500 16.500 8.000 2,000 2,300 1,000 1,970 8.100 3.000 6.600 8,100 3,750 6,600 1,065 1,965 1,000 15,000 1,965 16.000 1,800 2,700 3,000 2,670 1,750 1,160 1,000 1,160 1.000 153,678 149,759 Grants to Individuals Total Grants Payable 14- ULTING OVERSEAS TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED AT 5TH APRIL 2025 (continLEd) INVESTMENTS Inveslment property Listed Invesbnents Totsl Markel value At 6th April 2024 Additions Disposals Unrealised gains in year Al 5th April 2025 2,230.000 2,127.557 81 {98.157) 4,357,557 81 198,1571 26 790 Cost Al 5th April 2025 The investment properties were valued on an open market basis at SUI April 2025, by the Directors, using infomiation from the land agents. DEBTORS 2025 2024 Other debtors and p￿payMentS 10 CREDITORS: Amounts falling due wthin one year 2025 2024 Other creditors Accruals and deferred income 10,139 10 332 13,140 11 REVALUATION RESERVE Al 6 April 2024 Adjustments for additions and disposals Unrealised gains in year At 5 April 2025 2,031,678 199,139) 15-