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2024-03-31-accounts

CHARITY REGISTRATION NUMBER: 326436

The David Chaudhary Ministries Fund Unaudited Financial Statements 31 March 2024

HASWELL BROTHERS LLP

Chartered accountants First Floor Pembroke House Ellice Way Wrexham Technology Park Wrexham LL13 7YT

The David Chaudhary Ministries Fund

Financial Statements

Year ended 31 March 2024

Page
Trustees' annual report 1
Independent examiner's report to the trustees 7
Statement of financial activities 8
Statement of financial position 9
Statement of cash flows 10
Notes to the financial statements 11

The David Chaudhary Ministries Fund

Trustees' Annual Report

Year ended 31 March 2024

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2024.

Reference and administrative details

Registered charity name The David Chaudhary Ministries Fund Charity registration number 326436 Principal office 15 Woodham Gate Newton Aycliffe DL5 4UB The trustees Mr M L Taplin Mr A P Chaudhary Mr G J Carter Rev W T O'Leary Independent examiner Mr P T Harris FCA First Floor Pembroke House Ellice Way Wrexham Technology Park Wrexham LL13 7YT

1

The David Chaudhary Ministries Fund

Trustees' Annual Report (continued)

Year ended 31 March 2024

Structure, governance and management

The names of the trustees and other legal information are shown on page 1 of these accounts. The trustees were appointed by the existing Trustees, being persons who are suitably experienced, well known to them and are of proven integrity and financial ability, and who are wholly in sympathy with the objects of the Trust. Trustees are kept up to date with changes that are required by Charity Law with the engagement of external consultants and advisors. The trustees are responsible for:

The day-to-day responsibilities have been delegated to trustee Aaron Chaudhary and Stephen Chaudhary.

Trustees Training

The Trustees are experienced having served on the board for many years. The trustees intend to avail themselves of training resources in order to keep up to date with Trustee's role and responsibilities under Charity Law.

Public benefit

The charity trustees have complied with their duty in section 17(5) of the 2011 Charities Act to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. The charity's activities are for the public benefit in that firstly grants payable are made to works which eradicate poverty and ignorance. And payments to support ministries of those who preach and teach the gospel, and who make no charge for their services and assisted by public subscription are enabled to minister.

Objectives and activities

To proclaim and further the Gospel of God concerning His Son Jesus Christ our Lord, and the preaching and teaching of the Word of God in the United Kingdom and abroad, consistently with its doctrines and articles.

2

The David Chaudhary Ministries Fund

Trustees' Annual Report (continued)

Year ended 31 March 2024

Objectives and activities (continued)

Risks

The major risks to which the Charity is exposed, as identified by the Trustees, have been reviewed and systems established to mitigate those risks. The principle risks facing the charity are in the following categories:

These risks are mitigated in the following ways:

Related parties

Three of the Trustees (A. Chaudhary, M. Taplin and W. O'Leary) are also on the Board of Trustees of the David Chaudhary Ministries Children's Home Trust (Registered Charity 1092114).

3

The David Chaudhary Ministries Fund

Trustees' Annual Report (continued)

Year ended 31 March 2024

Achievements and performance

As well as supporting the work of David Chaudhary Ministries' co-ministers in their various ministries within the UK and overseas. Support for pastors, widows, and churches in India continued at the level of the previous year. This includes financial assistance, resources and opportunities for spiritual and practical growth.

During the period under review two additional pastors were sponsored enabling bringing the total to twenty. Remarkably, some of those now supported by the ministry were once children cared for through earlier programmes and are now dedicating their lives to serving others and sharing the gospel. These pastors are from rural areas and serve communities with limited resources.

Additionally, working in collaboration with local churches thirty three widows were supported with financial assistance. Again, these widows are in rural areas with limited support. These widows often face isolation as their children move to urban areas for work. To address this, the ministry has initiated 'fellowship gatherings' for foster a sense of community and a support network. Most of those in receipt of support-both pastors and widows, do not have bank accounts and so come to the children's home the ministry uses as a base. As well as receiving their support, widows and pastors receive lunch coupled with a time of encouragement through a message shared by a pastor. These gatherings provide much-needed community and spiritual upliftment.

Strong connections have been maintained with local churches and pastors, ensuring a network for spiritual growth and practical support.

The pastors who are supported come with recommendations and are known to those we work with. Widows are often connected to local churches and are most often referrals from people who recognise the genuine needs in the community.

Stephen and Lesley visited India twice during the period under review, on their second visit, they were joined by Stephen's sister, Joyce, and her son, Isaac. For Joyce, it was her first visit to India and she was able to see first-hand the life work of her parents who founded the ministry over 40 years ago and has continued.

The ministry is grateful for the opportunity to support those who faithfully serve their communities and to provide comfort for widows in need. The impact of this work is evident in the lives of the pastors and widows, whose gratitude and personal testimonies are a testament to the ministry's impact.

David Chaudhary Ministries remains steadfast in its commitment to support the teaching and peaching of the gospel. To support pastors and widows, and churches, fostering spiritual growth and practical assistance. With faith and continued support, the ministry will continue its efforts of making a difference in the lives of many.

In addition, Stephen has visited several churches in the UK who support or at one time supported the ministry, during these meetings the local churches have been given verbal or visual updates which have been appreciated.

The charity supports one other overseas ministry in the Philippines.

The charity continues to function to facilitate the ministry of David Chaudhary Ministries' co-ministers as ministers of the Gospel in the United Kingdom and Europe.

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The David Chaudhary Ministries Fund

Trustees' Annual Report (continued)

Year ended 31 March 2024

Financial review

During the year income totalled £73,767 (2023 - £18,789). The charity's income is made up of donations received from individuals along with the Gift Aid tax recovered on those donations. The charity also received an extraordinary legacy of an investment property during the year with a market value of £58,000 which included in income. There was investment income of £1,954 included in income during the year which arose from the donated investment property.

The charity's total expenditure for the year was £19,880 (2023 - £19,571). Most of this expenditure was supporting the work of David Chaudhary Ministries' co-ministers in their various ministries, as well as grants to other charitable organisations. At the end of the financial year the charity has £83,036 in unrestricted reserves.

Reserves

The charity had reserves of £83,036 in unrestricted funds on 31st March 2024. It is the intention of the trustees to maintain reserves at the level needed to cover twelve months of activities. Reserves are accumulated for projects designated by the trustees.

Grant making policy

The charity makes grants in accordance with its objects and only to persons known to the trustees and does not make unsolicited grants.

Governance and internal control

The major risks to which the charity is exposed, have been identified by the trustees, and systems have been established to mitigate them.

Plans for future periods

Our mission and goals for the future remain consistent with our objectives, that is to communicate the Gospel of Jesus Christ, to assist those involved in Christian ministry in the United Kingdom and abroad.

5

The David Chaudhary Ministries Fund

Trustees' Annual Report (continued)

Year ended 31 March 2024

Trustees' responsibility statement

The trustees 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 (UK GAAP)).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that 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 Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. 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.

The financial information included with this report was provided for the accountants to be independently examined on 7th January 2025.

The trustees' annual report was approved on 10 April 2025 and signed on behalf of the board of trustees by:

Mr A P Chaudhary Trustee

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The David Chaudhary Ministries Fund

Independent Examiner's Report to the Trustees of The David Chaudhary Ministries Fund

Year ended 31 March 2024

I report to the trustees on my examination of the financial statements of The David Chaudhary Ministries Fund ('the charity') for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

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

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

Mr P T Harris FCA Independent Examiner

First Floor Pembroke House Ellice Way Wrexham Technology Park Wrexham LL13 7YT

10[th] April 2025

7

The David Chaudhary Ministries Fund

Statement of Financial Activities

Year ended 31 March 2024

2024 2023
Unrestricted
fundsTotal funds Total funds
Note £ £ £
Income and endowments
Donations and legacies 4 71,813 71,813 18,789
Investment income 5 1,954 1,954 –
--------------------------- --------------------------- ---------------------------
Total income 73,767 73,767 18,789
=========================== =========================== ===========================
Expenditure
Expenditure on raising funds:
Investment management costs 6 769 769 –
Expenditure on charitable activities 7,8 19,111 19,111 19,571
--------------------------- --------------------------- ---------------------------
Total expenditure 19,880 19,880 19,571
=========================== =========================== ===========================
--------------------------- --------------------------- ---------------------------
Net income/(expenditure) and net movement in funds 53,887 53,887 (782)
=========================== =========================== ===========================
Reconciliation of funds
Total funds brought forward 29,149 29,149 29,931
--------------------------- --------------------------- ---------------------------
Total funds carried forward 83,036 83,036 29,149
=========================== =========================== ===========================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 11 to 18 form part of these financial statements.

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The David Chaudhary Ministries Fund

Statement of Financial Position

31 March 2024

2024 2023
Note £ £ £ £
Fixed assets
Investments 58,000 –
Current assets
Debtors 15 11,563 7,500
Cash at bank and in hand 15,235 22,673
--------------------------- ---------------------------
26,798 30,173
Creditors: amounts falling due
within one year 16 1,762 1,024
--------------------------- ---------------------------
Net current assets 25,036 29,149
--------------------------- ---------------------------
Total assets less current liabilities 83,036 29,149
--------------------------- ---------------------------
Net assets 83,036 29,149
=========================== ===========================
Funds of the charity
Unrestricted funds 83,036 29,149
--------------------------- ---------------------------
Total charity funds 17 83,036 29,149
=========================== ===========================

These financial statements were approved by the board of trustees and authorised for issue on 10 April 2025, and are signed on behalf of the board by:

Mr A P Chaudhary Trustee

The notes on pages 11 to 18 form part of these financial statements.

9

The David Chaudhary Ministries Fund

Statement of Cash Flows

Year ended 31 March 2024

2024 2023
£ £
Cash flows from operating activities
Net income/(expenditure) 53,887 (782)
Adjustments for:
Dividends, interest and rents from investments (1,954) –
Accrued expenses/(income) 738 (233)
Changes in:
Trade and other debtors (4,063) (2,500)
--------------------------- -----------------------
Cash generated from operations 48,608 (3,515)
--------------------------- -----------------------
Net cash from/(used in) operating activities 48,608 (3,515)
=========================== =======================
Cash flows from investing activities
Dividends, interest and rents from investments 1,954 –
Purchases of other investments (58,000) –
--------------------------- -----------------------
Net cash used in investing activities (56,046) –
=========================== =======================
Net decrease in cash and cash equivalents (7,438) (3,515)
Cash and cash equivalents at beginning of year 22,673 26,188
--------------------------- ---------------------------
Cash and cash equivalents at end of year 15,235 22,673
=========================== ===========================

The notes on pages 11 to 18 form part of these financial statements.

10

The David Chaudhary Ministries Fund

Notes to the Financial Statements

Year ended 31 March 2024

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 15 Woodham Gate, Newton Aycliffe, DL5 4UB.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

There are no accounting estimates and assumption made by management during the preparation of the accounts.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

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The David Chaudhary Ministries Fund

Notes to the Financial Statements (continued)

Year ended 31 March 2024

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

12

The David Chaudhary Ministries Fund

Notes to the Financial Statements (continued)

Year ended 31 March 2024

3. Accounting policies (continued)

Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery - 20% straight line Motor vehicles - 20% straight line

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

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The David Chaudhary Ministries Fund

Notes to the Financial Statements (continued)

Year ended 31 March 2024

3. Accounting policies (continued)

Impairment of fixed assets (continued)

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments which are initially recognised at transactional value and subsequently measured at their settlement value.

4. Donations and legacies

Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Donations
Donations 13,813 13,813 18,789 18,789
Other donations and legacies
Exceptional income from donations
and legacies 58,000 58,000 – –
--------------------------- --------------------------- --------------------------- ---------------------------
71,813 71,813 18,789 18,789
=========================== =========================== =========================== ===========================

During the year the charity received a legacy in the form of a property with a valuation of £58,000. The property was bequeathed to the charity by a close family member of a trustee, Mr A Chaudhary.

5. Investment income

Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Income from investment properties 1,954 1,954 – –
======================= ======================= ============== ==============
Investment management costs
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Property repairs and maintenance
charges 769 769 – –
============== ============== ============== ==============

6. Investment management costs

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The David Chaudhary Ministries Fund

Notes to the Financial Statements (continued)

Year ended 31 March 2024

7. Expenditure on charitable activities by fund type

Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Advancement of the Christian Faith 16,240 16,240 17,040 17,040
Support costs 2,871 2,871 2,531 2,531
--------------------------- --------------------------- --------------------------- ---------------------------
19,111 19,111 19,571 19,571
=========================== =========================== =========================== ===========================
Expenditure on charitable activities by activity type
Activities
undertaken Support Total funds Total fund
directly costs 2024 2023
£ £ £ £
Advancement of the Christian Faith 16,240 2,871 19,111 19,571
=========================== ======================= =========================== ===========================
Analysis of support costs
Advancemen
t of the
Christian
Faith Total 2024 Total 2023
£ £ £
General office 1,800 1,800 1,882
Governance costs 738 738 487
Insurance 333 333 333
Gift aid claim – – (170)
----------------------- ----------------------- -----------------------
2,871 2,871 2,532
======================= ======================= =======================
Independent examination fees
2024 2023
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 738 702
============== ==============

8. Expenditure on charitable activities by activity type

9. Analysis of support costs

10. Independent examination fees

11. Staff costs

The average head count of employees during the year was Nil (2023: Nil).

No employee received employee benefits of more than £60,000 during the year (2023: Nil).

See note 12 for details of Trustee Remuneration and note 20 for details of ministry fees paid.

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The David Chaudhary Ministries Fund

Notes to the Financial Statements (continued)

Year ended 31 March 2024

12. Trustee remuneration and expenses

As permitted by the Governing Instrument, Rev Aaron Chaudhary, a trustee, was paid £6,800 (2023 - £6,800) in respect of ministry and administration support.

The trustees were not reimbursed for any expenses during the year or the previous.

13. Tangible fixed assets

Plant and Motor
machinery vehicles Total
£ £ £
Cost
At 1 April 2023 and 31 March 2024 10,837 24,413 35,250
=========================== =========================== ===========================
Depreciation
At 1 April 2023 and 31 March 2024 10,837 24,413 35,250
=========================== =========================== ===========================
Carrying amount
At 31 March 2024 – – –
=========================== =========================== ===========================
At 31 March 2023 – – –
=========================== =========================== ===========================
Investments
Investment
properties
£
Cost or valuation
At 1 April 2023 –
Additions 58,000
---------------------------
At 31 March 2024 58,000
===========================
Impairment
At 1 April 2023 and 31 March 2024
Carrying amount
At 31 March 2024 58,000
===========================
At 31 March 2023 –
===========================

14. Investments

All investments shown above are held at valuation.

Investment properties

Investment properties is stated in the financial statements at a market valuation of £58,000 which the trustees consider to represent the fair value of the properties as at 31 March 2024.

15. Debtors

2024 2023
£ £
Other debtors 11,563 7,500
=========================== =======================

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The David Chaudhary Ministries Fund

Notes to the Financial Statements (continued)

Year ended 31 March 2024

16. Creditors: amounts falling due within one year

2024 2023
£ £
Accruals and deferred income 1,440 702
Other creditors 322 322
----------------------- -----------------------
1,762 1,024
======================= =======================

17. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At
At 31 March 20
1 April 2023 Income Expenditure 24
£ £ £ £
General funds 29,149 73,767 (19,880)
83,036
=========================== =========================== =========================== ===========================
At
At 31 March 20
1 April 2022 Income Expenditure 23
£ £ £ £
General funds 29,931 18,789 (19,571)
29,149
=========================== =========================== =========================== ===========================
18. Analysis of net assets between funds
Unrestricted Total Funds
Funds 2024
£ £
Tangible fixed assets 58,000 58,000
Current assets 26,798 26,798
Creditors less than 1 year (1,762)
(1,762)
--------------------------- ---------------------------
Net assets 83,036 83,036
=========================== ===========================
Unrestricted Total Funds
Funds 2023
£ £
Tangible fixed assets – –
Current assets 30,173 30,173
Creditors less than 1 year (1,024)
(1,024)
--------------------------- ---------------------------
Net assets 29,149 29,149
=========================== ===========================
19. Analysis of changes in net debt
At
At 1 Apr 2023 Cash flows 31 Mar 2024
£ £ £
Cash at bank and in hand 22,673 (7,438)
15,235
=========================== ======================= ===========================

17

The David Chaudhary Ministries Fund

Notes to the Financial Statements (continued)

Year ended 31 March 2024

20. Related parties

A total of £9,600 (2023 - £9,600) was paid to persons connected with Mr A Chaudhary, a trustee, to facilitate their work as Bible Teachers or Ministers, namely to Rev Joyce Wilkinson £4,800 (2023 - £4,800) and to Rev Stephen Chaudhary £4,800 (2022 - £4,800).

The charity owns a vehicle which has been used for the purposes of the ministry. There is some incidental private use but it is minimal and difficult to put a value on.

As at the year end, the charity owed £322 (2023 - £322) to parties connected to the trustee Mr A Chaudhary.

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