Charlty number: 801465 CENTRAL HARDSHIP AND RELIEF TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
CEiifRAL HARDSHIP AND REUEF TRUST Reference and Admlnlstratfve Detalk of the Charity. its Tnth and Advlsers Trustees. Report IndependentAudltorfs Report on the Flnanclal Statemnts statemènt of Financial Activitles Balance Sheet 10 Statement of Cash FkN 11 Notes to the Financlal state 12-25
CEPffiIAL HARDSHIP AND REUEF TRUST REFERENCE AND ADMINISTRATIVE DEfAILS OF THE CHARfrY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024 Trust R. H. Lynes, Princlpal Correswdent During the Ye¥ . J. Hobbs T. J. Pocod( J. S. Teissonnre T. W. Barter S. F. Rich C. Campbell K. Coldrick D. K. Williams Charity reglstered number 801465 Prlnclpal offi¢• clo Shaw Gibbs Wey Court West Union Road Famham Surrey GU9 7PT Independent auditor Shaw Gibbs Wudit) Limited Statutory Auditor Wey Court West Union Road Famham Surrey GU9 7PT Bankern HSBC Bank PIC 18 High Street Reigate Surrey RH2 9AY Sollcltorn Farrer & Co 66 Lincoln's Inn Fields London 2A 3LH Page 1
CEKfRAL HARDSHIPAND REUEFTRusr TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2024 The Trustees of the Central Hardship & Relief Trust hewtth issue thar Report & Finan¢ial Statements for the ended 30 June 2024. The Report and Staternts CnplY wilh the Charities Act 2011 and Accounting and Reporting by Charities; Ststement of Recommended Practice applicable to charittes preparing their accounts in accordance with the FinancHI Reporting Standard appltcable in the UK and Republic of Irend (FRS 102) (effective 1 January 2019). Structure. governance and management The Trust was registered on 3rd February 1989 as the Sedgehill Povety Trust. the name being changed on 30th June 2006. It is governed by the Trust Deed dated 3rd FetKuary 1989. as amended by supplemental Deed dated 16 June 2006. A principal object is the relief of povety amongst the Brethren in any part of the world. including the provision of accommodation and ass[Stsn with medical expen%% for in necessitou$ circumstances. The Charity has the further prirKipal objecl of carying on the Service of Gc>J. b. Methods of appolnlment or election of Tntstees The Charity is run by a Board of Trustees. The Truslees are all approved by the Bible & Gospel Trust of Chelwood House. Cox Lane. Chessington. Surw I9 1DN. The Board will have a maximum of 15 Trustees VrkIng as a team to meet the objects of Ihe Twst as set out in the G¢weming Deed. The Trustees recognise the need for different skills and resources when recwiting new trustees including what may be required due to any additional workload. Trustees are app¢inted for an indefinite period and must be approved by the Bible & Gospel TntsL Support is provKled for trustee training when needed. On 3rd April 2025. the Bible & Gos1 Trust relinquished ils inpul and approval reSp¢IbIlItieS. granting CHART trustees sole authority to make decisions indepdendy. without requiring extemal approval. c. Oryanlsatlonal structure and decislon4naklng polictes Fortnightly Trustees. meetings are tsld over ZoThn to ratify any requests made and to ensure charitable aims are met. ColFaborat#)n wth I[lon Welfare in marketing has proven very beneficpl. The day to day manag1t of the Tmst operations is delegated to ExecUtiveAssts. remunerated on an houty basis frjr the work undertaken. d. Volunteers The chanty is grateful for the assistance recaved fr Elders, who provide confim)ations to support grant applications based on their close kncrwledge of irKlividual circumstances. e. Rlsk management The Trustees confim that the maior risks to which the charity is exposed are Identified by the Trustees, and are reviewed and that procedures have been put in place to manage those risks. Page 2
CEKfRAL HARDSHIP AND REUEF TRUST TRUSTEES. REPORT {coKnNUED) FOR THE YEAR ENDED 30 JUNE 2024 Objectlves and actlvliles a. Pollcles and obJectfve8 The Trusrs overall palic*s remained unchanged throughwtthefinancial year2023-2024. Grant making pollcy Grants are made for the relief of Povwty amongst the Brethren in any part of the world. including the provision of accommodation and in assbstance with medical expenses for those in necessitous circumstances. Loan making pollcy Loans are made for the relief of Poverty anM)ngst the Brethren in any part of the world. induding the provision of accommodation aThd in assistance with exp for those in necessitous circumstances. b. Maln actlvltles undertaken to furthw tho Charfty's purposes for the publlc benefit The Trustees have referred to the guidance conlained in the Charity Commission's generdl guidance on publlc benefit when reviwing the aims and obiectbves and in planning the future activities. In particukr the Trustees consider how planned grants. gifts aThd loans will contnTrJute to the aims arKI obiectNes that they have set. The Trustees consider the current polrcy for grant and loan making delivers public benefft. Details of the objects which forni the basis of this policy are given earlier in this report. Achievements and perfornHnce a. Revlew of acdvltles Throughout the year the Trust has continued to fijjfd its obj&Aives n the provision of the support of Brethren in necessitous Circufjtan. The Trust provided support for men, women and children in different parts suffering from dfficuft heallh conditions which required specialist medica] treatment where the stste syste6 vme unable to assisL The Trust also assisbj to relieve harf$h for sryne c&8es of single fathers or mothers bringirvJ up their famili&s. The Trustees provided all their woth. support and travel at no to the TrusL Page 3
CEKfRAL HARDSHIPAND REUEFTrUST TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 Flnanclal revlthv Full details of the financial affairs are set out on the pages 9 to 25. As Can be seen from the SOFA, totsl Income and Endtr4vments came to £1,587,839 for the year, all unrestrKted funds (2023.. £628.522 all unrestricted funds). Total Expenditure came to £1.782,888 for the year (2023." £1.701,321}. This resujted in a def[t of £195.049 for the year (2023: dthtt £1.072.799). After making approprie enquirtes, the trustees have reasonable expectation that the charity has adequate resLwrces to continue in q)efational existence for the foreseeable future. For this reason they continue to adopt the going cortsrn basis in preparing the financial statTIents. Further details regarding the adoption of the going ncem basis can be found in the Acc¢xnting Policies. b. ReseNes pollcy The TNstees' policy on reserves is to nwintain a level of funds to cover any urgent charitable needs that may arise within the scope of Trust Deed. based on their prevK)us knowledge of the level of funds required. This requi funds available in a current account and reserves on notice in other accounts. The Trust maintains a General Fund and that fund was sufficient to meet all the commitments made during the year. Payments from the fund h been made in the normal course of the charitable actNities and there have been no excepttonal payments. At 30th June 2024 Restri(Xed Reserves of £28.933 (2023: £28,933) and Unrestricted Reserrfes of £3,557,292 (2023.. £3.752.341) were hekl. Free Rese$ (Unrestricted ReseNes less Fixed Assets) at 30th June 2024 were £2.103.258 {2023: £2.842.130). c. Matarlal Investments polky The Charity generally maintsins a policy of l(AV risk investrnent regarding its fvnds, and most are held as deposrts with the main UK banks. . Plans for future porkxls . Future developments The Trust aims to conttnue to fuffil ils objectp4es. Any requests for grants or loans V•ill be submTlled lo the Trust whereupon the Trustees 44111 give them nSideratiOn in the light of (a) the Trusts aforementioned policies, (b) an application fomi. (c) other requests. and (d) the fijnds awailable at the time. There are no kn{P or future events anticipated to affwx financial pthrmance. including the ongoing impact of CoNid-19. . Restrfcted funds The Jamaican Fund represents donations received from over the worfd to assist with the chitable needs in Jamaica. PwJe 4
CENTRAL HARDSHIP AND RELIEF TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 . Grants disclosure Grants were made during the year as follows.. Grants made to individuals Jamaica Povety Trust Grants made to individuals 1,615,617 40,000 Statement of Trustees. responsibilities The Tru51ees are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and Unrted Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and applicalion of resources, including its income and expenditure, for thai period. In preparing these financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)- make judgments and accounting estimates that are reasonable and Prudent.. slate whether applicable UK Accounting Standards (FRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any lime the financial position of the Charity and enable them to ensure that the financial statements comply with the Charitie5 Act 2011. the Charity {Accounls and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding Ihe assels of the Charty and hence for taking reasonable steps for the prevention and detection of fraud and other IegularitIes. Disclosure of infonnation to auditor Each of the persons who are Trustees at the time when this Trustees. Report is approved ha5 confimed that: so far as that Trustee is aware, there is no relevant audit information of which the charity's auditor 15 unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomiation and to establish that the charity's auditor is aware of thal infomation. Approved by order of the members of the board of Trustees on Apr 29, 2025 and signed on their behalf by= R. H. Lynes Trustee Page S
CEp¥fRAL HARDSHIP AND REUEF TRUST INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CEKfRAL HARDSHIP AND REUEF TRUST Oplnlon We have aLKlited the financial slaternents of Central Hardship arKI Relief Trust (the 'charitY) for the year ended 30 June 2024 whrch comprise the Statement of Financial Activittes. the Balance Sheet. the Statement of Cash Flows and the related notes. induding a summary of significant accounting polictes. The financial reporting framework that has been applied in their preparation is applicable L74Y and Uniied Kingdom Accounting Standards. indudirKJ Financial ReportiNJ Standard 102 The Financial Reporting Standard appli¢able in the UK and Republic of Ireland, (United lQngdom Generalty Accepted Accounting Practtce). The financial statements have been prepared in accordance with Accounts'ng and Reporting by Charities preparing their accounts tn accordance with the Financial Rewrting Standards applicable in the UK and Republlc of Iland {FRS 102) in preference to the Accounting and Reporting by CharitTres.' statnent of Recormiended Practice issued on 1 April 2005 vthich is referred to in the exlant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair ¥1 in accordance with the Generally Accepted A¢o)unting PractKe effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial stat. give a true arKI fair VI of the sL*I of the charitys affairs as at 30 June 2024 and of its incomlng resources and appltcatton of resources for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted A¢UntIng Practu; and have been prepar1 in accordance with requirements of the Charitie5 Act 2011. Basis for opinlon We conducted our audit in accordance with Internatio1 Standards an Auditing (UK) (ISAS (UK)) and applrcable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethtcal requirements that are relevant to our audil of the financial statements in the Uniied Kingdcxn, including the Financial Reporting Council's Ethical Standard, and we have fuffilled our otr ethul responsibilities in accordan with these requirements. We believe that Ihe audit evidence we haNE obtained is Sufflent and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In audriing the financial statements, we have wluded that the Trustees, use of the going concem basis of accounting in the preparatim of the financial sLqtements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that indivtdually or collectivdy. may cast siqnificant doubt on the chartty's abilty to continue as a going ¢oncem for a Per3d of at least tWee months from when the financial statements are authorised for issue. Our responsbi ilities and the responsknliiies of the Trustees with respect to going concem are described in the relevant sections of this reporL Page 6
CENfRAL HARDP AND REUEF TRUST INDEPENDENT AUDrroR'S REPORT TO THE MEMBERS OF CEIITRAL HARDSHIP AND RELIEF TRUST (coTrmNUED} Other Inforniatlon The other irrformation CnpriseS the irrformation included in the Annual Report other than the financlal ststements and our Audrtofs Report thereon. The TnJstee5 are responsible for the other infornation contained wilhin the Annual Report. Our opinion on the financial ststements does not cover the other infomwtion and. except to the extent otherwise expficitly S&ed in our report. we do not express any forni of assuran conclusK>n thereon. Our reSnSIbl1ty is to read the other inf0mtion and, in doing so, consider whether the other inforniatton is materialFy inconsisknt wilh the financial statements or our knrywlwjge obtained in the course of the audit, or othemse appears to be materially MisSLed. If we identify such matwial inconsistencies or apparent material misstatements, are required to determine whether this gives rise to a material misstatement in the financial statements thenwlves. If. based on the Drk have perfomied, conclude that there Is a material misstalement of this other information. we are required to report that fact. We have nothlng to report in this ward. Matters on whtch we arn r•qulred to report by exc0 We have nothing to report in respect of the follwig matters where the CharilEs (Accounts and Reports) Regulatiorts 2008 requires us to report to you rf. in our opinion: the infomtion given in the Trustees. Report is inconsistent in ary materAI respect with the financial statements; or sufficient accounting records have not been kept or the fjnancial statements are not in agreement wilh the accounting record5 and retums: or we have not received aH the inf(Kmth and explanations we require for our audit. Responslbilities of trustees As explained more fully in the TTUStees' ResponsbilitEs Statement, the Tnjstees are responslble for the preparation of the financial statements which give a true and fwr vw, and for such internal control as the Trustees detennine is necessary to enable the preparation of financial statements that are free from matwial missLment, %thether due to fraud or error. In preparing the financial Staterrts, the Trustee5 are responsft)le for assesslng the charivs abllty to continue as a going concem, disclosing, as applicable. matters related to going ¢oncem and using ihe going concem basi5 of accounting unless the Trustees eilher inlerKI to IKiuidate the charity or lo cease operations, or have no realistic altemative but to do so. Audltof8 re8pon8ibillties forthe audit of the financial statements We have been appointed as aurfrtor under section 144 of the ChaTittes Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurarts about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an Auditorfs Report that Includes our opinion. Reasonable assurance is a huh level of aSsUrae, but is not a guarantee that an audrt conducted in accordance wtth ISAS (UK) will always detect a material misstatem8nt when rt exists. Misstatwnents can arise from fraud or error and are considered material rf, lndivNJLIty or in the aggregate. they could reasonably be expected to Influen the enoMiC decisions of user5 taken on the basis of these financial statements. Irregutarittes. includlng fraud. are instsnces of nonwcompliance wrth lavs and regulations. We design procedures Page 7
INDEPENDENf AUDIToifs REPORT TO THE MEMBERS OF CENTRAL HARDSHIP AND RELIEF TRUST {cOnNUED) In line with our responsfoilities, outlined above, lo detect material rnisstatements in respect of irregularities, including fraud. The extent to which our PredureS are capable of detecting irregularits'es, including fraud is detailed belw. We gained an underslanding of the legal and regulatory framthvork applirable to the charity and the industy in which it operate5, and consider&J the risk of acts by the charity that were contrary to applicable laws arKI regulations, incltmling fraud. We designed audit procedures to respond to the risk. recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resuMing from error, as fraud may involve delil)erate concealment by. far example, forgw or intentional mksrepresentations, or through collusion. We focussed <)n law5 and regulations which could give rise to a material mlsstatement in the financial statements. induding, but not limited to the Charities Act 2011 and UK legislation. Our tests included agreeing the financial statement disclosures to underlying supporting dooumertstion and enquirte5 with management. There are InhenI limttations in the audit procedures described above and. the further removed non-compliance with laws and regulations is trn the events and trartsactions reflected in the financial statem&nts, the less likely we would become aware of it. We not identify any key audit matters relating to irregularities, including fraud. As in all our audits. we also addressed the risk of management overrFde of intemal controls. including testing joumals and ewalvating whether there was evidence of bias by the Trustees that represented a risk of material nwsstatement due to fraud. A further descriptton of our responsibilities for the alit of the financk?I statements is located on the Financial Reporting Council's vRbsite at: W¥1.frc. .uklauditorsres onsibili This description forn part of our Auditofs Report. Use of our report This report is made solely to the Charitys trustees. as a body. in aecordance with Part 4 of the Charilres (Accounts and Reports) Regulatn3 2008. Our audit work has been undertaken so that we might state to the Charitys trustees those matters we are required to state to them in an Auditorfs Report and for no other purpose. To the fultest extent pemttted by law, we do not accept or assume responsbilty to anyone other than the charity and its trustees. as a boty. for our audit wth. for this repcrt or for the Opini( have forrrEd. Shaw Glbbs (Audlt) Limited Statutory Audbtor Wey Court West Union Road Famham Surrey GU9 7PT Date: s o Shaw Gibbs (Audit) Limited are eligible to act as auditors in tern of section 1212 of the Companies Act 2006. Page 8
CEtrifRAL HARDStrUP AND REUEF TRusr STATEMENTOF FINANCIALACTivmES FOR THE YEAR ENDED 30 JUNE 2024 Unr•strlcted Restricted fund5 2024 Total funds 2024 funds 2023 2024 Income from: Donations and legacies Other tradirvJ aCtivitS Investnwnts 1.678.940 1&78J40 1387 7ffi12 552.117 57,203 19.202 7.612 Totsl incomo 1.587.839 1 187,839 628,522 Expenditure on: Charitable adivities 1.782m8 1,781888 1,701.321 Total expendfture 1,782,888 1.782,888 1.701,321 Net movement In funds (195.0491 1195,IWJ} (1,072,799J Reconclllation of fvnds: Total fvnds brought forward Net movement in funds 3.752*1 (195W) 3,781.274 4.854,073 (19&049) (1,072.799J Total funds carrled forward 3.557292 21933 3.586225 3, 781.274 The Statement of Financial Activibes includes al gains and losses recognised in the year. The nrtes on pages 12 to 25 form part ofthese finla1 sta1&ne. Page 9
CENTRAL HARDSHIP AND RELIEF TRUST BALANCE SHEET AS AT 30 JUNE 2024 2024 2023 Note Ftxed assets Tangible assets 11 1.454.034 910,211 1,454,034 910,211 Current assets Debtors.. amounts falling due after more than one year Debtors". amounts falling due within one year Cash at bank and in hand 12 12 1.726.603 642,252 659.055 1,658,026 785,218 451,044 3,027,910 2,894,288 Creditors.. amounts falling due within one year 13 {895.719) (23,225) Net current assets 2,132.191 2,871,063 Total assets less current liabilities 3.586.225 3,781,274 Total net assets 3,586,225 3, 781,274 Charityfunds Restricted funds Unrestricted funds 14 14 28,933 3,557,292 28, 933 3. 752,341 Totsl funds 3,586,225 3.781,274 The financial statements were approved and Apr 29, 2025 authorised for issue by the Trustees and signed on their behalf by.. on R. H. Lynes Trustee The notes on pages 12 to 25 form part of these financial statements. Page 10
CEKfRAL HARDSHIP AND REUEF TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024 2024 2023 Cash flows from operallng acllvttles Net cash used in operatirva a(Jivi 17 200,399 {1.133.843) Cash flows from Invtsung actm Dividends, interests arKI rents from investm 7,612 19.204 Net cash provlded by Investing acthiltles 7,612 19.204 Cash Ilows from flnanclng actlvities Repayments ofborrnmng Net provlded by financlng actlvhles 50.000 Change In cash and cash equlvalents In the year Cash and cash equivalents at ttrk8 beginning of 208,011 451.044 11.064.639) 1,514683 Cash and cash equlvalents at th• end of the 18 659,055 451.044 The notes on pages 12 to 25 fom) part of these financid statem Pa9e11
CEKfRAL HARDSHIP AND REUEF TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Genernl information CHART is a charity, incryrated in England and Vvales. Its registered office address is clo Shaw Gibbs, Wey Court Wesc UniM Road. Farnham. Surrey. GU9 7PT. Accounting policles 11 Basis of preparatlon of financial slatements The financial statements have been pwared in accordance with the Charitres SORP (FRS 102) - Accounting and Reportirvj by Charitses: Statem1 of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appltible in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireknd (FRS 102) arKI the Chartties Act 2011. The financial statements have been prepared to gr¥e a Irue and fairf view and have departed from the Chartties (Accounts and Rep¢xts) Regulations 2008 only to the extent required to provide a 'true and fairf view. This departure has involved folkmiing the CharitFes SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrdwn. Centrdl Hardship and Relief Trust meets the definition of a public benefft entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in ts relevant accounting policy. 22 Going concern The Trustees consKler that there are M material uncertainties about Charity's ability to conlinue as a going concern. 23 Income All irojne is recognised once the Charity has entitlement to the income. it is probable that the ie will be received and the amount of income receivable can be measured reliably. The recognition of incorne from legac8 is depwKlent on e*ablishing entidement, the probabilty of receipt and the abilty to estimate with sufftient accuracy the amount receivable. Evidence of entttlement to a legacy exists when the Charity has sufficient evidence that a gift has been left lo them (through kn¢A¥ledge of the existence of a valid will and the death of the benefactor) and the executor is salisfied that the property in question will not be required to satisfy claims in the estste. Receipt of a legacy must be recognised when it is probable that it will be received and the fair valua of the amount receivable. which will generalty be the eXted cash amount to be distributed to the Charity, can be reliably measured. Income tax recobErabie in relation to donatior receNed urKler Gift Aid or deeds of covenant is recognised at the time of the d{all(. Page 12
CEKfRAL HARDSHIP AND REUEFTRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accountlng polkles (contknued) 2A Expendlture Expenditure is rwnised once there is a legal or constructive oblgation to transfer ecorK¢mic benefit to a third party, it is probable that a transfer of economic beneffts will be required in settlement and the amount of the obligation can be measured reliabty. Expenditure is classified by activity. The costs of activity are made up of the total of direct costs and shared costs, induding support costs involved in urKlertaking each acbwty. Direct costs attributable to a single activty are allocated directly to that actmty. Shared costs which contribute to more than one activty and support costs which are not attrfoutable to a Sing acttvity are apportioned between those activibes on a basis consistent with the use of resour. Central staff costs are allocated on the basis of time spent. and depreciation Expenditure on charitable activibes is incurred on diredly urnlertaking the activitw which further the Charity's obiectNes. as VMII as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional. such grants being recognised as expilUre when the corKlitions attaching are fulfilled. Grants offered subject to conditrons which have not been met at the year end are noted as commitment, but not accrned as expenditure. All expenditure 15 inclusive of irrecoverable VAT. IS Foreign currencles Monetsry assets and liabilities doMinated in fown currencies are translated into sterling at rates of exchange ruling al ts reporting date. TranSaCtiS in foreign currencies are translated into sterling at the rate ruling on the date of the Exchange gains and losses are recognised in the Statement of Financial Activities. 2.8 Taxallon The Charity is exempt from income tax as a registered charity on ts income and gains where these fall into one of the charitable exernns and are spent on ts charitable purposes. 17 Tanglble fixed assets and deprecktlon Tangible fixed assets are initially recognised at (y)st. After rwnilion, under Ihe cost m¢)del, tangible fixed assets a measured at cost less accumulated depreciatK>n and any accumulated impairment losses. Al ¢osts incurred to bring a tsngible f1 asset inlo ts intended w01ng condiknon should ba included in the rneasurnt of cosL At each reporting date the Charity a&sesses whether there is any indication of impaimient. If such indication exists. the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An imparment loss is recognised where the carrying amount exceeds the recoverable amounL Page 13
CETrifRAL HARDSHIP AND REUEF TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 30 JUNE 2024 Accountlng poticles (continued) Z7 Tangible fixed assets and depreciation (continued) Depreciation is charged so as to allcKate cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the follcMing bas Freehokl pmp 2% straight fine Land is not d)red. Trade and oiher deblors are recognised at the SdtIern amount after any trade discount offered. Prepayments are valued at the arN)unt prepaid rEt of any trade discounts due. 19 Concesslonary loans Concessionary loans are made to advance the tharitable purposes for the benefrt of the Charitys beneficiaries. Concessionary loans repayable on demand or within one year are recognised at the amount paid and loans repayable in more than one year are recognised at the amount paKI. Interest is recorded when li is r1ved. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-temi hvJhty liqu Investments wlth a short maturity of three months or less from the date of acquisitron or opening of the deposit or similar account. 111 Llabllltles and prov&lons Liabilities are recognised whn there is an obligatton at the Balance Sheet date as a result of a past event, it is probable that a transfer of econom benefit will be required in setuement, and the amount of the settlement can be estimated relHbty. Liabilities are recognised at the amourrt that the Charity anticipates tt will pay to settle the debt or the amount it has received as advanced payments for the goods or serrfices tt must provide. Provisrons are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amunts. discounted at ts we4ax discount rate that refie¢ts the risks specific to the liabilty. The um¥indlng of the discount is recognised in the Stat&rent of Financial Activities as a finance cost. 2.12 Fknanclal instruments The Charity onty has financial assets and financial liabilities of a kind Ihat qualify as basic financial instruments. Basic financial instruments are initialty recognised at transaction value and subsequently measured at their Settlnent value with the exception of bank loans which are subsequently measured at arnortised cost using ts effective interesl method. Page 14
CEPffiIAL HARDSHIP AND RELIEF TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Accountlng policies (conlinued) 2.13 Fund accounth General funds are Unrestri funds which are avalble for use at the discretion of the Trustees in furtherance crf the weral objectives of the Charity and whtch have rnt deSnated for other purposes. Restricted funds are funds which we to be used in accordance with specific restriciions imposed by donors or which have been raised by the Charity for parttcular purposes. The costs of raising and administering such funds are charged against the specffic fund. The aim and use of each restricted fund is set out in the notes to the financpl Statements. Income from donatlons and legacle8 Total funds 2024 fiinds 2024 Donatt(Th & gifts HM Revenue & Custiyns tax weclawned 1.570,885 10,885 8.055 1,578.940 1,578.940 Total funds 2023 funds 2Q23 Donations & gifts Legaaes HM Re¥ue & Customs tax r*Dned 540,502 540.502 10.615 10.615 552.117 55Z117 Page15
CEKfRAL HARDSHJPAND REUEF TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Incorno from other tradlng actlvltlgs Unrestrlcted funds 2024 funds 2024 Rent income 1.287 Total lunds 2023 fvnds Rent income Profiton exchange rate flucttIonS Profft on sale of fwl assets 1,404 32,291 23,508 32291 23, 57,203 57,203 Invegtment Income Unrestrlcted furK 2024 Total funds 2024 Investment income 7.612 7,612 funds 2023 funds 2023 Investment income 19.202 19.202 P4e 16
CENTRAL HARDSHIP AND REUEF TRUST NOTES TOTHE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 30 JUNE 2024 Anatysls of grdnts Grants to Grants to Instiiutsons Individuals 2024 2024 Total funds 2024 Grants. Reliefof Povaty 1.615.817 1,655.617 Grants to Grnnts to Instslutsons IndivKluats 123 2Lr23 Total fvnds 2023 Grants. Relief of Pov 79.820 1.535.268 1.615,088 Of the total grants £NIL was made from restricted furKls (2023: £61.128). The Charity has made the folknving grants to instiiuiions during the year. 2023 Name of Instltu Jamaica PovertyTrust 11 Piccollo 61,126 18.694 40,000 Anaty8i8 of expendlture by aclmtles Grant funding of actfvtths Support Total funds 2024 Rel1 of Poverty 1,655.617 127,271 1.782M88 Page 17
CEPMIAL HARDSHIPAND REUEFTRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 Analysts of expondlture by activiti•s (continued) rundmg of activities Total fvnds 2023 2023 Relief of Povety 1,614088 8&233 1. 701.321 Anatysls of support costs fun( 2024 funds 2023 Support costs Audit fees Accountancy fees Professional and Admin fees Firkgnce costs Dw)reciation Loss on disposal of fixed assets 10.937 12.120 7.100 124.318 3.161 130,5101 145 10.470 4.575 44.476 751 21.404 127271 86.233 Audltorfs remunernllon 2ir23 Fees payable to the Charivs audiknfor the alIt of the Charit$ annual accounts 11120 10.470 Staff costs There were no empbyees ofthe Charity during the year (2023: None). Page 18
CEKfRAL HARDSHIP AND REUEF TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 30 JUNE 2024 Staff costs (contlnued) No empbyee received remuneration lUntIng to more than £60.1)00 in eitheryear. 10. During the year, no Trustees received any remuneraiTh orother beneffts (2023- £NIL). During the year ended 30 June 2024, no Trustee expenses have been incurred (2023- £NILJ. 11. Tangibl•ed assets Freehold property equipment Cost orvaluation At 1 July 2023 Addrlions Disposals 1,050,463 513.458 1,350 1,051,813 513,468 {1,350) <1,350) At 30 June 21r24 1,563,921 1.563.921 D8preclallon At 1 July 2023 Chavje forthe year On disposals 140W7 (30%10) 141,602 (30,510) 11.206) 11205) At 30 June 2024 109 109,887 Net book value At 30 June 2024 1 864,034 1 h54,034 At 30 June 2023 910,066 145 910,211 These are all held in unrestricted funds. Page 19
CENfRAL HARDSHIP AND REUEF TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 11 Debtars 2024 2023 Due after more than one year 1,726.603 1.658.026 2ff23 Due wlthln one year Loans made to beneficiaries Loans to d)aritable Trusts 331.391 427.867 349. 128 8,223 2,3 642.252 785.218 These are all held in unrestricted fvnds. 13. Credttors: Amounts falllng du• wtthln on• y 2024 2023 Other loans 366,521 Accruafs and deferred incon 69.740 23,225 895,719 23,725 These are all held in unrestricknj funds. Page 20
CEp¥fRAL HARDSHIP AND REUEF TRUST NOTES TOTHE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 30 JUNE 2024 14 Slatement of fvn Statement of funds- current year Balance at 30 June 2024 Balan at 1 Juty 2023 Income Expendltur• Genwal Fund 3.752.341 1.587M39 (1.782,888) 3.557,292 Balance at 30 June 2024 Balance at 1 Juty 2023 Income Exp8nditure Restrlctod funds Jamatca 28.933 Total of funds 3.781274 1W7,839 (1,782,888) 3,586,225 Page 21
CEKfRAL HARDSHIPAND REUEF TRusr NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 14. Statement of funds Icontlnued) Statement of funds- prlor y Balance 8t 30 Jun8 2023 Unrestrlctad funds General Fund 4.764,014 628,522 (1,640,195) 3.752,341 Restrlct•d funds Jamatca (61. 126) 2a933 Total of funds 4.854.073 628.522 (1, 701.321) 3. 781,274 The Jamaican Fund represents donati received from all over the worfd to assist with the charitable needs in Jamaica. 1& Summary offunds Summary of funds - current year Balance at 30 June 2024 Balance at 1 Juty 21f23 Income Expenditure General fvnds Restricted funds 3.752.341 1A87.839 11.782.888) 3.557.292 3.781,274 1W7,839 I1,78288) 3,586225 Page 22
CEKfRAL HARDSHIPAND REUEFTRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 30 JUNE 2024 15. Summary offunds (continued) Summary of funds- PrforYr Balance at 30 June 2023 lJuly2(r22 Incm EX General funds Restrtcted funds 4.764.014 624522 (1,640,195) 3, 752,341 (61.126) 2a933 4.854.073 624522 (1,701.321) 3,781.274 16. Anatysls of net assets betvmen funds Analysls of net assets bel*wn funds.current perfod Unrestrlcted Restrlcted funds 2024 Total funds 2024 Tangible fixed assets Debt<)rs due after morethan one year Cuffent assets Creditors due within one year 1.454,034 1.726,603 1,272,375 (895.719) 1N54,034 1.7%,603 1.301,308 1895.719) 28,933 Total 3.557,293 28.933 3,588,226 Anatysls of net assets betn funds. prfor perknd UnrnstiKted Restsicted funds 2023 Total fvnds 2023 2023 Tangible fixed assets Debtors due after mfft than one year Current assets Creditors due within one y 910.211 1.658.026 1.207.329 (21225) 910.211 1.658,026 1,236,262 (23.225) 28,933 Total 3.752,341 28,933 3,781.274 Page 23
CEPffiIAL HARDSHIP AND REUEF TRUST NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 30 JUNE 2024 17. Reconclllatlon of net movement In funds to net cash flow from operating activltles 2024 2023 Net expenditure for the period (as per Statanenl of Financial Aclivitts) (195,049) (1.072.799) Adjuslments for. Depreciation charges DividerKls, interests and rents from investments Lossl(profft) on the sale of fixed assets 130.510) fl.612) 21.404 (19.202) (23.508) Increasel(decrease} in credi 4131136 (72,832) Net cash provtded byllused In) operatlng actSvltl88 200,399 (1.133,843) Analysls of cash and cash equlvalents 2023 Cash in hand 659,055 451.044 Total cash and cash equlvalents 659.055 451,044 19. Analysls of changes in net debt At 1 July 2023 Cash llows At 30 June 2024 Cash at bank and in hand Debt due within 1 451,045 208.011 659,056 (366,621) {366,521) 4S1 {158,510) 292,535 Contlngent Ilabllltles There were no contingent liabiW or commitments at the end of the year (2023: None). Page 24
CEKfRAL HARDSHIP AND REUEF TRUST NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 30 JUNE 2024 21. Related party transactlons Loans and grants to related parties are on the same tenns as those to unGonnected parties. Controlllng Party The Charity was under the control of the Tnislees during the year. Page 25