Scottish Charity No SC013895 

The Charnwood Trust 

Financial Statements Year ended 5 April 2025 

The Charnwood Trust 

## Contents of the Financial Statements for the Year Ended 5 April 2025 

## Contents 

|Contents||
|---|---|
||Page|
|Reference and Administrative Details|1|
|Trustees’ Report|2-3|
|Independent Examiner’s Report tothe Trustees|4|
|Income and Expenditure Account and Statement of||
|Financial Activities|5|
|Balance Sheet|6|
|NotestotheFinancialStatements|7-9|



## The Charnwood Trust 

Reference and Administrative Details 

## Trustees 

## Independent Examiner 

Bankers 

Clydesdale Bank 43 Alloway Street Ayr KA7 1SP 

Investment Managers 

Quilter Cheviot Saltire Court, 20 Castle Terrace Edinburgh EH] 2EN Scottish Charity No. $C013895 

] 

## The Charnwood Trust Trustees’ Report for the Year Ended 5 April 2025 

The Trustees are pleased to present their report together with the financial statements of the Trust for the year ended 5 April 2025. 

## Governing Document 

The Charnwood Trust was founded by Deed of Trust dated | May 1983 and is governed by the Trust Deed. The Trust is an unincorporated Scottish charity -No.SC013895. 

## Objectives 

The Trustees may apply the Trust Fund and the income thereof or part thereof for such charitable purposes as they in their controlled discretion shall from time to time think fit including, without prejudice to the foregoing generality and without restricting the Trustees in any way to exercise of their discretionary powers, but by way of a guide to the Trustees, the relief of poverty, the advancement of education and the advancement of the Christian Religion. 

## Basis of Preparation 

The accounts have been prepared on the accruals basis. 

## Administrative Structure 

The Trustees are responsible for the administrative affairs of the Trust. 

Review of Activities and Achievements 

Details of the Trust’s grant making activities are reflected in Note 4 on page 8. 

The Trustees are pleased to record, with thanks to God, that income for the year amounted to £29,406 (2024 - £32,443) and that donations totalling £25,079 (2024 - £43,374) were paid to individuals and Christian organisations as per Note 4 to the financial statements on page 8. 

## Financial Review 

The Statement of Financial Activities on page 5 reflects net outgoing resources of £7,366 (2024: net incoming resources of £23,110), which includes realised gains on investments of £5,183 (2024: gains of £1,472) and unrealised losses of £10,696 (2024: gains of £38,457). Total net assets at 5 April 2025 were £540,048 (2024: £547,414). 

## Trustees 

The Trustees who served during the year and to the date of this report were as follows- 

## App 

New Trustees are appointed. as and when required. by the Charity’s. needs. Appointment. is through a process of strict criteria that has been agreed upon by the current Trustees. No set time limit of service is agreed for Trustees though the Trustees review their involvement annually. 

## Reserves Policy 

The level of reserves held is shown in the Balance Sheet on page 6. The Trustees are satisfied with the level of reserves held, particularly taking into account the need to ensure sufficient funds are available to allow flexibility in responding to needs. 

= 

## The Charnwood Trust 

Trustees’ Report (Continued) for the Year Ended 5 April 2025 

## Donations 

The Trust makes donations to individuals and organisations that are generally known to the Trustees. The beneficiaries are involved in activities or ministries which comply with the objectives of the Trust Deed. 

## Investment Policy 

The Trustees have engaged the services of Quilter to manage the Trust’s investments. In considering the investment strategy the Trustees consider the income requirements, the risk profile and the investment manager’s view of the market prospects in the short to medium term. The charity’s strategy is reviewed with the investment managers annually and more frequently as conditions demand. The policy objective is to achieve over the longer term an appreciation in capital values at the same time aiming to generate a reasonable and growing level of income. 

## Statement on Risk 

The Trustees have examined the major risks which the Trust faces and established appropriate systems to mitigate those risks. 

## Trustees’ Responsibilities 

Under legislation relating to charities in Scotland, the Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of the Trust’s affairs and of its incoming resources and application of resources, including its surplus or deficit for that year, and which have been properly prepared from and are in agreement with the accounting records ofthe Trust and comply with relevant disclosure requirements. 

In preparing those financial statements, the Trustees are required to: 

- e select suitable accounting policies and then apply them consistently e make judgements and estimates that are reasonable and prudent ¢ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue its activities. 

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the Trust’s financial position and enable the Trustees to ensure that the financial statements comply with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 flowing therefrom. The Trustees also have general responsibility for taking such steps as are reasonably open to them to safeguard the Trust's assets and to prevent and detect fraud and other irregularities. 


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Trustee ,<br>Dated: 2 el “<br>**----- End of picture text -----**<br>


3 

The Charnwood Trust 

Independent Examiner’s Report to the Trusteesfor the Year Ended 5 April 2025 

I report on the financial statements of the Trust for the year ended 5 April 2025 which are set out on pages 5 to 9. 

Respective Responsibilities of Trustees and Independent Examiner 

The Trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The Trustees consider that the audit requirement of Regulation 10(1) (a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under section 44(1) (c) of the Act and to state whether particular matters have come to my attention. 

## Basis of Independent Examiner’s Statement 

My examination is carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the Trust and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements and seeks explanations from the Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently | do not express an audit opinion on the view given by the financial statements. 

## Independent Examiner's Statement 

In the course of my examination, no matter has come to my attention: 

- e which gives me reasonable cause to believe that in any material respect the requirements: 

   - "to keep accounting records in accordance with Section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and 

   - to prepare accounts which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations. 

have not been met, or 

- e to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. 

The Institute of Chartered Accountants in Scotland Azets Audit Services Chartered Accountants Titanium | Kings Inch Place Renfrew PA4 8WF 

Dated: 30 («| 26 

4 

## The Charnwood Trust 

Income and Expenditure Account and Statement of Financial Activities for the year ended § April 2025 

|||Unrestricted|General|
|---|---|---|---|
|||Fund||
||Note|2025|2024|
|||£|£|
|Income and endowments from:||||
|Donations and legacies|2|12,542|14,874|
|Investments|3|16,864|17,569|
|Total income and endowments||29,406|32,443|
|Expenditure on:||||
|Raisingfunds||||
|Portfolio management costs||5,280|4,974|
|Charitable activities|4|25,079|43,374|
|Other|5|900|913|
|Total expenditure||31,259|49,261|
|Net gains/(losses) on investments||(5,513)|39,928|
|Net movement in funds||(7,366)|23,110|
|Funds brought forward at 6 April 2024||547,414|524,304|
|Fundscarriedforwardat5April2025||540,048|547,414|



The notes on pages 7 to 9 form part of[these][financial][statements.] 

5 

## The Charnwood Trust 

## Balance Sheet 

for the vear ended 5 April 2025 


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Note 2025 2024<br>£ £<br>Fixed Assets<br>Investments 6 518,415 530,822<br>Current Assets<br>Debtors 7 2,753 2,768<br>Cash at bank ___22,055_ 14,599<br>24,808 17,367<br>Creditors: falling due within one year<br>Accruals 8 (3,175) (775)<br>Net Current Assets 21,633 16,592<br>Total Net Assets 540,048 547,414<br>rhe Funds of the Charity:<br>Unrestricted funds 540,048 547,414<br>Approved by the Trustees on VT t UG and signed on their behalf by:<br>**----- End of picture text -----**<br>


Approved by the Trustees on VT t UG 

The notes on pages 7 to 9 form part of these financial statements. 

6 

Notes to the Financial Statements 

## The Charnwood Trust 

for the year ended 5 April 2025 

1. Accounting Policies 

## Accounting Convention 

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: 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) (effective | January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment assets 

## Basis of Financial Statements 

The financial statements have been prepared on an accruals basis. 

## Going Concern 

The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. There were no significant areas of adjustment and with respect to the next reporting period, no significant areas of uncertainty. 

## Income Recognition 

Tithe income, dividends and bank interest are accounted for when received. 

## Expenditure 

Expenditure is accounted for on an accruals basis and is classified under headings that aggregate all cost related to the category. 

## Statement of Financial Activities 

For the purpose of the Statement of Financial Activities as shown on page 5, funds are defined as follows: 

Unrestricted funds comprises income received for the objects of the charity without further specified purpose and are available as general funds. 

Investments Investments are stated at market value. Any gains or losses arising on disposal of investments are taken to general funds. 

2. 

3. 

|Donations and legacy income|2025|2024|
|---|---|---|
||£|£|
|Tithes|12,542|11,867|
|Tax reclaim|-|7|
|Otherdonation|-|3,000|
||12,542|14,874|
|Income from investments|2025|2024|
||£|£|
|Dividends and interest|16,864|17,569|
||—16,864|__17,569_|



7 

## The Charnwood Trust 

Notes to the Financial Statements for the year ended 5 April 2025 


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||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|4.|Charitable|activities|2025|2024|
|£|£|
|Donations|
|Abernethy|Trust|:|500|
|Ayt ARK|Project|-|1,000|
|Ayrshire|Hospice|200|100|
|Barnabas|Fund|.|500|
|Bethany|Trust|-|500|
|Billy Graham|Association|:|200|
|Broken|Chains|-|1,000|
|CARE|:|400|
|Christians|Against|Poverty|-|600|
|Dayspring|Christian|Trust|-|1,200|
|Echoes|International|6,500|6,350|
|Evangelical|Alliance|-|400|
|Far|Eastern|Broadcasting|Association|500|500|
|Good|News|for|Everyone|1,229|1,104|
|Gordon|&|Laura|Birss|-|Peebles|Youth|Workers|-|750|
|Gospel|Literature|Outreach|Support|750|1,500|
|International|Substance,|Abuse,|Addiction|Coalition|200|200|
|Keswick|Convention|Trust|200|200|
|Latin|Link|-|200|
|Lifewords|200|200|
|Mission|Aviation|Fellowship|1,000|500|
|Moorlands|Bible|College|-|2.000|
|Operation|Mobilisation|2,000|2.000|
|Peebles|Youth|workers|750|-|
|Prayer|for|Israel|:|1,100|
|Premier|Christian|Radio|800|11,000|
|Revelation|T.V.|700|500|
|Riverside|Community|Trust|(Sleep|Out)|-|30|
|Riverside|Evangelical|Church|4,050|5,340|
|Salvation|Army|300|300|
|Sat|7|Trust|Ltd|-|Christian|Television|for|the|Middle|East &|North|Africa|1,000|1,000|
|Scottish|Bible|Society|700|500|
|SCHOES|International|100|.|
|Scripture|Union|700|-|
|Soldiers &|Airmens|Scripture|Readers|Association|1,000|-|
|TEAR|Fund|1,000|1,000|
|United|Christian|Broadcast|200|200|
|Universities &|Colleges|Christian|Fellowships|1,000|500|
|Total Donations|25,079|43,374|

**----- End of picture text -----**<br>


8 

## The Charnwood Trust 

Notes to the Financial Statements for the year ended 5 April 2025 

|5.|Other costs|2025|2024|
|---|---|---|---|
|||£|£|
||Independent Examiner's fee|900|913|
|6.|Fixed Asset Investments|||
|||2025|2024|
||Listed Investments|£|£|
||Market value at 5 April 2024|530,822|496,430|
||Additions at cost|94,819|80,278|
||Disposals at market value|(96,530)|(84,343)|
||Net unrealised gain/(loss)|(10,696)|38,457|
||Market value at 5 April 2025|518,415|530,822|
||Included within the above are the following shareholdings:|||
|||£|£|
||Blackrock Fund Managers Ltd Ishares|37,182|37,182|
||Scottish Mortgage Inv Trust|12,006|12,006|
|||Unrestr.|Unrestr.|
|||Funds|Funds|
|||£|£|
||Historical Cost|||
||At 5 April 2025|451,140|451,140|
||At 5 April 2024|433,156|433,156|
|7.|Debtors|2025|2024|
|||£|£|
||Tax reclaim|-|-|
||Other debtor|2,753|2,768|
|||2,753|2,768|
|8.|Creditors: amounts falling due within one year|||
|||2025|2024|
|||£|£|
||Accruals|3,175|775|
|9.|Trustees'RemunerationandExpenses|||



No Trustees received remuneration or reimbursed expenses from the Trust during the year (2024 - nil). 

9