THE KERUSSO TRUST
Charity Number: 1145560
Charity Number: SC044848
Company Number. SC413002
(A compally limited by guaraDlee}
Report of the Trustees and Financial Statements
for the year ended 31 Deeember 2025

THE KERUSSO TRUST
Limitsd by Gu*rallt¢¢
Contents
Page
Report ofthe Trustees
3tolO
Independent Examiners Reporl lo the members
Statemenl ofFin(7ncialActivities
12
BulanLe Sheel
J31014
Noles to the Financial SiatemenLS
151020
Deiailed Sfaiemeptt oflncome apdEYpendElure
21to22

THE KERUSSO TRUST
Company Limited by Guar4ntee
Report of the Trustees for the Year Ellded 31 December 2025
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, pr¢s¢nt their report
with th¢ financial statements of the charily for the year ended 31 December 2025. The trustees have adopted the
provisions of Accounting and Reporting by Charities: Statsment of RecoTnmended Practice (FRS 102) second
edition (October 2019).
STRUCTURE, GOVERNANCE AIYD MAIYAGEMENT
Governance
The Ken￿s0 Trust is & charitable company limited by guarantee. Incor￿rated on 12 De￿rnb¢r 2011. The compaT)y
was established under a Memorandum of Association And is governed under its Articles of Association, which set
out the objectives and powers of the charitable company. The Kenjsso Trnst was registered as a charity by the
Charity Commi55ion for England and Wales on 20 January 2012 and by the Office of the Scottish Charity Regulator
(OSCR) on 7 May 2014.
R￿ruitMent appointment ofnew trustees
The directors of the company are the members and trustees of the charity for the purposes of charity law and are
known as the trustees. Under the requirements of the Memorandum and Articles of Association, all trustees except
Jonathan Groves are elected to serve for a period of three years after whi¢h they Tllust retire an(L being eligible, may
offer thems¢lv¢s for re-appointment. Appointment is made by a majority vote of the trustees. All trustees are
Tequired to subscribe to the Statsment of Beliefs set out in the Schedule attached to the Articles of Association. The
removal of a tnTStee. should it be necessary. is effected by a Tnajority vote of the trustees.
Potential new trustees are generally already familiar with the work of the charty, having been involved in some
way already. New In]stees are nominated by an existing trustee and appointed by a majority vote of the trustees.
Once appointed. new trustees are instructed in their obligations. issued with copies of the governing document&
and documents from the Charity Commission and OSCR outlining the responsibilities of trust¢es and guidelines
forcharities working intsrnationally. They are also familiartsed with cutTent issues, the financial position and future
strategic plans of the organisation.
Trenton Tunnell was appointed as a ttvstee on 20 April 2025. Unfortunately, du¢ to his relocation to the USA
and bank requirements that all trustees be UK residenL Trenton of neLessity resigned on 15 January 2026. At the
trnstees meeting on 25 August 2025. Colin Deddis resigned after six years as a trustee. We extend our gratitude
to both Colin and Trenton for their periods of wvice as trustees. Christine Partridge was appointed as a trustee
on 14 October 2025. Andrew Rollinson was appointed as a trustee on 16 March 2026. During the year. all
trustees, apart from Jonathan and Ruth Groves as part-time employees, gave of their time voluntarily and received
no benefit from the clwity. Costs reclaimed from the charity by trustces are set out in thc notes to the accounts.
Organisational Structure and Decision Making
The Board of Trustees fornially met five times during the year. Between meetings they communicated by email.
t¢lephone. video conferencing andlor face-tfrface discussion. The trustees collectivety set vision. strategy, budgets,
and approve the initiation, continuation and tern]ination of signifjcant charitable &nttiatives.
The Board of Trustees give guidance and support to Jonathan Groves in his roles as Mission Dir¢¢tor and as Finance
Manager, and to Ruth Groves in her roles as Associate Mission Director and a8 HR and Admin Manager. The
Mission Director and Associate Mission Director aTe the CEOS to whom the Board of Trustees have delegated
powers for the day-to-day decision-making and op¢rational management of the charity. Jonathan'8 responsibilities
focus upon strategic leadership. sharing vision. operations, finance. managing expenditure of resources, prayer,
publicity and external partner r¢lationship5 in thc UK and Malawi. Ruth'5 r¢sponsibilities include administration.
safeguarding, preparation of prayer guide4 pres5 and volunteer relations, and policy development. Both Jonathan
and Ruth also provide consultancy and training for and with our partners in Malawi. The Mission Dir¢¢tor,
Ass()ci2te Mission Director and other stafflvolunteers are all ultimately accountable to the Board of Trustees. Th¢
trustees seek infornial advice whenev¢r ne¢essary from external volunteer advisors arAd other specialists, for whose
contribution they express their thanks.

THE KERUSSO TRUST
COIn￿llY Limited by Guarantee
Repor¢ of tbt Trn8tees for the Year Ended 31 De¢ember 2025 continued
During the year, Jonathan Groves attended two Bible training day conferences in Glasgow (Comhill Scotland)
and online training workshops on 'Taking Care of your Funds for Faith Charit1¢5' (Charity Commission), 'Moving
money overseas and demystifying cross-border payments. (Charity Commission) and 'Top Tips to Boost your
Fundraising 2025. (Global Connections). Ruth Groves attended a one-day conf¢r¢nce in London on Short-terni
Mission (Global Connections) and online training workshops on 'Ref￿vS on Safeguarding'(Scotland's
International Development Alliance} and 'Disclosur¢ Scirtland Update, (Volunte¢r Scotland).
Risk management
The trustees have a duty to idcntkfy and review the risks to which the charity is cxposed, which in¢ludes the
additional risks for an org&nisation working intsrnationally. They seek to ensure appropriate controls are in place
to provide reasonable assurance against fraud and error, and insurance is in place to protect assets and
stafflvolunteth3. We believe that these safeguards, together with maintaining our cash reserves at the levels
indicated in the Financial Review section. will provide suffici¢nt resources in the evenl of adverse wnditions
occurring.
The trustees continually develop and review thc policies and genernl risk register of the company and apply
appropriate mitigations. Managing risks in Safeguarding has remained a priority, mi¥Jdful that our ongoing funding
of the Community Children's Bible Clubs, Youth Learn2Serve programme and buTS&ry sponsorships at Bethel
Girls. Academy in Malawi potentially exposes us to such risks indirectly. We have sought to manage these I'isks
thTough active engagement with our parfners in Malawry, including working closely with senior tnanagement of J-
Life Ministries to help them develop their own wntextual Safeguarding Policy and practi￿s.
Fundraising
The Kerusso Trust does not employ professional fundr&isers. We hav¢ not sought lo register with the Fundraising
Regulator but comply with all the relevant sections of the Fundraising Regulator's Code of Fundraising Practic¢.
Obje£ts
Th¢ ¢harity's purposes are set out in the company's Memordndum of AssiKiation:
The Charity's obj¢cts ('Objects") which are for the public benefit are for the advancement of the Christian faith in
accordanc¢ with the Statetnent of B¢liefs appearing in the Schedule hereto in such parts of the United Kingdom or
the world as the trustees may from time to titne think fit and to fulfil such other purposes. and as ancillary thereto
prevention and r¢li¢f of w)verty, advancement of edu¢ation And prevention and relief of sickness, which are
exclusively charitable according to the law of England and Wales and are connected with the work of the Charity.
Activities
The Kerusso Trust is a non-denominational Christian mission cl￿rity that seeks prncti¢ally to advance the Christian
faith, primarily through support of trainin8 and education activities in Malawi and by engaging directly with
churches and individuals in the UK. In Malawi, we work as an enabling charity, through partnerships with
Malawian Christian organisations whose leaders the trustees know personally. A key goal of the charity working
in Malawi is to bring transfornjation to the material and spiritual lives of individuals and communities in rurnl 8reas.
In Malawi..
The core charitable work of The Kerusso Trust is enabling the training and equipping of church l¢aders, village
chiefs and young people to become disciples of Jesus Christ and servant leaders within their local church and
community. Our main fo¢us is providing basic contextual Bible and ministry training programJn¢s to equip IOOOS
of church leaders who have had no opportunity to attend any Bible Collcge due to w)verty. We do this in partnership
with J-Life Ministries Malawi.
Our Chichewa language training programme for church leaders is called 'Lkarn2Serve' and is delivered both
through in-person workshops in the community, and via twice weekly Chichewa language radio bro&dcasls on
Transworld Radio Malawi. We also offer a Bible-based training programme to community leadcrs {village chiefs)

THE KERUSSO TRusr
Company Limited by GuaraDtee
Report of the Trustee8 for the Year Ended 31 December 2025 continued
for their influential role in society. dtscipleship training to young people to help build up the future generation of
church leaders, and youth_led community Bible clubs for primary age children in some remote rural areas.
We have developed a residential 'frainiRg and Resource Centre near Blantyre. which has a theological library that
is available for pastors and church leaders to use. To muliiply the benefits of trainin& occasionally we run a four-
week intensive r¢sidential training Programme called 'Entrust' (2 Timothy 2.2) and mentoring programme aiming
to equip selected ChU￿h pasto￿ to become trainers of others in their hom¢ localities.
The Kerusso Trust seeks to encotsrag¢ local income-generation by our Malawian partners to promote their
organisational Tesilien¢e and reduce dependency on external funding. We are doAng this by operating a student
sponsorship programme for Bethel Girls, Academy, a Christian secondary school operated by J-Life Ministries.
providing bursaries for girls who otherwis¢ would not be able to continue in secondary education due to poverty
and occasional financial support toward further developm¢nt of school facilities.
tD th¢ past, we have provided startup support for a farni at Imbwa village to grow food to supply Bethel Girls,
Academy and to sell, while at the sam¢ tim¢ facilitating cornmunity development through maintaining clean
borehole water for those living nearby.
In the UK:
The Kerusso Trust seeks to proclaim the Gospel and advance the Christian faith in the UK through preaching and
teaching from the Bible and sharing about th¢ work in Malawi. W¢ aim to encourage Christian discipleship and
mutual learning by building relationships between Christian church¢s and individual supporters in th¢ UK and our
partners in Malawi. We share news and inforrtkation about the work in Malawi and provide opportunities for UK
Christians to express their we and concern for the Church and people of Malawi by praying, giving financially to
the work, and serying practically. We run regular online meetings over Zoom where supporters from across the
UK can hear news directly from Malawi and join together in times of prayer for all aspects of our charitable work.
Public Benefit
In exercising their wwers and duties, the trustees have had due regard for the public benefit guidance of the Charity
Commission and OSCR. All the activities of the Trust are undertaken to further its charitable purp08es for the
public benefit. The trustees rcgularly review the activities of the charity. These reviews look at the successes and
challenges experienced and the outcomes for the beneficiaries we are seeking to assist. Th¢se reviews also help us
ensur¢ our planned futur¢ activities bring charitsble benefrt and contribute positively to the aims and obj¢¢tives set.
Memberships
The Kerusso Trust was a member of the following organisations in 2025:
The Scotland Malawi Partnership (Mvw.scoiland-malawi
rtnershi
.or
Global Connections (M ii'ii'_ J IiibcilLuiinections.or(F iiL
Scotland's International Development Alliance (i¥ii'iv.intdevalliance.scot)
Thirty-one Eight (wTrvw.thirt
ht.or
01)eeikng)
ACHIEVEMENf AND PERFORMANCE
Achievements and Perforniance throughout the year
We are delighted that our core mission of 'training 10005 lo reach 100,OOOsfor Chrisl in Malawi, by working with
church leaders. village chiefs. youth and children has continued in 2025. We give thanks to God forall the resources
we have r¢¢eiv¢d over the year. and all these have made it possible for us to achiev¢. as set out b¢low:
Achievements with J-Lif¢ Ministries in Malawi
Church Leaders - our flagship 'l￿M2serve, biblical discipleship and leadership training programme
delivered through in-person workshops acro&s Southern, Central and Northern Regions of Malawi
Training Handbooks - distribution of the 'L£arn2Serve' Level l training manual in English and initial
preparation of the Level 2 manual.

THE KERUSSO TRUST
Company Limited by Guar%Dtee
Report of the Trustees for the Year Ended 31 December 2025 continued
Radio Ministy - a weekly 30-minute Chichewa language 'L¢arn2Serve' radio programme broadcast on
Transworld Radio Malawi every Friday at 7.15pm, with a repeat the following Thursday at I l am.
Community Leaders - Bible-based training programmes promoting discipleship, integrity. social justice,
community dcvelopment for villag¢ chiefs ('Le8rn28erve4Chiefs') and work with Chiefs to promote
safeguarding of the vulnerable from harm and abuse. and social justice in the local community
Youth Ministy- biblical discipleship, mentoring and life-training activities for YOU￿ especially potential
future church leaders
Children's Ministy- 18 Community Children's Bible Clubs for over 1,000 primary school children (aged
5-14 years) in rnrdl villages of Blantyre West Rural, meeting w¢ekly from April to November each year
Volunteers from the UK- three volunteers served alongside thc J-Life team participating in sport4 youth
and children's ministy, and one volunteer provided consultancy in building Surveying and capacity
building training to the apprentice builders working on the Camp Bethel site.
Grant funding of staff salary and related costs for six of the J-Life team in Malawi
Other essential ministy costs for J-Life, including vehicle maintenance
Construction projects at the Camp Bethel site. including a new classroom and new dormitory block for the
Bethel Girls, Academy.
The Kerusso Resource Centre continued to register new donated books in its library? we th￿k Langham
Literature for their ongoing annual library book grant
Projects at Imbwa Fam) and village- the primary school constructed in 2023 is now fully handed over
to the I￿81 community and opcrated by the Malawi govemment, with classes for over 300 children from
Standard I to Standard 6" and six government-funded teachers.
Following completion of maintcnance work on the first borehole at Imbwa which damaged during
Cyclone Freddy in 2023. both knreholes are now fully operational providing water r¢silience for the f8rn)
and community.
Support for 45 girls who would othenvise not be able to afford the fees, to attend Bethel Girls, Academy,
a Christian secondary school, through our School Bursary Fund.
Achievem¢nts in the UK
Jonathan Groves visited church¢s and supporters around the UK to preach from the Bible, share about the
work in Malawi. encourage Christian discipleship and encourage meaningful connections with the team
and ministy in Malawi
We led several Sunday school sessions in churches about Malawi for primary aged children
We published monthly pr&yer guides providiiig information on the work in Malawi and the UK as daily
prayer points. madc available to subscribers by email, by post &nd on Facebook
We held a monthly ' Live l.ink. Tneeting by Zoom. ¢nabling UK supporters to intcract directly with
members of the J-Lifc t¢am alongside Jonathan and Ruth Groves, and a monthly 'Prayer Hour, where
supw)rters across the UK gathered by Zoom to pray for the work in fvlalawi.
FINANCtAL REVIFW
Principal fuoding sources
The Kerusso Trust generates income from two main sourees: donations from personal and corporate supporters
(£136,448 in 2025), and investment income (£28,088 in 2025) from leasing a residential property thai was gifted
to the charity when it was founde& and other investments. A small amount of additional income was generated
through trading activities (£1,867 in 2025)- The investment income funds all UK operational ministy and
administrative costs, govemance and some ofthe charitsble expendtture in Malawi. All donations were used IOOQ/o
to financ¢ our charitable activities in Malawi.
Investment policy and objectives
The General Fund holds only a working current account balance. The Investment Policy applies to the Expendable
Endowment Fund and is..

THE KERUSSO TRUST
Company Limited by Guarante¢
Report of tbe Trustees for the Yegr Ended 31 De¢ember 2025 continyed
l ) To maintain the Tental propety asset in good condition and use it to provide a regular source of General Fund
incom¢ for the future
2) To invest for growth without placing the capital und¢r high leve15 of risk
3) To follow an ethieal investment policy that actively avoids causing hami to others, and where possible enhances
thc wcllbeing of individuals or communities.
Reserves poliey
The trustees have examined the Charity's requirements for res¢rv¢s in th¢ light of the main risks. They aim to
carry sufficient general unrestricted res¢rv¢s in cash to meet the committed charitable activities for three months
and to conduct norn)al levels of Maintenance on its rental property- The tn]stees aim to retain sufficient non-
property capitsl assets in the Expendable Endowment Fund to fund exceptional levels of maintenance on its rental
property, and to underpin future operational growth as the charity continues to develop. Th¢ General Fund may
temporarily borrow or pemianently expend cash from the Endowment Fund to meet commitmeTEts. In practice,
the trustees aim to maintain a minimum working cash Tes¢rYe of £27,000 in the unrestri¢ted Gen6ral Fund and
£2,000 in the restricted School Bursary Fund.
Financi81 Position
The Kerusso Trust reported total income in 2025 of £166,403 (£123.234 in 2024). Total expenditure for the year
was £171.060 (£125,982 in 2024) of which total charitable expenditure was £167,310 (£121,454 in 2024).
The balance of cash funds at the end of 2025 was £62,279 of which £29,589 related to Restricted Funds, £32,690
related to the G¢neral Fund and £nil in the Expendable EndoMYnent Fund. (2024 - £61,763, £37,198 Restricted
Funds, £24,565 General Fund, £nil Expendable Endowment Fund). These represent a healthy level of reserves to
meet ongoing regular ¢ommitments to charitabl¢ activities.
The totsl nett value of the Expendable Endowment Fund increased by £2.747 during the year, arising from increases
in value of inveslm¢nts and reinveslm¢nt of dividends.
Chgritable Expendityre
The largest ch&ritable ben¢ficiary in 2025 was J-Lif¢ Ministries in Malawi. The trustees make th¢ grdnt payments
to J-Life at approximately two-month intervals. At thc cnd of th¢ year, there was a ba]ance at J-Life equivalcnt to
£8,066 (in local currellcy), of which £554 related to Restricted Funds and £7,512 related to the General Fund. Over
th¢ year, The Kerusso Trust made granl payments to J-Life Ministries of £121,664 (£62,830 in 2024). These grants
were higher in 2025 because they included one-off capital payments for infrastructure development at Beth¢l Girls.
Academy (£17,060) and provision of a new 4x4 vehicle for J-Life (£25,898), and exceptional operational
expendI￿re to fund sports ministy (£3.769) and Wilberforce Academy training of J-Lif¢ staff (£2.550).
Ov¢r the y￿, The K¢russo funded direct service provision costs for consultancy, oversight and training in
Malawi by Jonathan and Ruth Groves of £2,310 (£1.167 in 2024) and by other volunteers of £3,999 (£3,043 in
2024). Our Educational Bursary Fund supported forty-five students to attend Bethel Girls A¢ademy (£8,412). Other
charitable expenditure included the Costs of our UK ministry in church¢s (£1,048). UK governance, depreciation.
trdining and office costs (£5,500), support costs of Malawi activities (£261) and paytnent of part-time salaries for
Jonathan and Ruth Groves (£23.853).
Finally. the trustees wish to that& all churches and individuals who have supported the work of The Kcrusso Trust
through their interest. prayers and giving throughout the year. Special thanks are due to our voluTtteers in the UK
who have made cards for fundraising, distributed materials and hosted Kerusso Trust meeting5. We are grateful to
the Langham Partnership for their ongoing annual library gran¢ and to other supporter8 who have donated
theological books for the Kerus50 Resource Centre and distribution to Malawian pastors. The trustees thank Ruth
Groves for compiling th¢ monthly prdyer guide. and Dave and Sue Hall for postal distrlbution and social media
uploads.

THE KERUSSO TRUST
CompaDy Limited by GuarADtee
Report of the Trus¢ees for the Year Ended 31 De¢ember 2025 ¢ontinued
FUTURE PLANS
The Kerusso Trust's key charitable objective is to promote the Christian faith, primarily by support of training and
education activities in Malawi. We achicve this by working wtth our trusted partner J-Life Ministries in Malaw4
and by engaging dtr¢ctly with church¢s and individuals kll the UK.
The Kerusso Trust in Malawi (2026):
Core Traini
Ministries
'Learn2S¢rve', our main church leader training programme of in-person workshops in rural areas, providing
Bible-based training in servant leadership, discipleship and disciple making. interpreting. and teaching the
Bible. and prdctical pastoral ministy skills. The core workshops are supported by r¢fr¢sher days, marriage
se[nina￿, and mentoring. The focus will b¢ on completing the programme with existing groups in Central and
Northern R¢gions of Malawi, and launch new training groups in the Southern Region.
'Wilberfor¢e Academy,, hold further discipleship training days on a Saturday targeted toward Christian
professionals in business and the public sector as well as pastors, to run in parallel with 'Learn2Serve' for
church leaders during th¢ weekdays.
'Learn2Serve Radio,, a series of weekly 30min Chichewa language radio broadcasts on Transworld Radio
Malawi. The radio programme, Called 'Tiphunzire Kutumikira,, makes the Full 'Learn2Serve' curriculum
accessibl¢ to any church leader and the public throU￿oUt Malawi and border parts of Mozambique and Zambia.
'Entrust', hold a three we¢k residential training programme to train about 50 Iwal 'Learn2Serve' trainers of
other church leaders, mainly from Central and Northern Region.
'Learn2Serve4Chiefs'. a Bibl¢-centred training programme in servant l¢&dership. commwiity developm¢nt,
integrity and social justice for village chiefs and other community leaders. Complete the program￿¢ of four
workshops with all the chiefs in the ar¢a of Bl&ntyre and Chikwawa District within about 30km of the J-LiEe
Camp Bethel 81te.
Community byelaws and chiefs. conferences, rolling out across the jurisdictions of four Traditional Authorities
the byelaws that were adopted in 2025 for the protection of young girls from sexual abuse and cxploitation, to
protect wom¢n, special needs and other vulnerable people, uphold social justice for the most vulnerable such as
widows and child hcaded families, support children remaining in primary school education, and promote
creation care protect the local environment.
'Youth Learn2Serve', a programme ￿ lated to 'Learn2Serve' that aims specifically to develop youth inlo future
church leaders, providing discipleship training in the localities where their pastors and other church leaders have
already attended 'Learn2Serve'
Community Children's Bible Clubs at l 8 village locations. reaching out to over 1.000 Children p¢r we¢K with
training and mentoring for the Iwal young adult lcaders
Staff Su
Grant fund the staff costs of the Director of J-Life Ministries and severnl otheT mem￿r$ of J-Life staff
Facilitate capacity building training for their staff team and volunteers, as part of our long-terni partnership
Offer Academic Scholarships when possible, to assist key trainers of the 'Learn2Serve' programme to undertake
fijrther studies
Other Pro
ects
Work with J-Life to encournge sustainability in the Imbwa Proje¢L helping it to generdte income for J-Life and
bring olean water, solar w)w¢r, farm efflploymenL and material, spiritual and primary school educational
opportunities to the Imbwa community.
Offer further secondary school Educational bursaries forgirls to attend the Bethel Girls. Academy who otherwise
would not be ablc to do so. as further sponsors become available.
The Kernsso Trusl in the UK (2026):
Distribute rnonthly news updates and prayer guides by email or post to subscribers, and on so¢i81 media

THE KERUSSO TRUST
Company Limited by Guarantee
Host monthly online'Live Link, and 'Prayer Hour, meetings to help supporters engage with the team in Malawi,
and to enable collective prayer for the work of the cbarity in Malawi and the UK
Jonathan and Ruth Groves to visit to churches in personto preach and shaTe about the work in Malawi, as invtted
Continue to review risks, safeguarding and other key policies, and implement any necessary changes.
Jonathan and Ruth Groves are employed part-time by The Kerus50 Trust for some of their UK oifice
responsibilities: funding for thes¢ stsff ]x)sitions derives from investment income received into the unrestricted
general fijnd. IOOO/ts of donation income will continue to be used to SUPPOrt th¢ ¢haritable work of The Kcrusso
Tn]st in Malawi
The trustees intend to seek to simplify the existing structure of governance of The Kerusso Trust by converting
from a Company Limited by Guarantee that is registered with both The Charity Commission and Office of th¢
Scottish Charity Regulator (OSCR), to become a Scottish Charitable Incorporated Organisation (SCIO).

THE KERUSSO TRUST
cOm￿nY Limited by Guar4Dtee
Report of the Trustees for the Y￿r Ended 31 D￿eMber 2025 Colltinued
REFEREP4CE AND ADMINKSTRATIVE DETAILS
Registered Company number
SC413002 (Scotland)
Registered Charity number
1145560 (England & Wales)
SC044848 (Scotland)
Registered office
43 Kingswood Cr¢5CCIIt
Kingswells
Aberdeen
AB15 STE
Trustees
Jonathan D Groves
A Ruth Groves
Jonathan P Stephens
Colin R Deddis
Andrew P Hayes
Trenton J Tunnell
Christille E Partrsdge
Andrew R Rollinson
- resigned 25 August 2025
- appointed 20 April 2025, resigned 15 January 2026
- appointed 14 October 2025
- appointed 16 March 2026
Compxny Secretary
Jonathan D Groves
Primary Banker
TSB plc Lbntil January 2026
Co-operative Bank plc from February 2026
Independent examin¢r
Brian Miller CA
94 Blenheim Pla¢¢
Aberdeen
AB25 2DY
Approved by order of the board of trustees on 2 June 2026 and signed on its behalf by..
Dr J Groves - Trusfe¢
10

THE KERUSSO TRUST
Compatty Limited by Guarantee
kdependent Examiners, Report to the Trusteu of The Kernsso Trnst
I rewTrrt on the financial statements of The Kerusso Trust for the year ended 31 De￿mber 2025 which are set out
on pages 12 to 20.
Respeetive responsibilities ofirustees and examiner
Th¢ charity's truste¢s (who are also the directors for the purposes of company law) are responsible for the
preparation of the accounts. The charttys trustees ¢onsid¢r that an audit is not required for this year (under Section
144(2) of the Clwities Act 2011 (the 2011 Act) or under Regulation 10(IXa) to (c) of The Charities A¢¢ounts
(Scotland) Rcgulations 2006 (the 2006 Accounts Regulations) and that an independent examination is requiffd.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent
examination, it is my responsibility to=
examine the accounts under Section 145 of the 2011 Act and Sections 44(1)(c) of the Chariti¢s and Trustees
Investment (Scotland) Act 2005 (the 2005 Act)-
follow the procedur¢s laid down in the General Directions given by the Charity Commission (under Section
I45(5Mb) of the 2011 Act)- and
state whether particular matters have come to my attention.
Basis ofindependent examinen, report
My examination was carried out in accordance with the General Directions given by the Charity Commission and
is in accordance with Regulation I l of the Charities Accounts (Scotland) Regulations 2006. An examination
includes a review of the accounting records kept by the charity and a comparison of the accounts presented with
those records. It also includes ¢onsideralion of any unusual items or disclosures tn the accounts and seeking
explanations froTn you as trustees concerning any such matters. Thc proccdures undertaken do not provide all th¢
evid¢nc¢ that would b¢ r¢quAred in an audiL and consequ¢ntly no opinion is given as to whether the accounts present
a'true aTkd fair vi¢w' and the report is limited to thos¢ matters set out in the statements below.
Independenl examiners, statement
In connection with my ¢xamAnation, no matter has com¢ to my attention..
{] ) which gives me reasonabl¢ ¢aus¢ to believe that in any material respect the requirements:
to keep accounting records in accordance with Section 386 and 387 of the Companies Act 2006
and Section 44IINa) of the 2005 Acl. and
to prepare accounts which accord with the acwunting r￿OrdS and comply with the accounting
requirements of the Companies Act 2006. Section 44(1)(b) of the 2005 Act and Regulation 8 of
the 2006 Accounts Regulations
have not been met" or
(2) to which. in my opinion, attention should be drdwn in order to enable a proper und¢rstanding of the financial
statements to be reached.
Brian MillerC.A.
94 Blenheim Place
Aberdeen
• AB25 2DY
2 June 2026
11

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THE KERUSSO TRUST
Compxny Limited by Guarantse
Charity Number: 11455601SC044848
Company Number: SC413002
Balance Sheet
as Y4t 31 December 2025
Restricted u￿￿tricted Endowment
funds
funds
rundy
2025
2024
Nots
Fixed assets
Tangible assets
950,000
950,IM)0 950,438
Cvrrellt gssets
Stock
Debtors
1.372
1.442
2,814
8,665
Investments
io
42,996
42.996
40,249
Cash at bank and in hand
29.589
32,690
62279
61,763
30,961
34,132
42996
108,089 110,677
Creditors- amounts falling
due within one year
Nel current assets
li
(1,439)
(1,439) (1,787)
30.961
32,693
42,996
106.650 108.890
Nel assets
30,961
32,693
992,996 1,056,650 1,059,328
Funds
12,13
Restricted fLmds
30,961
43,856
Unrestricted funds
32,693
25,223
Endowment funds
992,996 990,249
Total funds
1,056,650 1,059,328
The directors, statements required by Sections 475 (2) and {3) are shown on the following page, which fonns part
of this Balance Sheet.
The notes on pages 14 to 19 forni an Inte￿ part of th¢s¢ financial statements.
13

THL KERUSSO TRUST
Company Limited by Guarantee
Balance sheet continued
Directors, statements in aceordanee with Section 475 (2) and (3)
for the year ended 31 December 2025
In approving these accounts as dir¢ctors of the company, we hereby confirni:
(a) The financial statcments have been prepared in accordance with the Special provisions relating to
cotnpanies subject to the small companies regime within Part 15 of the Companies Act 2006 and the Spall
Companies and Groups (Accounts and Dtrectors, Report) Regulations 2008.
(b) That for the year stated above the company was entitled to the exemption from audit conferred by Section
477 of the Companics Act 2006 relating to small cornpanies;
(c) That the members have not required the company to obtain an audit of its financial statements for th¢ year
in question in accordance with Section 476. and
(d) That we acknowledge our responsibilities for complyi￿g with the r¢quirements of the Act in respe¢t to
accounting records and the preparation of financial sthtements.
l.) Ensuring that the COTnpany k¢¢ps accounttng records which comply with S¢ction 386 and 387 of
the Companies Act 2006" and
2.) Preparing financial statem¢nts which give a true and fair view of the slate of affairs of the company
as at the end of the financial year and of its profit for the year then ended in accordance with the
requirements of Section 394 and 395 and which otherwise comply with the requirements of the
Companies Act 2006 relating to financial statements, so far as applicable to the company.
The financial statements were approved by th¢ Board of Trustees on 2 June 2026 and signed on its behalf by..
Dr. J. Grov¢s
Tn]st¢e
14

THE KERUSSO TRUST
Company Limited by Guarantee
Notes to the financial st2temettts
for the year ended 31 Deeember 2025
l. Basis of preparntion and principal gccoullting polieies
1.1 Basis of preparation of financi•R $tslements
The Kerusso Trust is a charitable company. limited by guaraTrtee. registered in Scotland. It is also registered
as a charity by the Charity Commission for England and Wales and the Office of the Scottish Charity
Regulator (OSCR). The registered numbers and address of the registered otFice can be found in the Rew)rt
of the Trustees.
The financial statements of the charitable company, which is a public benefit entity under FRS102, have
been prepared in accordance with Section IA "Small Entities" of Financial Reporting Standard 102 "The
Financial Reporting Standard applicable in the UK and Republic of Ireland" the Charities SORP (FRS
102) second edition
O¢tob¢r 2019, the Companies Act 2006, the Charities arkd Trustcc Investment
(Scotland) Act 2005 and the Charity Accounts (Scotland) Regulations 2006 (as amended).
The financial statements are prepared on a going concern basis under the historical cost convention.
modified to include certain items at fair value. The financial statements are presented in sterling which is
the functional currcncy of the charity.
1.2 Income
All income is recognised in the Stat¢ment of Financial Activities once the charity has entitlement to the
funds, it is probable that the incorne will be received and the amount can be m&￿ured reliably.
For donations to be recognised the charity will have been notified of th¢ amounts and the s¢ttlement date
in writing. If there are conditions attached to the donation and this requires a Icvcl of pcrfonnancc beforc
entitlement can be obtsined then income is deferred until those eonditions are fully met or the fulfiltnent of
those conditions is within the control of the charity and it is probable that they will be fulfilled.
Income from trading activities includes income earned from fundraising events and trading activities to
raise funds for the clwity. Income is received in exchange for supplying goods and services in order to
raise funds and is recognised when entitlement has occurred.
IJ Expenditure
Tangible Liabilities are recognised as expenditure as soon as there is a legal or Constructive obligation
comtnittingthe charity to that expenditure, it is probable that a transfer of economic iKn¢fits will be required
in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on
an a¢¢ruals basis and h&8 been classified under headtngs that aggregate all c05t related to the category.
Where costs cannot b¢ dir￿tlY attributed to parti¢ular headings they have been allocated to activities on a
basis consistent with the use of resources.
Irre¢overnble VAT is charge4J as an expense against the activity for which expenditure arose.
1.4 Support Costs
Support costs are those that assist the work of the ¢harty but do not directly represent charitable activities
and include governan¢¢ costs. Th¢y are incU￿¢d dir¢¢tly in support of expenditure on the obj¢cts of the
charity.
1.5 Tallgible Fiied Assets
Depreciation is provided at a rale of 330/0 on cost to write off each asset over its estimated useful life.
15

THE KERUSSO TRUST
Company Limited by Cuarantee
Notss to the fin&ncial slatements
for the year ended 31 December 2025 coutinued
1.6 Investment Property
Investment property is shown at most ￿e¢￿t valuati¢)n. Any aggregate surplus or d¢fi¢it arising from
changes in fair value i5 recognis¢d in profst or loss.
1.7 IDve$ltThents
Invcstments are recognised initially at fair value which is nonnally the transaction price excluding
transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains I
(losses) on investments, in the SOFA if the shares are publicly traded or their fair value ean otherwise b¢
measured reliably. Other investments are measured at cost less impainnent.
Current asset investments are short term highly liquid investments and are held at fair value. These include
cash on deposit and cash equivalents with a maturity of less than one year.
1.8 Debtors and Creditors
Debtors and creditor5 Wlth no stated interest rat¢ and r¢ceivable or payable within one year are recorded at
transactton price. Any losses arising from impairment are recognised in expenditure.
1.9 Tax*tion
The charity is exempt from corporation tax on its charitable activities. Value add¢d tax is not recoverabl¢
by the charity, and as such is included in the relevant Costs in the Statement of Financial Activities.
1.10 Fund Aeeounting
Unrestricted funds can be used in accordance with the charitable objectives at the discrction of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
1.11 Ultimate Controlling Party
The entity is controlled by the trustees.
2 Donations legaei
Unrestricted
Restricted
2025
2024
Funds
Funds
Total
Total
Donations receivable
71.744
6.939
52.922
124,666
11,782
82,125
Tax recoverable
4,843
78.683
57,76S
136,448
3 IDvestment Income
Unrestricted Endowment
Funds
Funds
2025
Total
2024
Total
Rent received
25.800
25000
768
25.800
713
Income from investtnents held
768
Dew)sit account interest
1.520
1520
1.782
27J20
28,088
28.295
16

THE KERUSSO TRUST
Company Limited by Gu*r*lltee
Notes to the financial Statements
for the yegr ended 31 December 2025 eontillued
4 Raising Funds
Unrestricted
Funds
Restricted
Funds
2025
Total
2024
Total
Raising donations
Trading activities
Rent collection
203
373
373
512
.850
1.527
1050
1,527
1,703
2.110
Property maint. & insurance
3.750
3,750
4.528
5 Net Incomel(Expenditure)
Net incomel(expenditure) is stated after chargingJ(¢rediting):
Unrestricted
Funds
Endowment
Funds
2025
Totsl
2024
Total
Depreciation on assets
438
438
938
6 Remuneratio
2025
2024
Wages and salaries
National insurdnce costs
Pension costs
Expenses reimburs¢ment
22,086
37,800
.767
3.058
3,024
1,688
26,911
42012
No employee received emoluments of over £60,000 during the year in 2025 or 2024.
7 Trustees, RemylleratAOll and Benefits
In their executive capacity remuneration including wages and pension contributions of £11,926 was paid
to each of Jonathan and Ruth Groves during the year (2024 - £20.412). They were also paid total
expenses of £3.058 (2024- £1.688), some relating to either Jonathan or Ruth and others to both.
No other trustees reeeRved any remuneration or other ben¢fits for the year ended 31 December 2025 nor
for the year ended 31 December 2024.
Th¢re wer¢ no expenses paid to any of the trustees in their capacity as ¢h8rity ttl￿e¢S for th¢ year
ended 31 De¢¢mber 2025 nor for the y¢ar endcd 31 Deccmber 2024.
During the year a total of £3.740 was donated to the charity by trnstees and connected ￿rsonS.
17

THE KERUSSO TRUST
Cotnpany Limited by GuarJtttet
Notes to the finantial statements
for ihe year ended 31 De¢ember 2025 contillued
8 Tangible Fixed Asgets
Land And
Plant and
Buildings Machittery
Totals
Cost
At l January 2025
Additions
Disposals
950,000
6,975
956,975
A5 at 31 Deeember 2025
950,(M)O
6,975
956,975
Deprecigtion
At l January 2025
Disposals
Charge
6,357
6,357
438
438
A8 at 31 December 2025
6,975
6,975
Net book value
At 31 December 2025
950,000
950,000
At 31 December 2024
950,000
438
950,438
If the property had not been revalued it would have ken included at historic cost of £439,051. The
property was valued on an open market basis on 31 December 2024 by Castles Estate Agents who
buy and sell property in the locality of the investment propety.
Valuation in 2024
Valuation in 2021
Valuation in 2019
Valuation in 2017
Valuation in 2016
Valuation in 2015
Valuation in 2014
Valuation in 2013
Valuation in 2012
Cost
175,000
80.000
45,000
50,000
25,000
50,000
50,000
25,000
10.949
439,051
950,IM)O
9 Debtors and Prepaid Expenses
2025
2024
Other debtors
Prepayments
1,590
1.223
4,655
4,010
2.813
8,665
18

THE KERUSSO TRUST
Company Limited by Guarantee
Note5 to the financial 8t*tements
for the year ended 31 December 2025 continued
10 Current Assel Investments
2025
2024
Market value at I. January
Add.. cost of purchases
Less- tnarkct value of disposals
Unrealised gainlloss on inv¢stments
M￿ket value at 31. December
40,249
768
35.064
1,979
5.185
42,996
40.249
Investments at cost
34,529
33,561
Investments arc stated at current market value.
11 Credito
2025
2024
Accrued expenses
Other creditors
1.439
1.787
1.439
12 Movement in Funds
Incoming
Outgoing
At 01.01.25 ResOur￿S R￿0￿ree$
Gaills &
Lossesl At 31.12.25
Transfers
Restricted fuDds
Sports ministry
School bursary
Radio ministry
Imbwa School Capital
Imbwa Comm. project
Salaries - Anthony
Booklet publishing
BeGA Sehool d¢vL
Vehicle fund
Wilberforce Acad SA
458
7,919
6.500
8.185
13,601
(7.499)
(8.411)
(I,ioo)
(1.250)
(750)
1,144
13.109
5,400
1,250
713
37
5,702
4.708
(5.702)
25
24.375
7,366
2,250
57,765
(589)
(17,060)
(25,898)
{2,401)
(64,958)
4.144
7,315
18.532
(151)
30,961
43,856
(5,702)
Umrestricted funds
General fund
Endowment funds
Building
Other
25,223
107.870
(106,102)
5,702
32,693
950,000
40,249
990.249
1.059J28
950,0
42,996
992.996
1,056,650
768
768
166,403
,979
1.979
1,979
Totsl Funds
(171.060)
19

THE KERUSSO TRUST
Company Limited by Guarantee
Noles to the finanei*l stalemellts
for the year ended 31 Deeember 2025 continued
13 Analysis of Net Assets Between Funds
Restricted Unrestricted Endowment
Ftsnds
Funds
FuDds
2025
2025
2025
Tot21
2025
Tangible Fix¢d Assets
Current Assets
Current Liabilities
950,000
42,996
950,000
108,089
(1,439)
1,056,650
30,961
34.132
(1.439)
et Assets At 31 D¢¢
30,961
32,693
992,996
Restricted Unrestricted Endowment
Funds
Fullds
Funds
2024
2024
Total
2024
2024
Tangible Fix¢d Assets
Current Assets
Current Liabilitics
438
26,572
(1.787)
25223
950,000
40,249
950,438
110,677
(1,787)
43,856
Net Assets At 31 Dec
43,856
990,249
1,059J28
20

THE KERUSSO TRUST
Company Limited by Cuarantee
Detailed Statement of Financial Activliles for the Year Ended 31 December 2025
2025
2024
Income Endowments
Donations and leg*eie3
Donations
(Tift aid
124,666
11,782
82,125
10,745
136.448
92.870
Other ￿dIng activities
Trading payments received
1.857
2,069
Investment income
Rents received
Other inveslment income received
Deposit account interest
25.800
768
l.S20
25,800
713
1,782
28,088
28,295
Cbarilable 2tlivities
Primary purpose trading
10
Total ineoming resources
166,403
123234
Expenditure
Raising funds- donations legaeie8
Primary purpose trading costs
Raising donations costs
65
203
65
203
Raising funds- other tr4ding activities
Trading costs
308
511
Raising funds- investmettt management eosts
Rent collection
Propety maintenance
Property insurance
1.850
698
829
1.703
1,714
397
3.377
3,814
This page is for inforniation only and does not forni part of the a¢¢ounls.
21

THE KERUSSO TRUST
Company Limited by Guarantee
Det8iled Statement of Fin84Deig1 Attivlties for the Y￿r Ended 31 December 2025 (continued)
2025
2024
Charitable activities
J-Life Ministri¢
Secondary School Bursarie8 for Girls
Academic Scholarships
Gifts to Individuals in Malawi
Gifts to other Organisations in Malawi
UK Ministy
UK Salary Costs
UK Office Costs
Equipment- Depreciation
R28,122
8.412
238
67,228
5,801
939
23,853
4,666
438
548
38.491
7,796
938
166,676
120,813
Governance costs
Independent examiners fee
Other
600
34
600
41
634
641
Total charitable resourees eipended
167JlO
121,454
Total resourees expended
171,060
125,982
et income/(upettditure)
4,657
2,748
This pag¢ is for inforniation only and does not fomi part of the accounts.
22