OTSAR TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[th] APRIL 2025
Scottish Charity Number: SC046456
OTSAR TRUST
REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th APRIL 2025
CONTENTS
| CONTENTS | |
|---|---|
| Pages | |
| Trustees’ Report | 2 - 5 |
| Independent Auditors Report | 6 - 8 |
| Statement of Financial Activities (incorporating income and expenditure account) | 9 |
| Statement of Financial Position/Balance Sheet | 10 |
| Cash Flow Statement | 11 |
| Notes to the financial statements | 12 - 16 |
1
OTSAR TRUST
TRUSTEES’ REPORT FOR THE YEAR ENDED 30[TH] APRIL 2025
The Trustees present their annual report and accounts for the year ended 30th April 2025.
The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, and the Statement of Recommended Practice, "Accounting and Reporting by Charities", effective from January 2019.
Structure, Governance and Management
The Charity is controlled by its governing document, its Constitution, and constitutes a Scottish Charitable Incorporated Organisation (SCIO).
Otsar Trust was established as a SCIO on 1[st] April 2016 by way of its Constitution and an award of charitable registration by OSCR, the Scottish Charity Regulator. The Constitution was amended in October 2022. The Trustees have met as necessary during the year to review progress and activities.
The Charity is not affiliated to any other charity.
There is no formal induction and training for Trustees. However, any potential Trustee must be compliant with the Charity’s guideline document “Otsar Trust Trustee Qualifications and Conduct” which sets out the Charity's mission and Trustee qualifications before any appointment.
The Trustees of the SCIO are legally responsible for the overall governance and control and for its day-to-day management. Trustees are appointed for an unspecified period with any vacancies being filled by the selection and appointment of suitable persons at the discretion of the existing Trustees.
Reference and administrative details
Trustees:
Registered office / Principal office:
Kirkside Kirkton of Tealing By Dundee Angus DD4 0RD
Scottish charity number:
SC046456
Auditor:
Bankers:
Stevenson and Wilson 22-30 Broadway Avenue Ballymena BT43 7AA Clydesdale Bank 7-8 High Street, Dundee, DD1 1SS
Investment managers:
Cazenove Capital 24-25 Charlotte Square Edinburgh EH2 4ET
2
OTSAR TRUST
TRUSTEE REPORT (continued)
Public Benefit Statement
The Charity pursues its stated purpose and objectives by making grants, loans or donations of finance or other assets to other charities or to churches, Christian bodies or to others who support the purposes of the Charity on the condition that they use such funding for fulfilment or propagation of these Purposes. Assistance is provided to organisations in the UK and overseas.
Recipients of the funding or assistance needed financial resource to advance the Christian faith, to prevent or relieve poverty, or relieve those in need by reason of age, ill health, disability, financial hardship or other disadvantages. All of these activities by recipients are to the benefit of the person needing assistance and for society as a whole. This public benefit is consistent with OSCR’s public benefit requirement and mirrors the stated public benefit on which charitable status was granted to the Charity.
Objectives and Activities
The Trustees have paid due regard to standard guidance issued by OSCR in deciding what activities the Charity should undertake.
The SCIO’s Purposes, as set out in its Constitution, are:
-
1) To advance the Christian faith;
-
2) To prevent or relieve poverty; and
-
3) The relief of those in need by reason of age, ill health, disability, financial hardship or any other disadvantage.
The policies adopted in furtherance of the Purposes of the Charity are to make charitable donations, provide loans, make assets available or other actions as the Trustees determine appropriate.
During the year the Charity has made grants to a number of organisations in support of activities in the UK, Europe, Africa, Asia and the Middle East involved in Christian mission and discipleship, support for people in poverty, the homeless, victims of modern-day slavery, youth, and those recovering from addiction.
The Trustees determine grant making based on prayerful discernment with a focus on close compatibility with the Charity’s Objectives (preferably more than one) and a desire to support where there is real immediate need and therefore where grant making will have an immediate impact.
Achievements and Performance
Otsar Trust acts primarily as an enabler and supporter of third parties in order to fulfil its Purposes.
The Charity has continued to interact with and support a number of independent (mainly charitable) organisations within the UK and overseas. As well as building relationships with certain of these charities Otsar Trust has provided support by means of donations and, in certain specific circumstances, loans.
Examples of the charity’s activity during the year has been provision of financial support for the following:
-
Christian mission in the UK and overseas
-
loan funds to enable property purchase for provision of accommodation for those in immediate need particularly those making transition from addiction recovery
-
charities providing direct support to those in addiction and in recovery from addiction
-
charities providing services to children and teenagers with varying needs
-
charitable initiatives supporting farming self-sufficiency in developing nations
-
charitable initiative providing practical skills training to enable self-sufficient income generation among the poor in developing nations
-
providing accommodation, support and schooling for orphaned children in Africa
-
skills training for unemployed in local communities in the UK
-
activities directed at upholding the Christian faith in society in the UK
3
OTSAR TRUST
TRUSTEE REPORT (continued)
Achievements and Performance (continued)
-
training Christian leaders and for the establishment of Christian schools
-
independent fulltime Christian workers
-
organisations and individuals involved in helping persons recovering from addiction
In future the Trustees expect to continue to engage with an increasing number of other organisations to increase the impact of the Charity in pursuit of its Purposes.
Financial Review
The Charity’s income has been generated from a small, limited number of donors committed to the furtherance of the Purposes and Objectives. No donations from the general public are received.
The Charity’s financial assets are invested with Cazenove Capital, a respected investment portfolio manager with extensive experience in serving charities. The investment strategy is focused on maximising return while protecting the capital to be available for future application to the Charity’s activities.
Overall position:
-
Total incoming resources of £980,734 (2024: £918,553);
-
Total outgoing resources of £535,523, of which £493,655 was donations (2024: £990,551, of which £978,045 was donations);
-
Gain on revaluation of investments of £51,323 (2024: nil); and
-
Funds of £13,331,300 (2024: £12,834,766) at the balance sheet date, all of which are unrestricted.
It is the policy of the Charity to spend income which becomes available to it, at the Trustees' discretion, in furtherance of the Charity's Objectives, whilst maintaining funds at a level that will provide sufficient monies to cover all management, administration and support costs, other commitments that have been entered into from time to time, and future anticipated requirements for provision of loans or assets in furtherance of the Charity’s Purposes.
The funds are therefore maintained at a level equal to at least the policy described above through the year. The charity currently has no restricted funds; all funds are unrestricted and have not been designated for any specific use.
The principal risks faced by the Charity lie in operational risks from ineffective grant making, the capacity of the Charity to make effective grants, and the risk that the Charity has not retained sufficient funds to enable it, when required, to purchase key assets in support of its Purposes.
Plans for future periods
The Charity will continue to fulfil its Purposes and Objectives through donations and provision of loans or assets as has been its practice to date. The Trustees consider that future requirements are likely to include significant asset purchases and/or loans for use by third party providers of services aligned with the Charity’s Objectives. For the foreseeable future it is therefore planned to hold investment funds until such needs and opportunities arise and are considered appropriate in the judgement of the Trustees and as directed by prayerful discernment.
Funds held as custodian trustee on behalf of others
The Trust does not hold any funds on behalf of others.
Risk Review
The charity trustees have given consideration to any major risks to which the charity is exposed, and have not identified any. They are satisfied that systems or procedures are in place to address any such risks that might arise.
4
OTSAR TRUST
TRUSTEE REPORT (continued)
Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the financial statements in accordance with applicable law and regulations.
Charity law requires the Trustees to prepare financial statements for each financial period. Under that law the Trustees have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Charity law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including income and expenditure for that period.
In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP-FRS102;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern 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 time the financial position of the Charity and enable it to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Charity’s Constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In the case of each Trustee, at the date the Trustees’ Report is approved:
-
so far as the Trustee is aware, there is no relevant audit information of which the Charity’s auditors are unaware; and
-
they have taken all the steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the charity’s auditors are aware of that information.
Approved by the Board on 6[th] November 2025 and signed on its behalf by:
Trustee
5
INDEPENDENT AUDITORS' REPORT TO THE TRUSTEE OF OTSAR TRUST
Opinion
We have audited the financial statements of Otsar Trust for the year ended 30[th] April 2025 which comprise the Statement of Financial Activities, Statement of Financial Position, Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice) – (Charities SORP (FRS102)).
In our opinion, the financial statements:
-
give a true and fair view of the state of the charity’s affairs as at 30[th] April 2025 and of its incoming resources and their application for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
-
have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
6
INDEPENDENT AUDITORS' REPORT (continued)
Opinions on other matters
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the trustees’ report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
-
the trustees’ report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.
We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:
-
accounting records have not been kept by the Charity, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees’ remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
-
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
-
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control.
7
INDEPENDENT AUDITORS' REPORT (continued)
Auditor’s responsibilities for the audit of the financial statements (continued)
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities including fraud is detailed below:
-
= We identified the laws and regulations applicable to the charity through discussions with trustees and key personnel, and from our own knowledge and experience of the charitable sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities and Trustee Investment (Scotland) Act 2005 and related legislation, while also giving consideration to data protection regulations, employment law and health and safety legislation.
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= The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations and the team remained alert to the possibility of fraud and non-compliance throughout the audit.
-
= We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur. We did so through discussions with management as to their assessment of areas where fraud or non-compliance might occur, as well as considering the internal controls in place to mitigate risks of fraud and non-compliance.
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= In order to ascertain the extent of compliance with the laws and regulations, we made enquiries of management as to whether there was any actual or potential litigation, we reviewed legal correspondence, we inspected tax correspondence and we performed analytical procedures to identify any unusual or unexpected activity.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www-frc.org.uk/auditorsresponsibilities. This description forms part of our independent auditor’s report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for this report, or for the opinions we have formed.
for and on behalf of:
Stevenson and Wilson, Statutory Auditor 22-30 Broadway Avenue Ballymena BT43 7AA
6" November 2025
8
OTSAR TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30[TH] APRIL 2025
| Note Incoming resources Donation income 4 Investment income 5 Total income Resources expended: Charitable activities Other costs Total expenditure 6 Gain on revaluation of portfolio investments Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 12 |
Unrestricted Funds 2025 £ 492,836 487,898 980,734 493,655 41,868 535,523 51,323 496,534 12,834,766 13,331,300 |
Total 2025 £ 492,836 487,898 980,734 493,655 41,868 535,523 51,323 496,534 12,834,766 13,331,300 |
Total 2024 £ 363,750 554,803 |
|||
|---|---|---|---|---|---|---|
| 918,553 | ||||||
| 978,045 12,506 |
||||||
| 990,551 | ||||||
| - | ||||||
| (71,998) 12,906,764 |
||||||
| 12,834,766 |
The statement of financial activities includes all gains and losses recognised in the period.
All income and expenditure derives from continuing activities.
The notes on pages 12 to 16 form part of these financial statements
9
OTSAR TRUST
STATEMENT OF FINANCIAL POSITION / BALANCE SHEET AS AT 30[TH] APRIL 2025
| Fixed assets Note Investments 8 Loans 9 Current assets Other debtors and prepayments 10 Cash at bank Total current assets Current liabilities Other creditors and accruals Deferred income Total current liabilities Net current assets Total assets less current liabilities 11 Unrestricted funds Total charity funds 12 |
2025 £ 12,618,610 683,851 13,302,461 - 72,834 72,834 4,080 39,915 43,995 28,839 13,331,300 13,331,300 13,331,300 |
2024 £ 12,055,670 529,598 |
|---|---|---|
| 12,585,268 | ||
| 780 252,536 |
||
| 253,316 | ||
| 3,818 - |
||
| 3,818 | ||
| 249,498 | ||
| 12,834,766 | ||
| 12,834,766 | ||
| 12,834,766 |
The financial statements on pages 9 to 16 were approved by the Trustees as at 6[th] November 2025 and signed on their behalf by:
Trustee
Trustee
The notes on pages 12 to 16 form part of these financial statements
10
OTSAR TRUST
CASH FLOW STATEMENT FOR THE YEAR ENDED 30[TH] APRIL 2025
| Cash flows from operating activities Net incoming/(outgoing) resources Decrease in Gift Aid receivable Decrease/(increase) in other debtors and prepayments Increase in other creditors and accruals Increase in deferred income Net cash inflow/(outflow) from operating activities Net increase in investments during the year Loans advanced during the year Re-investment of net investment income Net decrease in cash for the year Cash and cash equivalents at the beginning of the year Cash and cash equivalent at the end of the year |
2025 £ 496,534 - 780 262 39,915 537,491 (21,000) (154,253) (541,940) (179,702) 252,536 72,834 |
2024 £ (71,998) 2,500,000 (780) 218 - |
|---|---|---|
| 2,427,440 (1,460,000) (529,598) (448,840) |
||
| (10,998) 263,534 |
||
| 252,536 |
The notes on pages 12 to 16 form part of these financial statements
11
OTSAR TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30[TH] APRIL 2025
1. Trust information
The Trust was established in Scotland as a SCIO on 1[st] April 2016 by way of its Constitution, which was later amended in October 2022. The address of the registered office is Kirkside, Kirkton of Tealing by Dundee, Angus, DD4 0RD. The financial statements were authorised for issue by the Board on 6[th] November 2025.
2. Accounting policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
Basis of preparation
The financial statements have been prepared on a going concern basis in accordance with 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) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost and transaction value unless otherwise stated in the relevant accounting policy note(s).
Preparation of accounts on a going concern basis
The Charity generally meets its day to day working capital requirements from its annual income. The Trustees have obtained and reviewed cash flow forecasts for the coming year and based on these are satisfied that the Charity has resources to provide a reasonable expectation that it can continue to meet its financial obligations as they fall due for the foreseeable future. These financial statements have therefore been prepared on a going concern basis.
Incoming resources
All incoming resources are included in the Statement of Financial Activities when the trust is entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services to its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Investments
The Trust’s investment in bank accounts, bonds and alternatives in the UK and worldwide markets have been included in the balance sheet at market value, based on external professional valuations. These are initially measured at fair value, with changes in fair value recognised in statement of financial activities.
Financial instruments and loans
Financial instruments are initially recognised at transaction price, and subsequently measured at their settlement value. Loans are initially recognised at transaction price and continue to be held at this value unless provision for diminution in value is required. The capital appreciation of the property is considered to be in excess of the impact of the amortised cost basis of valuation. This being the case the loans are held at transaction price. This is reviewed annually by the trustees.
12
OTSAR TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
2. Accounting policies (continued)
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.
Foreign currencies
Transactions in foreign currencies are translated using the spot rate at the date of the transaction. At the end of the reporting period, monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate at the balance sheet date.
Funds
All the charity’s funds are unrestricted which are defined as follows:
Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the trustee’s discretion to apply the fund.
3. Critical accounting judgements and estimation uncertainty
Estimates and judgments made in the process of preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Trustees do not consider that there are any critical judgments made in applying the Trust’s accounting policies or that there are any critical accounting estimates or assumptions which may have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial period.
4. Donation income
| Donation income Associated Gift Aid 5. Investment income Interest received |
Unrestricted Funds 2025 £ 415,086 77,750 492,836 Unrestricted Funds 2025 £ 487,898 |
Total 2025 £ 415,086 77,750 492,836 Total 2025 £ 487,898 |
Total 2024 £ 305,000 58,750 |
|---|---|---|---|
| 363,750 | |||
| Total 2024 £ |
|||
| 554,803 |
13
OTSAR TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
| 6. Resources expended Charitable activities Charitable donations Other costs Audit fee Bank fees Foreign exchange loss Investment portfolio fees Professional fees Total expenditure |
Unrestricted Funds 2025 £ 493,655 4,980 18 8,458 28,161 251 41,868 535,523 |
Total 2025 £ 493,655 4,980 18 8,458 28,161 251 41,868 535,523 |
Total 2024 £ 978,045 |
|---|---|---|---|
| 2,700 26 4,067 4,595 1,118 |
|||
| 12,506 | |||
| 990,551 |
All charitable expenditure and other costs above are incurred in connection with the grant-making activities of the Charity. The grants paid during the year are classified as follows:
| Advance of Christian Faith Relief of Poverty Social Welfare |
Grants paid to institutions £ 206,555 112,000 162,100 480,655 |
Grants paid to individuals £ - - 13,000 13,000 |
Total Year ended 2025 £ 206,555 112,000 175,100 493,655 |
Total Year ended 2024 £ 309,700 33,500 634,845 |
|---|---|---|---|---|
| 978,045 |
Grants made to institutions are considered material in the context of the Charity where they exceed 5% of the total charitable expenditure. Material grants made to institutions during the year were:
| Faith, Truth and Hope Just Earth Ballyards Charitable Trust Other grants paid to institutions |
£ 100,000 100,000 65,600 215,055 |
|---|---|
| 480,655 |
14
OTSAR TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
7. Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
None of the trustees received any remuneration nor re-imbursement for expenses.
The Trust had no employees during the year.
8. Investments
| Opening investments Additional investments during the year Disposal of investments during the year Gain on revaluation of investment portfolio Interest received Portfolio management expenses Comprised of: Cash and cash equivalents Unsecured loan notes Loans Opening loans Loans made during the year Foreign exchange loss |
2025 £ 12,055,670 21,000 - 51,323 518,778 (28,161) 12,618,610 12,518,610 100,000 12,618,610 2025 £ 529,598 162,711 (8,458) 683,851 |
2024 £ 10,146,830 2,000,000 (540,000) - 453,435 (4,595) |
|---|---|---|
| 12,055,670 | ||
| 11,955,670 100,000 |
||
| 12,055,670 | ||
| 2024 £ - 529,598 - |
||
| 529,598 |
9. Loans
In the previous year the Trust advanced a loan of €620,000 to an unconnected company focused on Christian discipleship, for the purposes of financing their acquisition of a property. The loan is secured by a fixed charge over the property. It is interest free, but carries with it a right to 50% of the capital appreciation of the property at the final repayment date of 1[st] September 2033.
In the current year the charity advanced a loan of £162,711 to an unconnected charity focused on Christian fellowship, for the purposes of financing their acquisition of a property. The loan is secured by a fixed charge over the property. It is interest free, but carries with it a right to 50% of the capital appreciation of the property at the final repayment date of 25[th] June 2034.
15
OTSAR TRUST
NOTES TO THE FINANCIAL STATEMENTS (continued)
10. Other debtors and prepayments
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Prepayments|-|780|
|8|
|11. Analysis|of net|assets|
|Unrestricted|
|General|Total|
|2025|2024|
|£|£|
|Fixed|assets|13,302,461|12,585,268|
|Current|assets|72,834|253.316|
|Current|liabilities|(43,995)|(3.818)|
|Net|assets|at 30" April 2025|13,331,300|12,834,766|
|12. Funds|of the|charity|
|Ati1*|Revaluation|At 30%|
|May 2024|Income|Expenditure|gain|April 2025|
|£|£|£|£|£|
|Unrestricted|funds|
|General|fund|12.834.766|980.734|(535.523)|51,323|13.331.300|
|Total funds|12,834,766|980,734|(535,523)|51,323|13,331,300|
----- End of picture text -----
13. Related party transactions
£311,000 of the Trust’s donation income comprises donations from trustees, .
£104,086 of the Trust’s donation income comprises donations from AE Manufacturing Services Limited,
14. Controlling party
During the year Otsar Trust was under the control of the Trustees.
16