Charity registration number 1153327
Company registration number 08635189 (England and Wales)
CHILDS CHARITABLE TRUST
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
CHILDS CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr Christopher Large (Chair)
Mr Stephen Puttock
Mrs Melanie Churchyard
Mr Robert Peake
Ms Janice Kalyan
CEO
Mrs Melanie Churchyard
Charity number
1153327
Company number
08635189
Principal address
40 Chapel Road
Pawlett
Bridgwater
Somerset
TA6 4SH
Registered office
40 Chapel Road
Pawlett
Bridgwater
Somerset
TA6 4SH
Auditor
Caladine Limited
Chantry House
22 Upperton Road
Eastbourne
East Sussex
BN21 1BF
Bankers
NatWest Bank plc
96 Terminus Road
Eastbourne
BN21 3AA
Solicitors
Mayo Wynne Baxter
3 Bell Lane
Lewes
East Sussex
BN7 1JU
Investment Manager
Rathbone Investment Management
8 Finsbury Circus
London
EC2M 7AZ
Savills Investment Management
33 Margaret Street
London
W1G 0JD
Property agents
Bree Prenton Property Consultants
21 The Waterfront
Sovereign Harbour
Eastbourne, BN23 5UZ
CHILDS CHARITABLE TRUST
CONTENTS
Page
Trustees' report
1 - 5
Statement of Trustees' responsibilities
6
Independent auditor's report
7 - 9
Statement of financial activities
10 - 11
Statement of financial position
12
Statement of cash flows
13
Notes to the financial statements
14 - 29
CHILDS CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The Trustees present their report and financial statements for Childs Charitable Trust ("the Trust") for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's memorandum and articles of association, the Companies Act 2006 and "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 1 January 2019)".

Objectives and activities

The Trust is a Christian grant-making Trust and since 2013, a Company Limited by Guarantee. Since its inception in 1962 the principal object of the Trust remains the furtherance of the Christian gospel and the Trustees are actively involved in supporting and encouraging many Christian charities to achieve this goal.

We continually monitor the economic and social situation both within the UK and overseas and whilst we are unable to predict the impact on the charity’s future, we take appropriate advice to ensure the grant-making work of the charity continues.

Public Benefit

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and setting the grant making policy for the year.

 

The Trust has established its grant making policy to achieve its objects for the public benefit.

 

All applicants are informed of the outcome at the end of the process whether their application has been successful or not.

Achievements and performance

 

Grants Awarded

As required by the Trust’s Memorandum and Articles of Association, all activities have as their core purpose the Trust’s own main objective “the furtherance of the Christian Gospel.”

 

All applications are sent on the Trust’s application form.

 

At the start of 2023 the Trustees implemented some significant changes to the application process. Full details of the current process can be found on the Trust’s website. All applications receive are considered but, unfortunately, not all can be supported.

 

The total charitable distributions in the year amounted to £689,800 (£703,500 in 2022).

 

The Trust received 153 applications and awarded grants to 69 different organisations.

 

The organisations funded are all based in the UK although many work overseas as well as the UK.

 

Many of the organisations we support are working in sensitive areas of the world and have requested that we do not publicise their details.

 

Some of the comments that we are able to share are a joy and encouragement to the trustees.

 

Schools Work:

“We are thrilled with all that you’ve enabled us to do, and I hope you enjoy seeing the fruits of your support. Personally, I love that we can show you the very tangible results of your donation. I want to say how thrilled we are to have your backing and we are so excited for all that we will achieve together with this gift.”

CHILDS CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

“It's incredible what you make possible here, and the fact our programme now reaches over 850 top class primary school children every single week, is so much down to you guys and your generosity. In this present era where less than 5% of the UK population goes to Church/Sunday School to actually hear and learn about Jesus, the Gospel message, The Old Testament, The New Testament and the Heroes of the Bible like generations of the past, we feel blessed - even though it's tough on many fronts doing what we do - to have the opportunity and platform to go to today's young people on such a large-scale level that just wouldn't be possible without the Childs Charitable Trust! Thank you!!”

 

Youth Work:

“It’s really difficult to put into words how much that grant meant to us as it was our first. Whilst it was incredibly helpful in a practical way it also gave us as trustees a really “affirmation” boost, that we were doing what God had called us to do.”

 

“We want to extend our sincere gratitude to you for the amazing support you have provided this year! So far, we have been able to reach 2440 young people with 197 interactive and engaging lessons, in 8 different schools. Jesus’ second command to “love your neighbour as yourself” empowers and equips these children to have more positive relationships with others, as well as improving their own self esteem. We deeply appreciate your support, and hope you feel a real sense of achievement when you read about the differences made because of your kindness.”

Bible/Leadership Training:

“With your support we have made significant strides in our goal to make the Bible accessible in 12 areas of high persecution and sensitivity.”

 

“Thank you so much for your faithful support of this project which changes the lives of so many. The young people are deeply grateful for what they receive and never take it for granted.”

 

Pastoral care/Humanitarian Needs:

“Your grant has had the most tremendous impact on our evangelism and work in deprived communities. We are very grateful for your kindness and generosity – thank you so much! We have been able to work alongside our sister charity and achieve much more than we had anticipated.”

 

“We are very grateful for all the grants received to date and rejoice at all the ways we have been able to share the Good News of the Gospel with people around the world with your help. Thank you.”

 

“I would like to extend our deepest gratitude for the generous support we received from Childs Trust. The funding has been instrumental in empowering female survivors of gender-based violence through our trauma-informed Baking & Wellbeing and Skills Training programme”.

 

Monitoring:

In accordance with their monitoring policy, the Trustees monitor the activities and performance of the Trust’s beneficiaries to ensure the gifts are used for their charitable purpose. Impact reports are provided to the Trustees for subsequent review and discussion. These reports enable the Trustees to understand more fully the activities and needs of the recipient charities. The charities themselves express their appreciation for such monitoring as it helps them understand the ethos of the Trust and often enables a closer partnership to develop.

 

Melanie (CEO and Trustee) or another Trustee visits all grant recipients who have received a significant donation from the Trust in the year and reports back to the Trustees.

 

Missions Day:

Every year the Trustees arrange a "Missions Day" to which various Christian charities are invited to join the Trustees, staff and other invited guests, for the day to give presentations of their work and to spend time in prayer. In 2023 we were joined by 5 Mission organisations. The Trustees have expressed how beneficial they feel these days to be in gaining a deeper insight into the work and needs of the Missions.

 

CHILDS CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Financial review

 

Income

The income of the Trust is mainly received from two asset portfolios, commercial properties and investments.

 

The Trustees take advice on their properties from an Eastbourne based commercial property agent.

 

The investment portfolio continues to be managed by Rathbone Investment Management.

 

Asset cover for funds

The Trust's assets are adequate and available to fulfil its obligations.

 

Reserves policy

As all reserves are unrestricted and “free” reserves, it is the policy of the Trust that unrestricted funds should be designated to match the market value of fixed assets investments. This ensures that these funds are considered “permanent” in nature as they are necessary to generate income for the Trust to enable it to carry out its activities and continue in the future. At 31 December 2023, such “permanent” reserves total £7,556,758 equal to the Trust’s fixed asset investments.

Investment policy:

The investment portfolio managed by Rathbone Investment Management, seeks to achieve a balance between capital growth and income growth through a portfolio investing primarily in equities and fixed interest stocks with medium risk, and to ensure a reasonable income. The Trustees have set certain ethical restrictions on its investments with those being avoided that relate directly to armaments, tobacco, alcohol and media concerns that conflict with the Trust’s Christian ethos. The Trustees are satisfied with the current return on capital.

 

The Trustees meet with the Investment Manager once per year to discuss the requirements for the forthcoming year and to review past performance.

Loans

The charity also holds one investment in the form of a loan to a charity with similar objects. The loan receives interest at a market rate and has a period of 13 years remaining on the term. The loan is secured on the assets of the charity. The loan is provided to further the charitable objects of the charity and specifically in furtherance of the Christian Gospel. The Trustees annually review the activities and finances of the charity loaned to, to ensure that these aims are being met.

 

Plans for future periods

It is the intention of the Trustees for the Trust to continue its activities in the long term, using its annual income and maintaining its capital base.

 

Strategy Day

Each year the Trustees hold a Strategy Day to discuss the requirements of the Trust over the next 5/10/15 years and the procedures that might be needed to be put in place to achieve the Trust’s vision.

 

The Trust’s Vision and Mission statements are:

 

Vision – To see a world where every person has the potential to hear and respond to the gospel message.

Mission – To strategically fund Christian organisations which promote the Christian gospel.

 

The Trustees also discuss the requirements of the Trustee board and their strategy for Trustee recruitment.

 

A funding strategy is discussed and agreed for the forthcoming year. Details of the agreed strategy is published on the Trust’s website.

 

At the 2023 Strategy Day the Trustees decided that they should continue throughout 2024 to keep aligned with their vision and mission statements. Ensuring organisations applying for funding in 2024 focus primarily on the sharing of the Christian gospel.

CHILDS CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -

The Trustees also discussed their property portfolio. Most of the properties that were in the Trust’s portfolio have now been sold. The Trustees continue to consider future opportunities for investment.

Structure, governance and management

 

Structure

The Trust’s Memorandum and Articles of Association state: The Charity’s Objects are for the public benefit to advance the Christian faith in accordance with the Statement of Beliefs … in Eastbourne, East Sussex and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit and to fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the Charity.

 

Governance

Whilst the day to day matters and general running of the Trust are delegated to Melanie Churchyard (CEO and Trustee), this is done in reference to the other Trustees who ultimately take responsibility for all decisions.

The Trustees met every three months to review financial and investment matters, consider grant applications and deal with other issues as necessary. Communications by email and telephone in between formal Trustees’ meetings enable any urgent matters to be dealt with.

 

The CEO and Chair of Trustees meet in between meetings to prepare the agenda for meetings and discuss any other relevant matters.

 

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

Mr Christopher Large (Chair)
Mr Stephen Puttock
Mrs Melanie Churchyard
Mr Robert Peake
Ms Janice Kalyan

All Trustees must be active members of their local church, subscribe to the Trust’s Statement of Beliefs and share the Christian ethos and aims of the Trust. It is imperative that all Trustees have general charity experience and are able to devote their time and energies to the affairs of the Trust. None of the Trustees are remunerated for their services but are reimbursed for out-of-pocket expenses incurred in the performance of their duties as Trustees.

Management

Mrs Melanie Churchyard, CEO, deals with all the day to day affairs of the Trust. Melanie was employed throughout the year. The Trust has use of an office in Pawlett, Somerset. Melanie keeps all Trustees fully informed of the matters of the Trust.

 

The remuneration of staff is discussed and decided by the Trustees (excluding Melanie) and is based on relevant skills and responsibilities and in line with the rates prevailing in the charitable sector.

 

Throughout 2023 the Trust was a member of the Civil Society.

Risks

The Trustees regularly review and assess the major risks to which the charity is exposed. Advice and guidance is sought from our auditors and other professionals. The main financial risk to the charity is the level of return on investments since this affects the grants it can pay out.

 

The Trustees are aware that there are likely to continue to be significant challenges due to the after effects of the Coronavirus pandemic and the ongoing war in the Ukraine. The Trustees are continually monitoring the situation and keep in regular communication with their advisors and investment manager.

CHILDS CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -

It is impossible to eliminate all risks, but the Trustees are satisfied that the systems they have in place mitigate exposure to the major risks as far as they are able.

 

All policies are reviewed in accordance with the agreed review schedule.

 

The Trustees are kept informed by the auditors and solicitors of the Trust of their obligations as charity Trustees together with their legal and statutory duties. Whenever possible, Trustees and staff attend relevant training and seminars to help understand further their responsibilities and duties.

 

Feedback from the grant recipients is essential and it is such reports and testimonies, that help the Trustees evaluate the impact of the support the Trust has provided and to plan for the future. However, as the Trust’s main objective and many of the results reported are of a spiritual nature, tangible evidence is often lacking. The Trustees recognise that it can be difficult to quantify final results and impact; however, they seek to encourage the grant recipients to be as detailed as possible in their reporting.

Disclosure of information to auditor

This report has been prepared in accordance with the small company regime as outlined in Section 419(2) of the Companies Act 2006. Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditors are aware of such information.

The Trustees' report was approved by the Board of Trustees.

Mr Christopher Large (Chair)
Trustee
Dated: 23 August 2024
CHILDS CHARITABLE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -

The Trustees, who are also the Directors of Childs Charitable Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

 

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

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

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK 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 Trust will continue in operation.

 

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CHILDS CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF CHILDS CHARITABLE TRUST
- 7 -

Opinion

We have audited the financial statements of Childs Charitable Trust (the ‘Trust’) for the year ended 31 December 2023 which comprise the statement of financial activities, the statement of financial position, the statement of cash flows and notes to the financial statements, including 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).

In our opinion, the financial statements:

-

give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 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 Trust 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 the provisions available for small entities, in the circumstances set out in note 33 to the financial statements, 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 Trust’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the Trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the Trustees' report has been prepared in accordance with applicable legal requirements.

CHILDS CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHILDS CHARITABLE TRUST
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Trust and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, 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; or

-

the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the Trust for the purpose of company law, 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 Trust’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 Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

CHILDS CHARITABLE TRUST
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF CHILDS CHARITABLE TRUST
- 9 -

We assessed the susceptibility of the trust’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

Audit response to risks identified

To address the risk of fraud through management bias and override of controls, we:

 

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Mr Colin James Dadswell FCCA (Senior Statutory Auditor)
for and on behalf of Caladine Limited
27 August 2024
Chartered Certified Accountants
Statutory Auditor
Chantry House
22 Upperton Road
Eastbourne
East Sussex
BN21 1BF
CHILDS CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
Current financial year
Unrestricted
Unrestricted
Total
Total
funds
funds
general
designated
2023
2023
2023
2022
Notes
£
£
£
£
Income and endowments from:
Donations and legacies
3
-
-
-
15,000
Other trading activities
4
64,095
-
64,095
200,313
Investments
5
289,975
-
289,975
388,810
Other income
6
5,402
-
5,402
4,433
Total income
359,472
-
359,472
608,556
Expenditure on:
Raising funds
7
58,025
-
58,025
49,308
Charitable activities
8
773,738
-
773,738
780,553
Total expenditure
831,763
-
831,763
829,861
Net gains/(losses) on investments
14
-
(40,409)
(40,409)
(417,067)
Net expenditure
(472,291)
(40,409)
(512,700)
(638,372)
Transfers between funds
27
1,777,452
(1,777,452)
-
-
Net movement in funds
11
1,305,161
(1,817,861)
(512,700)
(638,372)
Reconciliation of funds:
Fund balances at 1 January 2023
459,565
9,374,619
9,834,184
10,472,556
Fund balances at 31 December 2023
1,764,726
7,556,758
9,321,484
9,834,184

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

CHILDS CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Prior financial year
Unrestricted
Unrestricted
Restricted
Total
funds
funds
funds
general
designated
2022
2022
2022
2022
Notes
£
£
£
£
Income and endowments from:
Donations and legacies
3
-
-
15,000
15,000
Other trading activities
4
200,313
-
-
200,313
Investments
5
388,810
-
-
388,810
Other income
6
4,433
-
-
4,433
Total income
593,556
-
15,000
608,556
Expenditure on:
Raising funds
7
49,308
-
-
49,308
Charitable activities
8
765,553
-
15,000
780,553
Total expenditure
814,861
-
15,000
829,861
Net gains/(losses) on investments
14
-
(417,067)
-
(417,067)
Net income
(221,305)
(417,067)
-
(638,372)
Transfers between funds
27
16,484
(16,484)
-
-
Net movement in funds
11
(204,821)
(433,551)
-
(638,372)
Reconciliation of funds:
Fund balances at 1 January 2022
664,386
9,808,170
-
10,472,556
Fund balances at 31 December 2022
459,565
9,374,619
-
9,834,184
CHILDS CHARITABLE TRUST
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 12 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
17
1,033,500
2,723,500
Investments
18
6,420,556
6,543,173
Mixed motive investments
19
102,702
107,946
7,556,758
9,374,619
Current assets
Trade and other receivables
20
54,163
148,105
Cash at bank and in hand
1,744,620
384,177
1,798,783
532,282
Current liabilities
22
(34,057)
(72,717)
Net current assets
1,764,726
459,565
Net assets
9,321,484
9,834,184
The funds of the Trust
Unrestricted funds - general
1,764,726
459,565
Unrestricted funds - designated
27
7,556,758
9,374,619
9,321,484
9,834,184
The financial statements were approved by the Trustees on 23 August 2024
Mr Christopher Large (Chair)
Trustee
Company registration number 08635189 (England and Wales)
CHILDS CHARITABLE TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
32
(701,740)
(793,945)
Investing activities
Proceeds from disposal of investment property
1,640,269
-
Purchase of other investments
(799,896)
(1,635,975)
Proceeds from disposal of other investments
931,835
1,647,470
Investment income received
289,975
388,810
Net cash generated from investing activities
2,062,183
400,305
Net increase/(decrease) in cash and cash equivalents
1,360,443
(393,640)
Cash and cash equivalents at beginning of year
384,177
777,817
Cash and cash equivalents at end of year
1,744,620
384,177
CHILDS CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Childs Charitable Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is 40 Chapel Road, Pawlett, Bridgwater, Somerset, TA6 4SH.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Trust's Memorandum and Articles of Association, the Companies Act 2006 and "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 1 January 2019)". The Trust is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4
Income

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. The Charity's income consists of voluntary income and that from investments, including property.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Rental income from investment properties is deferred where it has been received in advance and is relevant to a subsequent period.

Investment income in income from listed investments and loan interest receivable and is recognised in the accounts when receivable.

CHILDS CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 15 -
1.5
Expenditure

Liabilities are recognised as soon as a legal or constructive obligation arises committing the Trust to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs of activities in furtherance of the Trust's objects are grants made by the Trust to support Christian charitable projects, and the support costs relating to this activity.

 

Costs of raising funds comprise those costs relating to the management and maintenance of the investment properties, as well as the investment manager's fees for managing the investments and securities.

 

Support costs comprise administration costs in relation to grant making, together with governance costs. Governance costs include the costs of auditing the statutory accounts, the cost of Trustees' meetings and the cost of any legal advice to Trustees' on governance or constitutional matters. The support costs have been allocated wholly to the grant making activities, with the exception of the support wages. These wages have been allocated 10% to the costs of raising funds and 90% to the grant making activities, on a time basis.

1.6
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:

Fixtures, fittings and equipment
3 years straight line (All assets fully depreciated)

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Tangible fixed assets are capitalised if they can be used for more than one year and cost at least £500.

 

Neither land nor the investment properties are depreciated.

1.7
Investment property

Investment properties are those held to earn rentals and/or for capital appreciation. The investment properties are measured using the fair value model and stated at its fair value (open market value) at the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year.

1.8
Non-current investments

Listed investments are measured using the fair value model and stated at its fair value (open market value) at the reporting end date. The surplus or deficit on revaluation is recognised in net income/(expenditure) for the year.

 

The Trust also has mixed motive investments in the form of loans to charities with similar objects and these have been dealt with as financial instruments and in accordance with the treatment suggested in the FRS102 SORP (see financial instruments below). The loans receive interest at a market rate (between 5 and 5.5%), are for periods of up to 25 years and are secured on the assets of the charities. They are provided to further the charitable objects of the charity and specifically in furtherance of the Christian Gospel. The Trustees regularly review the activities of the charities loaned to, to ensure that these aims are being met.

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CHILDS CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies (Continued)
- 16 -
1.10
Financial instruments

The Trust has mixed motive investments in the form of loans to charities with similar objects. As these are financial instruments, the Trust has applied the treatment suggested in the FRS102 SORP and has initially recognised and measured the loans at the amount paid. The carrying amount will then be adjusted in subsequent years to reflect repayments and any accrued interest as well as adjusting if necessary for any impairment.

 

Other than these mixed motive investments, the Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Basic financial assets include trade and other receivables and cash and bank balances. Basic financial liabilities include trade and other payables where trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of operations from suppliers.

1.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13

Grant Making Policy

The Trust supports by the provision of financial grants some of those Christian organisations whose own activities mirror further the Trust's own aims and objectives. Numerous and varied applications are received by the Trust every month. In addition the Trustees are also aware of other Christian organisations and encourage them to submit applications to the Trust. All applications are prayerfully considered by the Trustees but, due to the Trust's own limited means, not all applications can be supported.

 

Grants for which there is a legal obligation, or a valid expectation of receipt by the beneficiary at the year end, and for which conditions attaching to their payment have been fulfilled, are accounted for in the year.

2
Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

CHILDS CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
3
Income from donations and legacies
Restricted
Restricted
funds
funds
2023
2022
£
£

Grants receivable

-
15,000

 

4
Income from other trading activities
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£

Rental income

64,095
200,313

 

5
Income from investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Income from listed investments
243,441
226,691

Leasehold extension fees

19,525
44,509

Dilapidation costs recuperated

-
110,000
Interest receivable
27,009
7,610
289,975
388,810

 

6
Other income
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£

Employment allowance received

5,402
4,433
CHILDS CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
7

Raising funds

Unrestricted
Unrestricted
funds
funds
general
general
2023
2022
£
£

Investment property expenses

Property overheads and management

18,518
9,382
Share of Support costs (see note 10)
6,619
5,836

Investment property expenses

25,137
15,218

Investment management fees

32,888
34,090
58,025
49,308
Property overheads and management
Rates
821
1,743
Light and heat
(122)
418
Repairs and maintenance
4,827
1,957
Legal and professional
7,206
1,544
Insurance
5,786
3,720
18,518
9,382
CHILDS CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
8
Expenditure on charitable activities
Charitable activities
Charitable activities
2023
2022
£
£
Direct costs

Missions day

4,032
5,124
Grant funding of activities (see note 9)
691,800
703,500
Share of support and governance costs (see note 10)
Support
57,791
54,807
Governance
20,115
17,122
773,738
780,553
Analysis by fund
Unrestricted funds - general
773,738
765,553
Restricted funds
-
15,000
773,738
780,553
9
Grants payable
2023
2022
£
£
Grants to institutions:
Asociacion El Elfarero
25,000
-
Speak Life
20,000
45,000
Essential Christian
15,000
30,000
International Needs
40,000
30,000
Latvian Bible Centre
-
25,000
London City Mission
10,000
25,000
Wycliffe Bible Translators
25,000
25,000
Innovista International
30,000
20,000
Other grants between £15,000 and £20,000
175,000
123,000
Other grants between £10,000 and £14,999
206,100
204,000
Other grants between £5,000 and £9,999
135,200
159,000
Other grants betweem £3,000 £4,999
3,000
9,000
Other grants not exceeding £2,999
7,500
8,500
691,800
703,500

 

Grants to institutions represent payments made in the year to 69 organisations (2022: 71 organisations).

CHILDS CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
10
Support costs allocated to activities
2023
2022
£
£
Staff costs
59,570
52,528
Computer expenses
1,604
1,407
Rent and rates
-
725
Repairs and renewals
360
1,564
Telecommunications
1,177
1,157
Printing and postage
299
560
Travel expenses
176
1,114
Sundry expenses
1,224
1,588
Governance costs
20,115
17,122
84,525
77,765
Analysed between:
Fundraising
6,619
5,836
Charitable activities
77,906
71,929
84,525
77,765
2023
2022
Governance costs comprise:
£
£
Staff costs
6,619
5,836
Audit fees
6,840
5,964
Accountancy
2,160
2,820
Trustee meeting costs
832
1,424
Travel expenses
3,664
1,078
20,115
17,122
11
Net movement in funds
2023
2022
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
6,840
5,964
Loss on disposal of investment property
49,731
-
12
Trustees

Trustee Melanie Churchyard received a salary of £56,771 (2022: £50,010) and employer pension contributions of £2,839 (2022: £2,501) during the year, the authority for the employment of Trustees is contained within the Memorandum and Articles of Association.

 

None of the other Trustees (or any persons connected with them) received any remuneration or benefits from the Trust during the year. Trustees had total expenditure of £4,496 (2022: £2,502) reimbursed or met by the charity for meeting, travel and other expenditure.

CHILDS CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
13
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Administration
1
1
Employment costs
2023
2022
£
£
Wages and salaries
56,771
50,010
Social security costs
6,579
5,853
Other pension costs
2,839
2,501
66,189
58,364
There were no employees whose annual remuneration was £60,000 or more.
14
Gains and losses on investments
Unrestricted
Unrestricted
funds
funds
designated
designated
2023
2022
Gains/(losses) arising on:
£
£
Revaluation of investments
30,543
(571,951)
Sale of investments
(21,221)
(85,116)
Revaluation of investment properties
-
240,000
Sale of investment properties
(49,731)
-
(40,409)
(417,067)
15
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

CHILDS CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
16
Property, plant and equipment
Fixtures, fittings and equipment
£
Cost
At 1 January 2023
4,361
At 31 December 2023
4,361
Depreciation and impairment
At 1 January 2023
4,361
At 31 December 2023
4,361
Carrying amount
At 31 December 2023
-
17
Investment property
2023
£
Fair value
At 1 January 2023
2,723,500
Disposals
(1,690,000)
At 31 December 2023
1,033,500

The property 1 St Annes Road, Eastbourne, BN21 3UN held within Investment properties at £1,420,000 was sold on 31 March 2023 for £1,420,000.

 

The property at 68 Hazelwood Avenue, Eastbourne, BN22 OSQ held within Investment properties at £270,000 was sold on 7 July 2023 for £260,000.

 

The remaining residential investment property, 17 Maple Road, Eastbourne, BN23 6NY, is held within Investment properties at fair value £925,000. The last professional valuation was in March 2023 carried out by Mr Anton G K Bree FRICS of Bree Prenton Property Consultants, Eastbourne. The Trustees are of the opinion the market value has not materially changed at 31 December 2023.

 

In addition to the freehold property held, there are 3 parcels of bare land and a block of garages linked to one of the freehold interests with a total disclosed value £103,500. These were transferred to the Charity when it was incorporated in 2015 with the acting solicitor placing nominal valuations on them. The Trustees believe the there has been no material change to these valuations as at the balance sheet date.

 

The historical cost of the properties as at 31 December 2023 were £742,000 (2022: £1,677,000).

 

CHILDS CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 23 -
18
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 January 2023
6,543,173
Additions
799,896
Valuation changes
30,543
Disposals
(953,056)
At 31 December 2023
6,420,556
Carrying amount
At 31 December 2023
6,420,556
At 31 December 2022
6,543,173
19
Mixed motive investments
£
At 1 January 2023
107,947
Interest
5,278
Repayments
(10,523)
At 31 December 2023
102,702

Mixed motive investments represent loans made to other charities with similar objects to the charitable company. As these are financial instruments, the charity has applied the treatment suggested in the FRS102 SORP and has initially recognised and measured the loans at the amount paid. The carrying amount will then be adjusted in subsequent years to reflect repayments and any accrued interest as well as adjusting them for any impairment.

 

In order to secure the loans, the charity has a charge over property owned by the loan holders.

20
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
54,163
38,105
Other receivables
-
110,000
54,163
148,105
CHILDS CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
21
Contingent asset

Childs Charitable Trust has a registered charge of £70,000 over a parcel of land located to the west side of Southdown Road, Seaford, East Sussex. The land is registered in the name of Simmons Contractors Limited (Reg. No. 1695245), a company which went into liquidation in 1989 and has been removed from the Companies House Register.

 

Recoverability of this debt is uncertain. The charity has taken legal advice and Counsel’s opinion on this matter to establish the legal position. It is understood that in the future, ownership of the land plus the property located on the land will revert to the crown but that the land original loan sum of £70,000 which is secured by the charge over the land will be repayable to the charity.

 

Due to the circumstances surrounding this loan which is subject to uncertain future events, the Charity’s interest in this land has not been recognised in these accounts.

22
Current liabilities
2023
2022
Notes
£
£
Other taxation and social security
378
1,307
Deferred income
23
5,000
-
Other payables
12,000
55,000
Accruals and deferred income
16,679
16,410
34,057
72,717
23
Deferred income
2023
2022
£
£
Other deferred income
5,000
-

Deferred income is included in the financial statements as follows:

2023
2022
£
£
Deferred income is included within:
Current liabilities
5,000
-
Movements in the year:
Deferred income at 1 January 2023
-
-
Resources deferred in the year
5,000
-
Deferred income at 31 December 2023
5,000
-

Deferred income represents rent income invoiced in advance.

CHILDS CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
2,839
2,501

The Trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Trust in an independently administered fund.

25
Financial commitments, guarantees and contingent liabilities

The Trust has made commitments to fund the following organisations for up to a further two years. These have not been charged in the accounts since they are subject to the grant recipients satisfactorily meeting their reporting requirements for future funding to be released. These grants will be paid from current reserves and future income.

2024
2025
Total
£
£
£
Speak Life
20,000
-
20,000
Love Barton
10,000
-
10,000
All Souls Eastbourne
10,000
-
10,000
Amano Christian School
10,000
-
10,000
Emmanuel press
10,000
-
10,000
Faith in Kids
10,000
10,000
20,000
Asociacion El Elfarero
25,000
25,000
50,000
95,000
35,000
130,000
Previous year:
2023
2024
Total
£
£
£
Speak Life
20,000
20,000
40,000
Love Barton
10,000
10,000
20,000
All Souls Eastbourne
10,000
10,000
20,000
Amano Christian School
10,000
10,000
20,000
Transform Europe Network
5,500
-
5,500
55,500
50,000
105,500
26
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

CHILDS CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
26
Restricted funds (Continued)
- 26 -
Previous year:
At 1 January 2022
Incoming resources
Resources expended
At 31 December 2022
£
£
£
£
Latvian Biblical Centre
-
15,000
(15,000)
-

The fund represented monies donated to the Trust from The Stuart Hine Trust CIO with the condition of passing on the monies to the Latvian Biblical Centre. This fund is now closed.

27
Unrestricted funds - designated

These are unrestricted funds which are material to the Trust's activities.

At 1 January 2023
Transfers
Gains and losses
At 31 December 2023
£
£
£
£
Fixed Asset Investment Fund
9,374,619
(1,777,452)
(40,409)
7,556,758
Previous year:
At 1 January 2022
Transfers
Gains and losses
At 31 December 2022
£
£
£
£
Fixed Asset Investment Fund
9,808,170
(16,484)
(417,067)
9,374,619

The fixed asset investment fund represented invested funds of a permanent nature to generate income for the charity to enable it to carry out its activities, and the fixed assets held to run the charity's operations.

CHILDS CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
28
Analysis of net assets between funds
Unrestricted
Unrestricted
Total
funds
funds
general
designated
2023
2023
2023
£
£
£
At 31 December 2023:
Investment properties
1,033,500
-
1,033,500
Investments
6,420,556
-
6,420,556
Mixed motive investments
102,702
-
102,702
Current assets/(liabilities)
1,764,726
-
1,764,726
9,321,484
-
9,321,484
Per balance sheet
1,764,726
7,556,758
9,321,484
Balance to allocate
(7,556,758)
7,556,758
-
Unrestricted
Unrestricted
Total
funds
funds
general
designated
2022
2022
2022
£
£
£
At 31 December 2022:
Investment properties
-
2,723,500
2,723,500
Investments
-
6,543,173
6,543,173
Mixed motive investments
-
107,946
107,946
Current assets/(liabilities)
459,565
-
459,565
459,565
9,374,619
9,834,184
CHILDS CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
29
Operating lease commitments

Lessee

At the reporting end date the Trust had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
-
480
Lessor

The operating leases represent leases to third parties in investment properties. The leases are negotiated on average over terms of 10 years and rentals are fixed on average for 5 years. All leases include a provision for five-yearly upward rent reviews, if not earlier, according to prevailing market conditions. There are options in place for either party to extend the lease terms.

At the reporting end date the Trust had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
Within one year
25,000
60,000
Between two and five years
-
25,000
25,000
85,000
30
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

31
Analysis of changes in net funds

The Trust had no material debt during the year.

CHILDS CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
32
Cash generated from operations
2023
2022
£
£
Deficit for the year
(512,700)
(638,372)
Adjustments for:
Investment income recognised in statement of financial activities
(289,975)
(388,810)
Loss on disposal of investment property
49,731
-
Loss on disposal of investments
21,221
85,116
Fair value gains and losses on investment properties
-
(240,000)
Fair value gains and losses on investments
(30,543)
571,951
Movements in working capital:
Decrease in mixed motive investments
5,245
4,990
Decrease/(increase) in trade and other receivables
93,941
(144,266)
(Decrease) in trade and other payables
(43,660)
(44,554)
Increase in deferred income
5,000
-
Cash absorbed by operations
(701,740)
(793,945)
33
Non-audit services provided by auditor

In common with many businesses of our size and nature we use our auditor to assist with the preparation of the financial statements.

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