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COMPANY REGISTRATION NUMBER: 08008192
CHARITY REGISTRATION NUMBER: 1147262
The Cherith Trust
Company Limited by Guarantee
Unaudited Financial Statements
5 April 2024
The Cherith Trust
Company Limited by Guarantee
Financial Statements
Year ended 5 April 2024
Pages
Trustees' annual report (incorporating the director's report)
1 to 3
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
7 to 13
The Cherith Trust
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 5 April 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 5 April 2024 .
Reference and administrative details
Registered charity name
The Cherith Trust
Charity registration number
1147262
Company registration number
08008192
Principal office and registered
Cherith House
office
1 Meadow Street
Cradley Heath
West Midlands
B64 6PB
The trustees
P E Hickman
M J Martin
P S Stonelake
B P Sheldon
N Sheldon
T J Hayward
D K Mansell
L C Field
Mr A T Cole
Company secretary
B P Sheldon
Independent examiner
Mr T P Brueton FCA Muras Baker Jones Limited
Regent House
Bath Avenue
Wolverhampton
West Midlands
WV1 4EG
Structure, governance and management
Constitution
The Cherith Trust was incorporated on 27 March 2012 as a company limited by guarantee under Company No. 08008192 . The company is registered as a charity with the Charity Commission, with registration number 1147262 .
Objects of the Cherith Trust
The objects of the Charity are summarised as:
1. The furtherance of the Protestant Christian Religion by any means which its Trustees may think fit.
2. The provision of a supportive, pastoral-style ministry aimed at alleviating loneliness, to elderly and frail Christian persons amongst chapels and churches in the community of the West Midlands known as the Black Country through its visiting volunteer group or other support groups and any permanent meeting and hospitality facility.
Trustees
The trustees who served during the year are set out on page 1. New Trustees are appointed by the existing trustees.
Statement of Trustees responsibilities
Charity 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 charity at the year end and for the incoming resources and resources expended during that year. In preparing those financial statements, the Trustees are required to:
- Select suitable accounting policies and then apply them consistently;
- Make judgements and estimates that are reasonable and prudent; 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. The Trustees 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.
Risk review
The Trustees actively review major risks which the charity faces on a regular basis. They believe that they have appropriate control and financial systems in place to deal with risk. The Trustees do not believe that the charity currently has any significant operating risks.
Objectives and activities
The objectives of The Cherith Trust are to provide care and a pastoral-style ministry and befriending services to elderly and frail persons.
The Home Visitation Ministry team of volunteers has, under the guidance of the Co-ordinate and Assistant co-ordinate made regular visits to elderly people in the area of the West Midlands known as the Black Country. In addition, Cherish House provides a wide range of fellowship and hospitality functions and activities.
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
The trustees give thanks to God that 2023 marks 50 years since the inception of The Cherish Trust, and the Trustees marked the occasion with a thanksgiving service held at Ebenezer Baptist Chapel, Old Hill in October 2023.
Achievements and performance
Feedback from our elderly friends and their relatives continues to be encouraging. The home visits, which include a time of fellowship, Bible reading and prayer, are greatly appreciated.
During the period regular fellowship and hospitality meetings were held at Cherith House for the benefit of elderly friends associated with local places of worship.
Activities held throughout the period at Cherith House have included coffee and craft mornings, hymn singing afternoons, presentations of historical photographs and events, personal musings and photographs by various of the Trust's supporters, and musical events, as well as visits to local venues such as garden and craft centres for those of our clients who are able to do so. The facility is welcomed in the community.
The first floor of Cherith House comprises a self-contained one bedroom flat which is rented out at a commercial rent.
Financial review
Notwithstanding gains on revaluation of investment properties in the year ended 5 April 2023, the result for the year ended 5 April 2024 is the first in many years where a net surplus has been achieved. This is driven from the receipt of a sizeable legacy for which the Trustees are exceptionally thankful. Reviews of the financial policy were conducted at appropriate times during the period, with the Trustees concluding that the current investment strategy was prudent and suitable for the time being. Sufficient funds exist to ensure that The Cherith Trust can continue in operation for the foreseeable future, with the aim of the Trustees being to ensure parity between income and expenditure in coming years. The Trustees are hopeful that rising interest rates will result in better investment returns on the Trust's building society accounts, reducing the normal operating deficit incurred.
Reserves policy: The Trustees' reserves policy is to retain sufficient reserves to ensure the charity can meet its operating expenditure as it falls due. The Trustees believe that the reserves are adequate to enable it to pursue its objectives detailed above.
Investment review : The Trustees monitor investments on an ongoing basis and continue to adopt a cautious attitude to investments and believe that the current policy of holding its cash reserves in building society accounts is appropriate, although with the very low interest rates available in the current financial climate, other investment opportunities are considered when they arise.
Voluntary help and gifts in kind
The Trustees are grateful to all who have helped the charity in so many ways during the past year and record their thanks to God for all His benefits to the present moment of time and look prayerfully to Him for leading and guidance in future days.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 15 November 2024 and signed on behalf of the board of trustees by:
B P Sheldon
Charity Secretary
The Cherith Trust
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of The Cherith Trust
Year ended 5 April 2024
I report to the trustees on my examination of the financial statements of The Cherith Trust ('the charity') for the year ended 5 April 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Mr T P Brueton FCA Muras Baker Jones Limited
Independent Examiner
Regent House Bath Avenue Wolverhampton West Midlands WV1 4EG
11 November 2024
The Cherith Trust
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 5 April 2024
2024
2023
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
66,070
66,070
8,638
Other trading activities
6
5,915
5,915
4,960
Investment income
7
20,434
20,434
17,853
--------
--------
--------
Total income
92,419
92,419
31,451
--------
--------
--------
Expenditure
Expenditure on raising funds:
Investment management costs
8
1,783
1,783
1,599
Expenditure on charitable activities
9
41,984
41,984
40,471
--------
--------
--------
Total expenditure
43,767
43,767
42,070
--------
--------
--------
Net gains on investments
10
34,000
34,000
49,126
--------
--------
--------
Net income and net movement in funds
82,652
82,652
38,507
--------
--------
--------
Reconciliation of funds
Total funds brought forward
485,195
485,195
446,688
---------
---------
---------
Total funds carried forward
567,847
567,847
485,195
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The Cherith Trust
Company Limited by Guarantee
Statement of Financial Position
5 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible fixed assets
15
111,022
112,321
Investments
16
241,000
207,000
---------
---------
352,022
319,321
Current assets
Debtors
17
60,639
2,917
Cash at bank and in hand
157,418
164,923
---------
---------
218,057
167,840
Creditors: amounts falling due within one year
18
2,232
1,966
---------
---------
Net current assets
215,825
165,874
---------
---------
Total assets less current liabilities
567,847
485,195
---------
---------
Net assets
567,847
485,195
---------
---------
Funds of the charity
Unrestricted funds
567,847
485,195
---------
---------
Total charity funds
20
567,847
485,195
---------
---------
For the year ending 5 April 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 15 November 2024 , and are signed on behalf of the board by:
B P Sheldon
Trustee
The Cherith Trust
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 5 April 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Cherith House, 1 Meadow Street, Cradley Heath, West Midlands, B64 6PB.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis and there are no material uncertainties present about the charity's ability to continue in operational existence for the forseeable future.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is classified under headings of the statement of financial activities to which it relates:
- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2%
Fixtures & Fittings
-
10% / 20% / 33.3% of cost
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Limited by guarantee
The charity is a company limited by guarantee. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Donations received
9,646
9,646
8,638
8,638
Legacies
Legacies
56,424
56,424
--------
--------
-------
-------
66,070
66,070
8,638
8,638
--------
--------
-------
-------
6. Other trading activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Fundraising events
5,870
5,870
4,960
4,960
Media sales
45
45
-------
-------
-------
-------
5,915
5,915
4,960
4,960
-------
-------
-------
-------
7. Investment income
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Rental Income
14,697
14,697
14,419
14,419
Interest Receivable
5,737
5,737
3,434
3,434
--------
--------
--------
--------
20,434
20,434
17,853
17,853
--------
--------
--------
--------
8. Investment management costs
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Property letting agents fees
1,783
1,783
1,599
1,599
-------
-------
-------
-------
9. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Property Expenses
5,117
5,117
6,814
6,814
Provision of home support services
35,497
35,497
32,480
32,480
Support costs
1,370
1,370
1,177
1,177
--------
--------
--------
--------
41,984
41,984
40,471
40,471
--------
--------
--------
--------
10. Net gains on investments
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Fair value movement on investment property
34,000
34,000
49,126
49,126
--------
--------
--------
--------
11. Net income
Net income is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
2,084
2,230
-------
-------
12. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,236
1,238
Other financial services
672
626
-------
-------
1,908
1,864
-------
-------
13. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024
2023
£
£
Wages and salaries
27,002
24,889
Employer contributions to pension plans
1,350
1,412
--------
--------
28,352
26,301
--------
--------
The average head count of employees during the year was 2 (2023: 2 ). The average number of full-time equivalent employees during the year is analysed as follows:
2024
2023
No.
No.
Number of administrative staff
2
2
----
----
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
14. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
15. Tangible fixed assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 6 April 2023
122,500
17,112
139,612
Additions
785
785
---------
--------
---------
At 5 April 2024
122,500
17,897
140,397
---------
--------
---------
Depreciation
At 6 April 2023
11,025
16,266
27,291
Charge for the year
1,225
859
2,084
---------
--------
---------
At 5 April 2024
12,250
17,125
29,375
---------
--------
---------
Carrying amount
At 5 April 2024
110,250
772
111,022
---------
--------
---------
At 5 April 2023
111,475
846
112,321
---------
--------
---------
16. Investments
Investment properties
£
Cost or valuation
At 6 April 2023
207,000
Additions
Fair value movements
34,000
---------
At 5 April 2024
241,000
---------
Impairment
At 6 April 2023 and 5 April 2024
Carrying amount
At 5 April 2024
241,000
---------
At 5 April 2023
207,000
---------
All investments shown above are held at valuation.
Investment properties
In December 2020 the charity purchased a residential property to let out. The property has been revalued to £241,000 at 5 April 2024 following a review of the property market by the directors.
17. Debtors
2024
2023
£
£
Prepayments and accrued income
4,145
2,917
Other debtors
56,494
--------
-------
60,639
2,917
--------
-------
18. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
2,057
1,934
Social security and other taxes
175
32
-------
-------
2,232
1,966
-------
-------
19. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 1,350 (2023: £ 1,412 ).
20. Analysis of charitable funds
Unrestricted funds
At 6 April 2023
Income
Expenditure
Gains and losses
At 5 April 2024
£
£
£
£
£
General funds
485,195
92,419
(43,767)
34,000
567,847
---------
--------
--------
--------
---------
At 6 April 2022
Income
Expenditure
Gains and losses
At 5 April 2023
£
£
£
£
£
General funds
446,688
31,451
(42,070)
49,126
485,195
---------
--------
--------
--------
---------
21. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Tangible fixed assets
352,022
352,022
Current assets
218,057
218,057
Creditors less than 1 year
(2,232)
(2,232)
---------
---------
Net assets
567,847
567,847
---------
---------
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
319,321
319,321
Current assets
167,840
167,840
Creditors less than 1 year
(1,966)
(1,966)
---------
---------
Net assets
485,195
485,195
---------
---------
22. Related parties
During the year, relatives of trustees were employed by The Cherith Trust . Their employments are on normal commercial terms and their salaries are commensurate with their duties, and are set by an independent group of trustees.