Charity registration number 1101899 (England and Wales)
Company registration number 04984515
CFI CHARITABLE TRUST
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
CFI CHARITABLE TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
D Linnell (Chairman)
D O'Sullivan
J Holbrook
A Berkinshaw-Smith
A Sodadasi
(Appointed 19 August 2024)
E Mackenzie
(Appointed 20 February 2025)
Chief executive
J Vince
Secretary
J Caladine
Charity number (England and Wales)
1101899
Company number
04984515
Registered office
Chantry House
22 Upperton Road
Eastbourne
East Sussex
BN21 1BF
Independent examiner
David Guest FCA
UHY Hacker Young (S.E.) Limited
168 Church Road
Hove
East Sussex
BN3 2DL
Bankers
Lloyds Bank
104 Terminus Road
Eastbourne
East Sussex
BN21 3AH
CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ
CFI CHARITABLE TRUST
CONTENTS
Page
Trustees' report
1 - 3
Statement of Trustees' responsibilities
4
Independent examiner's report
5
Statement of financial activities
6
Statement of financial position
7 - 8
Statement of cash flows
9
Notes to the financial statements
10 - 21
CFI CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 December 2024.

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 Charity'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 twin aims of the Charity are to serve the church, particularly with teaching material, and to bless Israel. Although special emphasis is placed on the majority ethnic group of Jewish people in Israel, a specific aim is also that of serving as a reconciling influence between Jews and Arabs and other minority groups.

A major emphasis of Christian Friends of Israel is educational, that is, the provision of accurate and up-to-date information on Israel and the surrounding region, education on the Hebraic heritage of Christianity, and the need for positive Jewish-Christian relationships. This is carried out by regular news letters and other printed material, audio CDs and video DVDs, lectures, the organisation of educational conferences and promoting tourism to Israel at a study level.

 

By providing a Christian perspective on current events, the Trust endeavours to enable Christians to pray for Israel and her people intelligently.

Achievements and performance

 

The education of the public concerning the country of Israel and its citizens

This year we attended a wide range of Christian festivals with our CFI UK resources stall. We sourced new material and added this to our resources material to assist in communicating with the wider church audience according to our threefold object of encouraging understanding, challenging prejudice, and assisting cross-culturally. We were able to advertise a range of online briefings and in the coming year are planning some in-person seminars and hopefully will resume with a parliamentary briefing and lobby day.

 

The relief of the poor, sick, handicapped, aged or otherwise needy people who either live in Israel or are seeking to emigrate to that country

We continued to highlight several causes in line with this objective, using interactive online sessions, and compiling articles. The increase in our restricted fund giving continued throughout the year. Alongside our regular restricted funds going to those in need in Israel the Trustees allocated funds focusing on medical and social needs.

 

The advancement of education amongst Christians, Jews and the general public of what the Bible has to say about the history of the Jews in the land of Israel through to current times and God's plans for them

Our annual teaching conference was well attended with additional take-up of video and audio recordings. The main speaker focussed on hebraic Bible teaching and recent archaeology and was supplemented by a staff member of the charity.

 

We continued our involvement of planning and participation in a range of regional Holocaust memorial events, including schools, libraries, church and synagogue presenters, plus local and national political representatives. Events featured holocaust survivors and their descendants’ testimony, music, and poetry.

 

We researched various educational resources, advertising in our quarterly magazine and at events.

CFI CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The advancement of the Christian faith with particular reference to its teaching about the Jewish people

We gave many presentations advancing the Christian faith and its teaching about the Jewish people as drawn from the Bible at church or conference settings, with good responses.

 

We make available to new and existing readers our quarterly magazine which includes articles and regular features of Israel-related biblical exposition, hebraic teaching, Hebrew word studies and humanitarian charities relevant to our objects.

 

Such causes are promoted by regional and local links alongside digital media.

 

Encouragement and informed prayer for Israel and its people

We distribute a monthly prayer letter written in Israel, which we edit and add a UK perspective. There are weekly and fortnightly email briefings with news and prayer items.

 

Our prayer encouragement co-ordinator speaks regularly at regional prayer-themed conferences. Our online prayer network focusing on Israel and its people continues well.

 

Our annual residential prayer conference was well attended.

Financial review

Income received from regular giving was higher than anticipated by our budget amongst those giving with gift aid. The churches and trusts giving was close to budget. Income received from legacies exceeded that allowed for in our budget.

 

Regular outgoings were maintained under control, with costs continuing to climb year in year. Planned building works took place over the year. Mailing costs were again above budget.

 

The investment property given as a legacy provided steady income during the year and past arrears.

 

A salary increase has been agreed for the coming year, in line with the inflation rate. We have sought to allow for other anticipated increases in cost of materials and services in the coming year.

 

There was a surplus for the year on unrestricted funds of £70,338 (2023: deficit of £1,916).

Public benefit

The Trustees consider that the activities detailed above fulfil all the requirements of the Charity Commissions public benefit disclosure and comply with the Charity’s objects

 

Reserves policy

The Trustees consider it prudent to continue to set aside reserves of £200,000, representing approximately six month’s budgeted operating expenditure on the general fund. Our policy remains to distribute restricted funds in a timely yet cost-efficient manner, usually on a quarterly cycle. We continue to keep our financial resources and obligations under review, mindful of our Christian, charitable and financial obligations to be good stewards.

 

Structure, governance and management

The Charity is a company limited by guarantee established by Memorandum and Articles of Association dated 3 December 2003, registration number is 04984515. The Charity is also registered with the Charity Commission in England and Wales, registration number 1101899.

 

Further information such as the business and registered office addresses, and details of professional advisors can be found on the information page.

CFI CHARITABLE TRUST
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The Trustees, who are also the directors for the purpose of company law, and who served during the year were:

 

D Linnell (Chairman)
D O'Sullivan
J Holbrook
A Berkinshaw-Smith
A Sodadasi
(Appointed 19 August 2024)
E Mackenzie
(Appointed 20 February 2025)

The Trustees seek to appoint additional Trustees whenever necessary following recommendations from existing Trustees or the chief executive. A potential Trustee would be invited to attend Trustees' meetings as an observer for a few meetings, before any decision is taken concerning their ongoing involvement as a Trustee.

 

Potential Trustees are provided with all the relevant guides from the Charity Commission before any appointment.

 

None of the Trustees have any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The day-to-day work of the Trust is overseen by the chief executive and support staff who are accountable to the Board of Trustees. The Trustees meet regularly and are responsible for the overall direction of the Charity, and for major financial decisions. The chief executive is assisted in his work by the senior staff.

The Charity is in fellowship with other branches of Christian Friends of Israel throughout the world and particularly with the co-ordinating office in Jerusalem, Israel. The CFI Charitable Trust is however independent of the other branches and the co-ordinating office in its finances, governance and management.

Risk Management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that the systems and policies in place are adequate to mitigate the Charity’s exposure to the major risks.

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

D Linnell (Chairman)
Trustee
Dated: 19 May 2025
CFI CHARITABLE TRUST
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The Trustees, who are also the directors of CFI 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 Charity 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 Charity 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 Charity 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CFI CHARITABLE TRUST
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF CFI CHARITABLE TRUST
- 5 -

I report to the Trustees on my examination of the financial statements of CFI Charitable Trust (the Charity) for the year ended 31 December 2024.

Responsibilities and basis of report

As the Trustees of the Charity (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.

Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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 that in any material respect:

1

accounting records were not kept in respect of the Charity as required by section 386 of the Companies Act 2006.

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 Companies Act 2006 other than any requirement that the financial statements 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 financial statements 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 financial statements to be reached.

David Guest FCA
UHY Hacker Young (S.E.) Limited
168 Church Road
Hove
East Sussex
BN3 2DL
27 May 2025
CFI CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
4
407,306
202,003
609,309
345,456
146,141
491,597
Charitable activities
5
37,047
8,258
45,305
36,217
9,469
45,686
Investments
6
54,295
-
54,295
4,015
-
4,015
Total income
498,648
210,261
708,909
385,688
155,610
541,298
Expenditure on:
Charitable activities
7
428,365
207,598
635,963
387,664
151,249
538,913
Total expenditure
428,365
207,598
635,963
387,664
151,249
538,913
Net gains/(losses) on investments
55
-
55
60
-
60
Net income and movement in funds
70,338
2,663
73,001
(1,916)
4,361
2,445
Reconciliation of funds:
Fund balances at 1 January 2024
838,291
4,361
842,652
840,207
-
840,207
Fund balances at 31 December 2024
908,629
7,024
915,653
838,291
4,361
842,652

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

CFI CHARITABLE TRUST
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
12
109,080
110,897
Investment properties
13
200,000
200,000
Investments
14
130,358
130,440
439,438
441,337
Current assets
Inventories
15
4,687
4,703
Trade and other receivables
16
32,811
33,683
Cash at bank and in hand
451,586
383,419
489,084
421,805
Current liabilities
Other payables
17
12,869
20,490
Net current assets
476,215
401,315
Total assets less current liabilities
915,653
842,652
Income funds
Restricted funds
19
7,024
4,361
Unrestricted funds
Designated funds:
Reserve fund
200,000
200,000
Management fund
100,000
100,000
Development fund
100,000
100,000
Building and security fund
15,754
19,170
20
415,754
419,170
General unrestricted funds
492,875
419,121
908,629
838,291
915,653
842,652
CFI CHARITABLE TRUST
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 19 May 2025
D Linnell (Chairman)
J Holbrook
Trustee
Trustee
Company Registration No. 04984515
CFI CHARITABLE TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
16,319
221,182
Investing activities
Purchase of property, plant and equipment
(2,584)
-
Purchase of investment property
-
(200,000)
Purchase of other investments
(1,000)
(128,752)
Proceeds from disposal of other investments
1,137
3,492
Investment income received
54,295
4,015
Net cash generated from/(used in) investing activities
51,848
(321,245)
Net increase/(decrease) in cash and cash equivalents
68,167
(100,063)
Cash and cash equivalents at beginning of year
383,419
483,482
Cash and cash equivalents at end of year
451,586
383,419
CFI CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

CFI Charitable Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Chantry House, 22 Upperton Road, Eastbourne, East Sussex, BN21 1BF.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Charity'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 Charity is a Public Benefit Entity as defined by FRS 102.

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

The financial statements have been prepared under the historical cost convention. 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 Charity 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.

Restricted funds are monies received for specific purposes laid down by the donor. Expenditure which meets these restricted funds criteria is charged to the fund.
1.4
Income
Income is recognised when the Charity 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.

Cash donations are recognised on receipt. Other donations are recognised once the Charity 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 included in the donation to which it relates to and is recognised at the time of the donation.

 

Income from charitable activities is recognised when the risks and rewards have been transferred to the purchaser of services or products. It is stated net of VAT, if any.

Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected.

CFI CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
1.5
Expenditure

All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.

 

Charitable costs are allocated between the categories of direct charitable expenditure and support costs, such as administration, in accordance with the nature of the costs. Governance costs are those incurred in the overall governance of the charity and compliance with constitutional and statutory requirements.

 

No amounts are included for services provided by volunteers.

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:

Land and buildings
2% straight line on buildings
Fixtures, fittings and equipment
25% on a straight line basis

Freehold land is not 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.

Fixed Asset additions below £250 are not capitalised.

1.7
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.8
Non-current investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9
Impairment of non-current assets

At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10
Inventories

Stocks of product are valued at cost less provision for slow moving and obsolete items.

1.11
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.

CFI CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.12
Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.13
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 Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

From 1 January 2016 the Charity set up a pension scheme for all employees with the National Employment Savings Trust (NEST). Contributions payable are charged in the General fund in the year they are payable.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

CFI CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
1.16
Taxation

In the opinion of the Trustees, the Charity is not subject to United Kingdom corporation tax on its income.

The charity is registered for VAT and accounts for VAT on its standard rated supplies. Irrecoverable VAT, if any, is included in the cost of the expense it relates to and is charged as a cost when incurred.
2
Critical accounting estimates and judgements

In the application of the Charity’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.

3
Funds

General Fund (Unrestricted)

This oversees the day to day operations of the Charity.

 

Designated Funds

Reserve fund

This represents funds put aside as a general reserve in accordance with best practice.

 

Where Most Needed in General

This fund represents specific gifts given to the Charity to be used by the Trustees at their discretion for specific needy areas of the General fund. Sums given to the Charity are included in the General fund for reporting purposes.

 

Change Management fund

This fund represents money set aside from legacies to provide resources to cover the costs of future changes.

 

Development fund

This fund represents money set aside from legacies to provide resources to develop our website/e-commerce/database and for social media expansion.

 

Building and Security fund

This fund represents money set aside for an upgrade to the premises and security.

 

Restricted Funds

Social and Humanitarian fund

This fund incorporates monies for social and humanitarian causes mainly in Israel but also in other parts of the world. It is made up of:

CFI Jerusalem (A separate charity, or amuta, in Israel).

Non-CFI Jerusalem (Various projects including Where most needed in Israel).

 

Conferences and Tours

This fund encompasses the various prayer and educational conferences of CFI and tours to Israel and is regarded as restricted. Offerings taken at the conferences are utilised to cover the costs. At the discretion of the Trustees the surplus/deficit can be covered by a transfer to/from the General fund if required.

CFI CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
4
Income from donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Donations and gifts
290,591
202,003
492,594
268,818
146,141
414,959
Legacies
116,715
-
116,715
76,638
-
76,638
407,306
202,003
609,309
345,456
146,141
491,597
5
Charitable activities
2024
2023
£
£

Courses, conferences and tours

8,258
9,469

Product sales and fees

35,847
35,117
Charitable rental income
1,200
1,100
45,305
45,686
Analysis by fund
Unrestricted funds
37,047
36,217
Restricted funds
8,258
9,469
45,305
45,686
6
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Rental income
39,033
-
Interest receivable
15,262
4,015
54,295
4,015
CFI CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
7
Charitable activities
2024
2023
£
£
Staff costs
250,531
222,448

Product costs (adjusted for stock)

20,723
21,430

Conferences and tours

19,523
14,647

Printing, postage and stationery

45,545
41,886

Communication and contributors

8,440
7,958

Education and promotional events

15,287
13,846

Advocacy

3,017
1,450

Training, meetings and hospitality

2,121
1,202
365,187
324,867
Grant funding of activities (see note 8)
188,075
136,602
Share of support costs (see note 9)
55,520
53,706
Share of governance costs (see note 9)
27,181
23,738
635,963
538,913
Analysis by fund
Unrestricted funds
428,365
387,664
Restricted funds
207,598
151,249
635,963
538,913
8
Grants payable
2024
2023
£
£
Grants to institutions:
CFI Jerusalem Projects
154,146
112,681
Non-CFI Projects
33,799
23,791
Other
130
130
188,075
136,602
CFI CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
9
Support costs allocated to activities
Charitable activities
Total
2024
2023
£
£
Depreciation
4,401
4,240
Premises costs (head office and north east office)
25,184
30,724
Office equipment, software and consumables
6,225
6,029
IT and web consultants
6,280
7,651
Travel and accommodation
6,859
4,230
Property Plymouth
5,129
-
Miscellaneous
442
832
Governance
28,181
23,738
82,701
77,444
2024
2023
Governance costs comprise:
£
£
Legal and professional
-
3,486
Accountancy fees
16,388
12,150
Independent examination fees
1,306
1,312
Bank and finance charges
6,378
5,496
Board expenses
1,757
1,294
Investment property costs
2,352
-
28,181
23,738
10
Trustees

No remuneration is paid to the Trustees. Reasonable travel, accommodation and related expenses were reimbursed of £1,757 (2023: £1,294).

11
Employees

The average monthly number of full and part time employees during the year was:

2024
2023
Number
Number
Direct charitable work
8
8
Administration
2
2
Total
10
10
CFI CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
11
Employees
(Continued)
- 17 -
Employment costs
2024
2023
£
£
Wages and salaries
229,655
205,697
Social security costs
14,806
11,188
Other pension costs
6,070
5,563
250,531
222,448
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The remuneration of key management personnel (including employer's national insurance and pension contributions) is as follows.

2024
2023
£
£
Aggregate compensation
51,556
48,191
12
Property, plant and equipment
Land and buildings
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 January 2024
191,407
19,408
210,815
Additions
-
2,584
2,584
At 31 December 2024
191,407
21,992
213,399
Depreciation and impairment
At 1 January 2024
81,424
18,494
99,918
Depreciation charged in the year
3,300
1,101
4,401
At 31 December 2024
84,724
19,595
104,319
Carrying amount
At 31 December 2024
106,683
2,397
109,080
At 31 December 2023
109,983
914
110,897
CFI CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
13
Investment property
2024
£
Fair value
At 1 January 2024 and 31 December 2024
200,000

Investment property comprises 39 Mount Gould Road, Plymouth, Devon PL4 7PT. The chief executive of the Charity who is a Chartered Surveyor by profession considers this to be a fair value and no revaluation required as at 31 December 2024.

14
Fixed asset investments

Israel Bonds

£
Cost or valuation
At 1 January 2024
130,440
Additions
1,000
Interest accrued
55
Disposals
(1,137)
At 31 December 2024
130,358
Carrying amount
At 31 December 2024
130,358
At 31 December 2023
130,440
15
Inventories
2024
2023
£
£
Products for sale
4,687
4,703

Stock represents books, (audio) CDs and (video) DVDs and other related products.

16
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Tax and VAT recoverable
27,255
22,580
Prepayments and accrued income
5,556
11,103
32,811
33,683
CFI CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
17
Other creditors falling due within one year
2024
2023
£
£
Trade payables
2,978
4,899
Accruals and deferred income
9,891
15,591
12,869
20,490
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
6,070
5,563
19
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.

At 1 January 2024
Incoming resources
Resources expended
At 31 December 2024
£
£
£
£
Social and Humanitarian Fund
-
193,893
(188,075)
5,818
Conferences and Tours
4,361
16,368
(19,523)
1,206
4,361
210,261
(207,598)
7,024
Previous year:
At 1 January 2023
Incoming resources
Resources expended
At 31 December 2023
£
£
£
£
Social and Humanitarian Fund
-
136,602
(136,602)
-
Conferences and Tours
-
19,008
(14,647)
4,361
-
155,610
(151,249)
4,361
CFI CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
20
Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 January 2023
Resources expended
Transfers
Balance at
1 January 2024
Resources expended
Balance at
31 December 2024
£
£
£
£
£
£
Reserve Fund
200,000
-
-
200,000
-
200,000
Change Management Fund
100,000
-
-
100,000
-
100,000
Development Fund
100,000
-
-
100,000
-
100,000
Building and Security Fund
16,919
(12,749)
15,000
19,170
(3,416)
15,754
416,919
(12,749)
15,000
419,170
(3,416)
415,754
21
Analysis of net assets between funds

Unrestricted & Designated funds

Restricted funds
Total

Unrestricted & Designated funds

Restricted funds
Total
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Fund balances are represented by:
Property, plant and equipment
109,080
-
109,080
110,897
-
110,897
Investment properties
200,000
-
200,000
200,000
-
200,000
Investments
130,358
-
130,358
130,440
-
130,440
Current assets/(liabilities)
469,191
7,024
476,215
396,754
4,561
401,315
908,629
7,024
915,653
838,091
4,561
842,652
22
Operating lease commitments

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

2024
2023
£
£
Within one year
750
3,000
Between two and five years
-
750
750
3,750
CFI CHARITABLE TRUST
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
23
Related party transactions
Transactions with related parties

During the year the Charity entered into the following transactions with related parties:

Accountancy services
2024
2023
£
£
Other related parties
16,238
12,150
16,238
12,150

The Charity engaged Caladine Ltd to provide accounting support to the Charity. Caladine Ltd is a company controlled by John Caladine, who serves the Charity as Company Secretary. Details of fees paid to Caladine Ltd are shown in the table above.

The total amount of donations received from the Trustees during the year was considered immaterial to disclose.

24
Cash generated from operations
2024
2023
£
£
Surplus for the year
73,001
2,445
Adjustments for:
Investment income recognised in statement of financial activities
(54,295)
(4,015)
Fair value gains and losses on investments
(55)
(60)
Depreciation and impairment of property, plant and equipment
4,401
4,240
Movements in working capital:
Decrease in inventories
16
119
Decrease in trade and other receivables
872
206,944
(Decrease)/increase in trade and other payables
(7,621)
11,509
Cash generated from operations
16,319
221,182
25
Analysis of changes in net funds

The Charity had no material debt during the year.

26
Members liabilities

CFI Charitable Trust is a company limited by guarantee and has no share capital. Under the terms of the memorandum of association every member is liable to contribute a sum not exceeding £1 in the event of the company being wound up during the time he or she is a member or one year thereafter. At 31 December 2024 there were five members (2023: four members).

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