REGISTERED COMPANY NUMBER: 04289891 (England and Wales) REGISTERED CHARrrY NUMBER: 1089919 Report of the Trnstees and Audited Financial Sthtements for the Year Ended 31 December 2023 for Gospel Support and Homes Trust Limited
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Gospel Support and Homes Trust Limited
Contents of the Financial Statements
for the Year Ended 31 December 2023
Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Report of the Independent Auditors 6 to 9
Statement of Financial Activities 10
Statement of Financial Position 11
Statement of Cash Flows 12
Notes to the Statement of Cash Flows 13
Notes to the Financial Statements 14 to 23
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Gospel Support and Homes Trust Limited R¢f¢rence and Administrative Details for th¢ Y¢ar Endtd 31 December 2023 TRUSTEES Mrs M BeckhaTn Mr C H W Elgood MrAFJNeden Mr B W O'Donoghue Ms J Maggs Ms E R Weil (appointed I1.7.2023) Mr G P R Kay {appointed 17.6.2024) COMPANY SECRETARY Mrs K Moody REGISTERED OFFICE 114 Que¢n Victoria Street London EC4V 4BJ RECISTERED COMPANY NUMBER 04289891 (England and Wales) REGISTERED CHARITY NUMBER 1089919 AUDITORS Garside and Co. Limited Chartered Accountant & Statutory Auditor Suite 631, Linen Hall 162-168 R¢g¢nt Str¢¢t London WIB5TG BANKERS Lloyds TSB Bank plc 39 Threadneedle Street Londo EC2R 8AU Kingdom Bank Media House Padge Road Bee5ton Nottingham NG9 2RS INVESTMENT MANAGERS London Wall Partners LLP Salisbury House London Wal London EC2M 5QQ Page I
Gospel Support and Homes Trust Limited Report of the Trustees for the Yèar Ended 31 DeeèmbÈr 2023 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accouttting 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 l January 2019). OWECTIVES AND ACTIVITIES Objectives and aims The principal activity and objectives of the Trust are to provide support for Christian ministy in l.ondon. This is carried out by providing accommodation for Church ministers and workerg, and by gtyant making appropriate to its charitable aims. Achievements and performanee During the year the Trust continued to hold and maintain properties - both owned and leased - to facilitate the Christian gospel ministy of individuals. The Trust's London property portfolio consists of 13 properties which provid¢ accoTnvnodation for 24 Christian workers. It also owns one office building which provides office space for 26 Christian workers. In the p2St twelve months, additional v2C2nt space, within the office building, has been used by a nearby church as space for their Sunday School. The TTUSt had also purchased another propety in 2022. Once developed our aim is to provide 5-6 flats to accommodate Christian workers. Planning work continues on this purchase in consultation with architects. advisers and planning consultants. One property was sold during the year as it was no longer appropriate for ministry needs. Public benefit When planning our activities for the year. the tntstees have considered the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. It is their view that Christian ministy whÈch aims to share the gospel with anyone who wishes to hear it, clearly meets the public benefit criteria. Given the nature of the Trust's support for Christian ministries the only voluntary work for the Trust is performed by trustees. STRATEGIC REPORT Financial review The Trust continues its eharitable work supporting Christian ministry in l.ondon, where unrestricted fund donations received in 2023 were £662,643 (2022.. £284.014). Donations in 2023 included no legacies (2022: £10,000), and a £300.000 gift from a donor who generously agreed to forgive a loan previously made to the Trust. During the year ended 31 December 2023 the Trust made grants of £1 0,000 (2022: £28,000). For the year ended 31 December 2023 the Trust returned a net surplus of £884,852, principally as a result of increased donations (£378,629 higher than in 2022), a gain following the sale of one house no longer needed for ministry work of £159,354 and unrealised gains on the inve5trnent portfolio £82,082. Thi5 increased reserves by £884.852 (2022- a decrease of £31,270). At the year end total reserves have increased to £1 0,629,415 (2022: £9,744,562). Principal assets are properties held for our charitable purposes at cost of £7.091,656 (2022-. £7.322.882) and investments at bid market value £1,691,894 (2022= £1.595.500). Page 2
Gospel Support and Homes Trust Limited Report of the Trustees for the Year Ended 31 December 2023 STRATEGIC REPORT Financial review Principal sources of income and expenditure The principal sources of income to the Trust are: - donations received. interest on the cash balances held; income from investments. rental income is received in relation to properties held - typically costs of renting or owning properties are recharged to the ministries which use the properties, with the benefit of using the Trust being the ability to make long tenn lease or ownership conunitinents. The greater part of the exp¢nditUTe relates to the properties. either rents paid to landlords, or maintenance expenditure on the owned and leased properties. The Trust supported some ministry workers during the start-up phas¢ for church plants. Additionally. there are administration costs. principally the cost of two part time employees who oveTsee the properties and finances. There is some additional accountancy and legal and professional support. Reserves and Investment Policy It is the policy of th¢ Trust that LU]restricted funds which have not been designated for a specific use should be maintsined at a levcl equivalent to between three and six months, expenditure. The truslees consider that reserves at this level will ensure that, in the event of a 51gFiiificant drop in funding, they will be able to continue the Trust's current activities while consideration is given to ways in which additional funds Jnay be raised. This level of rescrves has been maintained throughout the year. It is the policy of the charity to maintain its reserves in order to.. meet the day-toknday operating requirements of the charity" meet the on-going obligatiotts in respect of rented property" fund the holding of residential properties used by individuals employed in ministy and the maintenance and repair of such propcrties- fund the redevelopment of PToperty acquired for the PUTpose of providing future accommodation for individuals involved in ministy- fund expans&ons of ministry, currently anticipated but not yet committed fund short term loans to initiatives which support th¢ objects of the charity. Where the Trust has reserves which are not needed in the short terni. or where they are set aside to give confidence to the truslees when making medium and longer temi lease commitments, the Trust's policy is to invest amounts surplus to immediate cash flow requirements. Punds surplus to immediate requirernents are invested through a professional tund adviser with an objective of enhancing their value over tiine. London Wall Partners LLP. who were appointed in June 2020, now advise on the management of these invested funds and on appropriate separate custodians, asset allocation and separate commingled funds, under one or more fund managers with expertise in each of the separate asset classes. Whilst there is no formal social Investient policy restricting investments in specific industries or companies, the investments are made through managers ()r with advice from those who are in sympathy with the objectives of the trust. The investment policy is reviewed formally each year. Our aiin is to accrete value ov¢r the longer term by selecting managers and advisers who have a proven track record of long-terni aeeumulation of value over and above inf]ation. GOING CONCERN The Trustees consider there are no material uncertainti¢s aut the charitsble Company'5 ability to continue as a going concern. The review of the financial position, reserve levels and future plans gives Trusle¢s confidence the charitable Coinpany remains a going concern for the foreseeable ture. Page 3
Gospel Support and Homes Trust Limited Report of the Truste¢s for the Year Ended 31 December 2023 STRUCTURE, COVERNANCE AND MANAGEMENT Governing document The Trust was incorporated on 19 September 2001 as a company limited by guarantee as defined by the Companies Act 2006, and it is governed by its Articles of Assoctation updated in 2023 It is registered in England (company numb¢r 04289891) and it is a registered Charity (charity number 1089919). Under the tsmis of the Memorandum of Association should the COTnpany be wound up and in the event of a deficiency of assets, every member undertakes to contribute not more than £1 for the payment of the company's liabilities. The trustees. who are also the directors for the pUoSe of company law, and who served during the year were: Mrs M S Beckham Mr C H W Elgood Ms J Maggs MrAFJNeden Mr B W O'Donoghue Ms E R Weil (appointed I1.7.2023) Recruitment and appointment of new trustees New mistees are recruited from the pool of individuals who are committed to the objects of the trust but have a range of diverse experience including professional skills in finance, in property manageFnent and in administration. New trustees are appointed by the currcnt trustees. Specific professional advice is sought from legal and accounting advisers where the trustees identify that further exp¢rt input is required. Organisationgl structure The Board meets on a quarterly basis to review the finaTtcial position of the Trust and the property assets held. Day to day administration of thc finances and the properties is handled by th¢ administrator and by the property manager, with input as required from individual tnte¢s. Given th¢ nature of th¢ Tiust's support for other ministries the only voluntary work for the Trust is perfomied by trustees. The Board works to ensure compliance with its legal duties to: Act Tn the interests of the charity Protect and safeguard the assL4s of the charity Act with reasonable care and Skill Ensure the charity is accountdble Applications for employrn¢nt by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In th¢ event of membcrs of staff becoming disabled. every effort is made to ensure that theiT employTncnt within the Trust continues and that the appropriate training is arranged. It is the policy of the Trust that the traTning, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees. RelAted parties Details of related parties, where the trustees have responsibility for other charities which have dealings with Gospel Support and Homes Trust Limited, are set out in the notes to the accounts, where applicable. Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ¢tlSUTe appropriate controls are IT] place to provide reasonable assurance agaiTJSt fraud and error. The Board has reviewed the major risks and is satisfied that all possible precautions have been taken to minimise them. Internal systems and procedures are in place to control all financial transactions and ensure the Trnst's activities comply with all applicable reglllations. EVENTS SINCE THE END OF THE YEAR Information relatin(F to events since the end of the year is given in the notes to the financial statements. Page 4
Gospel Support and Homes Trust Limited Report of the Trusttrs for the Year Ended 31 Deceniber 2023 STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustces (who are also the directors of Gospel Support a]Jd Homes TnL8t Limited for the Purposes of company law) aTe rcsponsil>le for preparing the Report of thc Trustees and the financial ststcmcnts in accordance with applicable law and United Kingdom Accounting Stalldar (United Kingdom Generally Accepted Accounting Practice). ConwaDy law requires the trustees to prepare financial statements for each financial year which give a true al far view of the state of affairs of the charitsble company and of the incoming resources al application of resources. including th¢ income and expenditure, of the charitable company for that pcriod. In preparing those fjnancial 5tafrments, the tnteeS are required to select suitable accouDting policies and then apply them consistently. observe the nthOdS and principles in the Charity SORP. make judgements and e}maS that are rwonable alld pdent. slate whether applicable accounting standarib have been followed, subject to any matsrial departures disclosed and explained in the financial statements" prepare the financial statements on the going concern basis unle&s it is inapproprlate to presume that the charitable company will L%YDtinue in business. The trnstees are responsible for keeping proper accounting records which disclose with reasonable a¢ctw at any tirne the financial position of the charitable company and to enable them to ensure that the f]n8ncial statements comply with the Compatiies Act 2006. They aTe also responsible for safeguarding the assets of the clwitable company and hence for taking re&80nable steps for the pTrventioll alld detection of fraud and Ot1 irregularities. STATEMENT AS TO DISCLOSURE OF INFOIIMATION TO Al7DoRs So far &s the trsteeS are aware. there is no relevant infom)atioD (a5 dered by Section 418 of the Companies Act 2006) of wliich the charitable companvs auditors are UDaware. and each tn]stee bas taken all the steps that they ought to have tsken as a tr8tee ill order to ke them aware of any audit infom)ation and to establish that the clwitable companYs audito are aware of that inforn)ation. AUDITORS In accordance with the company's articles. a resolution proposing that GaTside and Q). Limited be ppointed 08 a}ltOr of the rompaDy will be put at a Genera] Meetin& Report of the tsvstee4 inco orating a strategic reporL approved by order of the board of ttwtees, as the company directors, on11.tkT'¥fYx&.,. .... .. and signed on the board's behalf by." Mr A F J Neden- Trustee Page 5
Report of the Independent Auditory to the Menthers of Gospel Support and Honw Trnst limited Oplnion We hav¢ audited the financt81 statements of Gospel Support and Homcs TnLSt Limitcd (the 'clwitable company) for th¢ year ended 31 Deeetnber 2023 which comprise the Ststement of FFnancial Activities. the Statement of Financia] Positio the Ststement of Cash Flows and notes ts) the financial statement% including a summary of significant accounting policies. The financial reporting framework that ] been applied in their preparntion 15 applicable law and United Kingdom AccouDting Stsndarts (United Kingdom Generally Accepted Accounting Practice). In our opit)ion the financial statements: give a true and fair view of the stste of the charitable company's affairs 8s at 31 December 2023 and of its incoming resources and application of resource4 including its income and expenditure, for the year then ended. bav¢ been properly prepared ID acwrdance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Compallies Act 2006. Basls for opinlon We conducted our audit in accordance with International Standarits on Auditing (UK) OSAS (UK)) and applicable law. Ow respoDsibilities under those staDdarits are fiuther described ij) th¢ Audilors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevdnt to our audit of the financial statements in the UK, includtng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance Trith these requirements. We believe that the audit evidence we have obtsined is sufficient and appropriale to provide a basis for our opinion. ContlusRons rdathig to golng eoneern In auditing the fll]allcial statements. we have concluded that the trsteeS, of the going concern b&8is of accounting in the prq)aration of the financial statements is appropriate. Based on the work we have perfonned. we have not identified any material uncertainties r¢lating to cvents or conditiolls that, individually or collectively, may cast sigtiificant doubt on the charitable company's ability to continue as a going concern for a period of at leagt twelve months from when the fmancial statements are autIriSed for issue. Our resposIbilItieS and the r¢sponsilJiltti¢s of th¢ IteeS with respect to going concern are described in the relevant sections of this reporL Other Rnformation The ttv5t¢es are responsible for the other information. The other inforntIon comprises the information included in the Aunual Ror4 other than th¢ financial stat¢m¢nts and our R¢port of the Indcpclldcnt Auditor5 thcrcon. Our opinion on the financial statements does not cover the other infonnation an¢ except to the extent otherwise explicitly stated in our repor¢ we do not express any forn) of assurance conclusion thereon. In conn¢Gtion with our audit of the financial statemetts. our responsibility is to read th¢ other iDforn]ation all in doing so, considcr whctheT the other inf0mtion is TDatuially incon5i5tcnt with the financial statcmcnts or our knowledge obtsined in the audit or otherwise appears to be ll]aterially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to deterniine whether this gives rise to a ll]ateIial misstatement in tbe financial statements themselves. If, based on the work we have perfornirf we conclude that there is a material misstatement of this other infornwtion, we are required to report that fact. We have nothing to report in this regard. OpRllions other matters prescribed by the Companies Act 2006 Ill our opinion, based on the work undertaken in the course of the audit: the information given in the RqM)rt of the TnteeS for the fll)ancial year for vthich the financial statements are prepared is CODSiStent with the financial statements. and the Report of the Tnte¢S has been prepared itl accordance with applicable legal requirements. Page 6
Report of the Illdepelldent Auditors to the Members of Cospel Support and Homes Trnst Iimited Matters which we XTe Tequired to report by excepllon In the light of th¢ knowledge and understanding of the cRwitable company and its environment obtsilled in the COUTse of the audiL we have not identified material misstatements in the Rort of th¢ Tr{L8t$. We have nothing to report in respect of the following matters vthere the Companies Act 2006 requires IL8 to report to you il, in our opinion: adequate accowiting records have not been kept or returns adequate for our audit have not been receivoj from brallCI not visited by us. or the financial statements are not in agreement with the accounting records and returns. or ¢ertaÈn disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audiL Re8ponsibilitse8 of trnsteey As explain¢d more fully in the Stat¢An¢nt of Tnte¢s, RespollsibilitÉes, the trustces (who arc also th¢ dir¢ctors of the cl]aTitable ciJmpaDy for thc purposes of compally law) are responsible for tbe preparation of the financial statcments and for being satisfied that they give a true and fair view. and for sucb inlernal control as the tteeS detennine is necessary to enable the preparation offjnancial statements that arc free from at¢rial ffjisststcffj¢nL wh¢ther due to fraud or ermr. In prepari7]g the financial slaternents. the trustees are responsible for assessing the charitable coMpanS ability to continue as a going concern. disclosing, as applicable, matters related to going eollcern and using the going concern b&sis of accounting unlc&% the trustses either intend to liquidate the charitable company or to cease opcrdtioDS. or have no realistic alternative but to do so. Page 7
Report of the Independent Auditon to the Members of Gospel Support and Trust Llmlted Our 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 mis81atemcllL whcth¢T due to fraud or error. and to issue a Report of the IDdependent Auditors that includes our Opinio Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordaDce with ISAS (UK) will always detect a matsrial misstatement when it exists. Misstatements can arise from fraud ot t}r ond are considetEd 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 proccdures are ¢apable of detecting ]egUlarItieS, including fraud is detailed below: Identi 2nd res ODdin to risks of material misstatement due to fraud As required by audiiing stsndatds. and tsking into accowit sSIble Pressures to meet profit tsrgets and our overall knoWIg¢ of the control enviroJ]ment, wc pcrfolmed procedures to addrcss thc risks of managemcllt OVride of controls and the risk of fraudulent revenue recogDitioo the risk that those in charge wAth ngernent may be in a posttion to make inappropriate accounting entries and the risk of bias in accounting estijnates and judgements such as the valuation of fixed assets and financial instruments and depreciation policies. To id¢ntify risks of material misstatCDKnt due to fraud ('fraud risks,? we &ss¢ssed events or collditioDS that could indicate an incentive OT pressure to con)miÈ fraud or Provide an op)rtUnity to commit fraud. We con]municated identified fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit Our risk essMent procedures included.. - Enquiring of those charged with manag¢ment and Inspection of k¢y papers as to the policies and procedures to prevent and detect frau& including the process for engaging nTrnagemeDt to idelltify fraud risks specific to the entity's sector, as well as whether they have kIledge of aDy actual. suspected. or alleged fralld" - Reviewing minutes of trustees, meetings. - cO81dering gett'S incentives and opportutiitie5 for fraudulent maniputatlon of the financial statemen - Asse&8ing sigDificaDt accounting ¢stimales for bias" alld - Auditing the risk of manwnt override of controls, including through testing journal eThtri¢s and other adjustments for appropriateness, and evaluating the business rationale of sigDificant trans&ctions outside the norn]al course of business. Identi and res ndin to risks of material misstatement due to non-co lianc¢ with laws and re atio We considered the extent to whtch non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the fu181 Ststellllts such as the Companies Act 2006 alld the Charities Statement of Recommended Practice (SORPS) FRS 102. The entity i5 subject to laws and regulations that direcdy affect the financial statements including financial TeportlDg legislatio tLxation legislation (payroll taxes), and pension IcgtslatioD and we assess¢d the extcnt of compliance with these laws and reatiOnS &8 part ofowprocedures on the related financial statements items. As the entity is regulated, our assessment of Tisks involved gaining an understanding of the control environment including the ¢ntity'5 Procedures for complying with reguIatory requiretnents. We communicated identified laws aDd reguIations througbout our team and T¢mained alert to any indicatiODS of non-compliance throughout the audit. Our procedures included: DiscussioD with those in charge with ngement and from inspection of the entity's regulatory and legal CoeSpOndence. - Discussion with those charged with llwwment the policies and proccdurcs regdrding compliance with laws and regulations. Reviewing financial statement disclosures and testing to supporting dOCumtatIOn to assess compliance with applicable laws and regulations" and - EnqtEiry of maDagcmcnt, thosc charged with governance around actual and witetrtial litigation and clain A fitrther description of our responsibilities for th¢ audit of the financial ststements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibilities. This description forn]s part of our Report of the Independent Auditors. Page g
Report of the Independent Auditors to the Mellthers of Gospel Support and Homes Trnst limited Use of our report This Teport is made solely to the charitsble companys membeT5, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Ovr audit work has been undert2ken so that we might state to the chaTitabl¢ company's mcffjb¢rs those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pennitted by law, w¢ do not accept or assume r¢sponsibility tt) anyone other than the chaTitable company and the charitable cOmpanS membeTS as a body, for our audit worK for this rwrL or for the Opillions w¢ have forn]ed. Gareth Ow ghes Bsc ACA (Senior Statutory Auditor) for and on behalfof Garside and Co. Limited Chartered Arcounlant & Stathtory Auditor Suite 631, Linen Hall 162-168 Regent Strect London WIB 5TG Page 9
Gospel Support and Hon8 Trnst Llmited Statement of Financial Aclliryties for the Year Ended 31 Deeember 2023 31.12.23 Total funds 31.12.22 Total funds Unrutri¢tsd Restricted fimd fiwd Notes INCOME AND ENDOWMENTS FROM Donations and legleS 662.643 662,643 284,014 Other trading activities Investment income Other income 471,341 23,079 166.229 471,341 23,079 166,229 470.403 17.256 2.719 Total 1,323292 1,323292 774,392 EXPFNDrruRE ON Raislng funds Costs of generaling fiuujs 9,011 9,011 8.325 9.011 9.011 8,325 Charitable activities Charitable activities 501,511 10,000 511,511 457,649 Tot41 510,522 10.000 520.522 465.974 Net gainslo ) on investtnents osses 82,082 82,082 (339,688) NET INCOMEI(KXPENDNURE) 894,852 (10.000) 884.852 (31.270) RECONCILIATION OF FUNDS Totsl fimds brought fonvard 9.566.180 178,383 9.744.563 9,775,832 TOTAL FUNDS CARRIED FORWARD 10.461,032 168,383 10,629,415 9.744,562 The notes forni part of these financial gtatements Page 10
Gospel Support and Homes Trnst limited StatemeJJt of Flnxntial Positio 31 Deeember 2023 31.12.23 Total 31.12.22 Total UDr¢strictsd Rc5tricted fimd fund Notes FIXED ASSETS Tangible assets Investments 14 15 7.536,134 1,691,894 7530.134 1,691,894 7.821.055 1,595.500 9228.028 9.228,028 9.416,555 CURRENf ASSETS Debtors C&sh at bank and in hand 16 90,844 1,176.089 90.844 1,344,472 129.407 525,614 168,383 1,266.933 168,383 1,435.316 655.021 CREDITORS Amounts falling thje within one year 17 (33,929) {33,929) (327,014) NET CURRENf ASSETS 1,233,004 168.383 1,401.387 328.007 TOTAL ASSETS LESS CURREwr 10,461.032 168,383 10.629.415 9.744.562 IYET ASSETS 10.461,032 168,383 10,629.415 9.744,562 FUNDS Unrestricted fuDds Restricted funds 19 10,461,032 168.383 9.566.179 178.383 TOTAL FUNDS 10,629.415 9,744.562 The financial statements were approved by the Board of Trustees atyi authorised for issue on and were signed on its half by: MrAF Neden- Trustee The notes forn] part of thes¢ fiA)ancial statements Page 11
Gospel Support and Homes Trnst Limited Statsment of Cash Flows for the Year Ended 31 Decenther 2023 31.12.23 31.12.22 Cash Ilows froAn operpétillg aetivfities Cash generated from operati0Tr8 419.393 271.310 Net casb provided by operdling a£tivities 419,393 271.310 Cash flows from investing activities Purch&se of tangible fixed assets Purchase of fixed &sset investmet Sale of tangible fixed a&sets Interest received (25.703) (14,312) 416,401 23.079 (1200.149) (15,000) 19.104 N¢t cash PTovided by/(used in) inv&sting activiti&% 399.465 (1.196.045) Ch811ge in cash 2nd eash equfivalents In the reporting period Cash and casb equivalents at the begIng of the reporting period 818,858 (924.735) 525.614 1.450.349 Cash and e28h equiv8lents at the end of the r¢porting p¢riod 1.344.472 525.614 The notes fontE part of these financial statements Page 12
Cospd Support and Home5 Trnst Limited Flotes to the Ststement of Cash for the Year Ended 31 December 2023 RECONCILIATION OF IYET llYCOMEI(EXPEThDITURE) TO IYET CASH FLOW FROM OPERATINC ACTIVITIES 31.12.23 31.12.22 Net Incomel(expenditure) for the reportkng period (as per the Statement of Finvdncial Activities) Adjuslments for: Depreciation charges (Gain)llosses on investments (Profitylo&s on disposal of fixed assets Investment incotue recogDis¢d in SOFA Other interest received Decrease in debtors Decrease in creditors 884.852 (31,270) 53,577 (82.082) (159,354) (15.482) (7,597) 38,564 (293.085) 54,949 339.688 549 (16,278) (2,826) 17,608 (91.110) Net $b provided by operatiODS 419,393 271.310 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.23 Cth flow At31.1223 Net cash Cash at bank and in band 525,614 818,858 1.344,472 525,614 818.858 1,344,472 525.614 818.858 l J44.472 The notes forni part of these fllwKial statem Page 13
Gospel Support and Mon$ TnRst Limited Notes to the Finanelal Statements for the Year Ended 31 December 2023 CHARITY INFORMATION Gospel Support and Homes Tnt Limited is a private company limited by guarantse iDCOTporated in England and Wales (company number 04289891). The registered office addre&8 is 114 Queen Victoria Street, LA)ndo EC4V 4BJ. AccouiYfiNG POLICIES Basis of preparljjg tbe fin8nci21 ststements The financial statements of the charitable company. which is a public benefit eDtity under FRS 102, have bee prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by ChaTities: Statement of Reconllnended Practice applicable to charitics PTeparing thcir accounts in accordance with the Financial Reporting Standard applicable in the UK gnd Republic of I19nd (FRS 102) {effective l January 2019),. Financial Rqx)rting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of JrelaKkd' and the Companies Act 2006. The financial statemcnts havc bcen PTepaTed undcr thc historical Cost convcntion, with the exception of investments which are included at market value. &% modificd by the revaluation of certain assets. Gospel Support and Homes Tnt Limited mts the definiti(m of a public benefit entity under FRS 102. The financial statements aTC prcpaTcd in sterling (£), which is the functional currency of the TnLSt. Monetary amounts in these financial statements are rounded to the nearest £. Le8 status of the TnRst Gospel Support aDd Homes Ttust Limited is a company limited by guardnt¢¢. Th¢ rnemb¢rs of th¢ company are the trustees llattEcd on page l. Under the tern of the Memorandum of Association should the company be wound up and in the event of a deficiency of a&sets. every member undertakes to contribute not more than £1 for the payment of the COMpS liabilities. Going ¢oll¢ern At the tinle of approving the financial slatements, the tnte¢S hav¢ a r¢&sonable expectation that the TnLSt 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. Incoming resources Income is recognised when tbe Trust is legally entitled to it After any perfornTrnce conditions have been mel the amounts can be measured reliably, and it is probable that incorn¢ will be received. Cash donations are Tecognised on receipt. Other donations are recogDised once thc Trust has been notified of the donation. unless perfortnance conditions require deferral of the amount. Income lax recoverable in relation to donatiODS received under Gift Aid or deeds of covenant is recognised at the tinje of the donation. Legacies are recognÉsed on receipt or otherwise if the Trnst has been Dotified of an impending distribution. the amount is known. and receipt is £xpcctcd. Ilthe amount is not known, the legacy is treated &s a contingent asset. Re50urees expended Liabilities arc recognised as expenditure as soon as there is a legal or constmctive obligation committing the clwity to that expenditure. it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including 5UPPOrt costs and governance costs are allocaied OT apportioned to the applicable expendittwe beadings. Irrecoverable VAT is charged against the expenditure heading for which it was incuTred. Grants payable and donations made are accouErted for when paid or awarded and a binding obligation is created. Pag¢ 14 contiEmed..
Go$p¢l Support and Hom¢s Trust Llmlted Notes to the Fin2ntixl Statements- continued for tbe Year Ended 31 December 2023 ACCOUNTING POLICIES- eonlillued Tangiblè fixed #ssets TangÈble fixed &ssets are initially m&ured at costs and subsequently measured at cost or valuation, net of depreciation and any provision for impaimienL Depreciation is recognised so as to write off the cost or valuation less estimated residual values of all fixed assets over their expected useful lives. It is calculated at the following rates: Igasehold land and buildings Over the life of the lease on a reducing balance basis Fixtures. Fittings and Equipment 3 to 50 yeats on a straight line basis 8sets within the Tesidual properties are treated as havillg the shorter usefid life of 3 years, and the assets arising from the refurbis]]ment of the freehold offices at SÉ Michael's Rectory are tr¢ated as having a 10 or 50 year life. depending on the trnstees, estitnate of the time until the next requirement refurbishment. The gain QT I¢)5s arising on the disposal of an asset is d¢t¢rmined a5 thc diffcrcnce between the sale procccds and the carrying vaIue of the asseL and it is recognised ID net income/(expenditure) for the year. The freehold properties are a resource for the use of the charity. but provisions are nde to reduce such properties to estimated open matket valuc5 a5 and when considered appropriate. These assets are currently shown in the balance sheel at historic cost and thc truslees consider thetr overall market value to be greateT than the value at which they are sbow] in the flnancial statements. Fiied assets investments Fixcd invcstmcnts arc a forni of basic financial instnjment and are initially recogDiscd at transaction price excluding transaction c08ts, and are subsequently measured at fair value at each reporting date using the closing bid market price. The statement of financial aetivities includes the net gains and losses arising on revaluation and disposals throughout the year. Transaction costs are expensed &8 incurred. Tbe main forn] of risk faced by the Charity is that of volatiltty in equity markets and investtllent markets due to wider economic conditions. the attitude of investors to investment risL and changes in sentiment concerning equities aind within parttcular sectors or sub-sectors. AJI gains and losses are taken to the Statement of Financial Activities as they atisc. Realised gains and losses on investments are calculated as thc diffeTencc between sales proceeds and their opening carrying value or their purcbase value if acquired subsequent to the rt day of the financial year. Unrealiged gains and losses are Calculated as the difference between the fair value at the year end and their caTrying value. Realised and unrealised investment gains Imd losses are combined in the Statement of Financial Activities. ChYdritabRe fullds Unrestricted fiM]dg Unrestricted funds are available for se at the discretion of the trustses in fieTnce of the generdl objectives of the cl]arity. The revaluation reserve includes the accumulatcd ullrca]ised profits and losses of investments. Restrictcd fimds RestrÉcted fimds colse fimds to be used only in accordance with the wishes of the donorfs), or in accordance with the tenns of a Charity Commisston Scheme. Donations not yet expended are carried fonvard until utilised for the Purpose for which they have been given. Cash and cash equivalents C&8h and cash equivalents include c&sh in hand. deposits held at call with banks. other 5hort-terni liquid invesknents onnal matUEities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in cEtrrent liabiltties. Pagc 15 continued...
Go%pel Support 2nd Homes Trust IAmvted Notss to the FIDanclal Statements- colldnued for the Year Ended 31 Deeember 2023 AccouNrtNG POLlCtES- continu¢d Pension contributlons Contributions payable to thc charitable compangs pension scheme are charged to the Statement of Financial Activities in the pertod to which they relate. Employee beefits The cost of any ullused holiday entitlement is recognised in the pcriod in which the en)ployee's services are received. Tern)ination benefits are recognised immediately &s an expcDse when the charitable company is demoll5trably committed to termin2ts the employment of an employee or to pmvtde termination benefits. Value added t* Value added tax is not recoverdble by the ¢ompanyy and as such is included in the relcvattt costs in the Statement of Financial Activities. DONATIONS AND LEGACIES 31.12.23 Total funds 31.12.22 Total funds Unrcstrictcd funds Restricted fimds Donations, gifts and legacies Gift aid 530.998 131,645 530.998 131,645 229.913 54.101 662,643 662.643 284,014 OTHER TRADING ACTIVITIES 31.12.23 Total fimds 31.12.22 Total Unrestricted fi]ndg Restricted funds R¢ntal income Insurance income DilapÈdation incoll 436284 2,347 32,710 436,284 2,347 32.710 470.403 471,341 471,341 470.403 INVESTMENf INCOME 31.12.23 Total 3E.12.22 Total UnresiTtcted runds Restricted lunds Income from listed investments Interest receivable 15.482 7.597 15,482 7,597 16,278 978 23,079 23,079 17.256 Page 16 continued...
Gospel Support and Homes Trust Llmltsd Notes to the FfinAllcl&l Statements- continued for the Year Ended 31 December 2023 OTHER INCOME 31.12.23 Total funds 31.12.22 Total fimds Unrestricted funds Restricted funds Gain on sale of tangible fixed &ssets Sundry income 159,354 6,875 159.354 6,875 2,719 166,229 166,229 2,719 COSTS OF GENERATINC FiJNDS 31.12.23 Total 31.12.22 Total funds Unrestrictcd funds Restricted funds Investment llwiagetllellt ar transaction fees 9.011 9,011 8.325 CHAIUTABLE ACTIVITIES COSTS funding of activities (see note Direct Costs (see note 9} io) Totals Charitable activities 501.511 10.000 511,511 DIRECT COSTS OF CILIRITABLE ACT[VlEs 31.12.23 31.12.22 Staff costs 34.241 251,915 58,866 9.733 8,446 60,783 15.033 6,800 1.887 230 53,577 31,649 217.536 9.147 6.267 7,399 78,470 12,360 6,000 5,090 233 54,949 549 Rates Insurance - varrous Inqurance- general Repairs and maintenance Legal al profcssional Auditor's remuneration Other office expenses Bank chgrges and interest paid Depreciation Loss on sale of tangible fixed a&8ets 501.511 429.649 Page 17 continued...
Gospel Support and Homes Trnst Limited Notes to the Financi*l Statements- continued for tbe Year Ended 31 December 2023 DIRECT COSTS OF CHAIUTABLE ACTtVlTIES- continued Governance Costs Governance costs included in Direct costs above were incurred during the yw eled 31 December 2023.. 31.12.23 31.12.22 Auditoes remuneration Accountsncy fees Legal and professional fees 6.800 3,000 12,033 6,000 3,000 960 21,833 9,960 io. GRANfs PAYAB 31.12.23 31.12.22 Clwitable activities 10.000 28.000 11. NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingl(creditiDg)'. 31.12.23 31.12.22 Depreciation- owned assets Rent Surplvs/(deficit) on disposal of fixed assets 53,577 251,915 (159,354) 54,949 217.536 549 12. TRUSTEES, REMUNERATION AND BENEFITS Durtng the year ended 31 Dccembcr 2023 no trustees received remuneration for work perfonned on behalf of the trust (2022: £Nil). Trustees, eell$e% There were no tnte¢s, expellses paid for the year ended 31 December 2023 nor for the year ended 31 Deccmber 2022. 13. STAFF COSTS 31.12.23 31.12.22 Wages and salarics Other Pcllbion costs 30.641 3,600 28.593 3.056 34.241 31,649 The averdge mouthly numb¢r of employee5 during the year wds as follows.. 31.12.23 31.12.22 Management and admijllstration No employee5 Teceived emoluments in excess of £60,IX)O. Page 18 continued...
Gospel Support and Homes Trust Limited Notes to the Financlal Statemellts- contillued for the Year Ellded 31 December 2023 14. TANGIBII FIXED ASSETS Fixtures, fittings & equipment IADd and buildings Totals COST At l January 2023 Additions Disposals 7,322.882 25.703 (256,929) 1,122,711 8.445,593 25.703 (259,931) (3.002) At 31 December 2023 7.091.656 1.119.709 8.211,365 DEPRECIATION At l January 2023 Charge for year Eliminated on disposal 156,494 6,911 468,044 46.666 (2.884) 624.538 53,577 (2.884) At 31 D¢cember 2023 163,405 511.826 675.231 NET BOOK VALUE At 31 December 2023 6,928251 607,883 7.536,134 At 31 Dccember 2022 7,166.388 654,667 7.821,055 15. FIXED ASSET INVESTMENrs Listed invc5ttnents rillARlT VALUE At l January 2023 Additions RevaluatioL8 1.595.500 14,312 82.082 At 31 December 2023 1.691.894 NET BOOK VALUE At 31 Dcccrnber 2023 1,691.894 At 31 December 2022 1.595,500 There were no investsnent assets outside the UK. Cost or valuation at 31 December 2023 is represented by: Listed investments Valuation in 2023 1.691,894 Fised asset investments revalued All investmenls are carried at their fair value. Investment itk equities and fixed interest securities are all traded in quoted public markets. primarily the Lond<)n Stock Exchange. The basis of fair value for quot¢d investments is equivalent to the bid market value. Asset sales and purch&ses are recognised at the date of trade at cost (that is their transaction value). Page 19 continued...
Gospel Support and Homes Trnst Limited Notes to tbe Flnancial Statements- continued for the Year Ended 31 December 2023 15. FIXED ASSET INVESTMENrfs- continued The significance of financial instruments to the ongoing financial sustainability of the TTUSt is consid¢r¢d in the rllwncial review section of the TTUStees' Annual Report. The Trust manages investment risk by retailling expert advisors and operating an investment policy that Provides for a bigb degree of diveTsification of holdings within investm¢nt cl&sses that are quoted on TecogDised stock exchatiges. 16. DEBTORS 31.12.23 31.12.22 Amounts falling due within one year". Gift Aid receivable Other loans receivable Rent deposits Prepayments al accrued income 24,496 54,142 10,000 13.080 30.422 8,580 36,005 69.081 107.644 Amounts falling due after more than one year". Oth¢r loans re¢eiYabl¢ 21,763 21.763 Aggrcgate amounts 90.844 129.407 17. cREDORS. AMOUNTS FALLING DUE wHN ONE YEAR 31.12.23 31.12.22 Trnle credttors tA)an payable AccTuals and deferred income 880 300,000 26,134 33,929 33.929 327,014 During the year ended 31 December 2023 a loan pay&ble balance of £300,000 w&g transfcrred into a gift to the trust. A8 at yeaT ended 31 December 2023 the loaD payable balance is £Nil (2022: £300,000). 18. IAsG AGREEMENTS Minimwn lease pawts under DonCanCelIable opeTMting leases fall due as follows: 31.12.23 31.12.22 Withill one year Between onc and five years 244,291 36,921 216,350 193,961 281,212 410,311 Page 20 continu¢d...
Gospel Support and Homes Trnst Llmlted Plotes to the Financial Statements- continued for the Year Ended 31 December 2023 19. MOVEMEiYf IN FUNDS Net movement in fimds At 31.12.23 At 1.1.23 Unrestricted funds General fid 9,566,180 894.852 10,461,032 Restricted hnds Church planting fund 178,383 (10.000) 168.383 TOTAL FUNDS 9,744,563 884,852 10,629,415 Net movement in funds, included in the above are &8 follows: Incoming resources Resources expended Gains and losses Movement in funds Unregtrieted funds General fund 1,323,292 (510,522) 82.082 894,852 Restricted fullds Church planting fiEnd (10.000) (10.000) TOTAL FUNDS 1,323,292 (520.522) 82,082 884,852 Compar8tives for movement in fvnds Net Enovement fidS At 31.12.22 At 1.1.22 Unrestrieted funds General fimd 9.587.449 (21.270) 9,566.179 Restricted funds Church planting fund 188,383 (10.000) 178.383 TOTAL FUNDS 9,775,832 {31,270} 9.744.562 Page21 continued..
Gospel Support and Homes Trust Limited Notey to the Financial Statements- continued for the Year Ended 31 Deceu]ber 2023 19. MOVEMENT IN FUNDS- eolltinued Comparntive net m0Vennt in funds, included in the above are as follows: Incoming resources Resources expettded Gains and losses Movement in funds Unrestricted funds General fimd 774,392 (455,974) (339,688) (21.270) Restrieted funds Church planting fund {io,000) (10.000) TOTAL VUNDS 774,392 (465,974) (339,688) (31,270) A cuent year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.12.23 At 1.1.22 Unrestricted fund$ General fimd 9,587,449 873.582 10,461,031 Restricted funds Church planting fund 188.383 (20,000) 168.383 TOTAL FUNDS 9.775,832 853,582 10,629.414 A cutrcnt y¢ar 12 month8 and prior y¢ar 12 months combined net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in fund5 losses Unrestricted lld$ General fimd 2.097.684 (966,496) (257.606) 873,582 Restricted funds Church planting fid (20.000) (20.000) TOTAL FUNDS 2.097.684 (986.496) (257,606) 853.582 Page 22 continued...
Gospel Support and Homes Trust Llmited Ntsto¥ to tbe Finallcial Statsmellts - contilled for the Year Ended 31 December 2023 20. RESTIUCTKD FUIYDS The income fillids of the charity include restricted fi]1 comwising the following unexpended balances of donatioJ)s and held on trust for spccific Purposes: Balance at 31 December 2023 Balancc at l January 2023 IDCOmiDg resources Resources expended Church Planting fimd 178,383 (10,000) 168,383 Church Plantin fimd The fund was created to support the Tefirt>ishm¢nt of churches and the planting of new churches. Refilrbishment work on three churches h&5 cotDpleted and ihe balance of OnIES received is being held as a chutch-plantlng fund, to fiu)d fiJrtheT ministy. 21. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 December 2023. 22. EVENTS SINCE THE END OF THE YEAR Subsequent to the reporting date the Charity has agreed to provid¢ an equity loan for £130.000 to help a cEwity to Purchase a house for ministry *e. This money will ¢ome out of the Restricted Fund when the house purclwe eventually completes: which is expected to occw in June 2024. Page 23