REGISTERED COMPANY NUMBER: 04289891 (Englxnd and WAles) REGISTERED CHARITY NUMBER: 1089919 Report of the Trustees and Audited Financial Statements for the Year Ended 31 December 2024 for Gospel Support and Homes Trust Limited
Gospel Support and Homes Trust Limited Contents of the Financi91 Statemenls for the Year Ended 31 December 2024 Page Reference and Administrative DetAils Report of the Trustees Report of the Independent Auditors Statement of Finaneial Activities 10 Statement of Financial Position Statement of Cash Flows 12 Notes to the Statement of Cash Flows 13 Notes to the Financial Statements 14 to 24 Detailed Statement of Financial Activities 25 to 26
Gospel Support and Homes Trusl Limited Reference and Administrative Detgils for the Year Ended 31 Decen]ber 2024 TRIISTEES Mrs M Beckham Mr C H W Elgood MrAFJNeden Mr B W O'Donoghue (resigned 21.3.2025) Ms J Maggs MSER Weil Mr G P R Kay (appointed 17.6.2024) COMPANY SECRETARY Mrs K Moody REGISTERED OFFICE 114 Queen Victoria Street London EC4V 4BJ REGISTERED COMPANY NUMBER 04289891 (England and Wales) REGISTERED CHARITY NUMBER 1089919 AUDII'ORS Garside and Co. Limited Chartercd Accountant & Statutory Auditor Suite 631, Linen Hall 162-168 Regent Street London WIB 5TG BANKERS Lloyds TSB Bank plc 39 Threadneedle Str¢et London EC2R 8AU Kingdom Bank Media House Padge Road Beeston Nottingham NG9 2RS INVESTMENT MANAGERS London Wall Partners LLP Salisbury House London Wall London EC2M 5QQ CCLA Investment Management Limited One Angel Lane Londo EC4R 3AB Page I
Gospel Support and Homes Trusl Limited Report of the Trustees for the YeAr Ended 31 December 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report witli the financial statements of the charity for the year ended 31 December 2024. Tlie trustees have adopted the provisioiis of Accounting and Reporting by Charities.. Sialement of Recommended Practice applicable to charities preparing their accounts in accordance with tlie Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019}. OBJECTIVF.S AND ACTIVITIES Objeetives and aims The prin¢ipal activity and objectives of the Trust are to provide support for Christian ministry in London. This is carried out by providing accommodation for Church ministers and workers, and by grant making appropriate to its charitable aims. Achievements and performance During the year the Trust continued to hold and maintain properties - both owied and leased to facilitate the Christian gospel Ininistry of individuals. The Trust's London property portfolio coi)sists of 12 properties which provide accommodation for 23 Cliristian workers. It also owns one otTice building which provides otTi¢e space for 26 Christian workers. In the past twelve months, additional vacant space, within the office building, has been Lised by a nearby church as space for their Sunday School. The Trust purcha8ed a property in 2022, with the aim to convert into a number of flats to provide affordable acconimodation for Church workers. The planning process has been more protracted than originally envisaged and a development team are currently workiiig on a revised scheme that addresses initial feedback received in a pre-app consultation witli the local authority. Tlie development team liave extensive experience working on similar projects and consists of development adviser, planners, arcliitects and a nuinber of other coiisultanls. It is envisagcd that a revised application will shortly be submitted to the local aulliority. The Iriist was grdteful to receive a property as part donation and part interest free loan in October 2024. This was valued at £360,000 and will be used to further the mission of the trust. Public benefit Wh¢1) planiiing our activitl¢s for the year, tlit trust¢¢s have considered the Charity Commissioii's guidanG¢ on public benefit and, in particular, the specific guidance on charities for the advancen)ent of religion. It is their view that Christian miiiistry which aims to sliare ihe 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 perfonned by trustees. STIL4TEGIC REPORT Financial review The Trust continues its charitable work supporting the Christian Inir)istry in London, where unrestricted fund donations received in 2024 M'ere £752,393 (2023.. £662,643). Duriiig the year ended 31 December 2024 the Trust made grants of £5,000 (2023.. £10,000). For the year ended 31 December 2024 the Trust r¢turned a net surplus of £909,302 (£24,450 higher than in 2023), principally as a result of increased unrealised gains on investment. This in¢reased reserves by £909,302 (2023.. an increase of £884,852) and year end total reserves have increased to £11,538,717 {2023.. £10,629,415). Principal assets are properties held for our ¢haritable purposes at ci)st of £7,461,558 (2023.. £7,091,656) and investments at bid market value £1,810,865 (2023.. £1,691,894). Page 2
Gospel Support and Homes Trust Limited Report of the Trustees for the Year Ended 31 Deeember 2024 STRATEGIC REPORT Financial review Principal sources of income and expenditure The principal sources of income to the Trust are.. donations received- interest on tlie cash balances held- income from investments. rental incoine is received in relation to properties held - typically costs of renting or owiing properties are recharged to the ministries wliich use tlie properties, with tlie bciicfit of using the Trust bcing the abilily to make long term lease or ownership commitments. The greater part of the expenditure relates to Ihe properties, ¢itl)er rents paid to I]d10rds, or maiiitenance expenditure on the owned and leased properties. The Trust supported some ministry workers during the start-up phase for the church plants. Additionally, there are administration costs, principally the Cost of two part time employees who oversee the properties and finances. There is sonie additional a¢¢ountancy and legal and professional siipport. Reserves And Investment Policy It is the policy of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months, expenditure, in addition to that set out below. The trustees consider tliat reserves at (Iiis level will ensure that, in tlie event of a significant drop in funding, they will be able to continue the Trust's curreiit aclivities while consideration is given to M'ays in which additional fuiids may be raised. This level of reserves has been Inaintained tlirougliout tl)e year. It is the policy of the charity to niainlain its reserves in order to: meet the day-to-day operating requirements of the charity,. me¢t the on-going obligations in respect of rented property- fund the holding of residciitial properties used by individuals cmployed in ministry and the maintenance and repair of sucli properties; fund the redevelopmei)t of property acquired for the purpose of providing future accommodation for individuals involved in ministry. nd expansions of iniiiistry, currently anticipated bul not yet committed fund short terni loans to iiiitiatives wliicli support the objects of the charity- Where the Trust has res¢rves which are not needed in th¢ short term, or whei'e they ar¢ sel aside to give confidence to the trustees when making medium and longer term lease cominilments, the Ti'usl's policy is to invest amounts surplus to immediate cash flow requirements. Funds sutylus to immediate requirements are invested through a professional fund adviser with an objective of enhancing their value over time. London Wall Partners LLP, who were appointed in June 2020. now advise on the manageinenl of these invested funds and on appropriate separate custodians, asset allocation id separate Commingled fuiids, uiider one or more fund managers with expertise in each of thc separate asset classes. Whilst thcrc is no tornial social investmei)t policy restricting invcstments in specific industries or companies, the invcslments are made tlirough inaiiagers or with advice from those who are in sympathy witli the objectives of the trust. The investment policy is reviewed fonnally each year. Our aim is to accrete value over the longer tem by selecting managers and advisers who have a proven track record of long-term accurnulation of value over and above iiiflation. GOING CONCERN The Trustees consider there are no material uncertainties about the charitable Company's ability to continue as a going concern. The review of ihe financial position, resetve levels and future plans gives Trustees confidence the charitable Coinpany remains a going concern for the foreseeable future. Page 3
Gospel Support and Homes Trust Limited Report of the Trustees for the Year Ended 31 Deeember 2024 STRUCTURE, GOVERNANCE 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 Arli¢les of Association updated in 2023 It is registered in England {company number 04289891 } and it is a registered Charity (charity number 1089919). Under the terms of tl)e Memorandum of Association should the conipany b¢ wound up and in the event of a deficiency of assets, every membcr undertakes to contribute not more than £1 for the payment of the company's liabilities. The trustees. who are also the directors for the purpose 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 (resigned 21.3.2025) MsERWeil Mr G Kay (appointed 17.6.2024) Recruitment and appointment of new trustees New trustees are recruited from the pool of individuals who are commitled to the objects of the trust but have a range of diverse experience including professional skills in finance, in property management and in administration. New trustees are appoiiiled by the ¢urreiit trustees. Spe¢ifi¢ professional advice is sought from legal and accounting advisers where the trustees identify that further expert input is required. Organisational structure The Board meets on a quarterly basis to review the financial position of the Trust and the property assets held. Day to day administration of the finances and the properties is handled by the administrator and by the property manager, with input as reqiiired from individiial trustees. Given the natui'e of the Trust's SLlPPOrt for other ministries the only voluntary work for the Trust is performed by triistees. The Board works to ensure compliance wilh ils legal duties to: Act in the iiiterests of the charity Protect aiid safeguard the assets of the charity Act with reasonable care and skill Ensure the charity is accountable Applications for employmcnt by disabled persoiis are always fully considcrcd, bearing in mind the aptiludes of the applicant concerned. In the event of members of staff becoming disabled. every effort is made lo ensure that their employment wiihin the Trust continues and that the appropriate training is arranged. It is the policy of ihe Trust that the training, career development atid promotion of disabled persons should, as far as possible, be identical to that of other employees. Related partie5 Details of rel&ted parties, where the trustees have responsibility for other charities which have dealings witl) Gospel Support and Homes Trust Limited. are set out in thc notes to the accounts, wherc applicable. Risk management The trustees have a duty lo identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Board has reviewed the major risks and is satisfied that all possible precaiitions hav¢ been taken to minimise them. Internal systems and procedures are in place to control all financial transactions and ensure the Trust's activities comply with all appli¢able regulations. EVENTS SINCE THE END OF THE YEAR Information relating to events since tlic end of the year is given in the notes to the financial statements. Page 4
Gospel Support and Homes Trust Limited Report of the Trustees for the YeAr Ended 31 December 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (who are also ihe directors of Gospel Support and Homes Trust Limited for the purposes of company law) are responsible for preparing the Report of tlie Trustees and the Iinancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financirAI stfAtements for each financial year which give a true and fair view of the state of affairs of tlie charitable company and of ihe incoming resources and appliration of resources, including the income and expenditure. of the charitable company for that period. In preparing thos¢ financial statements, the truslees are required to select suit7Able accounting policies and then apply them consistently- observe the methods and principles in the Charity SORP- make judgements aiid estimates Iliat are r¢asonable and prudeijt. state whetl)er applicable accounting standards have beeii followed, subject to any material departures disclosed and explained in tlie financial statements; prepare the financial stAtements on the going concern basis unless it is inappropriale to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any time the financial position of Ilie cliaritable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding Ilie assets of the cliaritable company and heiice for taking reasonable steps for the preventioii and detectioii of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the Irustees are aware, tlierc is iio rel¢vaiit information (as defiiied by Section 418 of the Companies Act 2006) of which tlie charitable company's auditors are unaware, and eacli trustee has taken all Il)e steps that they ought to have taken as a trustee in order to make them aware of any audit infoi'mation and io establish that the charitable company's auditors are aware of that inforniation. AUDII"ORS In accordan¢e with the comparEy'S articles, a resolution proposing that Garside and Co. Limited be reappointed as auditor of the company will be put at a General Meeting. Report of the trustees. incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ' OI/OT125 and signed on the board's belialf by.. Mr A F J Neden - Trustee Page 5
Report of the Independent Auditors to the Members of Gospel Support and Homes Trust Limited Opinion We have audited thc finanGial statements of Gospel Support and Homes Trust Limit¢d (the 'charitabl¢ coinpany,) for the year cnded 31 D¢¢ember 2024 which comprise the Statcnieiit of Finan¢ial A¢livilies, tlie Statement of Financial Position, the Statement ot. Cash Flows and Iiotes to tlie finaiicial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable laiv and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a tru¢ and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance witli United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance wilh the requiremenls of the Companies Act 2006. BASIS for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)} and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the #udit of the financial statements section of our report. We are independent of the charitable company in accordance with the etliical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethi¢al Standard, and we have fulfilled our other ethical responsibilities in accordance with these reqiiirements. We believe that the audit evidence we have obtained is sufficienl and appropriate lo provide a basis for our opinion. Conclusions relgting to going concern In auditing tlie financial statements, we have conoluded that th¢ trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, iiidividually or c4)Ileclively, may cast significant doubt on the charitable company's ability to contiiiue as a going concem for a period of at least twelve monilis from when the financial slalements are authorised for issuc. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other inforn)ation The trustees are responsible for the other inforniation. The odier infornlation comprises the infomiation included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly slated in our report, we do not express arhy forni of assurance conclusion thereon. In connection wilh our audit of the finan¢ial statements, oiir responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or oiir knowledge obiained in tlie audit or otherwise appears to be materially misstated. If we identify such inaterial inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this otl)er inforniation, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of ihe audit.. the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial ststements; and the Report of the Trustees has been prepared in accordance with applicable legal requir¢ments. Page 6
Report of the Independent Auditors to the Members of Gospel Support and Homes Trust Limited M8tt¢rs on which we Are required to report by exception In the liglit of the knowledge and understanding of the cliaritable company and its environment obtained in the ¢ourse of the audiL we have not idcntificd matcrial misstatcincnts in the Report of the Trustees. We have nothing to report in respect of tlie following matters where Éhc Coinpanics Act 2006 rcquircs us to report to you if, iii our opiiiion= adequale accounting records have not been kept or return5 adequate for our audit have not been received from branches nol visited by us- or the financial statements are not in agreement with thc accounting records and returns; or ccrtain disclosures of trustees, reinuneration specified by law are not made. or we have not received all the information and explanatioiis we rcquire for our audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities, the Iruslees (who are also the directors of the cliaritable compaiiy for the purposes of company law) are responsible for Ilie pr¢pMration of Ilie finat)¢ial statements aiid for beiiig satisfied that tliey give a true and fair view, and for sucli interiial control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going Concern, dis¢losing, as applicable. mattcrs related lo going ¢on¢¢rn and using the going coiiccrn basis of accounting unless the trustees either iiiteiid to liquidate thc charitable company or lo cease operations. or havc no realistic alternalive bul to do so. Page 7
Report of the Independent Auditors to the Members of Gospel Suppor¢ and Homes Trust Limited Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whetlier the financial stateinents as a whole are free from material misstatement, whether due to fraud or ¢rror, and to issu¢ a Report of the Independent Auditors tliat i¥Jcludcs our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered materi21 if. individually or in the aggregate, they could reasoiiably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, inclliding fraud is detailed below-. Identi in and res ondin lo risks of material misslatement due to fraud As required by auditing standards, and taking into account possible pressures to meet profit targets and our overall ki)owledge of the control environment, we performed proccdurcs tu address the risks of manageinenl override of controls and the risk uf fraudulent revenue re¢ognitioJ], Ihe risk Ihal those in chargc with management may be in a position to make inappropriate accountiiig cntrie5 and the risk of bia5 in accounting estimates and judgements such a5 the valuation of fixed assets and financial instruments and depreciation policies. To identify risks of material misstatement due to fraud {"fraud risks") we assessed events or conditions that coiild indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. We communicated identified fraud risks throughout the audit team And remained alert to any indications of fraiid tlirougliout the audit. Our risk assessiTJent procedures included.. Enquiring of those charged with management and iiispection of key papers as to the policies and procedures to prevent and detect fraud. including the proce55 for engaging management to identify fraud risks specific to the entity's sector, as well as wl)etlier they have knowledge of any actual, suspected, or alleged fraud. Reviewing minutes of trustees, meetings. Consid¢ring managemcnt's incentives and opportunities for fraudulent mlpUlatIon of the financial stalements. Assessing significant accounting estimates for bias; and Auditing the risk of manageinent override of controls, including through tcsting journal entries and other adjustmcnts for appropriateness, and evaluating tlie business rationale of significant transactions outside tlie normal course of business. Identi in and res ondin to risks of malerikil misstatement due to i)on-coin liinee with laws and re ulations We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations Iliat have a direct impact on tlie financial statements such as the Compantes Act 2006 and the Charities Statement of Reconiinended Practice (SORPS) FRS 102. The entity is subject to laws and regulations that directly affe¢t the financial slatements including financial reporting legislation, taxation legislation (payroll taxes), and pension legislation and we assessed the extenl of compliance with these laws and regulations part of our procedures on the related financial statements ileins. As the entity is regulated, our assessment of risks involved gaining an understanding of the conlrol environment including the entity's procedurc5 for complying with regulalory requirements. We cominunicated identified laws and regulalions throughout our team and remained alert to any indications of non-compliance throughout the audit. Our procedures included= Discussion with those in charge with management, and from inspection of the eiltity's rcgulatory and legal correspondence; Discussion with those charged with management the policies and procediires regarding compliance with laws and regulations. Reviewing financial statcment disclosures and testing to supporting documenlation to assess Compliance with applicable laws and regulatioi)s' and Enquiry of management, those charged with goveniance around actual and potential litigation and claims. A further description of our respoiisibilities for the audil of the financial statements is located on the Financial Reporting Council's website at www.fr¢.org.uldauditorsrcsponsibililies. This description forms part of our Report of the Independent Auditors. Page 8
Report of the Independent Auditors to the Members of Gospel Support and Homes Trust Limited Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of tlie Coiiipaiiies Act 2006. Our audit work lias becn uiidcrtakeii so Iliat wc might statc to thc charitablc Gompajiy's meiiibers tliose matters we are required to slate to them in an auditors, report and for i)0 other purpose. To Ilie fullest exlenl permitled by law, we do not accept or assume responsibility to anyon¢ other than the charitable company and the cliaritsble company's members as A body, for our audit work, for Iliis report, or for the opinions we have fonned. eth Owe s Bsc ACA (Senior Statutory Auditor) for ]d on b of Garside and Co. Limited Chartered Accountant & statOry Auditor Suite 631, Linen Hall 162-168 Regent Street London WIB 5TG Date.. Page 9
Gospel Support and Homes Trust Limited Statement of Financial Activities for the Year Ended 31 Deeember 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted fund Notes INCOME AND ENDOWMEwfs FROM Donations and legacies 752,393 752,393 662.643 Other trading activities Investment income Oiher income 518,257 41,848 30 518,257 41,848 30 471,J41 23.079 166,229 Total 1,312,528 1,312,528 1,323,292 EXPENDITURE ON Raising funds Costs of o¢rkerating funds 8.371 8,371 9,011 9,011 Charitable gctivities Charitable activities 508,872 5,000 513,872 511,511 Total 517,243 5,000 522.243 520,522 Net gains on investments 119,017 119,017 82,082 NET INCOME/(EXPENDITURE) 914,)02 {5,000) 909,J02 884,852 RECONCILIATION OF FUNDS Total fuiids brought forward 10,461,032 168,383 10,629,415 9,744,563 TOTAL FUNDS CARRIED FORWARD 11,375,334 163,383 11,538,717 10,629,415 The notes form part of these financial statements Page 10
Gospel Support and Homes Trust Limited Statement of Financial Position 31 Deeember 2024 2024 Total funds 2023 Total nds Unrestri¢ted fund Restricted fund Notes FIXED ASSETS Taiigiblc &ssets Investments 14 15 7,862,184 1,810,865 7,862,184 1,810,865 7,536,134 1,691,894 9,673,049 9.673,049 9,228,028 CURREN'f ASSETS Debtors Cash at bank and in hand 16 78,743 1,847,377 130,000 33,383 208,743 1,880,760 90,844 1,344,472 1,926,120 163,383 2.089,503 1,435,316 CREDITORS Amounts falling due within one year 17 (63,835) (63,835) (33,929) NET CURRENT ASSETS 1,862,285 163,383 2,025,668 1,401,387 TOTAL ASSETS LESS CURRENT LIABILITIES 11,535,334 163.383 11,698.717 10,629,415 CREDITORS Amouiils falling due after more than one year 18 (160,000) (160,000) NET ASSETS 11,375,J34 163,J83 11,538,717 10.629,415 FUNDS Unrestricted funds Restricted funds 21 11,375,334 163,383 10,461,032 168,383 TOTAL FUNDS 11,538,717 10,629,415 The financial statements were approved by the Board of Trustees and authorised for issue on 01107125 and were signed on its behalf by.. Mr A F J Ncdcn - Truslee The notes form part ofthese financial statements Pagell
Gospel Support and Homes Trust Limited Statement of Cash Flows for the Year Ended 31 Deeember 2024 2024 2023 Notes Cash flows from operating activities Cash generated froin operations 505.595 419,393 Net cash provided by operating activities 505,595 419,393 Cash flows from investing #ctivities Purchase of tangible fixed assets Purchase of fixed asset investments Sale of tangible fixed assets Investment income (171,201) 46 (25,703) (14,312) 416,401 23,079 41,848 Net cash (used in)/provided by investing activities {129,307) 399,465 Cash flows from finAncing activities Interest free loan 160,000 Net cash provided by financing activities 160,000 Change in cash cash equivalents in the reporting period Cash And cash equivalents At the beginning of the reporting period 536,288 818,858 1,344,472 525,614 Cash and eash equivalents at the end of the reporting perlod 1,880,760 1,344,472 The notes fonn part of these financial statements Page 12
Gospel Support and Homes Trust Limited Notes to the Statement of Cash Flows for the Year Ended 31 Deeember 2024 RECONCILIATION OF NET INCOME TO fiET CASH FLOW FROM OPERATING AcfiviTIES 2024 2023 Iyet ineome for the reporting period (as per the Statement of Financial Activities) Adjustments for: Depreciation charges Gain on investments Profit on disposal of fixed assets Inveslinent income recognised in SOFA Other interest received Gift of property (Iiicrease)/decrease in debtors Increase/(decrease) in creditors 909,302 884,852 45,151 (119,017) 53,577 (82,082) (159,354) (15,482) (7,597) ()6,528) (5.230} (200,000) (117,899} 29,816 38,564 (293,085} Net Cash provided by operAtions 505,595 419,393 AP4ALYSIS OF CHANGES IN NET FUP4DS At 1.1.24 Cash flow At31.12.24 Net eash Cash at bank and in hand 1.344,472 536,288 1,880,760 1,344,472 536,288 ,880,760 Debt Debts falling due after l year {160,000} (160,000) (160,000) (160,000) Total 1,344,472 376,288 1,720,760 The notes form part of tliese financial st2temen(s Page 13
Gospel Support and Homes Trust Limited Notes to the Financial Statements for the Year Ended 31 December 2024 CHARITY INFORMATION Gospel Support and Homes Trust Limited is a private company limited by guarantee incorporated in England and Wales (company number 04289891 }. Tlie registered office address is 114 Quecii Victoria Street, London, EC4V 4BJ. ACCOUNTING POLICIES Basis of preparing the financial slatements Tlic financial statements of the cliaritable company, which is a public benefit entity under FRS 102, have been prepared in accord¢¢ with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities.. Statement of Recommeiided Practice applicabl¢ to charitics preparing their accounts in accordaiicc with thc Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effectivc l January 2019}'. Financial Reportiiig Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements liave been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. Gospel Support and Homes Trust Limited meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in sterling (£), which is the functional currency of the Trust. Monetary amounts in these financial slatemenls are rounded to the nearest £. Legal status of the Trust Gospel Support and Homes Trust Limited is a compaiiy limited by guarantee. Thc members of the company are the trustees named on page l. Under tlie tenns of the Memorandum of Association should the comp&ny 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. Going concern At the lime of approving the financial statements, the trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus tlie trustees continue to adopl the going conceni basis of accounting in preparing the financial statements. Incoming resources Income is recognised wlien the Trusl is legally entitled to it after any performance conditions have been met, the amouiits can be measured reliably, and it is probable tl)at income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Trust has bcen notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant Is recognised al the time of the donation. Legacies are recognised on receipt or otheNise if the Trust has been notified of an impending distribution, the amount is known, atid receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measLired reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to tlie applicable expenditure headings. Irrecoverable VAT is charged against the expenditure heading for which it was incurred. Grants payable and donations made are accounted for when paÉd or awarded Mnd a binding obligation is created. Page 14 continued...
Gospel Support And Homes Trust Limited Notes to the Financial StAtements - continued for the YeAr Ended 31 December 2024 ACCOUNTING POLICIES- continued Tangible fixed Assets Tangible fixed assets are inilially measured at costs and subsequenily nieasured at cost or valuation, net of depreciation and any provision for impairnient. Depreciation is recognised so as to write off the cost or valuation Itss estimated residual values of all fixed assets over their expected useful lives. It is calculated at the following rates-. Leasehold land and buildings Over tlie life of the lease on a reducing balance basis Fixtures, Fittings and Equipment 3 to 50 years on a straight line basis Assets within the residual properties are treated as having the shoner usethl life of 3 years, and the assets arising from the refurbishment of Ilie freehold offices at st Michael's Rectory are Ireated as having a l O or 50 year life, depending on the trustees, estimate of tl)e time until the next requirement refurbisl)ment. The gain or loss arising on the disposal of an asset is deterniined as the difference between the sale proceeds and the carrying value of the asset, and it is recognised in net in¢omel(expenditure) for the year. The freehold properties are a resource for the use of the charity, but provisions are made to reduce sucli properties to estimated open market values as and when considered appropriate. These assets are ¢urrently shown iii tlie balance sheet al historic cost and the trustees consider their overall market value to be greater tlian the value at whi¢h they are shown in the financial statements. Fixed assets investments Fixed asset investmenls are a form of basic finaiicial instrument ai)d are initially recognised at transaction price excluding transaction costs. and are subscqucntly measured at fair value at each reporling date using the closing bid markct price. l-he stalement of financial activities iricludes the net gains and losscs arising on revaluation and disposals throughout ihe year. Transaction costs are expensed as incurred. The main form of risk faced by the Charity is that of volatility in equity markets and investment markets due to wider econoinic conditioiis, the attitude of investors to investment risk. and changes in sentiment concerning equities and within particular sectors or sub-sectors. All gains and losses are taken to the Stateinent of Financial Activitie5 as Iliey arise. Realised gains and losses on investments are calculated as tlie difference between sales proceeds and tlieir opeiiing catTying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Stalement of Financial Activities. Charitable funds Unrestricted funds Unrestricted fuiids are available for use al the discretion of the trustees in furtherance of the general objectives of the charity. The revaluation reserve includes the accumulated unreaSised pn)fits and losses of investments. Restricted funds Restricted funds coinpris¢ funds to be used only in accordance with the wishes of the donor(s). or in ac¢ordance with the terms of a Charity Commission Sclieme. Donations not yet expended are carried forward until utilised for the purpose for which they havc bcen given. Cash and cash equivalents c.ash and cash equivaleiits in¢lude cash in hand, dcposils held at call with banks, other short-term liquid investments with original maturities of three montlis or less, and bank overdrafts. Bank overdrafts are shown within boi'rowings in current liabilities. Page 15 coiitinued...
Gospel Support and Homes Trust Limited Notes to Éhe Financial Statements - continued for the YeAr Ended 3] December 2024 ACCOUNT1Tr4G POLICIES- continued Pen5jOll Cotitributions Contributions payablc to thc charitablc Lompany's pension scheme are charged lo the Statement of Financial Activities in the period to which Iliey relate. Employee benefits The cost of any iinused holiday entitlement is recognised in ihe period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Value added tax Value added tax is not recoverable by the company, and as such is included in the relevant ¢osts in the Statement of Financial Activities. DONATIONS AND LEGACIES 31.12.24 Total funds 31.12.23 Total funds Unrestricted funds Restricted funds Donations, gifts and legacies Gift aid 688,869 63,524 688,869 63,524 530,998 131,645 752,393 752,393 662.643 Included within Donations, gifts and legacies is an amount of £200.000 in respect of a gifted property (see Note 14 also). OTHER TRADING ACTIVITIES 31.12.24 Total funds 31.12.23 Total funds Unrestri¢t¢d funds Restricted funds Rental income Iiisurance iiicome Dilapidation income 515,368 2,889 515,368 2.889 436,284 2,347 32,710 518,257 518,257 471,341 Page 16 continued...
Gospel Support Homes Trust Liffliied Notes to the Financial Statements - continued for the Year Ended 31 Deeember 2024 INVESTMENT INCOME 2024 Tolal funds 2023 Total funds Unrestricted funds Restricted funds Income from listed investments Interest receivable 36,528 36,528 5,320 15,482 7,597 41,848 41,848 23,079 OTHER INCOME 2024 Total funds 2023 Total funds Unrestricted nds Restricted fi]nds Gain on sale of tangible fixed assets Sundry incoine 159,354 6,875 30 30 30 30 166.229 COSTS OF GENERATING FUNDS 2024 Total funds 2023 Total fund5 Unrestricted fi]nds Restricted funds Investment management and transaction fees 8,371 8.371 9,011 CHARITABLE ACTIVITIES COSTS Grant funding of activities (ste note Direct Costs (see note 9) 10) Totals Charitable activities 508,872 5,000 513,872 Page 17 continued...
Gospel Support and Homes Trust Litnited Iyotes lo the Financial Statements - eontinued for the Year Ended 3J December 2024 DIRECT COSTS OF CHARITABLE ACTIVITIES 2024 2023 Staff costs Rent Rates Insurance - various Insurance - general Repairs and maintenance Legal and professional Auditor's remuneration Other office expenses Bank ¢harges and interest paid Trustee meeting expeiises Depreciation 34,800 253,109 17,898 9,250 8,138 107,858 23,215 6,000 2,044 174 1,235 45,151 34,241 251,915 58,866 9,733 8,446 60,783 15.033 6,800 1,887 230 53.577 508,872 501,511 Governance Costs Governance costs included in Direct cosls above were incurred during the year ended 31 December 2024.. 31.12.24 31.12.23 Auditor's remuneration Accountancy fccs Leoal and professional fees Truslcc Incclings 6,800 3,000 12,033 1,235 6,800 3,000 12,033 30,449 21,833 io. GRANTS PAYABLE 2024 2023 Charitable activities 5,000 10,000 ii. NET INCOMEI(EXPENDITURE) Net in¢omel(expenditure) is Stated after chargingl(crediting)'. 2024 Depreciation - owned assets Rent sU[us on disposal of fixed assets 45,151 253,109 53,577 251,915 {159,354) Page 18 continued...
Gipspel Support and Hon)es Trust Limited Notes to the Financial Statements - continued for the Year Ended 3] December 2024 12. TRUSTEES, REMUNERAT10Tr4 AND BENEFITS During the year ended 31 December 2024 no twstees received remuneration for work performed on behalf of the trust (2023: £Nil). Trustees, expenses There were no trustees, expenses paid for the year ended 31 Deceillber 2024 nor for the year ended 31 December 2023. The fees paid for trustees ineetings (see Note 9) were not a reimbursement to the trustees. 13. STAFF COSTS 2024 2023 Wages and salaries Other pension costs 31,200 3,600 30,641 3,600 34,800 34,241 The average monthly nuinber of einployees during the year was as follows.. 2024 2023 Managemeiit and administration No employees received emoluments in excess of £60,000. 14. TANGIBLE FIXED ASSETS Fixtures, firting5 & equipment Land and buildings Totals COST At l January 2024 Additions Donation 7,091,656 169,902 200,000 1,119,709 1,299 8,211,365 171,201 200,000 At 31 December 2024 7,461,558 1,121,008 8,582,566 DEPRECIATION At l January 2024 Charge for year 163,405 511,826 45,150 675.231 45,151 At 31 December 2024 163,406 556,976 720,382 NET BOOK VALUE At 31 De¢eii)ber 2024 7,298,152 564,032 7,862,184 At 31 December 2023 6,928,251 607,883 7,536,134 The donations figure relates to a property which was given lo the Trust - part donated {see Note 3) 2nd part interest free long terni loan (see Note 19) in October 2024. Page 19 continued...
Gospel Support gnd Homes Trust Limited Notes to the Financial Statements - continued ror the YeAr Ended 31 Decefftber 2024 15. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At l January 2024 Net Disposals Revaluations 1,691,894 (46) 119,017 At 31 December 2024 1,810,865 NET BOOK VALUE At 31 December 2024 1,810,865 Ai 31 December 2023 ,691.894 There were no investment assets outside the UK. Cost or valuation at 31 December 2024 15 represented by.. Listed investments Valuation in 2024 1,810,865 Fixed asset investments rcvalued All investments are carried at their fair value. Investment in equities and fixed interest securilies are all traded in quoted public markets. primarily the London Stock Exchange. The basis of fair value for quoted investments is equivalent to the bid market value. Asset sales and purchases are recognised at the date of trade at ¢ost (that is their transaction value). The significance of financial instruments to the ongoing financial sustainability of the Trust is considered in the financial review section of the Trustees, Annual Report. The Trust manages inveslment risk by retaining exper¢ advisors and operating an investment policy that provides for a high degree of diversification of holdings within investment Glasses that are quoted on recognised stock exchanges. Page 20 continued...
Gospel Suppor¢ and Homes Trust Limited Notes to the Finantial SIAtements - eoThtinued for the YeAr Ended 31 December 2024 16. DEBTORS 31.12.24 Total funds 31.12.23 Total funds Amounts falling due within one year.. Gift Aid receivable Rent deposits Prepayments and accrued income 6,809 4,580 45,591 24,496 8,580 36,005 56,980 69,081 31.12.24 Total funds 31.12.23 Total funds Amounts falling due after more than one year.. Other loans receivable 151,763 21.763 Aggregate amounts 208,743 90,844 Debtors greater than l year include a loan to Mission Housing for £130,000. to provide ac¢ommodation for Christian minislry (see Note 22). 17. CREDITORS: AMOUN'fs FALLING DUE WITHIN ONE YEAR 31.12.24 Total funds 31.12.23 Total funds Trade creditors Reni deposits held Accruals and deferred income 5,036 5,175 53,624 33,929 63,835 33,929 Page 21 continued...
Gospel Support and Homes Trust Limited Note5 to the Financial Statements - continued for the Year Ended 31 December 2024 18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THATr4 ONE YEAR 2024 2023 Other loans (see note 19) 160,000 19. LOANS An analysis of the maturity of loans is given below.. 2024 2023 Amounts falling due in more than five years.. Repayable oilierwise than by instalments- Interest free loan 160,000 20. LEASING AGREEMENTS Minimum lease payinents under non-cancellable operating leases fall due as follows.. 2024 2023 Within one year Between one and five years 266,820 425,230 244,291 36,921 692,050 281,212 21. MOVEMENT IN FUNDS Net movement in funds At 31.12.24 At 1.1.24 Unrestricted funds General fund 10,461,032 914,302 11,375,334 Restricted funds Chiirch planting fund 168,383 (5,000) 163,383 TOTAL FUNDS 10,629,415 909,302 11,538,717 Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in fiinds Unrestrieted funds General fund 1,312,528 (517,243) 119,017 914,302 Restrieted funds Church plaiiling fund (5,000) (5,000) TOTAL FUNDS 1,312,528 (522,243) 119,017 909,302 Page 22 continued...
Gospel Support and Homes Trust Limited Notes to the FinAneial Statements - continued for the Year Ended 31 December 2024 21. MOVEMENT IN FUNDS- continued Compgrgtives Cor movement in funds Net movement in funds At 1.1.23 31.12.23 Unrestricted fund5 General fund 9,566,180 894,852 10,461,032 Restricted funds Church planting fund 178,383 (10,000) 168,383 TOTAL FUNDS 9,744,563 884,852 10,629,415 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund .323,292 (510,522) 82,082 894,852 Restricted funds Church planting fiind (i 0,000) (i 0,000) TOTAL FUNDS 1,323,292 (520.522) 82,082 884,852 A current year 12 months and prior year 12 months combined position is as follows.. Net movcment in furhds At 31.12.24 At 1.1.23 Unrestricted funds General fund 9,566,180 1,809,154 11,375,334 Restricted funds Church plaiiting fund 178,383 (15,000) 163,383 TOTAL FUNDS 9,744,563 1,794,154 11,538,717 Page 23 ontinued...
Gospel Support And Homes Trust Limited Notes to the FinaneiAI Statements - eontinued for the Ye#r Ended 31 Deeember 2024 21. MOVEMENT Iri FUNDS- continued A current STear 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: Incoming resources Resour¢¢s expended Gains and losses Movement in funds Unrestrieted funds General fund 2,635,820 (1,027,765) 201.099 1,809,154 Restrieted funds Church pIlting fund (15,000) (15,000} TOTAL PUNDS 2,635,820 (1,042,765) 201,099 1,794,154 22. RESTRICTED FUNDS The income funds of the charity include restricted funds comprising the following unexpended balances of donations and graiits held on Irust for specific purposes: Balance at 31.01.24 Incoming resources Resources expended Balance 31.12.24 Chiirch Planting fund 168,J83 (5,000) 163,383 Church Plantin fund The fi]nd was created to support the refurbishment of churches and the plaiiting of new Cliurches. Refurbisliment work on three churches has been ¢omplctcd and the balance of monies received is being held as a church-planting fund, to fund further ministry. £1 JO,000 of this fund are eurrently being used to support an equity loan (included within Other loans receivable -see Note 16) made during the year to help a charity buy a house for ministy purposes. 23. RELATED PARTY DISCLOSURES There were no relaled party transactions for thc year ended 31 December 2024. 24. EVENTS SINCE THE END OF TIIE YEAR Subscquent to the reporting date the Charity purchased a freehold property in El at a cost of £1, 100,000 which will house a full lime ministry worker and his family. The Trust purchased a property in 2022, with the aim to convert into a number of flats to provide alfordable accommodation for Church workers. A planning application in respect of this property was submilted to the local authority planning department on 28 May 2025. Page 24
Gospel Support Homes Trust Limited Detailed Statement of Financial Activities for the Year Ended 31 December 2024 2024 Total funds 2023 Total funds Unrcstricted nds Restricted funds INCOME AND ENDOWMENTS Donations and legacies Donation5, gifts and legacies Gift aid 688,869 63,524 688,869 63,524 530,998 lJl,645 752,393 752,393 662,643 Other trading Activities Reiital income Insurance income Dilapidation income 515,368 2,889 515,368 2,889 436,284 2,347 32,710 518.257 518,257 471,341 Investffl¢nt income Inconie from listed investments Iiiterest receivable 36,528 5,320 15,482 7,597 5,320 41,848 41.848 23,079 Other income Gain on sale of tangible fixed assets Sundry income 159,354 6,875 30 30 30 30 166,229 Total incoming resources 1,312,528 1,312.528 1.323,292 EXPENDITURE Costs of generating funds Investment management and transaction fees 8,371 8,371 9,011 ChAritAble Activilies Staff Costs Pension contributions Rent Rates Insurance- various Insurance- general Repairs and mainlenaiice Legal and professional Auditor's remuneration Other otrice expenses Bank charges and interest paid Trustee ineeting expenses Carried forward 31,200 3,600 253,109 17,898 9,250 8.138 107,858 23,215 6,000 2,044 174 1,235 463,721 31,200 3,600 253,109 17,898 9,250 8,138 107,858 23,215 6,000 2,044 174 1,235 463,721 30,641 3,600 251,915 58,866 9.733 8,446 60,783 15,033 6,800 1,8147 230 447,934 This page does not forni part of the statutory financial stat¢Tnents Page 25
Gospel Support and Homes Trust Limited DetAiled Statement of Financial Activities for the Yesr Ended 31 Deeember 2024 2024 Totsl funds 2023 Total funds Unrestri¢ted funds Restricted funds CharitAble activities Brought fonvard Depreciation of tangible fixed assets Grants payable 463,721 45,151 463,721 45,151 5,000 447,934 53,577 10,000 5,000 508,872 5,000 513,872 511,511 Total resources expended 517,243 5,000 522,243 520,522 Net income before gain5 and losses 795,285 (5,000) 790,285 802,770 Unrealised (losses)/ggins Unrealised (losses)/gains on investments 119,017 119,017 82,082 Net income 914,302 (5,000) 909.302 884,852 This page does not form part of the statutory financial statements Page 26