Gospel Partners Trust
Charity No. 1097301
Annual Report and Accounts
for the year ended 31 December 2020
Gospel Partners Trust Annual Report and Accounts For the year ended 31 December 2020
CONTENTS
| CONTENTS | |
|---|---|
| Pages | |
| Legal and Administrative Information | 1 |
| Annual Report | 2 - 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 8 - 14 |
Gospel Partners Trust
Legal and Administrative Information For the year ended 31 December 2020
Trustees
Kyla Malcolm Treasurer Brian O'Donoghue Secretary Simon Pilcher Chairman The Reverend Carrie Sandom
Principal address
St Helen's Church Office, Great St Helens London EC3A 6AT
Charity registration number
1097301
Website
www.gospelpartnerstrust.org
Independent Examiner
Richard Hill, FCA Griffin Stone Moscrop & Co. 21-27 Lamb's Conduit Street London WC1N 3GS
Page 1
Annual Report of the Trustees For the year ended 31 December 2020
Gospel Partners Trust
Structure, governance and management
Legal constitution
Gospel Partners Trust, St Helen's Church Office, Great St Helens, London EC3A 6AT is registered with the Charity Commission (No. 1097301) and constituted by a declaration of trust dated 28 March 2003.
Trustees
Kyla Malcolm Treasurer Brian O'Donoghue Secretary Simon Pilcher Chairman The Reverend Carrie Sandom
The deeds of the Trust call for a minimum of three Trustees to be in office at any one time. All Trustees are required to sign assent to the Trust's articles of faith on appointment and annually thereafter. Trustees are appointed for their broad knowledge of the needs of gospel workers in the UK and the requirements for their training. They currently comprise a businessman, an economist, a church administrator and an ordained minister who is involved in gospel training. Trustees serve for a maximum of five years before they are required to be re-elected.
Organisation and risk management
The Trustees meet around four times per year to discuss possible grants and progress with existing beneficiaries of the Trust. Applications are circulated before the Trustees' meetings and Trustees are encouraged to supplement this information with additional enquiries. Most funding decisions are made at these meetings, although occasionally, pending further information or references, a delayed decision may be made by two or more of the Trustees outside of the normal meetings.
The Trustees have considered the major strategic, financial and operational risks which the Trust faces and confirm that, through regular Trustees' meetings and other reviews, necessary steps have been, or are being, taken to lessen these risks.
Objectives and activities
Object of the Trust
The object of the Trust is the furtherance of the Christian Faith in the United Kingdom and overseas with special emphasis on:
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1) Districts and areas of the United Kingdom where financial and other resources are less available;
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2) Particular ministries without adequate financial and other resources; and
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3) The education, training, preparation and deployment of workers without adequate financial and other resources;
and to this end the co-operation of financial and other support for these ministries and workers so that those wishing to commit resources may work in gospel partnership with those needing the help of such resources.
Donations into general funds
From 2009, the Trustees have implemented a policy of only accepting donations into general funds. The Trustees welcome insights and information from gospel partners about worthy people and projects to support.
Grant making policy
The Trust always aims to make grants to supplement other sources of funding for claimants. It also aims to create a partnership with each beneficiary that goes beyond financial giving. There is a clear application procedure (detailed on the Trust's website) and outside advice and references are always sought. The Trust aims to avoid being the sole source of funding for any applicant and will generally not extend promises of financing beyond one year.
Page 2
Annual Report of the Trustees For the year ended 31 December 2020 (cont.)
Gospel Partners Trust
Public benefit
In producing their assessment of the benefit to the public provided by the Trust, the Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit.
The Trustees are keen to enable ministry among those who cannot afford to pay for it, and also in pioneer situations where there is no established congregation to pay for the ministry. The Trustees believe that the grants given are an investment in the future; those trained for ministry will give many years of service to their congregations, and the seed capital invested in new ministries will, God willing, help sustainable ministries to be established for years to come.
Achievements in the year
Grants made in the year increased by £34,800 or 20% compared to the level in 2019.
| Grants payable comprised: | 2020 | 2019 | ||
|---|---|---|---|---|
| Number | Total | Number | Total | |
| of grants | £ | of grants | £ | |
| Grants to gospel people in training | ||||
| Pre-college | 43 | 66,800 | 25 | 44,000 |
| Theological college | 40 | 84,000 | 31 | 72,500 |
| 150,800 | 116,500 | |||
| Grants for gospel projects | ||||
| Ministry initiatives | 21 | 61,500 | 19 | 61,000 |
| Total grants | 104 | 212,300 | 75 | 177,500 |
Further details of grants payable are given in note 3 to the accounts.
The Trustees are very grateful to the gospel partners who have contributed generously to the Trust in the year. Total donations received in the year and available for grant making in accordance with the Trust's object were £185,707 (2019: £240,129).
The Trustees have continued to see high quality applications for funding, and receive very positive feedback from people and projects the Trust has supported previously, as well as repeat applications for grants.
Financial review
The net decrease in resources for the year was £32,458 (2019: net increase of £57,581), and the total funds carried forward were £109,186 (2019: £141,644).
At the end of 2020, grants amounting to £300 had been provisionally approved, and anticipated repeat funding was £150,000, making the total of anticipated grants £150,300 (see note 9), which would reduce the total funds of £109,186 (2019: £141,644) to a deficit of £41,114 (2019: funds of £15,744). Although experience shows that a significant amount of anticipated repeat funding will not actually be supported for a variety of reasons, this theoretical deficit highlights the real need there is for funding, and the wisdom which the Trustees must exercise in choosing which new people and new projects to support, alongside those they have previously made grants to.
Page 3
Annual Report of the Trustees For the year ended 31 December 2020 (cont.)
Gospel Partners Trust
Reserves policy
The Trustees have considered the Trust's needs for reserves in line with the guidance issued by the Charity Commission. It is their intention to pay out grants as cash is available, and to review applications for grants in line with unallocated funds, making awards in accordance with the Trust's object when possible. For this reason, besides keeping prudent cash reserves up to £20,000 for a short period beyond the normal grant making cycle, the Trustees aim to run the Trust with a low level of ongoing uncommitted reserves.
Implications of COVID-19
It is unclear what the continued impact of COVID-19 will be on the Trust. Donations in 2020 were substantially down on 2019 which may be linked to the challenging economic conditions in 2020. The effect of this may continue in 2021 or some donors may be in a position to give more generously, recognising this greater need.
Plans for the future
The number of applications to the Trust is expected to rise, both as the Trust's activities become more widely known and as a result of the income squeeze that many are experiencing at this time. The Trustees earnestly hope and pray that they will be able to identify additional sources of income so that they are able to increase their support for gospel people and gospel projects at this time.
Trustees' responsibilities in relation to the accounts
The Trustees are responsible for preparing their Annual Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these accounts, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the accounts comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. The Trustees are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by the Trustees on 13 October 2021 and signed on their behalf by:
Simon Pilcher Chairman
Page 4
Gospel Partners Trust
Independent Examiner's Report to the Trustees of Gospel Partners Trust
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which are set out on pages 6 to 14.
Responsibilities and basis of report
As the charity's Trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's statement
Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has since been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2019.
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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1) accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or
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2) the accounts do not accord with those records; or
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3) the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Use of this report
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees, as a body, for my work or for this report.
21-27 Lamb's Conduit Street London WC1N 3GS Dated: 15 October 2021
Richard Hill, FCA For and on behalf of Griffin Stone Moscrop & Co. Chartered Accountants
Page 5
Gospel Partners Trust
Statement of Financial Activities For the year ended 31 December 2020
| 2020 2019 Unrestricted Restricted Total Total funds funds funds funds General Designated funds funds Notes £ £ £ £ £ INCOME FROM: Donations 2 183,307 2,400 - 185,707 240,129 Total income 183,307 2,400 - 185,707 240,129 EXPENDITURE ON: Charitable activities Grant making Pre-college (66,800) - - (66,800) (44,000) Theological college (84,000) - - (84,000) (72,500) Grants to gospel people in training (150,800) - - (150,800) (116,500) Grants for gospel projects (61,500) - - (61,500) (61,000) Cost of grant making 3 (212,300) - - (212,300) (177,500) Governance and support costs 4 - (5,865) - (5,865) (5,048) Total cost of charitable activities (212,300) (5,865) - (218,165) (182,548) Total expenditure (212,300) (5,865) - (218,165) (182,548) Net (expenditure)/income (28,993) (3,465) - (32,458) 57,581 Transfers between funds 8 2,320 - (2,320) - - Net movement in funds (26,673) (3,465) (2,320) (32,458) 57,581 Reconciliation of funds Total funds brought forward 132,424 6,900 2,320 141,644 84,063 Total funds carried forward 105,751 3,435 - 109,186 141,644 |
2020 2019 Unrestricted Restricted Total Total funds funds funds funds General Designated funds funds Notes £ £ £ £ £ INCOME FROM: Donations 2 183,307 2,400 - 185,707 240,129 Total income 183,307 2,400 - 185,707 240,129 EXPENDITURE ON: Charitable activities Grant making Pre-college (66,800) - - (66,800) (44,000) Theological college (84,000) - - (84,000) (72,500) Grants to gospel people in training (150,800) - - (150,800) (116,500) Grants for gospel projects (61,500) - - (61,500) (61,000) Cost of grant making 3 (212,300) - - (212,300) (177,500) Governance and support costs 4 - (5,865) - (5,865) (5,048) Total cost of charitable activities (212,300) (5,865) - (218,165) (182,548) Total expenditure (212,300) (5,865) - (218,165) (182,548) Net (expenditure)/income (28,993) (3,465) - (32,458) 57,581 Transfers between funds 8 2,320 - (2,320) - - Net movement in funds (26,673) (3,465) (2,320) (32,458) 57,581 Reconciliation of funds Total funds brought forward 132,424 6,900 2,320 141,644 84,063 Total funds carried forward 105,751 3,435 - 109,186 141,644 |
2020 2019 Unrestricted Restricted Total Total funds funds funds funds General Designated funds funds Notes £ £ £ £ £ INCOME FROM: Donations 2 183,307 2,400 - 185,707 240,129 Total income 183,307 2,400 - 185,707 240,129 EXPENDITURE ON: Charitable activities Grant making Pre-college (66,800) - - (66,800) (44,000) Theological college (84,000) - - (84,000) (72,500) Grants to gospel people in training (150,800) - - (150,800) (116,500) Grants for gospel projects (61,500) - - (61,500) (61,000) Cost of grant making 3 (212,300) - - (212,300) (177,500) Governance and support costs 4 - (5,865) - (5,865) (5,048) Total cost of charitable activities (212,300) (5,865) - (218,165) (182,548) Total expenditure (212,300) (5,865) - (218,165) (182,548) Net (expenditure)/income (28,993) (3,465) - (32,458) 57,581 Transfers between funds 8 2,320 - (2,320) - - Net movement in funds (26,673) (3,465) (2,320) (32,458) 57,581 Reconciliation of funds Total funds brought forward 132,424 6,900 2,320 141,644 84,063 Total funds carried forward 105,751 3,435 - 109,186 141,644 |
|---|---|---|
| 183,307 2,400 - 185,707 240,129 |
||
| Pre-college Theological college |
(66,800) - - (66,800) (44,000) (84,000) - - (84,000) (72,500) |
|
| (150,800) - - (150,800) (116,500) (61,500) - - (61,500) (61,000) |
||
| (212,300) - - (212,300) (177,500) - (5,865) - (5,865) (5,048) |
||
| (212,300) (5,865) - (218,165) (182,548) |
||
| (212,300) (5,865) - (218,165) (182,548) |
||
| (28,993) (3,465) - (32,458) 57,581 2,320 - (2,320) - - |
||
| (26,673) (3,465) (2,320) (32,458) 57,581 132,424 6,900 2,320 141,644 84,063 |
||
| 105,751 3,435 - 109,186 141,644 |
Page 6
Gospel Partners Trust
Balance Sheet as at 31 December 2020
| 2020 | 2019 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | |||
| funds | funds | funds | funds | |||
| General | Designated | |||||
| funds | funds | |||||
| Notes | £ | £ | £ | £ | £ | |
| Fixed assets | ||||||
| Tangible fixed assets | 5 | - | - | - | - | - |
| Current assets | ||||||
| Debtors | 6 | 26,175 | 480 | - | 26,655 | 30,668 |
| Cash at bank | 79,576 | 6,091 | - | 85,667 | 114,039 | |
| Total current assets | 105,751 | 6,571 | - | 112,322 | 144,707 | |
| Creditors: amounts falling | due within one year | |||||
| Accruals | - | (3,136) | - | (3,136) | (3,063) | |
| Net current assets | 105,751 | 3,435 | - | 109,186 | 141,644 | |
| Net assets | 105,751 | 3,435 | - | 109,186 | 141,644 | |
| Funds of the charity | ||||||
| Restricted income funds | 8 | - | - | - | - | 2,320 |
| Unrestricted income funds | ||||||
| Designated funds | 8 | - | 3,435 | - | 3,435 | 6,900 |
| General funds | 8 | 105,751 | - | - | 105,751 | 132,424 |
| Total charity funds | 105,751 | 3,435 | - | 109,186 | 141,644 |
The accounts on pages 6 to 14 were approved by the Trustees on 13 October 2021 and signed on their behalf by:
Simon Pilcher Chairman
Kyla Malcolm Treasurer
Page 7
Gospel Partners Trust
Notes to the accounts for the year ended 31 December 2020
1. Principal accounting policies
- (a) Basis of preparation
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) published in October 2019 (the Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The accounts have been prepared to give a "true and fair" view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a "true and fair" view. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019 rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The accounts are prepared in sterling, which is the functional and presentation currency of the Trust, and are rounded to the nearest £1.
Gospel Partners Trust constitutes a public benefit entity as defined by FRS 102.
- (b) Going concern
The Trustees consider there are no material uncertainties about the Trust's ability to continue as a going concern.
(c) Donations, and donated costs and services Donations and similar incoming resources are recognised once the Trust has entitlement to the resources, it is reasonably certain that the resources will be received and the monetary value can be reliably measured.
Assistance given to the Trust in the form of donated costs and services is included in the Statement of Financial Activities as part of income from donations where the benefit to the Trust is reasonably quantifiable and measurable, based on the effective price which the Trust would have paid. Fund-raising events were paid for by anonymous donors, without any charge to the charity.
- (d) Investment income
Investment income is recorded on a receivable basis.
(e) Grants payable
Grants payable are payments made to third parties in furtherance of the charitable object of the Trust.
Grants to gospel people in training are analysed as individual grants, as there is a personal benefit as each individual trains and tests his or her call for future gospel ministry. The Trustees recognise that their service over this period may also benefit ministry initiatives. Grants for gospel projects are analysed as institutional grants. In all cases an institution is associated with a grant.
Expenditure on grants is charged on a cash basis, except when offers are unconditional and funding has been received and designated to cover the grants, or a decision has been made to return grants paid out in the year.
Although grants are charged to expenditure on a cash basis, the Trustees consider that it is appropriate to disclose within the accounts the level of grants which the Trustees anticipate, at the balance sheet date, they will be funding in the next financial year. This information is shown as anticipated grants in note 9. Anticipated grants consist of both provisionally approved grants, subject to conditions and funding requirements which have not been met at the year end, and anticipated repeat funding for people and projects previously supported; these are not accrued as expenditure.
- (f) Other expenditure
Other expenditure is recorded in the accounts on an accruals basis. Irrecoverable VAT is charged against the category of expenditure for which it was incurred.
Page 8
Gospel Partners Trust
Notes to the accounts for the year ended 31 December 2020 (cont.)
1. Principal accounting policies (cont.)
- (g) Tangible fixed assets and depreciation Software is included at cost and depreciated over its useful economic life at 33.3% p.a. on a straight line basis.
(h) Fund accounting Unrestricted funds comprise those funds which the Trustees are free to use in accordance with the charitable object. The Trustees have allocated anonymous gifts to cover expenses for fund-raising, governance and other costs as designated funds; all other unrestricted funds are classified as general funds.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Trust for particular purposes. The Trust's only restricted fund was closed in February 2020 (see note 8 for further information).
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(i) Taxation As a registered charity the Trust is generally not liable to taxation on its surplus or capital gains. It is not, however, exempt from value added tax (VAT). Irrecoverable VAT is included in the cost of those items to which it relates.
-
(j) Debtors
Debtors are recognised at the settlement amount after any trade discount offered.
- (k) Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
(l) Liabilities and provisions Liabilities are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Trust anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability.
- (m) Financial instuments The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2. Income from donations
| 2. Income from donations Donations under Gift Aid Income Tax recoverable for Gift Aid donations Donations from trusts and other non-Gift Aid |
2020 2019 Unrestricted Total Total funds funds funds General Designated funds funds £ £ £ £ 104,700 1,920 106,620 122,670 26,175 480 26,655 30,668 52,432 - 52,432 86,791 |
| 183,307 2,400 185,707 240,129 |
Page 9
Gospel Partners Trust
Notes to the accounts for the year ended 31 December 2020 (cont.)
| 3. Analysis of grants payable Grants to gospel people in training Pre-college Theological college Grants for gospel projects Ministry initiatives Number of people if Analysis by institution more than one (2019) Gospel people in training - pre-college Ballycullen Community Church, Ireland Chalmers Church, Edinburgh 4 (4) Christ Church, Southampton 2 Church by the Bay, Morecambe Church@TheGreen, Arborfield Green The Cornhill Training Course, London 3 Crossway, Stratford (3) Drumchapel Baptist Church Euston Church, London (4) Grace Church, Greenwich Grace Church, Leith Harpers Church, Glasgow Holy Trinity Platt, Manchester 2 London Underground Church/Trinity Church Central Moorlands, Lancaster Myton Church St Bart's, Bath 2 St Clement's, Manchester St Clement's, Openshaw St Helen's Bishopsgate, London 9 (5) St Michael's, Fulwell 2 (2) St Silas, Glasgow Trinity Church, Sunderland Tron, Glasgow 4 Woodgreen Church, Worcester Gospel people in training Number of students - theological college supported (2019) Brussels Bible Institute, Belgium 2 (1) Crosslands 4 (3) Edinburgh Theological Seminary (2) London Seminary 2 Moore College, Sydney (2) Oak Hill Theological College, Southgate 24 (18) Union School of Theology, Wales 2 (3) Wycliffe Hall, Oxford 2 Other colleges 3 (2) |
2020 2019 General Total Total funds funds funds £ £ £ 66,800 66,800 44,000 84,000 84,000 72,500 |
|---|---|
| 150,800 150,800 116,500 |
|
| 61,500 61,500 61,000 |
|
| 212,300 212,300 177,500 |
|
| 2020 2019 General Total Total funds funds funds £ £ £ 2,000 2,000 - 5,500 5,500 7,000 3,500 3,500 - 1,500 1,500 - 2,000 2,000 - 5,000 5,000 - 1,400 1,400 6,000 - - 1,500 2,000 2,000 6,500 1,500 1,500 - 2,000 2,000 2,000 2,000 2,000 - 2,500 2,500 - 2,500 2,500 2,500 1,000 1,000 1,000 2,000 2,000 - 2,500 2,500 - 2,000 2,000 2,000 2,000 2,000 - 13,200 13,200 10,000 2,700 2,700 2,500 1,500 1,500 - - - 2,000 5,000 5,000 1,000 1,500 1,500 - |
|
| 66,800 66,800 44,000 |
|
| 4,000 4,000 2,000 6,000 6,000 4,000 2,000 2,000 4,000 4,500 4,500 - - - 6,000 53,000 53,000 44,000 4,000 4,000 9,000 3,500 3,500 - 7,000 7,000 3,500 |
|
| 84,000 84,000 72,500 |
Page 10
Gospel Partners Trust
Notes to the accounts for the year ended 31 December 2020 (cont.)
3. Analysis of grants payable (cont.)
| 3. Analysis of grants payable (cont.) | |
|---|---|
| Analysis by institution (cont.) Gospel projects - ministry initiatives Anchor Church, Lymington Bodmin Community Church BroadGrace, Norfolk Christ Church, Hemel Christ Church, Sheffield Christ Church, Walkley East Whitehaven Mission Community Église Connexion, France Grace Church, Bude Grace Church, Cheltenham Grace Church, Haywards Heath Holy Cross, Sheffield Holy Trinity, Old Hill Jesmond Parish Church Le Phare, Bukavu, DRC Lochee Baptist Chapel Louvain-la-Neuve, Belgium New Life Church, Catford Oldham Bethel Church Proclamation Institute, Zambia Bible College Redeemer, Folkestone Speke Baptist Church St Catherine's, Houghton on the Hill St Clement's, Manchester St Clement's, Openshaw St Cuthbert's, Wood Green St Mary's, Wheatley St Matthew's, Cambridge St Michael's, Kirby St Peter's, Rock Ferry Trinity at Four, Henley Trinity Church, Everton Trinity Church, Scarborough Wellfield Church, Leyland |
2020 2019 General Total Total funds funds funds £ £ £ 2,000 2,000 - - - 4,000 2,000 2,000 - 2,000 2,000 - 3,000 3,000 - 2,000 2,000 2,500 - - 2,000 - - 3,000 3,000 3,000 - 2,000 2,000 - 3,000 3,000 - 5,000 5,000 - - - 2,000 3,000 3,000 4,500 - - 3,000 1,500 1,500 1,500 5,000 5,000 - - - 2,000 5,000 5,000 5,000 4,000 4,000 5,000 - - 5,000 - - 2,500 2,000 2,000 - - - 4,000 2,000 2,000 - 2,000 2,000 - 3,000 3,000 - 3,000 3,000 - - - 2,500 4,000 4,000 - - - 2,000 - - 2,500 - - 4,000 3,000 3,000 4,000 |
| 61,500 61,500 61,000 |
Page 11
Gospel Partners Trust
Notes to the accounts for the year ended 31 December 2020 (cont.)
4. Governance and support costs
| 4. Governance and support costs Basis of apportionment Administration costs Actual Finance costs Independent examination Actual Bank charges Actual |
2020 2019 Governance Support Designated Designated costs costs Funds Funds £ £ £ £ - 3,348 3,348 2,552 2,400 - 2,400 2,400 - 117 117 96 |
| 2,400 3,465 5,865 5,048 |
The Trustees intend that no support costs should be paid for out of donations made by donors ("Gospel Partners") to support grant making in furtherance of the object of the Trust. Anonymous donors have given funds to cover the fund-raising, governance and support costs, and the Trustees have designated these funds for this purpose.
Administration costs have been incurred in assessing grant applications and making grant payments, and these represent in the order of ninety per cent of the total administration costs.
Donated services have been provided in various practical ways. These were given on a voluntary basis, and have not been recorded in the accounts.
No Trustees received any remuneration or reimbursement for expenses during the period.
5. Tangible fixed assets
| 5. Tangible fixed assets | Designated | ||||
| funds | |||||
| Software | |||||
| £ | |||||
| Cost | |||||
| At 1 January and 31 December 2020 | 601 | ||||
| Accumulated depreciation | |||||
| At 1 January and 31 December 2020 | (601) | ||||
| Net book value | |||||
| At 1 January and 31 December 2020 | - | ||||
| 6. Debtors | 2020 | 2019 | |||
| Unrestricted | Restricted | Total | Total | ||
| funds | funds | funds | funds | ||
| General | Designated | ||||
| funds | funds | ||||
| £ | £ | £ | £ | £ | |
| Income tax recoverable | 26,175 | 480 | - | 26,655 | 30,668 |
| 7. Financial instruments | 2020 | 2019 | |||
| £ | £ | ||||
| Financial assets | |||||
| Financial assets measured at fair value through | income and expenditure | 85,667 | 114,039 |
Financial assets measured at fair value through income and expenditure comprise cash at bank.
Page 12
Gospel Partners Trust
Notes to the accounts for the year ended 31 December 2020 (cont.)
8. Statement of funds
| atement of funds Unrestricted funds General fund Designated fund Restricted funds Total funds |
Brought Carried forward Transfers Income Expenditure forward £ £ £ £ £ 132,424 2,320 183,307 (212,300) 105,751 6,900 - 2,400 (5,865) 3,435 |
|---|---|
| 139,324 2,320 185,707 (218,165) 109,186 |
|
| 2,320 (2,320) - - - |
|
| 141,644 - 185,707 (218,165) 109,186 |
Restricted funds
The Trustees have implemented a policy of only accepting donations into general funds; as a result, no restricted fund income has been received in 2020 or 2019.
In February 2020 the Trustees agreed to close the restricted fund which represented the residual amount given to support one college student in 2010. A donor that had given to the restricted fund (in excess of the residual balance) supported the transfer of the residual amount to the general fund. The balance on restricted funds at the end of 2020 was £nil (2019: £2,320).
| 9. Anticipated grants Pre-college Theological college Ministry initiatives |
2020 2019 Anticipated Total Total Provisionally repeat approved funding £ £ £ £ 300 34,500 34,800 36,400 - 59,500 59,500 46,500 - 56,000 56,000 43,000 |
|---|---|
| 300 150,000 150,300 125,900 |
Grants which are provisionally approved are scheduled for future payment, subject to course or project conditions being met at the time of payment, sufficient funds being available and final Trustee release for payment. Anticipated repeat funding represents potential future funding in the following year for people and projects which have been supported before, towards which the Trustees are likely to look favourably; this anticipated repeat funding is also subject to suitable applications being received, sufficient funds being available and Trustee approval.
10. Related party transactions
During the year ended 31 December 2020 Trustees or companies controlled by Trustees donated a total of £21,920 (2019: £17,170) to the Trust.
11. General information
Gospel Partners Trust is a charity registered in England.
Its principal address is St Helen's Church Office, Great St Helens, London EC3A 6AT.
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Gospel Partners Trust
Notes to the accounts for the year ended 31 December 2020 (cont.)
12. Statement of Financial Activities for the year ended 31 December 2019
| INCOME FROM: Donations Total income EXPENDITURE ON: Charitable activities Grant making Pre-college Theological college Grants to gospel people in training Grants for gospel projects Cost of grant making Governance and support costs Total cost of charitable activities Total expenditure Net income/(expenditure) Reconciliation of funds Total funds brought forward Total funds carried forward |
INCOME FROM: Donations Total income EXPENDITURE ON: Charitable activities Grant making Pre-college Theological college Grants to gospel people in training Grants for gospel projects Cost of grant making Governance and support costs Total cost of charitable activities Total expenditure Net income/(expenditure) Reconciliation of funds Total funds brought forward Total funds carried forward |
2019 Unrestricted Restricted Total funds funds funds General Designated funds funds £ £ £ £ 236,929 3,200 - 240,129 |
|---|---|---|
| 236,929 3,200 - 240,129 |
||
| Pre-college Theological college |
(44,000) - - (44,000) (72,500) - - (72,500) |
|
| (116,500) - - (116,500) (61,000) - - (61,000) |
||
| (177,500) - - (177,500) - (5,048) - (5,048) |
||
| (177,500) (5,048) - (182,548) |
||
| (177,500) (5,048) - (182,548) |
||
| 59,429 (1,848) - 57,581 72,995 8,748 2,320 84,063 |
||
| 132,424 6,900 2,320 141,644 |
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