Charfty number 1110647 Company number 5316223 QUOTHQUAN TRUST (Limited by Guarantee) Unaudited Financial Statements 31 December 2020 To God be the glory, great things He has done, is doing and will do through Jesus Christ His Sonl www.quothquantrust.org.uk Independent Examlner lan Holder FCA Mazars LLP 2 Chamberlain Square Birmingham B3 3AX QUOTHQUAN TRUST INDEX General Inforniitlon Tru8t•o1' Report Indep8nd•nt Examln•r'8 Report Errorl Bookmark not defined. Statom?nt of Flnanclal Aetlvltla• Balanc& Sh••t Not•• to the Flnanclal 8l•tom•nts 10 QUOTHQUAN TRUST GENERAL INFORMATION CHARITY NUMBER 1110647 (England & Wales) COMPANY NUMBER 5316223 {England & Wal8sl TRUSTEE8 Mrs J A Gllmour Mrs S J Roblnson STAFF None PRINCIPAL OFFICE AND CORRESPONDENCE ADDRES8 Dale Farm Wor¢eslor Lane Sutton Coldfleld West Mk11and8 B75 SPR BANKER8 Barclays Bank L8icesler L?icesler8hlr• LE87 2B8 INDEPENDENT EXAMINER lan Holdei FCA Mazar8 LLP 2 Chamberlaln Square Birmingham 83 2AX SOLICITORS Anthony Collins Solicltors LLP 134 Edmund Street Bimiingham 83 2ES QUOTHQUAN TRUST TRUSTEES, REPORT The Twstees present their report and financial statements for the year ended 31st December 2020. STRUCTURE. GOVERNANCE AND MANAGEMEiir The Charity was established by memorandum and arbcles of association on 17th December 2004 under company number 5316223 and vras recc*3nised as a chaiity on 29th July 2005. The prlncipal office ￿ Dale Farm. Worcester Lane. Sutton Coldfiekl, B75 SPR. Itwas set up to take over the grant makSng and acqulre most of the Mixed Motive {Social} Investments (they used to be called Progr8mme Related (Soclal) Investments) and certain other assets of the Second Quothquan Charitable TrusL an unincorporated charitable trust thal Is a related paty by reason of common trustees. The trustees. Mrs J A Gllmour and Mrs S J Roblnson. have h8id office throughout the year and to the dats of this report. None of tha trustees received any remuneral*)n directy or irKlirectylrc#n the Charity norfrom Its 8ub5Idiary. The Tru8ts8s have agreed that as part of the Induct￿?￿ process for new trustees. before anyone consider8 appoSntmenl as a trustee. they should familiarise themsefves with the responsibS1itses of charlty trustee8, read th& Charity Commission booklet on this $ubp¢t and rAreluUy road the Charity's memorandum and a￿cleS of assoclation and its latest ffinancial statements. All non4dministratNe declslons are mada by the Trustees iointy. Administratfve de¢lslon$ are debgated either lo staff or lo one of the Trustees alone. The Charity has a wholly owned subsid1￿, QL￿thqUan Limited. In line wilh this Charity's Objee( that company asslsts irKlividuals to acquire their own homes by way of a shared ownetshlp schèma. Thls Charity has made substsntial bans to Harrfest Flelds Homas and Quothquan Homes, charftable ¢ompani8s which are related parties to this Charity as they have common trustees. Thls has enabled them to provid8 rented social houslng io those in need. The Trustees have revievrtd the major risks lo vthich the Charity b exposed. K•there practlcal and approprlate, steps have been pul in place to manage. mitigate or minimise those rlsks. OBJECTNES, ACTivmE8 AND PUBLIC 8ENEFrr The Object as set out in the Charity's memordndLtm of assoclaiSon, Its goveming document Is to advar the Chrlstlan laith lin accordance with the Statsment of F*th under ArtKle 281 and as an expresslon of Christian wltness, love and concem to undertake any of the followno to relieve the poor. the sl¢k, the charitable needs of the eldety and those in ¢onditw)n$ of need, hardship and distress: to provide andlor 8UPPOrt tralnlng, education and pastoral care., and to provide andlor support facilities in the Interests of social weffare or recreatkjn of either the general public in the area or those In charltabh need of such facilities with the oblect of improving the conditions of lrfe. The Charlty seeks to spread the Chri$lian failh through encouraging and $upp(xting th8 promot(on of the Gospel of Jesus Christ and through expresslng the love of Jesus Christ to those inside and outshJ8 the Chrfsllan church. The Charity ha$ sought to xhi8ve rts obiecbves, specifically supportln9 Christian indivlduals and organisalions. principally through different actNities grdnt making and mixed motive Isociall investments. The Tru$ta&s have taken 8CCOUnt of the Charity Commission's genernl guidance rela￿ng to publlc benefit issues when reviewing the Charity's objectives and a¢bvibes. QUOTHQUAN TRUST rRLISTEES' REPORT Grant Maklftg Oneryoff specific agreed fonvard Commitments and thirteen months oflts regular monthly commttsnents have been recognised in these financial statements as a creditor because Ihat 1$ Ihe extent of this Charity's commitment before the grants are reviewed. In the year the Charlty has paid grants as foll¢)WS:_ 2020 2020 No. 2019 2019 Evangelism. bibles, prayer & education Full time Christian Workers Welfare, humanitarian & famlly support Low income or lone parent families Churches & Chrlstian Centres Sbjdents Volunteers & part time Christlan Workers 58,800 57,300 39,773 13,600 6,000 1075 80.000 101.400 52,700 56,800 12,000 15,204 1.000 21 25 10 177,748 185,150 (211,6461 39 319.104 211,646 {329.528) 56 Provision for grants payable at the year end Less provision for grants payable at the beginning of the year 151,252 201.222 Of the total grants paid, £111,80012019.- £151,000) were to 912019.. 171 organisalions and £66,14812019- £168,104) were to 30 {2019'. 39) individuals. Details of granls over£999 to organisaltons are available upon quesL At the year end a creditor (liability) for £185,15012019'. 211,6461 was included where the amount and tlming of the payments were agreed by the Trustees. The Trustees aim to consider written appI￿atiOnS for granis quartedy. The Truslees prefer to support specific projects. concentrating on helping Christian organlsations, small ¢harlties and churches based in Bimingham and the surrounding area. Any project OLrtside the West Mldland$ or overseas will only be considered when recommended by someone known to the Trustees who has first-hand knowledge of the work. Apart from the regular monthly grants, grants are generally made on a one off basis. The Charity will consider further applications for fundlng after ten months have elapsed from the last payment The Charity does not usually support: > An￿hing that does not have the promotion of Christianity as part of its ethos. > Acty'vlties that are primarily the responsibility of ¢entral 01 local governmentor another responsible body. > Animal welfare. > Church building$- restorations, improvements, renovations or n8w buildings. > Environmental- conservation and protection of wildlwe and landscape. > Expeditions and overseas trips. > Hospitsls and health cenlres. Individuals whose work is not well known to the Trustees 8re nol nom1811y supported. > Large national charities. It is unusual for the Charity to support large national charities even where there is a local project. > L08ns and buslne$s finance. > Medical research projects. > Overseas appeals unless there is a recommendation from someone known to the Trustees who knows the project well. > Promotion of any religion other than Chrlstianity- > Schools, universities and coll89es. QUOTHQUAN TRUST TRUSTEES, REPORT Corro8pond•n¢e regardlng Grant8: All appeals should be made in writing to the address shown on pa9e 1 and the informatton given should include.. A brief description of the activities of the Organisat￿n. Details of the project and its overall cost > Whal funds have already been raised and how the remaining funds are to be raised. > A copy of the latest accounts including any associated or parent organtsalh)n. > Any other leaflets or supporting documentation. The Charity does not acknowledge receipt of applications nor does11 enter into any corr8spondence. The Charity normally Communicates the success of an appeal with the issue of a cheque and covering letter. Refu$al$ a￿ not notified. Mlx8d Motlvè {Soelal) Inve8tment8: The MM{Sll (fomiedy called Programme Related (Social) Inve$lments) category applies where the motive for making the investment was not just a conventional investment return of income or capital but the achieving of the Charity's object alongside. irs most cases. achieving a reasonabl8 rotum. The Trustees policy in Making indirect MMISII was lo asslst In tha provision of social housing and to obtsin an acceptable retum. The dI￿¢t MM(Sll weie made to enable tsvo Christian families to purchase homes when they would not othe￿ise be able to do so and then to work for unrélated Christhgn charities. As requlred, under the FRS102, the Trustees have fair valued the MMISII. ACHIEVEMENTS, PERFORMANCE AND PUBLIC BENEFrr All unspent receipts to date were restricted funds subject to the followlng condition.. "Unless, and to the extent that you receive a notice from on8 of the present Trustees in a personal capacity resolving olhernise, al least 80% of that restrl¢ted fund (income and capital) on a cumulative basis from the dale of creation of that fund shall be applied for the advancement of the Christian faith.. Grants made: During the year the Charfty mad8 grants of £177,74812019.' 319,1041 that met the Charlty's crflerta as summarised on page 3. The work of most of these organisations and individuals are well known to the Trustees. The grants have made a slgnificant differen* to the recipients and their work. Mlxed Motlve (Soclall Investments: The Charity owns a 25% shared ownership Interest In tsvo houses o¢¢upied by Christian workers. the direct MM(S)l. The Truslees Consider that these Investments are fvlfilling their objectives. The Charlty continues to fund the loans fomiedy made by SQCT lo Harvest Fields Homes and Quothquan Homes. These loans carry interest at 7% per annum on the build cost {nil on land cost) and a￿ repayable by the recipients as and when funds pemiit They were used by the récipient charities lo enable them lo purGhase fortyfour houses lo provide rented social housing to those in housing need. thus fulfilling their objectives and. as an indirect MMISII, fvlfilling the Object of this Charity. More detsils of tha loans are set out at note 6a and note 12. In addition the Charity also continues to make an Interest f￿6 loan lo Quothquan Limited, Its subsidiary, which enabled il to assist those on limited income to acquire over a number of years ￿enty-sIX shared ovmership houses by way of ils shared equity {ownership) s¢heme. At the year end it retained a 25% Interest in seven12019.' nine) homes. QUOTHQUAN TRUST TRUSTEES, REPORT Quothquan Llmited'$ results ar& set out in not8 7 and more details of its toan are Set out in note 6a and not8 12. The Tnjstees are satisfied that the subsSdlary's shared ownership scheme has continued to a¢hlev8 Its objectives. Publ1¢ Benofft The Trustees Consider that the Chari￿s achievements and perf0M￿n￿ meet the public benefit requirements. The grants it has given have enab￿ ongoing Christian work and witness by others. The affordable accommodation it has enabled by its MMISII has mel the needs of members of the community. FINANCIAL REVIEW The Trustees consider the financial position of the Charity and bts subsldiary to be salsfack)ry. Unre8trlcted funds The Charity has no unrestricted fund$. Re8trlctsd funds As stated atKJve. at least 80% of Ihe restrlcted fvnds are requlred to be applled for the advancement of Christian faith. In the year, grants pald totalllng £170,800 were for th8 advancement of Christian faith. CumuL3tively lo date 98.03% 01 the grants paid have b08n for the advancement of Christian faith. Investments The Charity has the power to invest in such assets as Il sees fil. The majority of the Charity's funds were invested on a long term basi$ in loans to provide rented SOGial housing and shared ownership properties. The loans to provid8 rented social housing and to provide shared ownership. the indirect MM(S)I, meet the Charity's Object with a relativety low risk and. in part. eam a relatively stable income retum. The effect of making available rented social housing and assisting by way of shared equity scheme those who would nol otherwise be able lo acquire Iheir own home, has had a substsntial effect on those beneficiaries affecting positive soci81 change. Apart from these investments, the majority of liquid fvnds have been held al Inte￿$t with B8rclays Bank plc. Reserves The Charlty has no unrestrtcted funds and, therefore. as the Charlty SORP defines reseryes as excluding restrlcted fvnds. the Chaiity ha5 no reserves. Of its restricted funds. the majority are deswnaled or invested. in propety. loans and promised grants, and ar8 therefore not liquid. This is why the balance sheet is showing a negative fund. However, the Charity has a regular source of cash-flow from the repayments of, and interest on. its loans to Harvest Fields Homes and Quothquan Homes which go towards meeting its grant commitments. The Trustees also regularfy monitor available fijnds and cash-flow. Loans The loan that the Charity received last year from a charity with a common trustee was repaid in full wthin the year. The Charity continues to benefit from an interest free loan from one of the Trustees in 8 personal capacity along with another personal loan from a related party. These loans are not repayable on demand and were given to enable the continuing work ofthe Gharity. The Trustees intend to repay these loan$ as funds become available. Details of each of these loan$ are set out in note 12. QUOTHQUAN TRUST TRUSTEES, REPORT 8TATEMeNT OF TRUSTEES RESPON8IBILrriES Th& Trustees are responslble for prepa￿n9 the Trustees, Report and the financial statements In accordanrA wlth applieablé law and regulaJons. Company law r8quires the Trustees to prepare financial statements for each financlal year. Under that law the Trustees have elected to prepare the financlal statements In accordance with United Kingdom Generally Accepted AGcountlng Practice (United Kingdom Accounllng Standards and applicable lawl. Undercompany law the Trustees must not approve the ffinan¢ial statements unless they are satisfied that they give a true and fair view of the stale of affairs of the Charlty and of the Surplus or daficit of the Charity for that period. In preparing these financial statements, the Tru$lee$ ar& requlred to.. • select suitable accounting pollcles and then apply them conslstently- • make Judgments and accounting e$llmale$ that are r&asonable and prudent • stal8 whether applicable UK Accounting Standards have beèn followed, subject to any matsrfal departures disclosed and explained In the flnanclal stat8m8nts; pr8par8 thé financial ststemen16 on the going conoern bas58 un1888 61 Is Inappropriate to pr08ume that the Charlly wlll continue oper8tlng. Th& Trusl8é8 are responslble for keeplng adequate accountlng records that are sufficlenl 10 Show and axplaln the Charity's tron8acllon8 and disclos8 wllh reasonable accuracy at any tlm8 thé financial positlon ofthe Chadty and enable them to ensur8 that the financlal statements comply wtth th& Companlas Act 2006. They are also responsible for $8feguardlng the assats of the Charity and hence for laking raasonablè stép8 for tho prevention and delectlon of fraud and other Irregularitl88. In preparing th18 report. thé Trustees have taken advantaga of the Small Companies eXeM￿n8 provlded by 8ecllon 415A of the Companies Act 20Cfj and Section 1A of tha FRS102. Audlt Exomptlon Th58 year thé Charrty Is exampt from the requlremènts lo hav8 Ils flnanclal 8tatements auditad, bu( a81ts Income Is above £25,000, It does have them Independently examlned. Approved by the Tru8t•O8 on 20th S•pt•mbor 2021 and 8lgned on th•lr b•half by S J Robln80n - Trusiee QUOTHQUAN TRUST INDEPENDENT EXAMINER'S REPORT For the yèar onded 31 Do¢•mbor 2020 I report on th? financial statements of Quolhquan Trust for the year ended 31 December 2020, which are set out on pages 8 to 15. Re8pe¢tlYe re8pon8lbllltles of Iruslees and examlnor The charlty's trustees are responsible for the preparation of the financial statements. The chadty's trustees ¢onsider that an audlt Is not required for this year under seclton 144121 of the Charities Act 2011 (the 2011 Act) and that an Independent 8xamlnallon Is needed. It Is my re$ponsiblllty to: examlne the financlal statements under se¢tlon 145 of the 2011 Act.. ft)Ilow the procedures kid down in the general Directions gtven by the Charity Comm1881on under sectlon 145{5llbl of the 2011 Act. and slate whether particular matters have come to my attentlon. Thi8 report, Including my statement, ha5 been prepared for and only for the charlty's Iruslees as a body. My woth has been undertaken so that I mlght stale to the charity's tnjstees those matters l am requlred to 818ts to them in an Independent examlnerfs report and ft)r no other purpose. To the fullest extent permitled by law, I do not accept or assume responsibility to anyone other than the chadty and the charlty's trustee8 88 a body lor my examlnation work, for thi$ report, or for the statements I have made. B••ls of Independent examlnerfs report My examlnalon w88 C8rrfed out Sn accordance wllh the gen&ral Dlrectlons glven by the Charlty Commlsston. An examin8tlon Includes a review of tha a¢countlng ￿OrdS kept by th? charity and a comparison of the flnancial statements presented with thos? records. 11 also includes considaralion of any unusual items or d18closure8 in the financial statemen18, and seeking explanations from you as trustees ¢oncernSng any such matters. The procèdures undertaken do not provlde all the evsd8nce that would b? requlred In an audit and consequently no oplnion is given as to whether the flnancial statemanls present a 'lrue and fair vlew. and the report18 Ilmlted to those matters Sel out In the statement below. Indèpèndent •xamln•f* statomenl In connection with my examination. whi¢h 18 complete, no matters have comè to my attentlon whlch give mo reasonable ¢8U8è to believe that In any m8lerlal respect.. accountlng records were not kept in respect of Quothquan Trust In a¢¢ordance with Sectlon 130 of the 2011 Act., or tho financS8l $tslements do not ac¢ord wlth those records,. or the ftnanclal statements do not comply with the appll¢able requlrements concemlng th& form and content of flnancial statements set out in the Charitles (Accounts and Reports) Regulallons 2008 other than any requlrement that the financial statements glve a 'true and vlew which is nol 8 matter consldered as part of an Independent examlnallon. I have no concems and have come acros8 no other matters In connectlon wSth the examlnallon to which, in my opinion, attention should b8 drawn in order to enable a propèr underslandlng of the financlal statements lo be reached. Dat•: Sep 23, 2021 lan Holder FCA For and on behalf of Mazav8 LLP Chartered Accountants and Stalutory Audltor 2 Chamberlaln Square Birmlngham B3 3AX QUOTHQUAN TRUST STATEMENT OF FINANCIAL ACTIVITIES AND SUMMARY INCOME AND EXPENDITURE ACCOUNT For the yoar •nd•d 31 Decembor 2020 The whole of the Chadtls funds aré restricted. 2020 2019 INCOME FROM: Donatlons: Donations In money Group Income (gift ald from subskliaryl 40,046 57,854 87,854 40,046 Invo8tmènts: Interest r8eelvable Falr valu8 adluslmenl unwlndlng of dlscounl on 8oclal Inv8Stments 27,384 38,145 38,831 38,942 Total Incomo 124,069 113,133 EXPENDITURE ON CHARITABLE ACTIVITIES (189,8661 (221,8371 NEf EXPENDITURE AND NEf PAOVEMENT IN FUNDS 136,7981 { 108,7041 BALANCE BROUGHT FORWARD 1N16,380 1,525,064 8ALANCE CARRIED FORWARD 1,380,684 1,416,380 This Statement of Financlal Actlvlties Includes all gains and lo$se8 recognlsed in the year. All of the above results are derived from continuing activities. The notes on pages 10 to 15 lomi part of thesè financial statements. QUOTHQUAN TRUST BALANCE SHEET A8 at 31 Dgcember 2020 2020 2019 FIXED ASSETS Taroible assets Investments 535.550 1.197,664 540.429 1.391.051 1.733214 1.931.480 CURRENT ASSETS Debtors Cash at bank 31,449 194,315 24.882 138.323 225,764 163.205 CURRENT UABILMES Creditors- Amounts Falling Due Wrthin One Year (175064) { 199.9501 ASSEfsiiLIABILrriES) 49.900 { 36,745) TOTAL ASSETS LESS CURRENT LIABILMES 1.783,114 1,894.735 CREDrroRS: AMOUNTS FALLING DUE AFfER PIORE THAN ONE YEAR 10 1402.550) { 478.375) NEf ASSETS 1A80.564 1,416.360 REPRESENTED BY: RESTRICTEO INCOME FUNDS Invested in Fixed Assets Designated for InvestJnent other 1.733.214 1,668 1354.318) 1,931.480 1.668 {516.788) 1.380,564 1,416.360 The Trustee$ ¢on$ider that the Charity is entitted to exempts'on from Ihe reqUireM￿t to have an 8￿jit under the provlslons of seclim 477 of the COmpar￿e$ kt 20c6 rthe Acn and members havo not requlred the charity to obtain an audil fly the year in questi¢)n in accordarte with 3eGtbW 476 of the Act. Tr Trustees ackN￿edge their resFonslbilities for ￿sUrIng th8t the Chanty keeps acco￿ting rec(￿d$ vthich comply y￿th section 386 oft Act and for preparing fina￿la1 sL*mnts vthich gtve a tr￿ fair wew of the state of affai￿ of the Charity as at 31st December 2020 and of its in￿rne and exp￿￿rture for ts year then ended In &CLYdance vlth the requirements of sections 394 and 395 01 the kt and ￿1th othemse comply w6th the requirements of tho kt relating to the financial statements as so far as applicable to the Charity. The financial Staloments have been prepared in accordarKe wilh the Frfovislons applkable to smo11 companies within Pwl 15 of the c￿mPanieS Act 20￿ ar￿ in acctydarKe *ilh Section 1A of the FRS102. Approved by the tr￿tse$ on 20" September 2021 and slgned on thelr bohalf. S J Roblnson- TnotO0 Company numb¢r 5316223 QUOTHQUAN TRUST NOTES TO THE FINANCIAL STATEMENTS For th• yoar onded 31 December 2020 ACCOUNTING POLICIE8 Basls of prèparatlon These financial statements a￿ prepared underthe historical costconvenllon and In accordance with: The Charities Act 2011 The Companies Act 2006 The Financial Reportlng Standard applicable in the UK and the Republic of Ireland {FRS102) Accounting & Reporting by Charities.. Stalement of Recommended Practice (Charities SORP FRS102) (effective October 2019)- There were no materfal changes from transition to the Charities SORP FRS 102 leffective October 20191. The accounts present a true and tsir view and no changes in the basis of accounb'ng have been made during the year. There have 81so been no Changes to the previous accounts during the financial year. The charlty Is a public beneffl entity. Consolldated Flnanclal SLthm•nts Consolidated ffinancial statemènts have not been prepared on the basis that the effect of Consolidating the subsldlary company's results would make no materfal difference lo the financial statements of the Charity. These financial statements therefore present the infornialion about the Charity as an indivtdual entity rather than as a group. A summary of the subsvjiary's balance she and profit and105s account is given in note 7. Golng Concern The trustees are of the view that there are sUffic￿nt reserves to secure the immediate future of the Trust for the next 12 to 18 months and on that basis the charity is a going Concem. Statsment of Cash Flows Exemption The charitable company has not produced a Statemant of Cash Flows, as the Charity is Wbthin the small company and charity thresholds. Incomè Donations from indlvlduals are included on a cash received basls. There would be no material difference if an 8c¢rual$ basis were adopted. Tax recoverable is included in the peritxl to which the giftgeneraling the tax recovery relates {accruals basis). Income from investments and rental income are included in the SOFA in the period in which they are receivablè. Expenditure Grants are accounted for when a formal commitment is made. 0th8r expenditure is Included on an a¢¢ruals basis when incurred. Govemance costs are those related to the running ol the Charity, including the Independent Examlnation and other statutory costs. Propgrtle8 Tangible freehold property used for charitable purposès is staled at its historic cost less provision for depreciation of percent straight line per annum of it5 buildings element. Mlxed Motlve (So¢i•l) Investments The loans to Harvest Field Homes. Quothquan Homes, Quothquan Limited. HaNest Fields Centre Ltd and the shared ownership interest in properties occupied by Christian workers are classified within a subheading of investmenls called MM(S)I. These loans are a MMISII as their aim is to futher the Charity's Gharitable objectives by asslstlng slster charities Iwth whom the Charity shares similar aims and oblectSvesl, assist the subsidiary and provide an a¢ceptable retum to this Charity. On8 of the investments is denominated in a foreign currency and therefore is translated at the rate ruling when the investment was made less any provision for impairment The remaining investments are measured at amortised cos( comprising the amount of initial recognitlon, minus any repayments of the principal, plus the cumulative amortisation using the effective interest method, and minus any reduction for impaiment notsd. 10 QUOTHQUAN TRUST NOTES TO THE FINANCIAL STATEMENTS For tho year ended 31 Decembor 2020 Re8trfcted Funds As all the Charity's funds were and remain restric￿ so at knt 80% of that Testricted fund (income and capital) on a Cum￿ative basis fr(xn the date of creation of that fund is applied for the advancement ol the Chri5ttan faiih. Judgements and Esllmations The trustees have not made any signikant I￿Jgements ￿ Ihe prc￿S of applying the accounting policies. The only estimates made are the rates of depreciation applied to fixed assets and the discount Inte￿$1 rate applied to the calculalim of Ihe fair value of investments. INCOME 2020 2019 Donattons in money Group Incorne (gift aid from subsidiary> 40,046 57.878 $7.878 40.046 CHARITABLE ACTMTIES Thls comwises restrcted grants and other ¢haritable activty costs. Restrlcled grants pald: 2020 2020 No. 2019 2019 No. EvaThJeli8m, bibles, prayer & education Full time Christian Workers Welfare, humanitarian & famity supwt Low income or lone parent families Chur¢h8s & Christian Centres Students VolunteeryJ & part time Chrtstsn Wothers 58.800 57,3110 39,T13 13.600 6,000 1A75 800 80.0 101.400 52.700 56.800 12.000 15.204 21 25 10 177.748 39 319,104 Provlslon for agreed grants payable: Evangelism, bibles. prayer & educalb Full time Christian Workers Welfare, humanitarian & family suppc Low income or lone parent families Churches & Christian Centres students Volunteers & part time Christian Workers 63,700 56,600 39,000 18,71)0 6.500 63,700 69,6CM) 39,000 19,700 13,000 5,996 650 185,150 (211.646) 211,646 {329,528) Less provision for grants payable * the beginning of the year 151.252 201.222 Other charltable actfvity costs: Depreciatton of tangible freehold buildings Other propety costs re charitabb activitses Independent examination fees Other administration costs 4,879 2,027 1.615 92 4.879 14.166 1.458 112 Totsl cost of all chafftabl• adivities 159.865 221.837 11 QUOTHQUAN TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Decomber 2020 CHARITABLE ACTMTIES l¢ontInu￿> De1211$ of grants over £999 to organisat￿n$ are availaLqe UP￿ requést At th8 year end a Ilablllty for £185.15012019: £211,646) has been induded for grants where the amount and tirning of the payments have been agreed by the Trustees. OFFICE AND SUPPORT COSTS- STAFF COSTS The Charity has no aM￿OYeeS arrfl hence no pernon Twas p•d more than £60,000 per annum. The Charity utillses tha services of the Se¢ond Quothquan Charitable Trusc but has not been Charged for Ihi8. Neither of the Trustees have re￿I¥¢d any remuneration diredy or indire¢Uy nor been reimbursed for any expenses. TANGIBLE ASSEf8- Fr••hold Land and Bulldlng8 COST: Al 1 Januory2020 AdditIon￿dISposal9 in year 563,470 At 31 D•e•mb•r 2020 663,470 DEPReciATION: Al 1 January 2020 Charge for the year 23.041 4,879 At 31 D•c•mb•r 2020 27,920 NET BOOK VALUE: At 31 DK•mb•r 2020 536,660 At 31 DwAmber2019 540,429 The freehohd propertles ￿re used for charitabl8 purposej. INVESTMEKr8 r•ct Indlf•¢t Totsl Inb••1￿ In 2020 2019 MMISI MMISI MMISI 8ubsldlary Tot41 Tolal Inv••tm•nt IrwMtm•nt In¥Mlment und•rt•klng In¥••lm•nts Inve8lm8nts prtor y•ar balanceB 58.071 1,331.780 1.389.851 12fy) 1,391,051 1.459.955 1232.218) (232.218} 37.855 38.831 (232.218> 38.831 (105,8461 38,942 Fairvalu• ¥dluslment 978 Cla•lng Babn¢e8 59.047 1.137A17 1,1%.464 1300 1.197,664 1,391,051 Historlc Co818 ee,935 2.462.588 2.529.523 1.2CM) 2.530.723 2,530.723 Ncde 68 Wrth the exception of approximately 40% of the Direct MM(S) Investment wh￿h 15 in the USA all the remaining fixed asset investment assets are heid n the UIQ 12 QUOTHQUAN TRUST NOTES TO THE FINANCIAL STATEMENTS For tho year endod 31 Docember 2020 Mlxod Mollvo (Soclall Inve•tments The direct MMISII comprises a 25% shared ownership interest in Iwo houses used by Christian workers. It L8 shown at the amount Invested less any impaimienl. The irKlirecl MM{Sll comprises a loan to Quothquan Homes of £1,197,159 {2019: £1,275,315) (which il has used lo enable it to acquire slxteen rented social houses and four apartrnenlsl, a toan to Harvest Fields Homes of £248,15212019.' £379,651) (which it has used to enable It lo acquire tsv8nty-four rented social homesl and a loan to Quolhquan Limited of £72,144 12019- £94,681) which has anabled it lo acquire a 25% shared ownership interest In starter homes to asslsl the occupiers, baing key workers andlor low income fami118S - th8y are shown at the amount Invested adjusted lo fair value. INVESTMENT IN SUBSIDIARY UNDERTAKING 2020 2019 100% 8hareholdlng In Quothquan Llmlted 1.200 1,200 Quothquan Llmltad has not been consolldaled aB the effect would not ba matorlal and this treatment Is pernitted by Statement of Recommènded Practlce for Charltle8 {SORP {FRS 102)). Th18 8ub8ldlary owns 25% shared ownershlp Interest In 8tarter homes as descrlbed In notè 6a. A summary of Quothquan Llmlled's balance 8heet a131 De¢ember 202018 a8 lollows.. Stock ol shared ownershlp propertt88 Cash at bank and In hand 73,400 Total assets Current Ilabllllkns 73,400 172,120) Net fvnds 1,280 A summary of Its proflt and foss account for the year ended 31 December 2020 Is 88 follows.. Tumover Cost of Sates 78,278 (20,400) Gross Profft Interest receivable Non gift ald expenses 67,878 Net profivldeficitl before transfer to this Charlty by gift ald Gift aid payment to this Charity 57,854 157,864) Net result 13 QUOTHQUAN TRUST NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 DOum￿r 2020 DEBTORS AND PREPAYMEpirs 2020 2019 Loans Prepayments 31.119 330 24,573 31849 24.882 CREDrroRS: AMOUKfS FALLING DUE wrrHIN ONE YEAR 2020 2019 Grants payable (see Noto 3) Other ¢r8diti>rs and accruals Las•: dua aftor mor• than on• y•ar Grants payable 186,160 211.646 1,879 112,6601 (13,375) 176,864 199,950 10 CREDrroR8: AMOUNTS FALUNG DUE AFfER ONE YEAR 2020 2019 Grants payablè duè after one y8ar Personal loan from Trustee (Note 12) Personal loan from reLqted party (Note 12) Intsr was oulslandlng. This related paty is the son of one of the trustees and brother of another and so 11 Is noted here. It18 an interest free loan. not repayable upon demand and dlsclosed in thè$? financial 8tal6ments a8 a creditor (see Note 10). l of the88 loans were receNed to ald the charity's cashflow and lo meet Its charllable objectives. The trustees Intend to repay these k)an8 as funds bacome availabl?. 15