2023-12-31-accounts

Shelford Gospel Trust

Report and Accounts

year ended 31 December 2023

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1 Lamb's Passage LONDON EC1Y 8AB t: 020 8502 5600 e: [e-mail] w: www.stewardship.org.uk

SHELFORD GOSPEL TRUST

FOR THE YEAR ENDED 31 DECEMBER 2023

COMPANY INFORMATION

Directors/Trustees

Rosemary Bridge Robert White Christopher Ash Nicholas Bewes Joanna Pearce

Company Secretary

Rosemary Bridge

Governing Document

Memorandum and Articles of Association

Company Registration Number 6474770 Charity Registration Number 1123608

Registered Office

43 Sedley Taylor Road, Cambridge, CB2 8PN

Independent Examiner

Archie McDowall, BA CA Stewardship 1 Lamb's Passage, London EC1Y 8AB

Financial Institutions

Barclays Bank PLC 28 Chesterton Road, Cambridge CB4 3AZ

Stewardship Services (UKET) Limited 1 Lamb's Passage, London EC1Y 8AB

Kingdom Bank Ltd

Media House, Padge Rd, Beeston, Nottingham NG9 2RS

CONTENTS

CONTENTS
	Page
Company Information	1
Report of the Directors	2-5
Independent Examiner's Report	6
Statement of Financial Activities	7
Balance Sheet	8
Notes to the Accounts	9-14
Detailed Statement of Financial Activities with Comparatives	15

Page 1

SHELFORD GOSPEL TRUST REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 DECEMBER 2023

The Directors have pleasure in submitting the Report and Accounts for Shelford Gospel Trust ("the Trust") for the year.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

Objects of the charity

The primary objects of the Trust are:

• to advance the Christian faith, in accordance with a statement of beliefs set out below.

• to relieve sickness and financial hardship and to promote and preserve good health by the provision of goods or services of any kind, including through the provision of counselling and support.

in Little Shelford, Cambridgeshire and in such other parts of the UK or the world as the Trustees may from time to time think fit.

The Trustees have regard to the Charity Commission’s guidance on public benefit and take this into account when considering possible new projects. The main activities undertaken to date have been the provision of staff housing for two churches in South Cambridgeshire plus a church building for Christ Church Trumpington. All churches provide wide ranging ministries in their local areas.

Statement of beliefs

We believe in the fundamental truths of Christianity as revealed in Holy Scripture including:

• a) There is one God in three persons, the Father, the Son and the Holy Spirit.

• b) God is sovereign in creation, revelation, redemption and final judgment.

• c) The Bible, as originally given, is the inspired and infallible Word of God. It is the supreme authority in all matters of belief and behaviour.

• d) Since the fall, the whole of humankind is sinful and guilty, so that everyone is subject to God's wrath and condemnation.

• e) The Lord Jesus Christ, God's incarnate Son, is fully God; he was born of a virgin; his humanity is real and sinless; he died on the cross, was raised bodily from death and is now reigning over heaven and earth.

• f) Sinful human beings are redeemed from the guilt, penalty and power of sin only through the sacrificial death once and for all time of their representative and substitute, Jesus Christ, the only mediator between them and God.

• g) Those who believe in Christ are pardoned all their sins and accepted in God's sight only because of the righteousness of Christ credited to them; this justification is God's act of undeserved mercy, received solely by trust in him and not by their own efforts.

• h) The Holy Spirit alone makes the work of Christ effective to individual sinners, enabling them to turn to God from their sin and to trust in Jesus Christ.

• i) The Holy Spirit lives in all those he has regenerated. He makes them increasingly Christ like in character and behaviour and gives them power for their witness in the world.

• j) The only holy universal church is the Body of Christ, to which all true believers belong.

• k) The Lord Jesus Christ will return in person to judge everyone, to execute God's just condemnation on those who have not repented and to receive the redeemed to eternal glory.

Page 2

Governance

The Trust is a company limited by guarantee governed by its Memorandum and Articles of Association. It was incorporated in England and Wales on 16 January 2008 and registered with the Charities Commission on 12 April 2008.

The number of Trustees shall be not less than three. The Trustees are those persons named in the company information section of the report. At annual general meetings one-third of the Trustees retire by rotation. The Trustees may by ordinary resolution appoint a person who is willing to act to be a Trustee either to fill a vacancy or as an additional Trustee, subject to certain conditions, including his willingness to subscribe to the Statement of Beliefs above.

Continuing Trustees are responsible for the induction of any new Trustee, which involves awareness of a Trustee’s responsibilities, the governing document, administrative procedures, the history and philosophical approach of the Trust.

The business of the Trust will be managed and administered by the Trustees who may exercise all the powers of the Charity. None of the Trustees receive remuneration or other benefit from their work with the charity.

Individual requests for assistance will be considered by the Trustees on application and subject to their discretion. Normally they would require formal applications saying how the funds would be used and what would be achieved. The Trustees will seek feedback on the actual use of grants given and the achievements made. The explanations and feedback received are sufficient for monitoring the quality of the grants made.

The Memorandum and Articles of Association give the Trustees discretion over whether funds are held in cash or investments. During the year, the Trust held cash in two separate institutions.

Review of activities

During 2023, the Trust received charitable donations and rent from its charitable activities, being the provision of residential accommodation to support the gospel ministry in South Cambridgeshire plus a property in Alpha Terrace for Christ Church Trumpington, Cambridge.

Since May 2012, the Trust owned a residential property in Hauxton Road, Little Shelford, Cambridge to enable staff members at All Saints Little Shelford and non-stipendiary clergy to live in the village, which supports the gospel ministry of the church in Little Shelford in accordance with the Trust’s primary object. This property was sold in May 2023 giving rise to a gain of £166,416 (See below.)

In November 2016, the Trust acquired a chapel building and adjacent community hall in Alpha Terrace, Trumpington, Cambridge, in order to support the long-term Christian witness and work of Christ Church Trumpington. The Trust has entered into a 16 year lease agreement with Christ Church Trumpington. The provision of this building for Christ Church Trumpington will support and facilitate gospel ministry in South Cambridge in accordance with the Trust’s primary object.

On 12 November 2021, the Trust completed the legal transfer of a gift of a residential property in Sawston, Cambridgeshire and subsequently entered into a tenancy agreement to enable the minister of Christ Church South Cambs to live in the village, which supports the gospel ministry of the church in Sawston in accordance with the Trust’s primary object.

Page 3

Review of activities (continued)

In January 2022, the Trust completed the purchase of 26 Church Street, Little Shelford, Cambridge, a large house ideally located opposite All Saints, Little Shelford. As well as housing an assistant minister with a family, this property will provide a one-bedroom flat for a church worker. The purchase was initially funded by a combination of a legacy gift, existing cash reserves, 2021 Appeal donations and a mortgage from Kingdom Bank. The latter was repaid during 2023, following the sale of the residential property in Hauxton Road, Little Shelford, Cambridge. The property is in need of extensive refurbishment. During 2023, planning permission was received and competitive tenders were received in January 2024. The Trust plans to fund the refurbishment from cash resources and a new refurbishment loan (see Subsequent Events note 17).

Financial review

Income for the year amounted to £206,653 (2022: £256,207), of which none related to either the 2022 Appeal (2022: £210,500) or any legacy gifts (2022: £200,000).

There was no expenditure on generating funds but there were administration costs during the year of £1,104 (2022: £834) and expenditure on charitable activities of £25,464 (2022: £39,791).

Future plans

The Trustees intend to have fund raising activities in order to provide the Trust with financial resources to facilitate grants that can further the objects of the Trust. Examples of possible projects are:

• Paying for housing of Christian workers involved in new gospel initiatives in the Cambridge area, where properties are very expensive.

• Strategic projects - with the large and increasingly visible expansion of housing stock in Cambridge and the surrounding sub-region there are strategic possibilities to support gospel work in these new communities.

In the immediate future, the resources will be focused on the refurbishment of the house in Little Shelford (see above). The proceeds from the sale of the smaller property in May 2023, together with a new refurbishment loan will enable the project to proceed. The Trustees will consider a supplementary appeal once the refurbishment work has commenced.

Reserves policy

The Trustees have resolved to retain sufficient funds for property maintenance, refurbishment obligations and to build reserves for future projects.

Going concern

Whilst the cost of living crisis, fuelled by the consequences of the war in Ukraine, has adversely impacted the UK economy, it has not had an impact on the Trust during 2023. Regular donations remained at a similar level and the tenants, who are responsible for the energy costs of each occupied properties, continued to be able to meet their rental payments.

The Trustees take reasonable steps to review and consider any factors that may affect the ability of the Trust to continue as a going concern. The Trustee's forecasts and projections, take account of reasonable possible changes in income, show that the Trust is able to generate sufficient liquidity. The Trust enjoys an income stream from its individual donors and rental income.

Page 4

Going concern (continued)

The Trustees' forecasts and projections, taking account of reasonable possible changes in income, show that the Trust is able to generate sufficient liquidity. The Trust enjoys an income stream from its individual donors and rental income. The most significant financial risk in the short term is associated with the refurbishment of 26 Church Street. To mitigate that risk, a professional cost estimator was engaged to assist with the initial contract sum, to support the completeness and accuracy of the tenders received. The contract cost will only vary subject to any changes in the specification during the project, which are anticipated to be only minor. The Trustees have included contingencies for the project in the projections and they have performed a stress test analysis for the refurbishment loan, to assess the impact of an increase in interest rates. If construction costs did increase, then the Trustees would seek to either to reduce the specification of the refurbishment or launch an additional appeal.

After assessing the forecasts and liquidity of the Trust for the next two calendar years, the Trustees have a reasonable expectation that the Trust has adequate resources to continue for the foreseeable future. The Trust therefore continues to adopt the going concern basis in preparing the financial statements.

Risk statement

The Trustees annually review the risks that the Trust faces and set in place processes where possible to reduce these.

Directors' responsibilities

Company law requires us as Directors to prepare financial statements for each financial year which give a true and fair view of the state of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the Trustees are required to:

• 1 Select suitable accounting policies and apply them consistently

• 2 Observe the methods and principles in the Charities SORP;

• 3 Make judgements and estimates that are reasonable and prudent

• 4 State whether the applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the accounts.

• 5 Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in business.

The Trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy at any time the financial position of the company and enable us to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps to prevent fraud or any other irregularities.

Approval

This report, which has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies, was approved by the Directors on 14 February 2024 and signed on their behalf by:

Robert White

Robert White

14/02/2024

Page 5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SHELFORD GOSPEL TRUST

('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023 on pages 7 to 15 following, which have been prepared on the basis of the accounting policies set out on pages 9 and 10.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

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

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

• 1 accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

• 2 the accounts do not accord with those records; or

• 3 the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or

• 4 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Archie McDowall

20/02/2024

Archie McDowall, BA CA Institute of Chartered Accountants in Scotland

For and on behalf of: Stewardship 1 Lamb's Passage London EC1Y 8AB

Page 6

SHELFORD GOSPEL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 SUMMARY INCOME AND EXPENDITURE ACCOUNT

Note INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 3 Investment income Total income and endowments EXPENDITURE ON Charitable activities 4 Other 5 Total expenditure Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	Unrestricted Restricted Total Total Funds Funds Funds Funds 2023 2023 2023 2022 £ £ £ £ 17,301 - 17,301 222,663 186,916 - 186,916 33,538 2,436 - 2,436 6 206,653 - 206,653 256,207 25,464 - 25,464 39,791 1,104 - 1,104 834 26,568 - 26,568 40,625 180,085 - 180,085 215,582 - - - - 180,085 - 180,085 215,582 2,247,323 - 2,247,323 2,031,741 2,427,408 - 2,427,408 2,247,323

Movements on reserves and all recognised gains and losses are shown above.

All income and expenditure derive from continuing operations.

The statement of financial activities also complies with the requirements for an income and expenditure account required by the Companies Act 2006.

The notes on pages 9 to 15 form part of these accounts.

Page 7

SHELFORD GOSPEL TRUST BALANCE SHEET AS AT 31 DECEMBER 2023

Note FIXED ASSETS Tangible assets 7 CURRENT ASSETS Debtors 8 Cash at bank 9 CURRENT LIABILITIES Liabilities falling due within one year 10 Net Current Assets TOTAL ASSETS LESS CURRENT LIABILITIES 11 NET ASSETS FUND BALANCES Unrestricted funds 12 Designated funds Restricted Funds 12 CREDITORS FALLING DUE AFTER MORE THAN ONE YEAR	Unrestricted Restricted Total Total Funds Funds Funds Funds 2023 2022 £ £ £ £ 2,278,536 - 2,278,536 2,617,712 4,702 - 4,702 3,716 148,070 148,070 54,749 152,772 - 152,772 58,465 3,900 - 3,900 12,400 148,872 - 148,872 46,065 2,427,408 - 2,427,408 2,663,777 - - 416,454 2,427,408 - 2,427,408 2,247,323 2,427,408 - 2,427,408 2,247,323 - - - - - - - 2,427,408 - 2,427,408 2,247,323

For the year ended 31 December 2023, the company was entitled to the exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

Responsibilities of directors/trustees:

• a. The members have not required the charitable company to obtain an audit of its accounts for the year in question in accordance with Section 476 of the Companies Act - however, in accordance with Section 145 of the Charities Act 2011 the accounts have been examined by an independent examiner whose report forms part of this document.

• b. The directors/trustees acknowledge their responsibilities for complying with the requirements of the Companies Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Directors and signed on their behalf on the 14 February 2024 by:

Joanna Pearce

Joanna Pearce 14/02/2024 Company number: 6474770 Charity number: 1123608

The notes on pages 9 to 15 form part of these accounts.

Page 8

SHELFORD GOSPEL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

The Trust is a public benefit entity. The accounts have been prepared under the historic cost convention, in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014; and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). The financial statements are prepared in sterling and rounded to the nearest £1.

The following are the accounting policies which have been applied in dealing with material items:-

a) Going Concern

The Trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern.

The Trustees' forecasts and projections, taking account of reasonable possible changes in income, show that the Trust is able to generate sufficient liquidity. The Trust enjoys an income stream from its individual donors and rental income. The most significant financial risk in the short term is associated with the refurbishment of 26 Church Street. To mitigate that risk, a professional cost estimator was engaged to assist with the initial contract sum, to support the completeness and accuracy of the tenders received. The contract cost will only vary subject to any changes in the specification during the project, which are anticipated to be only minor. The Trustees have included contingencies for the project in the projections and they have performed a stress test analysis for the refurbishment loan, to assess the impact of an increase in interest rates. If construction costs did increase, then the Trustees would seek to either to reduce the specification of the refurbishment or launch an additional appeal.

The Trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income

Income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. Income received in circumstances where a claim for repayment of tax has been or will be made to HM Revenue & Customs is grossed up for the tax recoverable. Any amount of tax reclaimed from HM Revenue & Customs but not yet received is shown within the charity's debtors. Gifts in kind are included in income at their estimated value to the Trust and recognised as income when they are distributed to projects.

Investment income represents income generated by the charity's assets and is taken into account when receivable.

c) Expenditure

Expenditure, including irrecoverable VAT, when incurred by the charity, regardless of when payment is made. Grants payable are taken into account at the earlier of when they are paid or become constructive obligations. Expenditure is classified under the following activity headings:

• Cost of raising funds comprise the costs incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities

• Expenditure on charitable activities includes the revenue costs associated with the repairs and maintenance of the Trust’s properties or grants to individuals or churches.

• Other expenditure represents those items not falling into any other heading

c) Funds

Unrestricted funds are donations and other income received or generated for the objects of the charity without specified purpose and are available for purposes as directed by the trustees. Restricted funds are amounts received where the donor has specified the purpose for which it should be used.

Donations received in response to an appeal will be treated as restricted funds. Loan receipts raised for a project will be treated as (unrestricted) designated funds. Once the money in both funds is applied to the acquisition of a tangible asset, most likely a property, then the property will immediately be regarded as an unrestricted general fund asset. The Trustees are of the option that the terms of the appeal gifts are met once the specified assets is acquired, allowing the Trust to use the property on an unrestricted basis for any charitable purpose.

Page 9

SHELFORD GOSPEL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies (continued)

c) Funds (continued)

Loan finance raised for a specific property will also be categorised as unrestricted general fund liabilities.

Where appeal donations are received after the purchase of an appeal asset, expenditure directly associated with the purchase of the property, will be allocated to the restricted fund. Otherwise all other expenditure related to the property will be borne by the general fund.

d) Key judgements

i Key estimate: Charitable donations

The Trustees make estimates and assumptions regarding the future. Actual results may differ from these estimates. The cash flow projections include assumptions about continued donations, the key one being that regular giving and rental income from occupied properties will not change significantly from historical levels.

• ii Key judgement: classification of tangible fixed assets

When a tangible fixed asset is funded through an appeal or by way of a grant or donation, the accounting treatment of the asset acquired will depend on the circumstances of each case. In the Trustees’ judgement, the terms of the gift are met once the specified asset is acquired, so allowing the charity to use the asset acquired on an unrestricted basis for any charitable purpose. Accordingly the properties purchased, including funding from specific appeals are classified as general fund assets.

• iii Key judgement: Residual value of property

The Trustees believe that the properties held for charitable purposes have a high residual value which removes the need for depreciation to be charged.

• e) Fixed assets and depreciation

Fixed assets acquired for use by the charity are capitalised and depreciated over their estimated useful life, unless their cost is insignificant in which case they are written off on purchase.

Depreciation periods are as follows:

Freehold land Not depreciated Freehold buildings Not depreciated see Key judgements d iii) above Fixtures, fittings and equipment Between 2 and 5 years

f) Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

g) Cash at bank

Cash at bank 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.

h) Creditors and provisions

Creditors and provisions are recognised where the Trust has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.

i) Financial instruments

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 with the exception of loans which are subsequently measured at amortised cost using the effective interest method.

j) Taxation

The company is a registered charity and is exempt from taxation under the Income & Corporation Taxes Acts.

Page 10

SHELFORD GOSPEL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

2 Donations and legacies Donations from individuals Charitable legacy Tax recoverable	Unrestricted Restricted Total Total Funds Funds 2023 2022 £ £ £ £ 15,320 - 15,320 20,710 - - 200,000 1,981 - 1,981 1,953 17,301 - 17,301 222,663

Included in restricted funds is a charitable legacy of £200,000 relating to a reduction in the purchase price from the market value of a residential property in Little Shelford, Cambridgeshire in January 2022.

3 Income from charitable activities Rental property income Profit on the disposal of tangible assets Other income 4 Expenditure on charitable activities Direct cost incurred on rental property Mortgage interest payable to Kingdom Bank Depreciation 5 Support and administration expenditure Governance costs Independent examination Insurance Combined charitable activity cost

Unrestricted Restricted Total Total Funds Funds 2023 2022 £ £ £ £ 20,500 - 20,500 33,478 166,416 166,416 - - - 60 186,916 - 186,916 33,538 Unrestricted Restricted Total Total Funds Funds 2023 2022 £ £ £ £ 13,725 - 13,725 23,000 11,739 - 11,739 16,525 - - - 266 25,464 - 25,464 39,791 Unrestricted Restricted Total Total Funds Funds 2023 2022 £ £ £ £ 13 - 13 13 970 - 970 700 121 - 121 121 1,104 - 1,104 834 26,568 - 26,568 40,625

6 Staff & Trustees

The Trust has not employed a member of staff. The administrative duties and accounting have been undertaken by the Trustees. No remuneration was paid to any Trustee during the year nor to any person connected to them.

The total amount of donations funded by Trustees and connected parties was £16,175 (2022: £21,038).

No other transactions have taken place with related parties during the year.

Page 11

SHELFORD GOSPEL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

7 Tangible fixed assets

Cost At 1 January 2023 Additions Disposals At 31 December 2023 Accumulated Depreciation At 1 January 2023 Charge for the year Disposals At 31 December 2023 Net book value At 31 December 2023 At 1 January 2023	Land Fixtures, Total & buildings fittings equipment £ £ £ 2,617,460 1,806 2,619,266 35,905 - 35,905 (374,829) (1,257) (376,086) 2,278,536 549 2,279,085 - 1,554 1,554 - 0 0 - (1,005) (1,005) - 549 549 2,278,536 - 2,278,536 2,617,460 252 2,617,712

The freehold land and buildings relates to:

• a) Two residential properties in Little Shelford, one of which was purchased in January 2022 for which an Appeal was launched in 2021, a mortgage of £425,000 taken out and a charitable legacy of £200,000 was received. In May 2023, the smaller residential property was sold giving rise to a gain of £166,416. See note 17 for further information on the refurbishment.

• b) A residential property in Sawston.

• c) A chapel and community hall in Trumpington.

The Charities SORP acknowledges that some assets may have a high residual value which will remove the need for depreciation to be charged. The Trustees are of the opinion that South Cambridge has a buoyant property market and that the residential property in Little Shelford will have increased in value since acquired and that the residual values will be above the purchase prices for both properties. We anticipate that no depreciation will be charged in future.

8 Debtors Tax recoverable Other debtors Prepayments 9 Cash at bank Bank operating accounts Bank deposits	2023 2022 £ £ 495 490 - - 4,207 3,226 4,702 3,716 2023 2022 £ £ 39,702 53,817 108,368 932 148,070 54,749

During 2023, following receipt of the proceeds from the sale of the smaller property in Hauxton Road, Little Shelford, the Trust opened a new 90-day notice deposit account with Kingdom Bank. The balance at 31 December 2023 was £107,435 and will be used to help fund the refurbishment project for 26 Church Street, Little Shelford during 2024.

10 Creditors: liabilities falling due within one year Secured loans - see note 14 Accruals Rent received in advance	2023 2022 £ £ 0 8,546 983 937 2,917 2,917 3,900 12,400

Page 12

SHELFORD GOSPEL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

11 Creditors: liabilities falling due after one year Secured loans (falling due in less than 5 years) - see note 14 Secured loans (falling due after 5 years) - see note 14	2023 2022 £ £ - 42,729 - 373,725 - 416,454

In June 2023, following receipt of the proceeds from the sale of the smaller property in Hauxton Road, Little Shelford, the Trust repaid in full the mortgage that it original raised for the acquisition of the larger property, 26 Church Street, Little Shelford.

12 Movement of funds

The restricted funds represent amounts received for purchase of properties and the movements in the year are as follows:

2023 Unrestricted funds Restricted funds 2022 Unrestricted funds Restricted funds	Opening Incoming Outgoing Transfer Closing balance resources resources between funds balance £ £ £ £ £ 2,247,323 206,653 (26,568) 2,427,408 - - - - 2,247,323 206,653 (26,568) - 2,427,408 1,924,041 45,707 (40,625) 318,200 2,247,323 107,700 210,500 - (318,200) - 2,031,741 256,207 (40,625) - 2,247,323

13 Analysis of net assets between funds

The assets and liabilities represented by the various funds are as follows:

	Fund balances at 31 December 2023 Restricted funds Unrestricted funds	Fixed Bank & cash assets balances £ £ - - 2,278,536 148,070	Other net Total assets £ £ - - 802 2,427,408
		2,278,536 148,070	802 2,427,408
	Fund balances at 31 December 2022 Restricted funds Unrestricted funds	£ £ - - 2,617,712 54,749	£ £ - - (425,138) 2,247,323
		2,617,712 54,749	(425,138) 2,247,323
14	Secured loans Loan payable falling due within 1 year Loan payable falling due in more than 1 year but less than 5 years Loan payable falling due after more than 5 years		2023 2022 £ £ - 8,546 - 42,729 - 373,725
			- 425,000

The loan at 31 December 2022 was secured by a first legal charge of the property in Church Street, Little Shelford, Cambridgeshire, which had a carrying value of £869,421 at that date. The loan had a variable interest rate, initially 3.45% p.a. which can be changed by Kingdom Bank upon 14 days' notice. The interest rate increased to 5.40% by December 2022. The loan term was 30 years with the initial year being interest bearing only. Following the sale of the smaller property in Little Shelford in May 2023, sufficient proceeds were applied to repay the loan in full.

15 Commitments

The Trust did not have any commitments at the year end (2022: nil).

16 Members

Each member of the company commits to contribute if the charity is wound up an amount of £10.

Page 13

SHELFORD GOSPEL TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

17 Subsequent events

On 9th February 2024, the Trustees received a facility letter for a Kingdom Bank mortgage of £450,000, which together with existing cash reserves and additional pledged donations, will finance the refurbishment project for 26 Church Street, Little Shelford, Cambridge, which the Trust bought in January 2022. The Trustees are working with their architect on appointing a contractor who they anticipate will commence work in March 2024. The Trustees expect the refurbishment work will be completed towards the end of the year.

Page 14

SHELFORD GOSPEL TRUST

Detailed Statement of Financial Activities with Comparatives FOR THE YEAR ENDED 31 DECEMBER 2023

Note INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 3 Investment income Total income and endowments EXPENDITURE ON Charitable activities 4 Other 5 Total expenditure Net income/(expenditure) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward

Total Total Funds Funds 2023 2022 2023 2022 2023 2022 £ £ £ £ £ £ 17,301 12,163 - 210,500 17,301 222,663 186,916 33,538 - - 186,916 33,538 2,436 6 - - 2,436 6 206,653 45,707 - 210,500 206,653 256,207 25,464 39,791 - - 25,464 39,791 1,104 834 - - 1,104 834 26,568 40,625 - - 26,568 40,625 180,085 5,082 - 210,500 180,085 215,582 - 318,200 (318,200) - - 180,085 323,282 - (107,700) 180,085 215,582 2,247,323 1,924,041 - 107,700 2,247,323 2,031,741 2,427,408 2,247,323 - - 2,427,408 2,247,323 Unrestricted Funds Restricted Funds

Movements on reserves and all recognised gains and losses are shown above.

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