OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Central G H Trust

2023-12-31-accounts

CENTRAL GH TRUST (A COMPANY LIMITED BY GUARANTEE)

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

REGISTERED COMPANY NO. 06656919 REGISTERED CHARITY NO. 1125717

CENTRAL GH TRUST

CONTENTS Page
Company Information 2
Trustees’ Report 3-6
Independent Auditors’ Report 7-10
Statement of financial activities 11
Balance sheet 12
Cashflow statement 13
Notes to financial statements 14-25

CENTRAL GH TRUST

COMPANY INFORMATION

Trustees Laurie Pollard
Colin Barnes
Oliver Whiley
Cyril Parsons
Company secretary Christopher Stedman
Registered office Central GH Trust
Noble House
Eaton Road
Hemel Hempstead
Herts HP2 7UB
Charity registration number 1125717 (England & Wales)
Company registration number 06656919 (England & Wales)
Independent auditors Saffery LLP
71 Queen Victoria Street
London EC4V 4BE
Bankers NatWest Bank plc
Watford Town Centre Branch
72-74 High Street
Watford
Herts WD17 2GZ
Investment Managers Crestbridge Group Services Limited
8 Sackville Street
London
W1S 3DG

Page 2

CENTRAL GH TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report and the audited financial statements for the year ended 31 December 2023.

Structure, Governance & Management

Constitution

The charity was incorporated on 25 July 2008 as a company limited by guarantee and was registered with the Charity Commission on 4 September 2008. The charity is governed by its Memorandum and Articles of Association under the Companies Act 2006. The liability of each member is limited to £10 in the event of a winding up.

Trustees

The Trustees met regularly during the year. The power to appoint new Trustees is vested in the existing Trustees. There is an informal interview, induction and training process for any new Trustee. The Trustees who served during the year are shown below:

Laurie Pollard Colin Barnes Oliver Whiley Cyril Parsons

Public benefit

The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives and in planning the future activities. In particular the Trustees consider how planned donations will contribute to the aims and objectives they have set. The Trustees consider the current policy for making donations delivers public benefit. Details of the objects which form the basis of this policy are given later in this report. In selecting Christian religious charities for the receipt of grants, the charity is mindful of the requirement that such charities themselves demonstrate public benefit.

Risk review

The major strategic, business and operational risks which the charity faces are under continuous review by the Trustees who ensure that these risks are managed effectively.

The Trustees have identified that the principal risk and uncertainty is the possible failure of recipient trusts to repay loans or the balance of loans on time (for whatever reason) which may impact on future lending to other trusts needing support. Lesser risks are that grants could be used for purposes other than those described in formal applications and that gospel halls could be used for non-charitable purposes.

Page 3

CENTRAL GH TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees mitigate these risks with the following procedures:

Objectives and Activities

The objects of the Charity are:

The Charity’s principal objectives are:

Page 4

CENTRAL GH TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and Performance

Grant making

The Charity looks to achieve its objectives by collecting donations in order that it may lend or grant money to Christian religious charities in need. Grant applications for funds are considered by a committee.

During the year the Charity made grants of £1,235,297 (2022: £231,318), and at the year end there were loans made to Christian religious charities of £5,629,187 (2022: £3,366,080).

Financial Review

The net movement in funds amounted to a deficit of £964,297 (2022: deficit of £87,444), of which a deficit of £419,727 related to unrestricted funds (2022: deficit of £231,318) and a deficit of £544,570 related to restricted funds. These movements are detailed in the statement of financial activities on page 11.

The unrestricted deficit for the 2023 year is due to an increase in the level of grants paid from the Trust, and the grants awarded being funded from the restricted funds of the Trust itself. It is the intention of Trustees to maintain the level of cash resources at a level which allows expenses and grants to be met.

Reserves policy

CGHT’s aim is to retain sufficient cash to enable it to support its mainstream charitable purpose of providing financial assistance to charitable trusts engaged in the provision of churches, gospel halls and facilities for Christian worship.

As a general policy, the trustees aim to hold approximately £2 - £5 million as a cash reserve, to fund the increasing requests for support from the charity’s beneficiaries.

The trustees are aware that with the ongoing cycle of loan repayments, this reserve would be entirely adequate. They are also aware of the fact that there are local trusts with similar charitable purposes holding significant surplus cash and that loans could be arranged at short notice.

At 31 December 2023, the level of general unrestricted funds was £18,386,072 (2022: £18,805,799) and restricted funds was £nil (2022: £544,570). Excluding loans made to and received from other trusts, loans from individuals, tangible fixed assets, and investment property the “free reserves” of the charity were £15,160,249 (2022: £15,257,922).

Investment policy

Any surplus resources are held as cash to allow grants and loans to be made promptly and surplus funds attract interest.

Future Plans

The charity plans to continue to assist Christian religious charities through loans and grants.

Page 5

CENTRAL GH TRUST

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees Responsibilities

The trustees (who are also directors of Central GH Trust for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them 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 for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

This report was prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Signed on behalf of the Trustees on

Oliver Whiley

Oliver Whiley (Sep 4, 2024 16:04 GMT+1)

………………………………. Oliver Whiley Trustee

Page 6

CENTRAL GH TRUST

INDEPENDENT AUDITORS REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2023

Opinion

We have audited the financial statements of Central GH Trust for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Page 7

CENTRAL GH TRUST

INDEPENDENT AUDITORS REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2023

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 6, the trustees (who are also directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative to do so.

Page 8

CENTRAL GH TRUST

INDEPENDENT AUDITORS REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2023

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charitable company by discussions with trustees and updating our understanding of the sector in which the charitable company operates.

Laws and regulations of direct significance in the context of the charitable company include The Companies Act 2006, and guidance issued by the Charity Commission for England and Wales .

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

Page 9

CENTRAL GH TRUST

INDEPENDENT AUDITORS REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2023

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Cara Turtington (Senior Statutory Auditor) for and on behalf of Saffery LLP

Chartered Accountants Statutory Auditors

71 Queen Victoria Street London EC4V 4BE

Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Page 10

CENTRAL GH TRUST

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the income and expenditure account) FOR THE YEAR ENDED 31 DECEMBER 2023

Income from:
Donations and legacies
Collections and donations
2
Gift aid recoverable
Investments
Investment income
3
Total income
Expenditure on:
Charitable activities
Assistance to other trusts to
provide Christian places of worship
Total expenditure
4
Gains/(Losses) on investments
10
Net (expenditure)
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
254,080
8,687
225,835
488,602
1,184,466
1,184,466
276,137
(419,727)
-
(419,727)
18,805,799
18,386,072		 Restricted
funds
£
-
-
-
544,570
544,570
-
(544,570)
-
(544,570)
544,570
-		 Total
2023
£
254,080
8,687
225,835
488,602
1,729,036
1,729,036
276,137
(964,297)
-
(964,297)
19,350,369
18,386,072		 Total
2022
£
215,213
23,206
68,034
306,453
338,345
338,345
(55,553)
(87,444)
-
(87,444)
19,437,813
19,350,369

All the above results are derived from continuing activities. The charity has no other recognised gains and losses from those stated above.

The notes on pages 14 to 25 form an integral part of these financial statements.

Page 11

CENTRAL GH TRUST

BALANCE SHEET AS AT 31 DECEMBER 2023

Notes
Fixed assets
Tangible fixed assets
9
Investments
10
Programme related investments
11
Current assets
Debtors due in less than one year
12
Investments
13
Cash at bank and in hand
19
Creditors: Amounts falling due
within one year
14
Net current assets
Total assets less current liabilities
Net assets
Represented by:
Restricted funds
16
Unrestricted funds
16
Total funds		 £
10,000
8,068,884
5,629,287
36,461
-
7,790,858
-
18,386,072		 2023
£
13,708,171
7,827,319
(3,149,418)
4,677,901
18,386,072
18,386,072
18,386,072		 £
14,000
7,997,344
3,366,080
10,221
-
8,001,601
544,570
18,805,799		 2022
£
11,377,424
8,011,822
(38,877)
7,972,945
19,350,369
19,350,369
19,350,369

The notes on pages 14 to 25 form an integral part of this statement of financial activities.

The financial statements were approved by the Trustees on and signed on their behalf by: Oliver Whiley

Oliver Whiley (Sep 4, 2024 16:04 GMT+1)

…………………………………….

Oliver Whiley Trustee Company number: 06656919 (England & Wales)

Page 12

CENTRAL GH TRUST

STATEMENT OF CASH FLOWS AS AT 31 DECEMBER 2023

Cash flows from operating activities:
Net cash (used in)/generated from operating activities
18
Cash flows from investing activities:
Purchase of tangible fixed assets
Purchase of investments
Receipt from repayments of investing loans
New charitable loans provided
Receipts from charitable loan repayments
Net cash provided by investing activities
Cash flows from financing activities:
Repayment of borrowing
Cash inflows from new borrowing
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January 2023
19
Cash and cash equivalents at 31 December 2023
19		 2023
£
(1,059,300)
-
-
-
(3,775,000)
1,511,793
(2,263,207)
-
3,111,764
3,111,764
(210,743)
8,001,601
7,790,858		 2022
£
6,141
(7,500)
(7,500,000)
2,500,000
(1,205,000)
2,719,927
(3,492,573)
(757,097)
-
(757,097)
(4,255,811)
12,257,412
8,001,601

The notes on pages 14 to 25 form an integral part of this statement of financial activities.

Page 13

CENTRAL GH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

1.1 Company information

Central GH Trust is incorporated in England and Wales as a registered charity and a company limited by guarantee. The registered office is Noble House, Eaton Road, Hemel Hempstead, Herts HP2 7UB.

1.2 Basis of preparation

The financial statements have been prepared under the historical cost convention with the exception of investments which are included at fair value. The financial statements have been prepared 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 (FRS102), the Financial Reporting Standard applicable in the UK and republic of Ireland (FRS 102) and the Companies Act 2006.

The Central GH Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are wholly recognised at historical costs or transaction value unless otherwise stated in the relevant accounting policy note(s).

1.3 Going Concern

The trustees have considered the operating position of the charity and are of the opinion that there are no material uncertainties regarding the charity’s ability to continue as a going concern.

1.4 Incoming resources

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure on charitable activities comprises expenditure related to the direct furtherance of Central GH Trust charitable objects and is accounted for on an accruals basis. Where costs cannot be directly attributed they have been allocated to activities on a basis consistent with use of the resources.

Grants are charged to expenditure when the obligation in relation to each grant arises. Unpaid grants are included in creditors in accordance with the requirements of FRS102.

Direct costs comprise costs incurred directly in generating funds and for charitable purposes.

Support costs comprise costs incurred directly in support of expenditure on the objects of the charity and are an integral part of the costs of carrying out the direct charitable objectives of the charity.

Governance costs are those incurred in compliance with constitutional and statutory requirements.

Page 14

CENTRAL GH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies (continued)

1.6 Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of Central GH Trust.

Restricted funds relate to assets transferred to the charity from Woodlands Meeting Room Trust and Finchley Gospel Hall Trust in previous years. As the objects of both Trusts are narrower than that of the charity with regards to charitable lending, these assets have been treated as restricted in the financial statements of the charity. See note 15 for further details.

1.7 Programme related investments

Loans are made to Christian religious charities. These are made to further the charity’s objects rather than to create financial gain.

1.8 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost including any incidental expenses of acquisition. Assets are capitalised where the unit cost exceeds £500.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost on a straight line basis over the term of the lease or their expected useful economic lives, whichever is shorter. Useful lives are as follows:

Equipment – 20% straight line Property – 2% straight line

1.9 Investment property

Investment property is initially measured at transaction price excluding transaction costs and is subsequently measured at fair value at each reporting date. The Statement of Financial Activities includes the net gains or losses arising on revaluation and disposals throughout the year. No depreciation is charged on investment property.

1.10 Investments

Fixed asset investments are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. The Statement of Financial Activities includes the net gains or losses arising on revaluation and disposals throughout the year.

1.11 Financial instruments

The charity 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 bank loans which are subsequently measured at amortised cost using the effective interest method.

1.12 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 15

CENTRAL GH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1.13 Cash at bank and in hand

Cash at bank and cash 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.

1.14 Creditors and provisions

Creditors and provisions are recognised where the charity 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 trade discounts due.

1.15 Critical accounting judgements and key sources of estimation uncertainty

In the application of the accounting policies, the Trustees are required to make judgement, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

The key areas for consideration is the valuation of the investment property. The Trustees have made key assumptions in the determination of the fair value of the investment property in respect of there being no material change in its market value since its purchase in 2019.

2 Income

Donations received (unrestricted)
Donations received (restricted)
Legacies (unrestricted)
3 Interest receivable
Bank interest received
Loan interest received		 2023
£
254,080
-
-
254,080
2023
£
225,833
2
225,835		 2022
£
212,213
-
3,000
215,213
2022
£
47,115
20,920
68,034

Page 16

CENTRAL GH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4 Expenditure

Restricted funds:
Assistance to other Trusts
Unrestricted funds:
Assistance to other Trusts
Restricted funds:
Assistance to other Trusts
Unrestricted funds:
Assistance to other Trusts		 Grants
£
544,570
690,727
1,235,297
Grants
£
231,318
-
231,318		 Support
costs
£
-
166,833
166,833
Support
costs
£
-
66,091
66,091		 Governance
costs
£
-
118,309
118,309
Governance
costs
£
-
36,936
36,936		 Depreciation
£
-
4,000
4,000
Depreciation
£
-
4,000
4,000		 Impairment
£
-
204,597
204,597
Impairment
£
-
-
-		 2023
Total
£
544,570
1,184,466
1,729,036
2022
Total
£
231,318
107,027
338,345

The surplus for the year is stated after charging:

2023 2022
£ £
Audit fees 14,300 12,900
Depreciation 4,000 4,000

Page 17

CENTRAL GH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5 Grants Awarded

The Charity makes grants to Christian religious charities for the development of places of worship.

KMLF, Copenhagen
Glanwern Gospel Hall Trust, Swansea
Fond de Reserve de l'Egise, Toulon
Reuniones Evangelicas BA, Buenos Aires
Woodvale Meeting Room (1974) Trust, Belfast
Cardiff Gospel Hall Trust, Cardiff
Föreningen för Gudstjänstlokal I, Helsingborg
Mostyn Gospel Hall Trust, Leicester
Allerton Gospel Hall Trust, Liverpool
Oulton Gospel Hall Trust, Lowestoft
Dolafon Gospel Hall Trust, Newtown
Ente Cristiano Evangelica Dei Fratelli, Rome
Holyhead Road Gospel Hall Trust, Shrewsbury
Stafford Gospel Hall Trust		 2023
£
2022
£
306,297
150,000
-
50,000
-
25,318
-
6,000
37,500
-
75,000
-
100,000
-
16,500
-
150,000
-
45,000
-
400,000
-
25,000
-
5,000
-
75,000
-
1,235,297
231,318

6 Taxation

The Trust is a registered charity and is exempt from corporation tax on its charitable income, provided this is spent on charitable purposes.

7 Governance costs

Governance costs
Audit fee
Legal and professional fees		 2023
£
14,300
104,009
118,309		 2022
£
12,900
24,036
36,936

8 Staff and Trustees costs

The Charity has no directly employed staff. The day to day running of the Charity is carried out by the Trustees.

During the year £45,627 (2022: £48,765) was paid to C&H Stedman for company secretarial and accountancy services. Christopher Stedman, the company secretary of Central GH Trust, is a partner in C&H Stedman.

Page 18

CENTRAL GH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9 Tangible fixed assets

Cost
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for year
31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Intellectual
Property
Equipment
£
£
20,000
1,062
-
-
20,000
1,062
6,000
1,062
4,000
-
10,000
1,062
10,000
-
14,000
-		 Total
£
21,062
-
21,062
7,062
4,000
11,062
10,000
14,000

All fixed assets are used for charitable activities.

Page 19

CENTRAL GH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10 Investments

Investment property
Investments
Investment property
Market value at 1 January 2023
Impairments during the year
Market value at 31 December 2023		 2023
£
348,300
7,720,584
8,068,884		 2022
£
552,897
7,444,447
7,997,344
2023
£
552,897
(204,597)
348,300

In the opinion of the Trustees, the carrying value of the property as at 31 December 2023 is an accurate reflection of fair value.

Investments

As at 1 January 2023
Additions
Gains/(Losses)
At 31 December 2023		 2023
£
7,447,447
-
276,137
7,723,584

Investments represent the Charity’s holding in the Vision Investment Fund Unit Trust, managed by Crestbridge Group Services Limited.

11
Programme related investments
Advances to Christian religious charities
Loans repayable in over one year:
Brought forward at 1 January
Loans made
Loans repaid
Carried forward at 31 December		 2023
£
3,366,080
3,775,000
(1,511,793)
5,629,287		 2022
£
4,881,007
1,205,000
(2,719,927)
3,366,080

The above loans are provided to registered charities and are interest free.

Page 20

CENTRAL GH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12
Debtors
Amounts falling due within one year:
Gift Aid recoverable
Payroll giving receivable
Prepayments
13
Current Investments
Market value at 1 January 2023
Additions
Disposals
Market value at 31 December 2023
14
Creditors: amounts falling due within one year
Loans
Accruals and deferred income
Trade creditors		 2023
£
108
1,084
35,269
36,461
2023
£
-
-
-
-
2023
£
3,111,764
17,919
19,735
3,149,418		 2022
£
564
1,458
8,199
10,221
2022
£
2,000,000
-
(2,000,000)
-
2022
£
-
16,483
22,394
38,877

Page 21

CENTRAL GH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15 Movement in funds

Unrestricted funds
Restricted funds
Woodlands
Finchley
Total funds
Unrestricted funds
Restricted funds
Woodlands
Finchley
Total funds		 At 1
January
2023
£
18,805,799
385,100
159,470
544,570
19,350,369
At 1
January
2022
£
18,661,925
489,500
286,388
775,888
19,437,813		 Incoming
resources
£
488,602
-
-
-
488,602
Incoming
resources
£
306,454
-
-
-
306,454		 Outgoing
resources
£
(1,184,466)
(385,100)
(159,470)
(544,570)
(1,729,036)
Outgoing
resources
£
(107,027)
(104,400)
(126,118)
(231,318)
(338,345)		 Investment
Gains
£
276,137
-
-
-
276,137
Investment
Losses
£
(55,553)
-
-
-
(55,553)		 At 31
December
2023
£
18,386,072
-
-
18,386,072
At 31
December
2022
£
18,805,799
385,100
159,470
544,570
19,350,369

Restricted funds in prior periods related to:

Woodlands – Assets transferred to the charity from Woodlands Meeting Room Trust (registered charity number 1162840) during the year ended 31 December 2018. As the objects of Woodlands Meeting Room Trust were narrower than that of the charity with regards to charitable lending, these assets have been treated as restricted income in the financial statements of the charity. On the repayment of the loans, the charity has made grants from the restricted funds in line with the objects of the Woodlands Meeting Room Trust.

Finchley – Assets transferred to the charity from Finchley Gospel Hall Trust (an unregistered charity) during the year ended 31 December 2021. As the objects of Finchley Gospel Hall Trust were narrower than that of the charity, these assets have been treated as restricted income in the financial statements of the charity. The charity has made grants from the restricted funds in line with the objects of the Finchley Gospel Hall Trust.

Page 22

CENTRAL GH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16 Analysis of net assets between funds

At 31 December 2023
Tangible fixed assets
Investment property
Investments
Programme related fixed assets
Cash
Debtors
Creditors
At 31 December 2022
Tangible fixed assets
Investments
Programme related fixed assets
Cash
Debtors
Creditors		 Unrestricted
funds
£
10,000
348,300
7,720,584
5,629,287
7,790,858
36,461
(3,149,418)
18,386,072
Unrestricted
funds
£
14,000
7,997,344
2,980,980
7,842,131
10,221
(38,877)
18,805,799		 Restricted
funds
£
-
-
-
-
-
-
-
-
Restricted
funds
£
-
-
385,100
159,470
-
-
544,570		 Total
funds
£
10,000
348,300
7,720,584
5,629,287
7,790,858
36,461
(3,149,418)
18,386,072
Total
funds
£
14,000
7,997,344
3,366,080
8,001,601
10,221
(38,877)
19,350,369

17 Related parties

Oliver Whiley is also a Trustee of Silverdale Gospel Hall Trust. Silverdale Gospel Hall Trust has an outstanding loan balance owed to CGHT of £nil as at 31 December 2023 (2022: £nil).

During the year donations of £nil were received from Trustees (2022: £nil).

Page 23

CENTRAL GH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18 Reconciliation of net expenditure to net cash flow from operating activities

Net expenditure per the SOFA
Adjustments for:
Depreciation
(Gains)/Losses on investments
Impairment
Increase in debtors
(Decrease)/Increase in creditors
Net cash used in operating activities
19
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents
20
Analysis of changes in net debt
Cash
Loans owed to the charity due
within one year
Loans owed by the charity due
within one year
At 1
January
2023
£
8,001,601
3,366,080
-
11,367,681		 2023
£
(964,297)
4,000
(276,137)
204,597
(26,240)
(1,225)
(1,059,300)
2023
£
7,790,858
7,790,858
Cash flows
Non-cash
movement
£
£
(210,743)
-
2,263,206
-
(3,111,764)
-
(1,059,301)
-		 2022
£
(87,444)
4,000
55,553
-
(1,486)
23,236
(6,141)
2022
£
8,001,601
8,001,601
At 31
December
2023
£
7,790,858
5,629,286
(3,111,764)
10,308,380

Page 24

CENTRAL GH TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

21 Comparative Statement of Financial Activities

Income from:
Donations and legacies
Collections and donations
Gift aid recoverable
Investments
Investment income
Total income
Expenditure on:
Charitable activities
Assistance to other trusts to
provide Christian places of worship
Total expenditure
Losses on investments
Net income/(expenditure)
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
£
215,213
23,206
68,034
306,454
107,027
107,027
(55,553)
143,874
-
143,874
18,661,925
18,805,799		 Restricted
funds
£
-
-
-
-
231,318
231,318
-
(231,318)
-
(231,318)
775,888
544,570		 Total
2022
£
215,213
23,206
68,034
306,454
338,345
338,345
(55,553)
(87,444)
-
(87,444)
19,437,813
19,350,369		 Total
2021
£
759,014
28,893
47,088
834,995
568,049
562,223
-
266,946
-
266,946
19,170,867
19,437,813

Page 25

Central GH Trust Final Accounts 2023

Final Audit Report

2024-09-04

Created: 2024-09-04 By: Amelia Stedman (amelia@candhstedman.com) Status: Signed Transaction ID: CBJCHBCAABAAjpseoDSfxdP6eIiaIKbjZWCeSgUEWY2N

"Central GH Trust Final Accounts 2023" History

Document created by Amelia Stedman (amelia@candhstedman.com) 2024-09-04 - 7:02:24 AM GMT

Document emailed to Oliver Whiley (oliverwhiley@btinternet.com) for signature 2024-09-04 - 7:02:28 AM GMT

Email viewed by Oliver Whiley (oliverwhiley@btinternet.com) 2024-09-04 - 3:03:43 PM GMT

Document e-signed by Oliver Whiley (oliverwhiley@btinternet.com) Signature Date: 2024-09-04 - 3:04:04 PM GMT - Time Source: server

Agreement completed.

2024-09-04 - 3:04:04 PM GMT