Doujsign Envelope ID.. s5C3c18F9Ig414c-BB72-731IES69AG46 CENTRAL GH TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ,Thiiiiill *AEBWJYGZ• 2610912025 COMPANIES HOUSE A29 REGISTERED COMPANY NO. 06656919 REGISTERED CHARITY NO. 1125717
Docusign Envelope ID.. 55C3C1BF.0919414C_BB72_7311E569ACA8 CENTRAL GH TRUST CONTENTS Page Company Information Trvstees. Report Independent Auditors, Report 7-10 Statement of financial activities li Balance sheet 12 Cashflow statement 13 Notes to financial statements 14-25
Dow5ign Envelope ID.. 55c3c1BF-D9114C-8B72-73ll E569ACA8 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 reglstration number 1125717 {England & Wales) Company registration number 06656919 (England & Wales) Independent auditors Saffery LLP 71 Queen Victorla Street London EC4V 4BE Bankers Natwest Bank plc Watford Town Centre Branch 72-74 High Street Watford Herts WD17 2GZ Investment Managers Cazenove Capital l London Wall London EC2Y SAU Page 2
Oo¢uslgn Envelope ID.. 55C3Cl8F9ly14c.8872-7311ES69ACAa CENTRALGH TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and the audlted flnancial statements for the year ended 31 December 2024. Structure, Governance & Management Constitution The charity was incorporated on 25 July 2008 as a company limited by Buarantee 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 liablllty 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 exlsting Trustees. There is an informal interview, indurtion and tralnlng process for any new Trustee. The Trustees who serrfed during the year are shown below: Laurie Pollard Colin 8arnes Oliver Whiley Cyril Parsons Public benefit The Trustees have referred to the guldance contalned In the Charity Comm1551on'$ 8eneral guidance on public benefit when reviewing the alms and objectives and In planning the future activities. In partlcular 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 th'e 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 Ihat such charities themselves demonstrate public benefit. Risk review The major 5trateglc, business and operational risks whlch the charity faces are under continuous review bv 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 ri5k5 are that grants could be used for purposes other than those described in formal applications and that gospel halls could be used for non-charltable purposes. The trustees mitigate these risks with the following procedures: Administrative arrangernents are in place to prevent misappropriation of cash funds by local co- ordinators, Periodic reviews are rnade to ensure that local trustees abide by their agreement on loan repayment terms. In the event of real difficulties a revised repayment schedule may be agreed. The reserves policy is such that normally sufficient cash is held to enable programmes of support to continue if loan repayments fall short. Page 3
Oocu5ign Envelope ID.. 55C3C1BF-D919414C-BB72-7311E569ACA8 CENTRAL GH TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Contact is maintained with trustees of local trusts some of which carry temporary cash surpluses which they would be willin8 to lend to CGHT. Where CGHT supports a local project it is now part of standard procedure to request a financial statement showing total cost and sources of finance to confirm that CGHT'S contribution has been included in full. Trustees and affiliates maintain contact with local trustees and local congregation members and would quickly become aware of any changes in use which would be a breach of the grant or loan application. There is a fall-back clause in loan agreements that enables CGHT trustees to recall the balance of any loan 8ivin8 three months. notice in writlng. Objertives and Actfvlties The objects of the Charlty are: The advancement of the Christian faith in particular by the provision of churches, gospel halls and other structures and facilities for Christian worship and the 8ivin8 of 35S15tance to those involved in their construction, repair, improvement and maintenance in such ways as are exclusively charitable, and; Such other charltable purposes as the Mernbers see flt. The Charitrfs princlpal objectives are: To provide support and guidance. regarding the construction and maintenance of places of worship, and To asslst other Chrlstlan rellglous charitles by provldlng grants and loans for the development of places of worship. Achlevements and Performance Grant makinq 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. Durin8 the year the Charity made 8rants of £734,24912023.' £1,235,297), and at the year-end there were loans made to Christian religious charities of £6.558.464 (2023: £5,629.1871, Financial Review The net movement in funds amounted to a surplus of £1,328,651 {2023.. deficit of £964,297), of which deficit of £571,349 related to unrestricted funds {2023., deficit of £419,727} and a surplus of £1,900,000 related to restricted funds. These movements are detailed in the statement of financial activities on page 11. Following the closure or merger of several gospel hall localities surplus funds arising from the sale of land & property have been donated to CGHT by local trustees. It is the intention of Trustees to maintain the level of cash resources at a level which allows expenses and grants to be met. Page 4
DoussSgn EnlOpe ID.. 5SC3C18F.D919414C-8872-7311 E569ACA8 CENTRAL GH TRUST TRUSTEES, REPORT FOR THE YEAR ENOED 310ECEM8ER 2024 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 facilitie5 for Christlan worship. As a general policy. the trustees alm to hold approximately £2 - £5 million as a cash reser4e, 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 reser4e would be entirely adequate. They are also aware of the fact that there are local trusts wlth slmllar charitable purposes holdln8 Significant surplus cash and thal loans could be arranged at short notice. Peareth Hall Farm was sold in June 2024 for £348,OiJJ less costs. At 31 December 2024, the level of general unrestricted funds was £17,817,723 {2023'. £18,386,072) and restrlcted funds was £1,900,00012023'. £nlll. 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 £14.411.86912023: £15,160,249). Investment policy Any surplus resources are held as cash to allow 8rants and loans to be made promptly and surplus funds attract interest. The previously used Vision Investment Fund was ended on 20 June 2024 the trustees received the closing balance of £7,782,900. In anticipation af this closure, arrangements were in hand for the investment of CGHT'S surplus funds with Ca2enove. Followlng liaison with their charity team the trustees a8reed a mixed portfolio of: al Treasury Bills b) Liquidity Funds c) Cash Deposits On 17 July 2024 the trustees invested £7,750,000 with C32enove. At 31 December 2024 the portfollo value was £7,913,032. Future Plans The charity plans to contlnue to assist Chrlstian religious charities through loans and grants, Post Balance Sheet Matters The Luton loan of £1,200,000 wa5 repaid in its entirety in January 2025. A loan of £1,200,000 was made to Gillingham in the same month. Page 5
Dowsign Envelope ID: SSC3C18F.D919414C.BB72-7311E569ACA8 CENTRAL GH TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Responslbilities 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 incorne and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to: select sultable accounting policies and then apply them consistentlv; observe the methods and principles In the Charities SORP; make judgernents and estirnates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financlal statements on the 80ing concern basis unless bt Is Inapproprlate to presume that the charity will continue in business. 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 Aet 2006. They are a150 fespuiisible for safeguardin8 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: there is no relevant audit information of which the charitable company's auditor is unaware; and the trustees have taken all steps that they ou8ht to have taken to make themselves aware of anv relevant audit information and to establish that the auditor is aware of that information. This report was prepared in accordance with the special provisions of Part 15 of the Companies Art 2006 relatin8 to small companies. Signed on behalf of the Trustees on 22 September 2025 Slqn¢d ty. 13 318CF0478... Oliver tVhiFey Trustee Page 6
tyocvsign Envelope ID.. 55C3c18F_091l4c-BB72_73ll E569ACA8 CENTRAL GH TRUST INDEPENDENT AUDITORS REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2024 Oplnlon We have audited the flnancial statements of Central GH Trust for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet. the Statement of Cash Flows and the notes to the f inancial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applica ble 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.. glve a true and falr vlew of the charltable company's state of affairs as at 31 December 2024 and of its incomin8 resources and application of resources, includin8 its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the Companies Act 2006. Basls for oplnlon We conducted our audit In accordance wlth Internatlonal Standards on Auditing IUKI IISAS IUKII and pplicable law. Our responsibilities under those standards are further described in the Auditoes re5pon5ibilities 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 relatlng to 805ng concern In auditing the financlal statements, we have concluded that the trustees, use of the going concern basls of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertalnties relating to events or conditions that, Individually or collectively, may cast signifitant doubt on the charitable company's ability to continue as a Eoing 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 audilor'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
Do$Ign Envelope ID.. 55C3C1BF-D919414&8872-7311E569ACA8 CENTRAL GH TRUST INDEPENDENT AUDITORS REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 DECEMBER 2024 Our responsibility is to read the other information and, in doing so, consider whether the other information Is rnaterially inconsistent with the financial statement5 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 material misstatement of this other information we are required to report thai fact. We have nothlng to report in this regard. Opinions on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the Information 8iven in the Tru5tees' Report which includes the Dirertors, Report for the flnancial year for which the financlal statements are prepared is conslstent wlth the financial statements, and the Trustees, Report which includes the Dlrectors, Report has been prepared In accordance with applicable legal requirements. Matters on which we are required lo report by exception In the light of the knowledge and understanding of the charltable company and Its environment obtalned In the course of the audlt, we have not identified materlal misstatements in the Trustees. Report. We have nothin8 to report in respect of the followin8 matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been recelved from branches not visited by us; or the flnancial statements are not In agreement with the'accountln8 records and returns. or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and to take advantage of the small companies exemption in preparing the Trustees, Report. Responsibilitles of trustees As explained more fully in the Trustees. Responsibilities Staternent set out on page 6, the tiustee5 {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 statement5 that are free from materlal rnlsstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable companws 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
Doujsign Envelope 10.. 55C3C18F-D919414C-B872-7311 E569ACA8 CENTRAL GH TRUST INDEPENDENT AUDITORS REPORT TO THE MEMBERS FOR THE YEAR ENDED 31 OECEMBER 2024 Audltorfs responsibllltles for the audlt of the financlal statements We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Art. 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 10 155ue an auditorfs report that includes our oplnlon. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detert a material mi5Statement when it exists. Misstatements can arise f rom fraud or error and are tonsidered 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, Includln8 fraud, are Instances of non-compliance with laws and re8ulations. We design procedures in line wrth 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 financlal statements to materlal misstatement and how fraud mlght occur, includlng through dlscu$51ons wlth the trustees, dlscusslons within our audlt team planning meeling, 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 ihe sector in which the charitable company operates. Laws and regulatlons of direct slgnlflcance in the context of the charitable cornpany Include The Companies Act 2006, and guidance issued by the Charity Commlssion for England and Wales . Audit response to risks identified: We considered the extent of compllance with these laws and regulatlons as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charltable company's records of breaches of laws and regulations, mlnutes of meetings and correspondence with relevant authorities to identlfy potential material misstatements arising. We discussed the charitable company's policies and procedures for compliance with laws and regulations with member5 of rnanagement responsible for compliance. Durin8 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 wlth laws and regulatlons 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 ensurlng that the team had approached thelr work wlth appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. Page 9
Docysign Envelope ID.. 55C3C18F-0919414C-B872-7311E569ACA8 CENTRAL GH TRUST INDEPENDENT AUDITORS REPORTTO THE MEM8ERS FOR THE YEAR ENDED 310ECEMBER 2024 There are inherent limitations in the audit procedures described above and the further removed non- compliance 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 rnay involve deliberate concealment by, for exarnple, forgery or intentional misrepresentations. or through collusion. A further description of our responsibilities Is avallable on the Financlal Reportln8 Council's website at., www.frc.or auditorsres onsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charltable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companles 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 auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume respon51blllty 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. eplember 2025 3001•09JF103•C•... Cara Turtlngton (Senlor Statutory Auditor) for and on behalf of Saffery LLP Statutory Auditors 71 Queen VSctoria Street London EC4V 48E Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companie5 Act 2006 Page 10
Docusign Envelope ID.. 5SC3C18F-D919414C-BB72-7311E569ACA8 CENTRAL GH TRUST STATEMENT OF FINANCIAL ACTIVITIES Ilncorporating the income and expenditure account) FOR THE YEAR ENDED 310ECEMBER 2024 Unrestrlcted funds Restrlcted funds Total 2024 Total 2023 Income from: Donotions ond legacies Collections and donations Gift aid recoverable Investment5 Investment income 19.868 1,274 1,900,000 1,919,868 1,274 254,080 8,687 413.983 413,983 225,835 Total Income 435,125 1,900,000 2,335.125 488,602 Expendlture on: Choritable artivities Assistance to other trusts to provide Christian places of worship Total expendlture 1,164,972 1,164,972 1,729,036 1,164,972 1,164,972 1,729,036 Net lexpendlture)Ilncome 1729,8471 1,900.000 1,170,153 (1,240,434) Gains on investments io 161,498 161,498 276,137 Transfers between funds Net movement In funds 1571,3491 1,900,000 1,328,651 1964,297) Total funds brought forward 18,386,072 18.386,072 19,350,369 Total funds carried forward 17,817,723 1,900.000 19,717,723 18,386,072 All the above results are derlved from continuing activitles. The charity has no other recognlsed galns and losse5 from those stated above. The notes on pages 14 to 25 form an integral part of these financial statements. PaEe 11
Do$n Envelope 10.. 55C3C1BF.0919414C.BB72.7311E569ACA8 CENTRAL GH TRUST BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible fixed assets Investments Programme related investments 6,000 7.913.032 6,558.464 10,000 8,068,884 5,629,287 io li 14,477,496 13,708,171 Current assets Debtors due in less than one year Cash at bank and in hand 12 55,632 8,430.256 36,461 7,790,858 8,485,888 7,827,319 CredltOfS: Amounts fallln8 due wlthin one year 13 13,245,661) {3,149,4181 Net current assets 5,240.227 4,677,901 Total assets less current liabilities 19,717,723 18,386,072 Net assets 19.717.723 18,386,072 Represented by: Restricted funds Unrestricted funds 15 15 1,900.000 17,817,723 18,386,072 Total funds 19.717,723 18,386,072 The notes on pages 14 to 25 form an integral part of this statement of financial actlvities. The financial statements were approved by the Trustees on 22September 2025 and signed on their behalf by: Sl9ned by.. WMIty OLI VEIL ihl hlLÉ Trustee Company number: 066569191En8land & Wales) Page 12
Doujsign Envelope ID.. 55C3C18F-D9l14C-8B72-7311E5S9AcA8 CENTRAL GH TRUST STATEMENT OF CASH FLOWS AS AT 31 DECEMBER 2024 2024 2023 Cash flows from operatlng activltles: Net cash provided by/ fused inj open7tinq artivitles 16 1,176,978 {1,059,3001 Cash flows from investlng actlvities: Purchase of investments Dlsposal of investments Income from investments Receipt from disposal of investment propertv New charitable loans provided Receipts from charitable loan repayments Net CQsh provided by investing qrtivities 17,813,850) 7,785.900 63,850 317,743 11,700,000) 770,821 {578,5361 13,775,000) 1,511,793 12,263,207) Cash flows from financlng activities: Repayment of borrowin8 Cash Inflows from new borrowlng Net cash provided byllnanclng artlvltles 11,596,840) 1,634.796 37,956 3,111,764 3,111,764 Change In cash and cash equivalents in the year Cash and c•sh equlvalents at l January 2024 Cash and cash equlvalents at 31 December 2024 639,398 7,790,858 8.430,256 {210,743) 8,001,601 7,790,858 18 The note5 on pa8es 14 to 25 form an integral part of thls statement of financial actlvltie5. Page 13
Docuslgn Envelope ID." 55C3C18F-D919414C-8872-7311ES6gACA8 CENTRAL GH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies 1.1 Company Informatlon Central GH Trust is incorporated in England and Wales as a re8lStered charity and a company limited by guarantee. The registered offlce Is Noble House, Eaton Road, Hemel Hempstead, Herl5 HP2 7UB. 1.2 Basis of preparatlon 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 Charitles preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the UK and Republic of Ireland {FR51021. the Financial Reporting Standard applicable in the UK and republic of Ireland IFRS 1021 and the Companies Act 2006. The Central GH Trust meets the definition of a public benefit entily under FRS 102. Assets and Ilabllltles are wholly recognised at historical costs or transaction value unless Otherwise stated in the relevant accounting policy notelsl. 1.3 Going Concern The trustees have tonsidered the operatin8 Positlon of the charlty and are of the opinlon that there are no material uncertalntles regarding the charlty's ability to continue as a goin8 concern. 1.4 Incomlng resources All income is recognised once the charity has entitlement to the income, it is probable thal the income will be received and the amount of income receivable can be measured reliably. 1.5 Resources expended Expenditure 15 recognlsed 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 dlrectly attributed they have been allocated to activities on a basls conslstent with use of the resources. Grants are charged to expenditure when the obligatlon In relation to each grant arises. Unpaid grants are included in creditors in accordance with the requirements of FRSIO2. Direct costs comprlse costs Incurred directty In generatln8 funds and for charltable purposes. Support costs comprise costs incurred dirertly in sUPPQrt 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 wlth constltutlonal and statutory requirernents. Page 14
Docusign Envelope ID.. 5sc3c18F9194l4C.8B7?-73l IE569ACA8 CENTRAL GH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountln8 policies Icontinuedl 1.6 Fund accountlng Unrestricted funds are available for use at the discretlon of the Trustees In furtherance of the general objectives of Central GH Trust. Restricted funds relate to assets transferred to the charity from Mays Lane Gospel Hall Trust and Harrow Gospel Hall Trust. As the objects of both Trusts are narrower than that of the charity with re8ards to charitable lending. these a55et5 have been treated as restrlcted In the financlal statements of the charity. See note 14 for further details. 1.7 Programme related investments Loans are made to Christian rellglous charities. These are made to further the charitrfs objects rather than to create financial Eain. 1.8 Tan8lble flxed assets and depre¢latlon Tangible fixed assets are stated at cost including any Incldental expenses of acquisition. Assets are capitalised where the unit cost exceeds £500. Depreciation is provided on all tan8ible 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% stralght line 1.9 Investment property Investment property is initially measured at transaction price excludin8 transaction costs and is subsequently measured at fair value at each reporting date. The Statement of Financial Activities irbcludes the net gains or losses arising on revaluatlon and disposals throughout the year. ND depreclatlon 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 arlsing on revaluation and disposals throughout the year. 1.11 Flnancial Instruments The charity only has financial assets and financial Ilabilities of a kind that qualify as baslc flnanci31 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 reco8nised 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
Docusign Envelope ID". 55C3C16F-D919414C-B872-7311E569ACA8 CENTRAL GH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 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 Credltors and provlslons Creditors and provisions are recognised where the charlty has a present obligation iesulting frorn 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 Crltlcal accountlng Judgements and key sources of estimation uncertalnty In the application of the accounting policies, the Trustees are required to make Judgement, estimates and assurnption5 about the carrying arnount 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 and none were identified for the current year. Income 2024 2023 Donations received (unrestricted) Donations received {restrictedl 19,868 1,900,000 1,919,868 254.080 254,080 Investment Income 2024 2023 8ank Interest received Loan interest received Interest from investments Dividends from investments 350,133 225,833 3,169 60,682 413,983 225,835 Page 16
Oocusign Envelope ID.. 55C3c1BF-D91lIc-8B72-731l E569ACA8 CENTRAL GH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Expendlture Grants Support costs Governance costs Depreciation and loss on disposal Other charitable activities 2024 Total Restricted funds: Assistance to other Trusts Unrestricted funds: Assistance to other Trusts 705,888 311,456 99,556 19,711 28,361 1,164,972 705,888 311,456 99,556 19,711 28,361 1,164,972 Grants Support Costs Governance costs Depreciatlon lrnpalrment 2023 Total Re5trlcted funds: Assistance to other Trusts 544,570 544,570 Unrestrlcted funds: Assistance to other Trusts 690,727 166,833 118,309 4,000 204,597 1,184,466 1,235,297 ,166,833 118,309 4,000 204,597 1,729.036 The surplus for the year Is stated after charging: 2024 2023 Audit fees Depreciation 18,000 4,000 14,300 4,000 Page 17
Oocusign Envelope ID.. 55C3C1BF-0919414¢-BB72-7311E569ACA8 CENTRAL GH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Grants Awarded The Charity makes grants to Christian religious charities for the development of places of worship. 2024 2023 KMLF, Copenhagen Woodvale Meeting Room {19741 Trust, Belfast Cardiff Gospel Hall Trust, Cardiff Fofeningen for Gudstjanstlokal 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 The Leewood Gospel Hall Trust Portswood Gospel Hall Trust St Au5tell Gospel Hall Trust Trinidad Meetlng Room Trust The Havelock Trust EV Zurich Trust 306,297 37,500 75,000 loo.000 16,500 150,000 45,000 400,000 25,000 5,000 75,000 50,000 215,000 15,000 79,848 200,000 146,040 705,888 1,235,297 Taxatlon The Trust is a reglstered charity and Is exempt from corporation tax on its charltable income, provided this is spent on charitable purposes. Governance costs 2024 2023 Audit fee Legal and professional fee5 18,000 81,556 99.556 14,300 104,009 118,309 Page 18
Docusign Envelope10.' 5sc3c1BF919411c-B872-73ll E569ACA8 CENTRAL GH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Staff and Trustees costs and Related Party Tran5actlons The Charity has no directly employed staff. The day to day running of the Charity is carried out by the Trustees. During the year £44.18312023: £45.6271 was paid to C&H Stedman Ltd (formerly C&H Stedman, untll 16 September 20241 for company secretarial and accountancy services. Christopher Stedman, the company secretary of Central GH Trust, was a partner in C&H Stedman and is a shareholder in C&H Stedman Ltd. During the year payments of £20,00012023 £nill were made to Cyril Parsons under a contract for seplices. The duties fulfilled under this contract were separale to his duties as a Trustee of the Charlty. Expenses totalling £31,166 were reimbursed to 3 Trustees during the year. Tanglble flxed assets Intellectual Property Equipment Total Cost At l January 2024 Additions 20,000 1,062 21,062 At 31 December 2024 20,000 1,062 21,062 Depre¢lation At l January 2024 Charge for year 31 Oecember 2024 10,000 4,000 14,000 1,062 11.062 4,000 15,062 1,062 Net book value At 310ecember 2024 6,000 6,000 At 310ecernber 2023 10,000 10,000 All fixed assets are used for charitable activities. Page 19
Doojsign Envelope ID.. 55C3C1BF-D919414&8B72-7311E569ACA8 CENTRAL GH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 10 Investments 2024 2023 Investment property Investments 348,300 7,720,584 8.068,884 7,913.032 7,913.032 Investment property 2024 Market value at l January 2024 Disposals during the year Market value at 31 December 2024 348,300 (348,3001 Investments 2024 A5 at l January 2024 Additions Disposals Gains At 31 December 2024 7,723,584 7,813,850 17,785,900) 161.498 7,913,032 Investmenls in the prior year represented the Charity's holding In the Vision Investment Fund Unlt Trust, managed by Crestbridge Group Services Limited. During the year the Charity di5POsed of these funds and reinvested them with Cazenove. 11 Programme related Investments 2024 2023 Advances to Christian religious charitles Brought fonvard at l January 2024 Loans made Loans repaid 5,629,287 1,700,000 (770,823) 3,366,080 3,775,000 {1,511,7931 Carried forward at 31 December 2024 6,S58,464 5,629,287 The above loans are provided to registered charities and are interest free. Page 20
DO$1g Envelope ID: 55c3c1BF-D9114c_B872-73ll E569ACA8 CENTRAL GH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 12 Debtors 2024 2023 Amounts falling due within one year: Gift Aid recoverable Payroll giving receivable Other debtors Prepayments 287 1,413 25,000 28,932 55.632 108 1,084 35,269 36,461 13 Credltors: amounts falllng due wlthln one year 2024 2023 Loans Accruals and deferred income Trade credbtors 3,149,720 87,051 8,890 3,111,764 17,919 19,735 3,245,661 3,149,418 Page 21
Docusign Envelope ID.. 55C3C18F-0919414C-B872-7311 E569ACA8 CENTRAL GH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14 Movement In funds Atl January 2024 Incoming resources Outgoing resources Investment Gains At31 December 2024 Unrestrlcted funds 18,386,072 435,125 (1,164,972) 161,498 17,817,723 Restrlcted funds Harrow Mays Lane 400,000 I,soo,000 1,900,000 400,000 1,500,000 1,900,000 Total funds 18,386,072 2.271,275 11,164.9721 225,348 19.717,723 Atl January 2023 Incornlng resources Out8oin8 resources Investment Gains At31 December 2023 Unrestrlcted funds 18,805,799 488,602 {1,184,4661 276,137 18,386,072 Restrlcted funds Woodlands Finchlev 385,100 159,470 544,570 (385,1001 (159,4701 (544,5701 Total funds 19,350,369 488,602 11.729,0361 276,137 18.386,072 Current year restricted funds relate to: Harrow - Funds were transferred to the charity from Harrow Gospel Hall Trust Ireglstered charity number 11590741 in September 2024. As the objects of Harrow Gospel Hall Trust were narrower than that of the charity with regards to charitable lending. these a55ets have been treated as restricted incorne in the financial statements of the charity. Mays Lane Funds were transferred to the chartty from M3ys Lane Gospel Hall Trust (registered charity number 1166837) in September 2024. As the objects of Mays Lane Gospel Hall Trust were narrower than that of the charity with regards to charitable lendin8, these assets have been treated as restricted income in the financial statements of the charity. Restricted funds in prior periods related to: Woodlands Assets transferred to the charity from Woodlands Meeting Room Trust (registered charity number 11628401 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 Page 22
DO619n Envelope ID.. 55c3c1BF-D9114c-B872-73ll E569ACA8 CENTRAL GH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 assets have been treated as restricted income in the financial statements of the charity. On the repayment of the loans, the charity has rnade grants from the restricted funds in line with the objects of the Woodlands Meeting Room Trust. Finchley - Assets transferred to the chaf ity from Finchley Gospel Hall Trust {an unregistered charity) during the year ended 31 December 2021. On the repayment of the loans, the charity has made grants from the restricted funds in line with the objects of the Finchley Gospel Hall Trust. IS Analysis of net assets between funds At 31 December 2024 Unrestrirted funds Restricted funds Total funds Tan8lble flxed a55etS Investments Prograrnme related fixèd assets Cash Debtors Creditors 6,000 7,913,032 6,558,464 6,530,256 55,632 {3,245,6611 6,000 7,913.032 6,558,464 8,430,256 55,632 13,245,661) 1,900,000 17,817,723 1.900.000 19,717,723 At 31 December 2023 Unrestrlcted funds Restrlcted funds Total funds Tangible fixed assets Investments Programme related fixed assets Cash Debtors Creditors 10,000 348,300 7,720.584 5.629,287 7,790,858 36,461 (3,149,418) 18,386,072 10,000 348,300 7,720,584 5,629,287 7,790,858 36,461 {3,149,418) 18,386.072 Pa8e 23
DoSIgn Envelope ID.. 55C3C18F.0919414C_BB72.7311 E569ACA8 CENTRAL GH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 16 Reconciliation of net expendlture to net cash flow from operatlng actlvltles 2024 2023 Net Income/(expendlture) per the SOFA Adjustments for.. Depreciation IGains)ILosses on investments Income from investments Loss on investment property disposal Ilncreasel/ In debtors Increaselldecreasel in creditors Net cash used In opemtlng actlvltles 1,328,651 {964,297) 4,000 {161,4981 (63,850) 19,711 119,171) 69,135 1,176,978 4,000 1276,1371 204,597 126,2401 (1,2251 11,059.3021 17 Analysls of cash and cash equlvalents 2024 2023 Cash at bank and in hand ,430,256 7,790,858 Total cash and cash equlvalents ,430,256 7,790,858 18 Analysls of changes in net debt Atl January 2024 At31 December 2024 Non-cash movement Cash flows Cash Loans owed to the charity due within one year Loan5 owed by the charity due within one year 7.790.858 5,629,286 639.398 929,178 8,430,256 6,558,464 13,111,764) 137,9561 (3,149,720) 10,308,380 1,530,620 11,839,000 Page 24
Docusign Envelope ID.. 55C3C18F-D919414C-BB72-7311E569ACA8 CENTRAL GH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2024 19 Comparatlve Statement of Flnanclal Actlvltles Unrestrirted Restricted funds Total 2023 Total 2022 funds Income from: Donotions and legocies Collections and donations Gift aid recoverable Investment5 Investment income 254.080 8,687 254,080 8,687 215,213 23,206 225,83S 225,835 68,034 Total Income 488,602 488,602 306,453 Expenditure on: Charitable octivities Assistance to other trusts to provide Christian places of worship Total expenditure 1,184,466 544,570 1,729,036 338,345 1,184,466 544.570 1,729,036 338,345. Losses on investments 276,137 276,137 155,5531 Net Incorne/{expendlture) {419,7271 1544,5701 1964,297) 187,4441 Transfers between funds Net movement In funds {419,7271 1544,570) 1964.297) 187,4441 Total funds brought forward 18,805,799 544,570 19,350,369 19,437,813 Total funds carried forward 18.386,072 18,386.072 19,350,369 Page 25