2023-04-05-accounts

Charity number: 1166831

THE PORTSDOWN GOSPEL HALL TRUST

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 5 APRIL 2023

THE PORTSDOWN GOSPEL HALL TRUST

CONTENTS

	Page
Reference and administrative details of the Charity, its Trustees and advisers	1
Trustees' report	2 - 5
Trustees' responsibilities statement	6
Independent auditors' report on the financial statements	7 - 10
Statement of financial activities	11
Balance sheet	12
Statement of cash flows	13
Notes to the financial statements	14 - 24

THE PORTSDOWN GOSPEL HALL TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2023

Trustees

Marcus Cowley, Chair (resigned 31 December 2022) John Lawson (resigned 31 December 2022) Clive Reynolds (resigned 31 December 2022) Lauren Moggach, Chair (appointed 31 December 2022) Adrian Smallridge, Treasurer (appointed 31 December 2022) Jared Moggach (appointed 31 December 2022) Phil Spencer (appointed 31 December 2022) Roy Stone (appointed 31 December 2022)

Charity registered number

1166831

Principal office

Brethren Gospel Hall Havant Road Horndean Waterlooville Hampshire PO8 0DR

Independent auditors

Baldwin Scofield Ltd Chartered accountants 3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH12 4RU

Bankers

Lloyds Bank plc PO Box 1000 Andover BX1 1LT

Page 1

THE PORTSDOWN GOSPEL HALL TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 5 APRIL 2023

The Trustees present their annual report together with the audited financial statements of the The Portsdown Gospel Hall Trust for the year 6 April 2022 to 5 April 2023.

Objectives and activities

 Policies and objectives

The Trust has the following charitable purposes:

1. The advancement of the Christian religion for the public benefit including by the carrying on of the service of God in accordance with the Old and New Testaments of the Holy Bible as followed by those Christians forming part of the world-wide fellowship known as the “Plymouth Brethren Christian Church (the “Brethren”) whose core doctrine and whose proper practices in furtherance of some of the aspects of that core doctrine (“Faith in Practice”) is summarised in the two Schedules to the New Trust Deed which is contained in the Second Schedule to the Deed of Variation dated 15 August 2014.

2. Any other charitable purposes connected with Brethren

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

 Activities undertaken to achieve objectives

The Trust provides and maintains gospel halls for the religious activities of Christians often referred to as 'Brethren'. Details of the origins, teachings and way of life of the Brethren can be found on their website - www.plymouthbrethrenchristianchurch.org.

The Trust’s main achievement this year has been to open the hall to the congregation and visitors and encouraging good works by them which benefit the wider community, as described below.

The trustees have also operated an Emergency Needs fund for the duration of the coronavirus pandemic and any resultant economic downturn. This is providing limited financial assistance by the way of grocery vouchers to households, who have experienced a recent and significant decrease in income due to the pandemic, such that it is likely to impact on the health and/or welfare of members of the household. The trust has appointed a Local Welfare Panel to manage the application process and to administer the vouchers to qualifying applicants.

 Volunteers

The charity is served by entirely volunteers. During the year around 115 members of the congregation were involved in open air preaching and maintenance and cleaning of the meeting rooms.

Page 2

THE PORTSDOWN GOSPEL HALL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

Objectives and activities (continued)

 Main activities undertaken to further the Charity's purposes for the public benefit

The trustees of The Portsdown Gospel Hall Trust confirm that they have complied with their duty under section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance to charities on public benefit, examples being supporting food banks, street preaching in areas local to the meeting halls, distribution of gospel booklets.

The life of a Christian

The following points are an extract from Schedule 1 of the Trust Deed. They outline the way of life of the Brethren as supported by the Holy Scriptures and how it contributes to public benefit;

1. We seek and are encouraged to live exemplary lives in all our relationships with others in the wider community (including former Brethren), in accordance with the teachings of Holy Scripture (1 Tim 2:2).

2. We regularly go out from our homes to preach on the streets, to distribute Christian literature and engage with the wider community (including former Brethren) in order to present eternal salvation, available to all men by faith in Jesus Christ. (2 Tim 4:2).

3. We seek as members of the public to lead Christian lives as husbands and wives, parents, children, employers, employees and neighbours. (Col 3:22-25, Col 4:1).

4. The preservation and protection of the family unit is fundamental and children are prized as a blessing from God. (Psalm 127:3-5). The elderly are valued members of the community, for whom both their family and the wider community are expected to care.

5. Holy Scripture commands us to be good neighbours to others, and deal with all other people (including former Brethren) openly, honestly and fairly and consistent with these principles, we should give our time, talents and money to assist those in need in the wider community, in so far as reasonable given our abilities and our available resources. (Matt 7:12, Matt 22:39, Eph 4:28).

Achievements and performance

 Main activities of the Charity

Meetings

Meetings held at the Gospel halls would normally include the Lord's Supper (Communion).

The meetings are attended by the regular congregation and most are open to other properly disposed visitors. The notice board outside the Hall welcomes visitors and displays the times of Gospel preachings, along with a telephone number for those seeking further information or help. Gospel tracts, which are distributed by street preachers, also display this information.

Bibles and an extensive range of other Christian reading material are on display at the halls and visitors are free to help themselves.

Spreading the Gospel message and the life of a Christian

The Gospel halls are a base from which the regular congregation and others who attend the meetings are encouraged to spread the Christian Gospel, in word and deed.

Members of the congregation participate in a programme of street preaching and Gospel tracts are provided free of charge by the Charity to such preachers to be handed out to interested members of the public.

In addition to street preaching, members of the congregation volunteer with Rapid Relief Team in support of the emergency services dealing with crisis situations with the provision of food packs etc.

Page 3

THE PORTSDOWN GOSPEL HALL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

Achievements and performance (continued)

 Review of activities

The normal activities of the Trust were maintained throughout the year. All of the Gospel Halls under the control of the Trust were used throughout the year to further its charitable objectives.

The congregation is kept regularly informed as to particular needs for funds, and other relevant matters.

Financial review

 Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

 Reserves policy

The Trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments. The Trustees consider that no reserves policy is needed as expenditure is very minimal and infrequent. The Trustees aim to ensure that the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure, by raising a funds appeal.

Free reserves at the year end were £Nil (2022: £765).

 Financial risk management objectives and policies

The Trustees have identified and reviewed the major risks to which the charity is exposed and confirm that they have established systems or procedures to manage and mitigate those risks.

 Principal funding

In the year ended 5 April 2023 the Trust had a surplus of incoming resources over resources expended amounting to £1,533,374. The deficit originally reported for 5 April 2022 of £5,893 has been restated to a surplus of £11,787 as the depreciation policy had been incorrectly applied in the past. Total voluntary income received this year was £1,556,515 compared to £1,789 in the previous year.

All funds held were unrestricted funds.

Structure, governance and management

 Constitution

The Portsdown Gospel Hall Trust is a registered charity, number 1166831, and is constituted under a Trust deed.

The Portsdown Gospel Hall Trust is constituted by a Deed of Trust dated 25 February 1999, amended by various Deeds and most recently by Deed of Variation dated 15 August 2014. The Trust was registered with the Charity Commission for England and Wales on 29th April 2016.

Page 4

THE PORTSDOWN GOSPEL HALL TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2023

Structure, governance and management (continued)

 Methods of appointment or election of Trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.

The Trustees who have served during the year and since the year end are set out on page 3. None of the Trustees, nor any person connected with them, received any remuneration or expenses from the Charity in the year ended 5 April 2023 (2022: £Nil).

Trustees are selected according to their experience in specialised fields and are expected to use that experience in furthering the objects of the Trust. Checks are made to ensure that there are no legal or other barriers to their appointment. New Trustees are nominated by the existing trustees and appointed by unanimous resolution of the Congregation. Incoming Trustees are made fully aware of their responsibilities by the existing Trustees who ensure that new Trustees read the Trust Deed and the relevant guidance for trustees published by the Charity Commission. The Trust has been operating two Gospel halls with four more added recently and Trustees are chosen from among the regular congregation of the halls.

 Related party relationships

The Trustees maintain informal links with Trustees of similar Trusts with a view to pooling experience considered useful in pursuing the objects of the Trust.

All utilities are paid for by the Waterlooville Gospel Hall Trust to which this trust is affiliated.

Plans for future periods

Despite the increased cost of energy, the trustees feel that these increased costs are not significantly impacting on the ability of the charity to continue as a going concern.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

• so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and

• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Auditors

The auditors, Baldwin Scofield Ltd, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

All transactions have been reviewed and approved by at least two trustees. The financial statements have been approved by order of the members of the board of Trustees on 2 February 2024 and signed on their behalf by:

(Chair of Trustees)

Lauren Moggach

Page 5

THE PORTSDOWN GOSPEL HALL TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 5 APRIL 2023

The Trustees 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).

The law applicable to charities in England & Wales 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 Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the 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 that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees on 2 February 2024 and signed on its behalf by:

Lauren Moggach (Chair of Trustees)

Page 6

THE PORTSDOWN GOSPEL HALL TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PORTSDOWN GOSPEL HALL TRUST

Opinion

We have audited the financial statements of The Portsdown Gospel Hall Trust (the 'charity') for the year ended 5 April 2023 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

• give a true and fair view of the state of the charity's affairs as at 5 April 2023 and of its incoming resources and application of resources 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 requirements of the Charities Act 2011.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 charity'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.

Page 7

THE PORTSDOWN GOSPEL HALL TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PORTSDOWN GOSPEL HALL TRUST (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. 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. 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or

• sufficient accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.

Page 8

THE PORTSDOWN GOSPEL HALL TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PORTSDOWN GOSPEL HALL TRUST (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those that relate to the reporting framework in conformity with the requirements of the Charities Act 2011 and the relevant direct and indirect tax compliance regulations in the United Kingdom.

We understood how the charity is complying with those frameworks by making enquiries of management to understand how the charity maintains and communicates its policies and procedures in these areas and corroborated this by reviewing supporting documentation and minutes of meetings of those charged with governance.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override to be a fraud risk. In addition, we considered the risk of management override by sampling from the entire population of journals, identifying specific transactions which did not meet our expectations based on specific criteria and investigated these to gain an understanding and then agree back to source documentation.

Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved verifying that material transactions were recorded in compliance with Financial Reporting Standards in conformity with the requirements of the Charities Act 2011.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 9

THE PORTSDOWN GOSPEL HALL TRUST

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PORTSDOWN GOSPEL HALL TRUST (CONTINUED)

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors' 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Baldwin Scofield Ltd

Chartered accountants Statutory auditors 3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH12 4RU 2 February 2024

Baldwin Scofield Ltd are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 10

THE PORTSDOWN GOSPEL HALL TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2023

Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net income/(expenditure) Prior year adjustment 12 Revaluation of properties Total transfers Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2023 £ 1,556,515 1 1,556,516 23,142 23,142 1,533,374 - 455,148 455,148 1,988,522 401,511 1,988,522 2,390,033	Total funds 2023 £ 1,556,515 1 1,556,516 23,142 23,142 1,533,374 - 455,148 455,148 1,988,522 401,511 1,988,522 2,390,033	As restated Total funds 2022 £ 1,789 1 1,790 7,683 7,683 (5,893) 17,680 - 17,680 11,787 389,724 11,787 401,511

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 14 to 24 form part of these financial statements.

Page 11

THE PORTSDOWN GOSPEL HALL TRUST

BALANCE SHEET AS AT 5 APRIL 2023

Note Fixed assets Tangible assets 9 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 10 Net current liabilities / assets Total net assets Charity funds Restricted funds 12 Unrestricted funds General funds 12 Revaluation reserve Total unrestricted funds 12 Total funds	766 766 (6,600) 1,934,885 455,148	2023 £ 2,395,867 (5,834) 2,390,033 - 2,390,033 2,390,033	765 765 - 401,511 -	As restated 2022 £ 400,746 765
				401,511
				- 401,511
				401,511

The financial statements were approved and authorised for issue by the Trustees on 02 February 2024 and signed on their behalf by:

Lauren Moggach

(Chair of Trustees)

The notes on pages 14 to 24 form part of these financial statements.

Page 12

THE PORTSDOWN GOSPEL HALL TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2023

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Dividends, interests and rents from investments Purchase of tangible fixed assets Net cash (used in)/provided by investing activities Cash flows from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year The notes on pages 14 to 24 form part of these financial statements	2023 £ 1,550,000 1 (1,550,000) (1,549,999) - 1 765 766	2022 £ -
		1 -
		1
		-
		1 764
		765

Page 13

THE PORTSDOWN GOSPEL HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

1. General information

The Portsdown Gospel Hall Trust is a charity registered with the Charity Commission in England & Wales, number 1166831, and is constituted under a Trust deed.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Portsdown Gospel Hall Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

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.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

Page 14

THE PORTSDOWN GOSPEL HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

2. Accounting policies (continued)

2.3 Expenditure (continued)

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the revaluation model, tangible fixed assets whose fair value can be measured reliably shall be carried at a revalued amount, being their fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

Fair values are determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers. If there is no market-based evidence of fair value because of the specialised nature of the tangible fixed asset and it is rarely sold, except as part of a contributing business, a Charity may need to estimate fair value using an income or depreciated replacement cost approach.

Gains and losses on revaluation are recognised in the Statement of financial activities, with a separate revaluation reserve being shown in the Statement of funds note.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property

2% on buildings representing 2/3 of total property value

2.6 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 15

THE PORTSDOWN GOSPEL HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

2. Accounting policies (continued)

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.8 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.

2.9 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Unrestricted funds 2023 £ Donation in kind and donated services 1,550,229 Utility refund 6,286 1,556,515 Unrestricted funds 2022 £ Donated services 1,789	Total funds 2023 £ 1,550,229 6,286
	1,556,515
	Total funds 2022 £ 1,789

Page 16

THE PORTSDOWN GOSPEL HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

4. Investment income

Unrestricted funds 2023 £ Investment income - bank interest 1 Unrestricted funds 2022 £ Investment income - bank interest 1 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2023 £ Direct costs of charitable activities 23,142 As restated Unrestricted funds 2022 £ Direct costs of charitable activities 7,683	Total funds 2023 £ 1
	Total funds 2022 £ 1
	Total 2023 £ 23,142
	As restated Total 2022 £ 7,683

5. Analysis of expenditure on charitable activities Summary by fund type

6.	Analysis of expenditure by activities
		Activities
		undertaken	Support	Total
		directly	costs	funds
		2023	2023	2023
		£	£	£
	Direct costs of charitable activities	16,542	6,600	23,142

Page 17

THE PORTSDOWN GOSPEL HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

6. Analysis of expenditure by activities (continued)

	Activities	As restated
	undertaken	Total
	directly	funds
	2022	2022
	£	£
Direct costs of charitable activities	7,683	7,683

Analysis of direct costs

Depreciation Telephone Utilities Airconditioning Health and safety Insurance Repairs and maintenance Depreciation Utilities Insurance	Mission halls 2023 £ 10,027 176 2,770 659 215 1,618 1,077 16,542 As restated Mission halls 2022 £ 5,894 1,036 753 7,683	Total funds 2023 £ 10,027 176 2,770 659 215 1,618 1,077
		16,542
		As restated Total funds 2022 £ 5,894 1,036 753
		7,683

Page 18

THE PORTSDOWN GOSPEL HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

6. Analysis of expenditure by activities (continued)

Analysis of support costs

	Support	Total	Total
	costs	funds	funds
	2023	2023	2022
	£	£	£
Governance costs	6,600	6,600	-

7. Auditors' remuneration

	2023	2022
	£	£
Fees payable to the Charity's auditor for the audit of the Charity's annual
accounts	6,600	-

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .

During the year ended 5 April 2023, no Trustee expenses have been incurred (2022 - £NIL) .

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THE PORTSDOWN GOSPEL HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

9. Tangible fixed assets

Cost or valuation At 6 April 2022 Additions Revaluations At 5 April 2023 Depreciation At 6 April 2022 Charge for the year At 5 April 2023 Net book value At 5 April 2023 At 5 April 2022	Freehold property £ 442,000 1,550,000 455,148
	2,447,148
	41,254 10,027
	51,281
	2,395,867
	400,746

The freehold properties acquired during the year were valued by I M Power MRICS of Cyan Power Limited during July and October 2023. The trustees are of the opinion that the values of the properties at the year end were not materially different to the professional valuations.

The trustees revalued the two existing properties of the charity as of 5 April 2023 to a total of £850,000 which represented a revaluation amount over the net book value at the balance sheet date of £455,148.

10. Creditors: Amounts falling due within one year

		As restated
	2023	2022
	£	£
Accruals and deferred income	6,600	-

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THE PORTSDOWN GOSPEL HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

11. Financial instruments

	2023	2022
	£	£
Financial assets
Financial assets measured at fair value through income and expenditure	766	765

Financial assets measured at fair value through income and expenditure comprise bank balances.

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THE PORTSDOWN GOSPEL HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

12. Statement of funds

Statement of funds - current year

	Balance at 6			Transfers	Balance at 5
	April 2022	Income	Expenditure	in/out	April 2023
	£	£	£	£	£
Unrestricted funds
General fund	401,511	1,556,516	(23,142)	-	1,934,885
Revaluation reserve	-	-	-	455,148	455,148
	401,511	1,556,516	(23,142)	455,148	2,390,033
Statement of funds - prior year
				As restated
	Balance at		As restated	Transfers	Balance at
	1 April 2021	Income	Expenditure	in/out	5 April 2022
	£	£	£	£	£
Unrestricted funds
General fund	389,724	1,789	(7,682)	17,680	401,511

The charity follows the accounting policies adopted by the Plymouth Brethren Christian Church. In prior years the charity had been depreciating freehold properties at the total value over 50 years, in error. The standard policy is to not depreciate land which is estimated to be one third of the value of freehold properties and depreciate buildings over 50 years. Accumulated depreciation has been restated in accordance with this policy which has resulted in a prior year adjustment of £17,680 representing an overstatement of depreciation up to 5 April 2022.

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THE PORTSDOWN GOSPEL HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

13. Summary of funds

Summary of funds - current year

General funds	Balance at 6 April 2022 £ 401,511 Balance at 1 April 2021 £ 389,724	Income £ 1,556,516 Income £ 1,789	Expenditure £ (23,142) As restated Expenditure £ (7,682)	Transfers in/out £ 455,148 As restated Transfers in/out £ 17,680	Balance at 5 April 2023 £ 2,390,033
					Balance at 5 April 2022 £ 401,511
Summary of funds - prior year
General funds

14. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds 2023 £ Tangible fixed assets 2,395,867 Current assets 766 Creditors due within one year (6,600) Total 2,390,033	Total funds 2023 £ 2,395,867 766 (6,600)
	2,390,033

Analysis of net assets between funds - prior year

Tangible fixed assets Current assets Total	Endowment funds 2022 £ 400,746 765 401,511	Unrestricted funds 2022 £ - - -	Total funds 2022 £ 400,746 765
			401,511

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THE PORTSDOWN GOSPEL HALL TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2023

15. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Dividends, interests and rents from investments Increase in creditors Net cash provided by operating activities 16. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 17. Analysis of changes in net debt	2023 £ 1,533,374 10,027 (1) 6,600 1,550,000 2023 £ 766 766	2022 £ (5,893)
		5,894 (1) -
		-
		2022 £ 765
		765

Cash at bank and in hand	At 6 April 2022 £ 765 765	Cash flows £ 1 1	At 5 April 2023 £ 766
			766

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