Charity number: 1166831 THE PORTSDOWN GOSPEL HALL TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024
THE PORTSDOWN GOSPEL HALL TRUST CONTENTS Page Reference and administrative details of the Charity, Its Trustees and advlsers Trustees, report Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 9-19
THE PORTSDOWN GOSPEL HALL TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 5 APRIL 2024 Trustees Lauren Moggach, Chair Adrian Smallridge, Treasurer Jared Moggach Phil Spencer Roy Stone Charty registered number 1166831 Prlnclpal office Brethren Gospel Hall Havant Road Horndean Waterloovi118 Hampshire P08 ODR Accountants Baldwln Scofield Ltd Chartered accountants 3 Newhouse Business Centre Old Crawley Road Horsham West Sussex RH12 4RU Bankers Lloyds Bank plc PO Box 1000 Andover BX11LT Page 1
THE PORTSDOWN GOSPEL HALL TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 5 APRIL 2024 The Trustees present their annual report together with the financial statements of the Charity for the 6 April 2023 to 5 April 2024. Objecttves and actlvltles • Policies and objectives The Trust has the following Gharilable purposes.. 1. The advancement of the Christian religion for the public benefit including by the carrying on of the seNice 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 Iwo 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: wnning charity (PB2)'. Activiti8s undertaken to achlevo objactives The Trust provides and maintains gospel halls for the religious activities of Christlans often referred to as 'Brethren'. Details of the origins, teachings and way of life of the Brethren can be found on their website wthw.plymouthbrethrenchristianchurch.org. The charity also maintains particular links with Waterlooville Gospel Hall Trust, with which it shares members of its congregation. The Trust's main achievement this year has been to open the hall to the congregation and vlsitors and encouraging good works by them whrch 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 andlor welfare of members of the household. The trust has appointed a Local Welfare Panel to manage the application process and to administer the voucher5 to qualifying applicants. Page 2
THE PORTSDOWN GOSPEL HALL TRUST TRUSTEES, REPORT (CONTINUEDI FOR THE YEAR ENDED 5 APRIL 2024 Objectives and activities Icontinued) Maln aGtivltles undertaken to further the Charlty'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 area5 IoGal to the meeting halls, distribution of gospe5 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 contribute5 to public benefit: 1. We seek and are encouraged to live exemplary lives in all our relationships with others in the wider community (including fomer Brethren), in accordance with the teachings of Holy Scripture (1 rim 2-2). 2. We regularly go out from our homes to preach on the streets. to distribute Christian literature and engage wilh 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 unlt 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 2nd 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 glve 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). Achi8V8ments and perforniance Maln actfvtties of th8 Charity Meetlngs 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 infomiation. 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 Ilfe 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 Charty to such preachers to be handed out to interested members of the public. In addition to street preaching, members of the congregation volunteer wtth 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 S APRIL 2024 Financlal revlew Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational exi5tenGe for the foreseeable future. For this reason, they continue to adopt the going concem 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 charitS needs. This is based on the charitrfs 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 incom8 or unexpected expenditure, by raising a fund5 appeal. Free reseNes at the year end were £Nil (2023: £Nil). • Financlal rlsk management objectives and policles The Trustees have identified and reviewed the major risks to which the charity is exposed and confinn that they have established systems or procedures to manage and mitigate those risks. Principal fundlng In the year ended 5 April 2024 the Trust had a surplus of incoming resources over resources expended amounting to £398,978 (2023: £1,533,374). Total voluntary income received this year was £460,291 compared to £1,556,515 in the previous year. All funds held were unrestricted funds. Structure, governance and management Constitutlon The Portsdown Gospel Hall Trust is a regtstered charity, number 1166831. and is constitLrted under a Trust deed. The Port5down 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 2024 Structure, governance and management (continu8dl Methods of appointment or electlon of Trustees The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terrns 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 remuneralion or expenses from the Charity in the year ended 5 April 2024 (2023.. £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 8XlSting Trustees who ensure that new Trustees read the Trust Deed and the relevant guidan for trustees published by the Charity Commission. The Trust has been operating two Gospel halls with four more added r8C8nlly and Trustees are chosen from among the regular congregation of the halls. ststement of Trustees, responslblllties The Trustees are r88ponsib18 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 Trust88s to pr8pare financial statements for each financial which give a true and fair view of the slate of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure. for that period. In pr6paring these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently. obseNe 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 departure8 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 th8t are sufficient to show and explain the Charitys transactions and dl8clo8e 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) Regulatlons 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 irregularitiés. All transactions have bean review8d and approved by at least two trustees. The financial statements have been approved by order of the members of the board of Trustees on 29 January 2025 and signed on thelr behalf by.. Lauren Moggach (Chair of Trustees) Page 5
THE PORTSDOWN GOSPEL HALL TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 5 APRIL 2024 Independent examiner's report to the Trustees of The Portsdown Gospel Hall Trust ('the Charity,) I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 5 April 2024. Responsibilities and basi5 of report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Acr). I report in respect of my examination of the Charitvs accounts Garried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5){b) of the 2011 Act. Independent examiner's statement Since the Charity's gross incorne exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confsrm that l am qualified to undertake the 8xamination because l am a member of (enter body here). which is one of the listed bodie5. Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Raporting Standard 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. l understand that this has been done in order for the accounts to provide a twe and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting perlods beginning on or after 1 January 2015. I have completed my examlnation. I confirm that no matlers have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records; or the accounts do not Comp with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reaGhed. Thi5 report is made solely to the Charitvs Trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charitys Trustees those matters l am required to state to them in an Independent examinels report and for no other purpose. To the fullest extent permttted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charilws Trustees as a body, for my work or for this report. Signed.. Dated.. 29 January 2025 Nicholas M Bald BA(Econ) FCA DChA Page 6
THE PORTSDOWN GOSPEL HALL TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Nota Income from: Donations and legacies Investments 460,291 460,291 1,556.515 Totsl income 460,300 460,300 1.556,516 Expenditure on: Charitable activities 61,322 61,322 23, 142 Total expenditure 61.322 61,322 23, 142 Net Income Prior ye8r adjustment 398,978 398,978 1.533.374 455, 148 12 Totsl tran8f8r8 455, 148 Net movement In funds 398,978 398,978 1,988,522 Reconclllatlon of funds: Total funds brought forward Net movement in funds 2,390,033 398,978 2,390,033 398,978 401,511 t,988,522 Totsl funds carrled fonuard 2.789,011 2,789,011 2,390,033 The Statement of financial activities includes all gains and losses recognised In the year. The notes on pages 9 to 19 form part of these financial statements. Page 7
THE PORTSDOWN GOSPEL HALL TRUST BALANCE SHEET AS AT 5 APRIL 2024 2024 2023 Note FSxed assets Tangible assets Current assets 2,789,436 2,395, 867 Cash at bank and in hand 775 766 775 766 Creditors= amounts falling due within one year 10 (1,200) {6,600) Net current liabilities {425) (5.834) Total net assets 2,789,011 2,390,033 Charity funds Restricted funds Unrestricted funds 12 General funds Revaluation reserve 12 2,333,863 455,148 1,934, 885 455, 148 Total unrestrided funds 12 2,789,011 2,390.033 Total funds 2,789,011 2,390,033 The financial statements were approved and authorised for issue by the Trustees on 29 January 2025 and signed on their behalf by.. Adrian Smallridge Treasurer The notes on pages 9 to 19 form part of these financial statements. Page 8
THE PORTSDOWN GOSPEL HALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 General information The Portsdown Gospel H811 Trust is a charity registered with the Charity Commission in England & Wales. number 1166831, and is constituted under a Trust deed. Accounting pollcles 2.1 Basis of preparation of financlal 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) (effeclive 1 January 2019), the Financial Reporting Stand8rd 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 fairf view and have departed from the Charltles (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and faif 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 definltion of a public benefit entty under FRS 102. Assets and liabilities are initially recognised at historical c05t or transaction value unless otherwise stated in the relevant acLounting policy. 2.2 Income All income is recognised once the Charity has entitlement to the income, it is probable that the income will ba 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 impractlcal to measure this reliabty, 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 th8 approprlate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies. On receipt. donated professional serwces 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 Expendlture Expenditure is recognised once there is a legal or constructNe obligation to transfer economic benefit to a third party, it is probable that a Iransfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expendlture 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 activty. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activlty and sUPPOrt costs which are not attributable to a single activty are apportioned beiween 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. Expendilure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives. as well as any associated support costs. Page 9
THE PORTSDOWN GOSPEL HALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies (continued) 2.3 Expendlture (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 normalty 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 Gosting £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 initialty 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 acoumulated depreciation and subsequent accumulated impainrjent losses. Revaluations are made with sufficient regularity lo ensure that the carrying amount does not differ materially from that which would be detemiined using fair value at the end of the reporting date. Fair values are determined from matket-based evidence by appraisal that is nomially 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 il is rarely sold, except as part of a contributing business, a Charity may need to estimate fair value using an income or depreciated replament 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 2Yts on buildings representing 213 of total property value 2.6 Cash at bank and in hand Cash al 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 10
THE PORTSDOWN GOSPEL HALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accountlng policies {continuedl 2.7 Llabllitles and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a resutt of a past evenl, 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 reiVed 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 r£te 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 Flnanclal 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 al 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 whlch 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. Income from donations and legacies Unrestrict8d funds 2024 Total funds 2024 Donation in kind and donated seNices 460,291 460,291 Unrestrictsd funds 2023 Total funds 2023 Donated sewices Similar incoming resources 1.550,229 6,286 1.550.229 6.286 1,556,515 1,556,515 Page11
THE PORTSDOWN GOSPEL HALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED S APRIL 2024 Investment income Unrestricted funds 2024 Total funds 2024 Investment income- bank interest Unrestricted funds 2023 Tolal funds 2023 Investment income- bank interest Analysls of expenditure on charitable actfvltles Summary by fund type Unrestricted funds 2024 Total 2024 Direct costs of charitable activities 61,322 61,322 Unrestricted funds 2023 Total 2023 Dired costs of charitable aclivities 23, 142 23, 142 Analysis of expenditure by activities ActivitTes undertaken dlrectly 2024 Support costs 2024 Total funds 2024 Direct costs of charitable activities 53,241 8,081 61,322 Page 12
THE PORTSDOWN GOSPEL HALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of expenditure by activltles (contlnuedl Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Direct costs of charitable activities 16,542 6, 600 23, 142 Analysis of dlrect costs Mission halls 2024 Total funds 2024 Depreciation Telephone utilities Airconditioning Health and safety Insurance Repairs and maintenance Bank charges 34,914 322 9,241 456 2,078 5,088 1,117 25 34,914 322 9,241 466 2,078 5,088 1,117 25 53,241 53,241 Total funds 2023 Mission halls 2023 Depreciation Telphone Utilities Airconditioning Health and safety Insurance Repairs and maintenance 10.027 176 2, 770 659 215 1,618 1,077 10,027 176 2, 770 659 215 1,618 1,077 16,542 16,542 Page 13
THE PORTSDOWN GOSPEL HALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Analysis of exp8nditure by activltles (continued) Analysls of support Gosts Support costs 2024 Total funds 2024 Governance costs 8,081 8,081 Support costs 2023 Tot81 funds 2023 Govemance costs 6,600 6, 600 Independent axamlner's remuneratlon 2024 2023 Fees payable to the Ch8ritVs independent examiner for the indep8ndent examination of the Charity's annual accounts 1,200 6, 600 Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NILJ. Durtng the year ended 5 April 2024, no Trustee expenses h8ve been incurred (2023 - £NIL), Page 14
THE PORTSDOWN GOSPEL HALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Tangible fixed assets Freehold property Cost or valuatlon At 6 April 2023 Additions 2,447,148 426,198 At 5 April 2024 2,873.346 Depreclatlon At 6 Aprll 2023 Charge for the year 51,281 32,629 At 5 April 2024 83,910 Net book value At 5 April 2024 2,789,436 At 5 Apnl 2023 2,395,867 The freehold propertl8s owned by the charity at 5 April 2023 were valued by l M Power MRICS of Cyan PovRr Limited during July and October 2023. The trustees are of the opinlon that the values of the properties at the year end were not materially different to the professional valuations. The trustees revalued two other 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. The charity purchased a property at 1 Bowes Hill, Rowlands Castle, P09 6BP (Land Registry Title HP371,101) on 17 November 2023 for a sum of £426,198. The charity also owns 6 other properties with the Land Registry Titles SH22271, HP246146, HP162316, HP467419, HP796526, and HP866112. O. Creditors: Amounts falling due wfthin one year 2024 2023 Accruals and deferred income 1,200 6,600 Page15
THE PORTSDOWN GOSPEL HALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 11. Financlal instruments 2024 2023 Financlal assets Financial assets measured at fair value through income and expenditure 775 766 Financisl assets measured at fair value through income and expenditure comprise bank balances. Page 16
THE PORTSDOWN GOSPEL HALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 12. Statement of funds Statement of funds - current year Balance at 6 April 2023 Balance at 5 April 2024 Income Expenditure Unrestricted funds General fund Revaluation reseNe 1,934,885 455,148 460,300 (61,322) 2,333,863 455.148 2,390,033 460,300 {61,322) 2,789,011 Statement of funds- prior year Balance al l April 2022 Transfers Balance at in/out 5 Apnl 2023 Ino)me Expenditure Unrestricted funds General fund Revaluation reseNe 401,511 1,556,516 (23, 142) 1,934,885 455, 148 455, 148 401,511 1,556.516 (23, 142) 455, 148 2,390,033 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 totsl 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 over5tstement of depreciation up to 5 April 2022. Page 17
THE PORTSDOWN GOSPEL HALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 13. Summary offunds Summary of funds- current year Balance at 6 April 2023 Balance at 5 Aprll 2024 Income Expendlture General funds 2,390,033 460,300 161,322) 2.789,011 Summary of funds- prior year Balance at 1 Apnl 2022 Transfers Balan at in/out 5 Apnl 2023 Income Expenditure General funds 401,511 1,556,516 (23, 142) 455, 148 2,390, 033 14. Analysls of net assets between funds Analysis of net assets between funds- current P8riod Unrestrlctsd funds 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 2,789,436 775 (1,200) 2,789,436 775 (1,2001 Total 2,789,011 2,789,011 Analysis of net assets between funds - prlor period Unrestricted funds 2023 Total fvnds 2023 Tangible fixed assets Current assets Creditors due within one year 2.395,867 766 (6,600) 2,395.867 766 {6, 600) Total 2,390.033 2,390.033 Page 18
THE PORTSDOWN GOSPEL HALL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 15. Related party transactions The Charity has not entered into any related paty transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 5 April 2024. Page 19