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2022-04-30-accounts

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

THE LITTLEGATE TRUST (A COMPANY LIMITED BY GUARANTEE)

FINANCIAL STATEMENTS AND TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 30 APRIL 2022

Charity Number: 1167335 (England and Wales) Company number: 10102445

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST

FINANCIAL STATEMENTS AND TRUSTEES’ ANNUAL REPORT

FOR THE YEAR ENDED 30 APRIL 2022

CONTENTS PAGE
General information 2
Trustees’ Annual Report 3
Independent Auditor’s on the Financial Statements 8
Statement of Financial Activities 12
Balance Sheet 13
Statement of Cash Flows 14
Notes to the financial statements 15

1

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

GENERAL INFORMATION

Registered charity name The Littlegate Trust
Charity number 1167335
Company number 10102445
Principal & registered office address The Pennyfarthing
Pennyfarthing Place
Oxford
OX1 1QF
Trustees Elizabeth Mortimer (resigned 7 October 2021)
Alexander Marcham
Simon Pillar
Jack Pitman
Robin Cooper
Paul Lindon
Gregory Brisk
James Stevens (appointed 29 June 2022)
Accountants SPX Oxford Ltd
Peace House
19 Paradise Street
Oxford
OX1 1LD
Independent Auditors Peters Elworthy & Moore
Chartered Accountants
Statutory Auditors
Salisbury House
Station Road
Cambridge
CB1 2LA
Bankers NatWest Bank
11 Market Place
Abingdon
OX14 3HH
Solicitors Edward Connor Solicitors
39 The Point
Market Harborough
LE16 7QU

2

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 30 APRIL 2022

The Trustees, who are also known as directors, are pleased to present their annual directors' report together with the financial statements of the charitable company for the period ending 30 April 2022, which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 October 2019).

Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report & Directors’ Report) Regulations 2013 has been omitted.

Our purposes and activities, including public benefit

The purpose and vision of the charity are to advance the Evangelical Christian faith, in particular (but without limitation) by providing premises for churches and other Christian charities or groups to meet and to carry out activities and make grants to organisations who are in sympathy with the Trust's objectives. It may also provide accommodation for staff employed by, or office-holders within, churches and other Christian charities.

This vision noted above will be for the benefit of both church members and for the wider public at large. By promoting the Christian faith, the charity enables members of the public to better understand their purpose in life, the moral framework that arises from understanding the Bible's teaching and the peace with God that comes from trusting in Jesus Christ. The charity also enables Christians to exercise their rights to freedom of worship, association and expression for the good of society, demonstrating the importance of those freedoms.

The services of worship and other activities run on the premises will be open to members of the public, so enabling them to hear about the Christian faith and a Christian way of life. The Trustees also expect that the premises provided to churches and Christian groups will be used for a wider benefit to the community, including those who are disadvantaged and in need, by providing a focal point for the community and for people to seek support and help in times of difficulty.

Of particular importance in this regard is the fact that the meeting rooms in The Pennyfarthing building are now being used as the location for the offices of the St Ebbe’s Debt Centre. The Debt Centre provides debt counselling for people in financial difficulty, including those in need of bankruptcy or insolvency. Whilst the organisations who are permitted to use the premises the trustees provide will need to be in sympathy with the charity's doctrine and ethos, the Trustees are satisfied that this is permitted under section 196 (Schedule 23) of the Equality Act. Furthermore, whilst decision-making activities and some limited services may need to be restricted in their participation to those who agree with this doctrinal basis, it is expected that most activities will be open to all members of the public should they wish to attend. In shaping the charity's objectives, therefore, the Trustees confirm they have had due regard to the Charity Commission's guidance on public benefit and are satisfied that this has been adhered to.

Achievements, performance & plans for future periods

In its sixth year the Trustees were pleased to see the continued realisation of their primary vision to provide places for Church congregations and other Christian organisations to meet and for Christian activities to take place. In addition to the continued oversight of existing property assets used in line with this aim, during the 2021-22 financial year the Trustees’ primary focus has been the continued improvement and expansion of its estate to serve better the gospel needs of Oxford and beyond.

With that aim, the Trust acquired an investment property in Disbrowe Road, London, funded in part by restricted donations ([£515,464]) and in part through interest-free loans provided by the property-vendor. The property was acquired from vendors sympathetic with the charity’s aims and as such was acquired at a discount to market value.

3

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 30 APRIL 2022

The Trustees have also continued to receive donations during the 2021-22 year. Throughout all these achievements the Trustees remain immeasurably grateful to all those who have supported the charity’s vision. This has been evidenced in various ways, including through sacrificial financial contributions, practical aid, professional support and through prayer. The Trustees give great thanks to God for all that has taken place during the financial year.

Financial review

During the year ended 30 April 2022 the Littlegate Trust raised £586,516 in donations (2021: £196,145) and £60,633 in investment income (2021: £32,071). The Trust's funding has come from individual donors and from property rental. Expenditure on charitable activities totalled £90,142 (2021: £118,551), comprising Mortgage Interest and finance costs of £9,712 (2021: £735), Rent/rates of £15,000 (2021: £15,000), Legal costs £16,421 (2021: £22,235), repairs and maintenance £2,846 (2021: £18,674), Insurance £3,752 (2021: £890), Depreciation £28,445 (2021: £28,445), Salary £2,331 (2021: Nil) other costs £946 (2021: £14,369) and Governance costs £10,689 (2021: £18,203).

At the end of the year the Trust held cash reserves of £140,196 (2021: £87,663).

Reserves policy

In light of ongoing costs, the Trustees have historically agreed a reserves policy stating that in normal circumstances they would seek to hold reserves equivalent to one year's net operating estimated costs. As the operations of the Trust have expanded the Trustees acknowledge that annual expenditure will increase (note in Financial Year 21-22 the Trust has begun to employ an individual to aid in the running of the charity).

At 30 April 2022 the Trust had total funds of £2,966,562 of which £2,812,738 are represented by the carrying value of tangible fixed assets and investment properties, less related borrowings. This leaves free reserves of £153,824.

Notwithstanding the increased running costs, the Trustees consider that a reserves policy of £30,000, and not less than three months operating costs, remains appropriate. In particular, the Trust’s income will increase in line with costs with expenditure such that regular outgoings will be met from regular Trust revenues.

In future it is expected that surplus funds over and above those required for regular operating expenditure will be deployed either in repaying outstanding loan obligations as these fall due, in making additional grants or in acquiring more property in line with the Objects. Considering the level of funds on hand, the commitments made and the expected level of further income the Trustees are confident that the Littlegate Trust should be considered to be a valid going concern.

Covid-19 considerations

The trustees report that Covid-19 was of negligible impact on the charity, given the nature of its activities. The trustees were pleased to continue to support the work of Christian churches, who provided vital support to communities during a period of unprecedented national difficulty.

Funds held as custodian trustee

The Littlegate Trust holds no funds on behalf of others in the role of custodian trustee.

4

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 30 APRIL 2022

Structure, Governance and Management

The Littlegate Trust is a company limited by guarantee governed by its Memorandum and Articles of Association, dated 4 April 2016. It is registered as a charity with the Charity Commission. Membership of the company is only open to the Trustees, each of whom shall be admitted as a member automatically on their appointment as a Trustee. There are currently seven members and the maximum number of members and trustees is nine. The names, initial lengths of term and dates of appointment of the Trustees are set out below.

Names of Trustees: Term: Date of appointment:

During the year Elizabeth Mortimer stood down as a trustee on 7 October 2021, having completed her initial 5 year term of office in April 2021 but having remained in post whilst the Trustees sought to identify and appoint a suitable Operations Director. Alexander Marcham and Simon Pillar were re-appointed for a further 5-year term, following the completion of their initial term of office on 4 April 2022.

Subsequent to the year-end James Stevens was appointed as a Trustee on 29 June 2022, having been identified as having a complementary skillset to enhance the Trustee body.

Apart from as set out above, every Trustee must be appointed for no more than 5 years and no Trustee may serve for more than three consecutive terms of office without the passage of at least one intervening year during which time they do not serve as a Trustee.

Appointment, induction & training of trustees

New trustees must be appointed by a 75% majority of the total number of trustees. In order to be eligible to be appointed as a trustee an individual must be over 18 years of age and must confirm in writing his or her willingness to be appointed as a trustee and his or her wholehearted and unreserved agreement with, and support for, the Objects of the Littlegate Trust, including those statements set out in the Statement of Faith included as Schedule 1 to the Memorandum and Articles of Association. All trustee appointments must be on the basis that the existing trustees are satisfied concerning the appointee's wholehearted commitments to the Objects of the Littlegate Trust and commitment to the responsibilities of being a Trustee, and in particular concerning the balance of skills, knowledge and experience needed for the effective administration of the Littlegate Trust. All appointments are also subject to approval from an external body, currently being The Matthew Ministry (registered charity number 1166819). Trustee induction and training has taken place.

Removal of trustees

Trustees may be disqualified or removed from office for various reasons. These include administrative (the missing of 3 consecutive meetings of trustees), clerical (bankruptcy or disqualification under the Charities Act or the Companies Act), for reasons or capacity (e.g., for mental or physical incapacity) or through no longer subscribing to the Objects of the company, as set out in the Memorandum and Articles of Association.

5

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 30 APRIL 2022

Organisation

Notwithstanding the note above, a Chair of the trustees is typically appointed to lead proceedings. The trustees must meet at least twice annually but may meet more frequently as required. A quorum is present at meetings where four trustees are in attendance (if the total number of trustees is six). Decisions made in a meeting are determined by a simple majority vote. All trustees are unpaid.

During the year the Trustees appointed a part-time Operations Director on an employed basis, commencing in February 2022.

Risk management

A risk management policy incorporating a detailed risk register has been created and approved by the Trustees. This is divided into areas of Governance, Operational, Financial, Environmental or external factors and Compliance risks. This is reviewed annually.

Key risks and controls in place to mitigate these risks include:

Fraud and misappropriation of assets – independent accounting and auditing firms have full access to our general ledger and monitor payments. Two party authentication of all outgoing payments has been established via the use of Natwest Bankline;

Neglect of properties resulting in loss of value or exposure to liability to tenants or other occupants – a register of properties together with diary management of all required safety certifications and insurance schedules is maintained to ensure these are always up to date. Much day-to-day responsibility for general maintenance has been delegated to tenants under terms of rental agreements, nonetheless, a programme of visits to each property to assess condition and required improvements is also being established. A dedicated sinking fund is in place to ensure we have the necessary resources to address any needs as they arise.

Skills and experience of Trustees for the nature of our charitable objects and bench strength to mitigate key person risk – trustees are carefully selected to support and enhance our required skills and seek to ensure that at least two Trustees have deep knowledge and skill in each of our key areas of responsibility.

Default on rental payments by our principal tenant – we maintain a close personal and theological relationship with St Ebbe’s Church and our reserves policy is sufficient to cover up to 3 months non-payment.

Trustees’ Responsibilities Statement .

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations.

Company Law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including financial reporting Standard 102: The Financial Reporting Standard Applicable in the UK & Republic of Ireland (FRS 102).

Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resource of the charity for that period. In preparing these financial statements, the trustees are required to:

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DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 30 APRIL 2022

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 charitable company and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

This report has been prepared in accordance with the small companies’ regime under the Companies Act 2006. Signed on behalf of the trustees

………………………………..

Alexander Marcham Trustee Date: 29 January 2023

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DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF LITTLEGATE TRUST FOR THE YEAR ENDED 30 APRIL 2022

OPINION

We have audited the financial statements of Littlegate Trust (the ‘charitable company') for the year ended 30 April 2022, 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).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

OTHER INFORMATION

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditors' report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

8

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF LITTLEGATE TRUST FOR THE YEAR ENDED 30 APRIL 2022

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

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

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

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

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

RESPONSIBILITIES OF TRUSTEES

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

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

AUDITORS RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

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 Group financial statements.

9

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF LITTLEGATE TRUST FOR THE YEAR ENDED 30 APRIL 2022

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 assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

To address the risk of fraud through management bias and override of controls, we;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

10

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF LITTLEGATE TRUST FOR THE YEAR ENDED 30 APRIL 2022

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an 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 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.

Michael Hewett (Senior Statutory Auditor) for and on behalf of

Peters Elworthy & Moore

Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

30 January 2023

11

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTEGATE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 APRIL 2022

Note
Income from:
Donations and legacies
2
Investment income
3
Total income
Expenditure on:
Charitable activities
4
Total expenditure
Net income/
(expenditure) before
transfers
Other gains/(losses)
Transfers between
funds
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forwards
Total funds carried
forward		 Unrestricted
Funds
£
406,516
60,633
467,149
90,142
90,142
377,007
92,488
180,000
649,495
2,317,067
2,966,562		 Restricted
Funds
£
180,000
-
180,000
-
-
180,000
-
(180,000)
-
-
-		 Total
2022
£
586,516
60,633
647,149
90,142
90,142
557,007
92,488
-
649,495
2,317,067
2,966,562		 Unrestricted
Funds
£
59,503
32,071
91,574
118,551
118,551
(26,977)
-
136,642
109,665
2,207,402
2,317,067		 Restricted
Funds
£
136,642
-
136,642
-
-
136,642
-
136,642
-
-
-		 Total
2021
£
196,145
32,071
228,216
118,551
118,551
109,665
-
-
109,665
2,207,402
2,317,067

The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The notes on pages 15 to 23 form part of these financial statements.

12

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST BALANCE SHEET AS AT 30 APRIL 2022

Notes
FIXED ASSETS
Tangible assets
8
Investment properties
9
CURRENT ASSETS
Debtors
10
Cash at bank
CREDITORS:Amounts
falling due within one
year
11
NET CURRENT
LIABILITIES
CREDITORS:Amounts
falling due after more
than one year
12
NET ASSETS
FUNDS
Unrestricted funds
16
Restricted funds
16
TOTAL FUNDS		 2022
£
£
2,181,903
2,148,750
4,330,653
25,150
140,196
165,346
(261,887)
(96,541)
(1,267,550)
2,966,562
2,966,562
-
2,966,562		 2021
£
£
2,210,348
1,352,500
3,562,848
2,250
87,663
89,913
(284,883)
(194,970)
(1,050,811)
2,317,067
2,317,067
-
2,317,067		 2021
£
£
2,210,348
1,352,500
3,562,848
2,250
87,663
89,913
(284,883)
(194,970)
(1,050,811)
2,317,067
2,317,067
-
2,317,067
3,562,848
(194,970)
(1,050,811)
2,317,067
2,317,067
-
2,317,067

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies’ regime.

These financial statements were approved and authorised for issue on by the Trustees and signed on their behalf by:

………………………………..

Trustee

Date 29 January 2023

The notes on pages 15 to 23 form part of these financial statements.

13

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2022

Notes
Cash flows from operating activities
Cash generated from operations
13
Net cash inflow/(outflow) from operating activities
Cash flows from investing activities
Purchase of investment property
Donation for capital purposes
Adjustment of leasehold assets
Rental income received
Net cash outflow from investing activities
Cash flows from financing activities
Interest paid
Cash inflows from new borrowing
Repayments
Net cash inflow from 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		 Total
2022
£
191,903
191,903
(610,012)
180,000
-
60,633
(369,379)
(9,712)
247,000
(7,279)
230,009
52,533
87,663
140,196		 Total
2021
£
(73,904)
(73,904)
(457,500)
136,642
6,989
32,071
(281,798)
(735)
359,760
(547)
358,478
2,776
84,887
87,663

The notes on pages 15 to 23 form part of these financial statements.

14

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2022

1. ACCOUNTING POLICIES

A summary of the principal accounting policies adopted (which have been applied consistently, except where noted), judgements and key sources of estimation uncertainty, is set out below.

General information and basis of Preparation

The Littlegate Trust is a charitable company in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office and principal place of business is The Pennyfarthing, Pennyfarthing Place, Oxford, OX1 1QF. The nature of the charity's operations and principal activities are the provision of premises for churches and Christian activities.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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 October 2019), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.

The financial statements are prepared in sterling which is the functional currency of the charity.

Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

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.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Investment income is earned through holding assets for investment purposes such as property. It includes rental income and is recognised on an accruals basis.

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Expenditure on charitable activities

These are costs incurred on the charitable activities, including support costs and costs relating to the governance of the charity apportioned to charitable activities.

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

15

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2022 (continued)

Statement of Accounting Policies (continued)

Tangible Fixed assets

Assets costing £2,500 or more are capitalised as tangible fixed assets and are carried at cost, net of depreciation and any provision for impairment. Cost includes costs directly attributable to making the asset capable of operating as intended.

Assets are depreciated on the following basis:

Land not depreciated Freehold buildings 50 years Long leasehold property over the life of the lease Other assets over their estimated useful life

Liabilities

Creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. Concessionary loans are initially measured at the amount received or paid. Subsequent measurements are adjusted for any accrued interest with impairment recognised in the SOFA.

Investment properties

Investment property is carried at fair value determined annually by the trustees based on professional advice received. Fair values are derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities.

Financial instruments

The charity 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 their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

The charity has loans where the amount to be repaid will vary depending on the market value of the property at the time of sale of the property or at the agreed repayment dates. The loans constitute non-basic financial instruments and are measured at fair value at each reporting date with changes in fair value recognised in ‘others gains / (losses)’ in the SOFA.

Taxation

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Fund Accounting

Unrestricted funds 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.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2022 (continued)

Statement of Accounting Policies (continued)

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The key estimates and judgements are the fair value of the properties and associated loans.

2. DONATIONS AND LEGACIES

Donations Unrestricted
£
406,516
406,516		 Restricted
£
180,000
180,000		 Total
Funds
2022
£
586,516
586,516		 Total
Funds
2021
£
196,145
196,145

Included within unrestricted donations are gifts in kind of £93,750.

3. INCOME FROM INVESTMENTS

Rental income Unrestricted
£
60,633
60,633		 Restricted
£
-
-		 Total
Funds
2022
£
60,633
60,633		 Total
Funds
2021
£
32,071
32,071

17

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2022 (continued)

4. EXPENDITURE ON CHARITABLE ACTIVITIES

Direct costs
Mortgage interest
Rent and rates
Legal costs
Repairs and Maintenance
Insurance
Depreciation
Salary
Other costs
Support costs
Audit (Governance)
Accountancy
(Governance)		 Unrestricted
£
9,712
15,000
16,421
2,846
3,752
28,445
2,331
946
79,453
9,000
1,869
10,689
90,142		 Restricted
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2022
£
9,712
15,000
16,421
2,846
3,752
28,445
2,331
946
79,453
9,000
1,869
10,689
90,142		 Total
Funds
2021
£
735
15,000
22,235
18,674
890
28,445
-
14,369
100,348
17,300
903
18,203
118,551

5. NET INCOME / EXPENDITURE FOR THE PERIOD INCLUDES:

Operating lease rentals
Audit fee (excluding
VAT)
Depreciation
6. STAFF COSTS
Wages and salaries		 2022
£
15,000
7,500
28,445
2022
£
2,331		 2021
£
15,000
17,300
28,445
2021
£
-

The average number of persons employed by the charity during the year was 1 (2021 – none).

18

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2022 (continued)

7. TRUSTEES AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Charity. They consist of the Operations Director and the Trustees. The aggregate cost of Key Management Remuneration for the year was £2,331 (2021 - £Nil). No Trustee received or waived any remuneration during the year.

The Trustees and Operations Director did not have any expenses reimbursed during the year (2021 - £Nil).

8. TANGIBLE FIXED ASSETS

COST
At 1 May 2021
Additions / Disposals
At 30 Apr 2022
DEPRECIATION
At 1 May 2021
Charge for the year
At 30 Apr 2022
NET BOOK VALUE
At 30 Apr 2022
At 30 April 2021		 Freehold
Land and
buildings
£
824,016
-
824,016
49,440
16,481
65,921
758,095
774,575		 Long-term
leasehold
property
£
1,495,597
-
1,495,597
59,825
11,964
71,789
1,423,808
1,435,773		 Totals
£
2,319,613
-
2,319,613
109,265
28,445
137,710
2,181,903
2,210,348

9. INVESTMENT PROPERTIES

Valuation at 1 May
2021
Additions
Revaluation
Valuation at 30 Apr
2022		 Total
£
1,352,500
703,762
92,488
2,148,750

10. DEBTORS

Other debtors
Prepayments		 2022
£
14,613
10,537
25,150		 2021
£
-
2,250
2,250

19

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2022 (continued)

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other creditors
Accruals
CAF Mortgage due within one year
Loans (tranche 2) (see note 15)
Loan (tranche 2) (see note 15)
Loans (tranche 1) (see note 15)
12. CREDITORS: AMOUNTS FALLING DUE AFTER
Financial instruments - loans (tranche 1) (see note
15)
Loans (tranche 1)
Loans (tranche 2)
Financial Instruments- Loans (tranche 3) see note 15
Loans (tranche 3) (see note 15)
CAF Mortgage 2-5 years
CAF Mortgage >5 years
Loans (tranche 4) (see note 15)		 2022
2021
£
£
191
-
11,331
7,500
15,365
7,383
220,000
220,000
-
15,000
50,000
-
261,887
284,883
MORE THAN ONE YEAR
2022
2021
£
£
533,981
533,981
-
15,000
150,000
150,000
-
34,880
89,758
54,880
46,093
46,093
200,718
215,977
247,000
-
1,267,550
1,050,811

13. RECONCILIATION IN NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income as per the statement of financial
activities
Depreciation
Rental income
Revaluation gains on investment
properties
Gifts in kind
Loan waiver
Interest charges
Donations for capital purposes
(Increase) in debtors
Increase in creditors
Net cash provided by /-used in operating activities		 2022
£
649,495
28,445
(60,633)
(92,488)
(93,750)
(50,000)
9,712
(180,000)
(22,900)
4,022
191,903		 2021
£
109,665
28,445
(32,071)
-
-
(50,000)
735
(136,642)
-
5,964
(73,904)

20

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2022 (continued)

14. ANALYSIS OF NET DEBT

Cash at bank and in hand
Debt due within one year
Debt due after 1 year		 At 1 May
2021
£
87,663
(277,383)
(1,050,811)
(1,240,531)		 Non cash
movement
£
-
50,000
-
50,000		 Cash
flows
£
52,533
(22,982)
(216,739)
(187,188)		 At 30 Apr
2022
£
140,196
(250,365)
(1,267,550)
(1,377,719)

15. FINANCIAL INSTRUMENTS AND LOANS

Financial instruments – loans (tranche 1): In 2018-19 a number of loans were used to purchase the property in the year and are interest free. The amounts due to the lenders are directly linked to the market value of 32 Dale Close, and will be revalued each year to reflect the increase or decrease in market value of the property and the loan. Events triggering repayment are the sale of the property or 12 months written notice from the lender to the Charity. A breakdown of the individual loan repayment dates are as follows: £507,282 (2021: £507,282) will be repaid by the 31 December 2027 and £26,699 (2021: £26,699) will be repaid by the 30 April 2029.

Loans tranche 1: In addition to the above one loan of £15,000 (2021: £15,000) was drawn to purchase 32 Dale Close. The concessionary loan is interest free and will be repaid by the 31 December 2022.

Loans tranche 2 : During 2018-19 three further loans were used to purchase a property in Temple Cowley. The concessionary loans are interest free. The first loan, totalling £50,000 (2021: £50,000), is due for repayment by 31 May 2023. The second loan, totalling £200,000, was due for repayment in equal instalments of £40,000 on 1 April 2023, 1 April 2024, 1 April 2025, 1 April 2026 and 1 April 2027. During 2020-21, the lender reduced the loan by £50,000 with this amount being gifted to the charity in 2020-21. During the year, the lender reduced the loan by a further £50,000 with this amount being gifted to the charity in the year (see note 19). The remaining balance of £100,000 is now due for repayment in equal instalments of £50,000 on 30 June 2023 and 30 June 2024. The third loan of £220,000 can become due at any time with 6 months written notice from the lender, therefore, is included in creditors due within one year. No amounts were repaid during the year.

Financial instruments – loans (tranche 3): During 2020-21 several private loans were used to purchase the property at 6 Wilkins Road. Of these loans, £34,880 is due to the lenders which is linked to the market value of the property, a further £34,880 bears interest at 4% per annum, and a further £20,000 was loaned interest free. All these loans are repayable upon sale of the property, or 10 years from first drawdown (between 16 November 2030 and 15 February 2031), or earlier at the option of the Trust.

CAF Mortgage: During 2020-21 the charity took out a mortgage, secured on 6 Wilkins Road of £270,000. The mortgage bears interest at 2.9% above CAF banks BBR rate. The loan is repayable by instalments over a term of 25 years to 19 March 2046.

Loans tranche 4: During the year a loan of £247,000 was used to purchase the property known as Disbrowe Road. The loan is interest free and to be repaid with the net income of the property and in full no later than 31 December 2033.

21

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2022 (continued)

16. FUNDS

Balance at
1 May 2021
£
2,234,654
82,413
-
2,317,067		 Income
£
-
467,149
180,000
647,149		 Expenditure
£
-
(90,142)
-
(90,142)		 Gains,
losses
and
transfers
£
578,084
(305,596)
(180,000)
92,488		 Balance
at 30 Apr
2022
£
2,812,738
153,824
-
2,966,562

The designated fixed asset fund represents the carrying value of tangible fixed assets and investment properties less related borrowings.

The restricted income fund for the Disbrowe Road was set up to fundraise for the purchase of this property. Once the property is purchased the restricted fund is transferred to unrestricted funds (designated as above).

STATEMENT OF FUNDS – PRIOR YEAR
Balance at
1 May 2020		 Income Expenditure Gains,
losses
and
transfers		 Balance
at 30 Apr
2021
£ £ £ £ £
Designated funds - fixed assets 2,121,801 - - 112,853 2,234,654
Unrestricted general funds 85,601 91,574 (118,551) 23,789 82,413
Restricted funds:
Grace Church Minister’s House - 136,642 - (136,642) -
2,207,402 228,216 (118,551) - 2,317,067

The designated fixed asset fund represents the carrying value of tangible fixed assets and investment properties less related borrowings.

Restricted funds are set up to fundraise for the purchase of a particular property. Once the property is purchased the restricted fund is transferred to unrestricted funds (designated as above).

22

DocuSign Envelope ID: B57D6367-406E-4BC2-9482-9E371E806D96

Company number 10102445 Charity number 1167335

THE LITTLEGATE TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2022 (continued)

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible fixed assets
Investment properties
Current assets
Current liabilities
Non-current liabilities
Total net assets
Tangible fixed assets
Investment properties
Current assets
Current liabilities
Non-current liabilities
Total net assets		 Designated
£
2,181,903
2,148,750
-
(250,365)
(1,267,550)
2,812,738
Designated
£
2,210,348
1,352,500
-
(277,383)
(1,050,811)
2,234,654		 General
£
-
-
165,346
(11,522)
-
153,824
General
£
-
-
89,913
(7,500)
-
82,413		 Total
Funds
2022
£
2,181,903
2,148,750
165,346
(261,887)
(1,267,550)
2,966,562
Total
Funds
2021
£
2,210,348
1,352,500
89,913
(284,883)
(1,050,811)
2,317,067

18. MEMBERS LIABILITY

Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.

19. RELATED PARTY TRANSACTIONS

Information about related party transactions and outstanding balances is outlined below:

Simon Pillar, a trustee of The Littlegate Trust, is also a director of Pillar investments II Pty Limited. Pillar investments II Pty Limited made donations of £55,055 (2021: £50,000) during the period (see note 15).

During the year a donation of £180,000 was donated by Jack Pitman, Trustee, to help towards the purchase of an investment property.

Gregory Brisk, a Trustee of The Littlegate Trust, made donations of £5,000 (2021 - £Nil) during the year.

20. LEASE COMMITMENTS

Under the terms of the lease for its long leasehold property the charity must pay £15,000 per annum until 19 January 2142.

23