Charity reg18trallon number 11673361England and Wales) Company registration numb8r 10102445 THE LIThLEGATE TRUST AUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
THE LITTLEGATE TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustses MrAI Cory MrA Marcham Mr J S Pitman Mr J WW Stevens Mrs L Chadwid( Mr P V Lindon Mr R D Cooper Mr S D Pillar (Appointed 27 March 2025) (Appointed 27 March 2025> Charlty number (England and Wal88) 1167335 Company number 10102445 Rogistered offlce The Pennyfarthing Pennyfarthing Place Oxford Oxfordshire England OX1 1QF Accountants Richardsons 30 Upper High Street Thame Oxfordshire OX9 3EZ Audltor8 Prfce Bailey LLP 24 Okl Bond Street London W1S4AP Bankers Natwest Bank 11 Market Place Abingdon OX14 3HH Sollcltor8 Edward Connor Socilitors 39 The Point Market Hart)orough LE16 7QU
THE LITTLEGATE TRUST CONTENTS Pago Trustees, report Independent auditorfs report Statement of financial actlvlties Balance sheet statement of cash flows io Notss to the finandal statements
THE LITTLEGATE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 30 APRIL 2025 The TNstees, 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 2025, whith are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The financial ststements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's goveming document, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "A£counting and Reporting by Charities= Ststement of Recommended Practice applicable to tharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ir81and (FRS 102)" Objectives and activitles The purpose and vision of the charty are to advan the Evangelical Christian faith. in particular (but without limitation) by providing premises for churches and other Christian charities or groups to meet and b 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 offihOlderS 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 mèmbers of the public to better understand their purpose in lrfe. th8 moral framework that arlses from understanding the Bible's teaching and the peace with God that comes from trusting in Jesus Christ. The charity also enables Christians to exerclse their rights to freedom of worship, association and expression for the good of society, demonstrating the importance of those freedoms. The servic8s of worship and other activit188 run on the premises wlll b8 open to members of the public, so enabling them to h8ar 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 thi5 regard is Ihe fact that the meeting rooms in Thè Pennyfarthing binlding are now being used as the location for the offices of the St Ebb8'8 Debt Centre. The Debt Centre provides debt counselling for people in financial difficulty, including those in need of bankruptcy or insolvency. Whilst the organisalions who are permitted to use the premises the trustees provide will need to be in sympathy with the charity* doctrine and ethos, the Trustees are satisfied that this is permitted under section 196 (Schedule 23) of the Equality Act. Furthemiore, 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, therefor8, the Trustees confirm they have had due regard to the Charity Commission's guidance on publlc benefit and are satisfied that this has been adhered to. Achi8vements and perfonnanc Significant actiwties and achiov8ments against obiediv8S In its nineth 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 2024-25 financial year the Trustee5' 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 Littlegate Trust purchased two new properties within the year. Both of these properties are in lower income areas, expanding on the charity's desire to support ministry in a range of neighbourhoods in Oxford. The Trustees have also continued to receive modest donations during the 2024-25 year. Throughout all these achievements the Trustees remain immeasurably grateful to all those who have 5UPPOrted 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.
THE LITTLEGATE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 Financial review During the year ended 30 April 2025 the Littlegate Trust raised £76.781 in donations (2024.. £156.782), was granted no gifted assets {2024'. £2.629.9531 and generated £184.430 in property income (2024.. £143,690). The Trust's core fvnding has come from individual donors and from propety rental. Expenditure on charitable activities increased to £778,182 (2024.. £280,310) primarily as a result of increased mortgage interest and legal wsts relating to the properties and assets acquired. At the end of the year the Trust held cash reserves of £184,560 (2024". £536,015). RSeoS policy It is the policy of the charity that unrestricted funds which have not been d88ignated for a Specific use should be maintained at a level equivalent to bebNeen not less than three month's expènditure. The trustees consider that reseNes at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional fvnds may be raised. This18vel of reserves has been maintained throughout the year. Funds held as custodian trustee The Littlegate Trust holds no funds on behalf of others in the role of custodian trustee. Structurei governance and managemènt The Littlegate Trust Is a company limited by guarantee governed by its Memorandum and Articles of Association, dated 4 April 2018. It is registered as a charity with the Charity Commisslon. 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. During the year there were eight 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: MrAlexander Marcham.. 6 years.. 4 April 2018 (reappointed for further term of 5 years) Mr Simon Pillar: 6 years: 4April 2016 {reappointed for further term of 5 years) Mr Jack Pitman.. 5 years: S February 2018 (reappointed for further term of 5 years) Mr Robin Cooper.. 5 years: 2 February 2019 (reappointed for further temi of 5 years) Mr Paul Lindon: 5 years: 10 D8rnber 2019 Mr Jamès Stevens.. 5 years.. 29 June 2022 MrAli5tair Cory: 5 years.. 27 March 2025 Mrs Lindsay Chadwick.. 5 years.. 27 March 2025 Paul Lindon was r&appointed for a further 5-year term, following th8 completion of his initial term of office on 10 December 2025. 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 threè consecutive terms of office without the passage of at least one intervening year during which time they do not serve as a Trustee.
THE LITTLEGATE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 Appointm8nt, induction & training of trustees New trustees must be appointed by a 75% majority of the total number of tru5tee5. In order to be eligible to be appointed as a trustee an individual must be over 18 years of age and must confimi 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 induded as Schedule 1 to the Memorandum and Artides of Association. All trustee appointments must be on the ba8lS that the existing trustees are satisfied conceming the appointee's wholehearted commitments to the Objects of the Littlegate TTUSt and commitment to the responsibilities of being a Trustee, and in particular concerning th& balan of skills, knowlèdge and experien¢e needed for the effective administration of the Litt18gate Trust. All appointments are also Subject to approval from an external body, cUentlY The Matthew Ministry (registered charity number 1166819). Trustee induction and training has tsken place. Romoval of trust88S 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 mentsl or physlcal incapacity) or through no longgr subscrlblng to the Objects of the company, as set out in the Memorandum and ArtiGles ofAssociation. Organisation NOlthStanding the note above, a Chair of the trustees Is typically appointed to lead proceedings. The trustees must meet at least l¢e annually but may meet more frequently as required. A quorum is present at meetings where five trustees are in attendance (if the total number of trustee6 is eight). Decisions made in a meeting are determined by a simple majority vote. All trustees are unpaid. Risk management A risk management policy incorporating a detailed risk register ha8 been creatsd 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 ffims have full access to our general ledger and monitor payments. Two party authentication of all OLrtgoing payments has been estsblished via the use of Natrwest 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 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 SLrfIGient to cover up to 3 months non-payment. statem8nt of trustee$, re5ponslbllitios The trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and regulations.
THE LITTLEGATE TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 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), induding financial reporting standard 102= Th8 Financial Reporting Standard ApplirAble 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 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.. select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material deparbjres disclosed and explained in the financial statements; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsibla for keeping adequate accounting records that disclose with reasonable accura at any time the financial position of the charity and enable It to ensure that the financial statements comply with the Companies Act 2006. It Is also responsible for safeguardlng the assets of the charity ar)d hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. There is no relevant audit information of which the company's auditor 1$ unaware The Trustees have tak8n all steps that they ought to have tsken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. This report has been prepared in accordance with the small companies, regime under the Companies Ad 2006. The trustee8' report was approved by the Trustees. Mr J WW Stevens Trustee l£t T414144 Date: .............. Zoz6
THE LirrLEGATE TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE LITTLEGATE TRUST Oplnion We have audited the financial statements of Littlegate Trust (the 'charitable company.) ft)r the year ended 30 April 2025, 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- give a true and fair view of the state of the charitable Company's affairs as at 30 April 2025 and of its incoming resources and application of resources. including its income and expenditure for the year then ended. have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Audltlng (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 fvlfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is Sufficient and appropriat8 to provide a basis for our opinion. Conclusion8 rolating to going concern In auditing the financial statements, we have concluded that the trustee8' use of the going concem basis of accounting in thé preparation of the financial statements is appropriate. Based on the work we have performed, we hava 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 conlinue as a going concem for a period of at least twelve months from when the financia5 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 inforniation The Trustees are r8sponsible 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 COV8r the other information and, except to the extent otherwis8 explicitly ststed in our report, W8 do not express any form of assurancè 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.
THE LITTLEGATE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE LITTLEGATE TRUST Matters on which we ar8 required to report by exception In the light of the knowledge and understsnding 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 require5 us to report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been re1Ved from branches not visited by us; or the financial statements are not in agreement with the accounting records and retums; or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanations we rèquire for our audit; or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, Report and from ihe requirement to prepare a Strategic Report. Responslbillties of trustees As explained more fully in the trustees, Responsibilities Statement, the tNstees (who are also the directors of the charitable company for the purposes of company law) are responsible for thè prèparation of the finartial statements and for being satlsfied that they give a true and fair view. and for suth int8mal 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, th8 trustees are responsible for ass888ing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate th8 charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilltlas for the audit of the financial statements Our objectives are to obtain reasonable assurance about whethèr the financial statements a5 a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but 18 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 congidered material if, individually or in th9 aggregate, they wiuld reasonably be expected to influence the economic decisions of user8 tsken 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 misststements in re5pe¢t 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 charttable company and the sector in which it operates to idertify laws and regulations that could reasonably be expected to have a direct effect on the financial statements. We obtained our understanding in this regard through discussions with management, sector research and application of cumulative audit knowledge and experience. We detemiined the principal laws and regulations relevant to the charitable company in this regard to be those arising from the Companies Act 2006. CharitiesAct 2011, and the Charities SORP. The risks were discussed with the audit team and we remained alert to any indications of norFcompliance throughout the audit. We carried out specific procedures to address the risks identified. These included reviewing minutes of Trustee Board meetings- agreeing the financial statement disclosures to underlying supporting documentation., and enquiring of management including those charged with governance. To address the risk of management override of controls. we carried out testing of journal entrbes and other adjustments for appropriateness. We also assessed management bias in relation to the accounting policies adopted and in determining significant awounting estimates.
THE LITTLEGATE TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE LIThLEGATE TRUST BeG9use of th8 inherent limitations of an audit. there is a risk that y will not detect all irregularities, induding those 18ading to a material misststem8nt in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statem8nts, as we will bé less likely to become aware of instances of norFcompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional )nalment, forgery, collusion, omission or misrepresentstion. A fvrther description of our responsibilities for the audit of the financial statements 18 located on the Financial Reporting Council's website at.. www.frc.org.uklauditors r88ponsibilitl88. This description forms part of our audrtor's report. U80 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 charitalje company's members those mattgrs we ar8 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 Companys members, as a body, for our audit work, for this report, or for the opinions We have formed. Michael CooperaVi8 FCCA ACA (Senior Stsiutory Audltor) For and on behalf of Prlco Bailey LLP Chartered Accountants statutory Auditors 24 Old Bond Street London W1S4AP 26 January 2026
THE LITTLEGATE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 APRIL 2025 Unrestrictod Unrestricted funds funds 2025 2024 Notes Income from: Donations and legacies Charitable activities Investments 76,781 166,205 18,225 2,786,735 109,061 34,629 Total Income 261,211 2,930,425 Expendlture on: Charitable activitie8 778,162 280,310 Total expondlture 778,162 280,310 Net gainsloosses) on investments Revaluation of tangible fixed assets 14 23,148 375,216 12,157 (50,015) Net incomel(expenditure) and movement in funds {118,587) 2,612,257 Fund balance8 at 1 May 2024 6,103,714 3,491,457 Fund balances at 30 Aprll 2026 5,985,127 6,103,714 The statement of financial activities Includes all gains and losses recognisad In the year. All Income and expendlture derive from conts'nuing aGtivities.
THE LITTLEGATE TRUST BALANCE SHEET AS AT 30 APRIL 2025 2025 2024 Fixed assets Tangible assets Social investments Investrnent property 12 15 13 6.519,970 1,143,043 360,000 5,487.211 1,119,895 735,000 8,023,013 7,342,106 Current a$s8ts Stocks Debtors Cash at bank and in hand 16 17 375,000 12,308 184,560 48,556 536,015 571,868 584,571 Cr8ditors: amounts falllng due wlthln one year 18 (354,595) (308,287) Not current assets 217,273 276,284 Total a8sets less currgnt Ilabilltlos 8,240,286 7,618,390 Creditors: amounts falllng due after more than one year 19 (2,255,159) (1,514,676) Nat assets 5,985,127 6,103,714 The funds of th8 charlty Unrestricted funds 22 5,985,127 6,103,714 5,985,127 6,103,714 The company is entitled to the exemption from the audit requirement contained In section 477 of the Companies Act 2006, for the year ended 30 April 2025. The directors acknowledge their responsibilities for complying with the requir8ments of the Companies Act 2006 with resp8Ct to accounting records and the preparation of financial statements. The members hav8 not required the company to obtain an audit of its financial statements under the requirements of the Companie5 Act 2006, for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. ZoZ6 The financial ststeménts were approved by the trustees on ... Mr J WW Stevens Trusteè Company registration number 10102445 (England and Wales)
THE LirrLEGATE TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2025 2025 2024 Notes Cash flows from operatlng activltles Cash (absorbed by)Igenerated from operations 23 (753,497) 504.572 Investing activities Purchase of tangible fixed assets Transf6r of investment propety to inventory Purchase of othèr investments Proceeds from disposal of other investm8nts Investment income received (771,251) 375,000 {375,000) 700,000 34,629 18,225 Nèt cash (used in)Iganorated from inv8sting activitles (378.026) 359,829 Flnanclng activitle8 Repayment of borrowings Interest pald Repayment of mortgages 451,075 (416,383} (48,288) 328,993 Nat cash gon8rated froml{usgd In) flnancing actlvitie8 780,068 (464,671) Net {decrna8eVlncreasè in cash and cash equivalents (351,455) 399,530 Cash and cash equlvalents at beginnlng of year 536,015 136,485 Cash and cash equivalents at end of year 184,560 536,015 10-
THE LITTLEGATE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 Accounting policles Charity Information The Littlegate Trust is a private company limited by guarantee incorporated in England and Wales. In the event of the charity being ound up. the liability in respect of the guarantee is limited to £1 per member of the charity. The règistered office is The Pennyfarthing. Pennyfarthing Place, Oxford, Oxfordshire, OX1 1QF. England. The nature of the ¢harity's operations and principal activities ar8 the provision of premises for Ghurch and Christian activities. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and th8 Charities Act 2011. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charilies SORP 'A¢counting and Reporting by Charities: Statent of Recomm8nded Practice applicable to chartties preparing their accounts in accordance with thè Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which Is the functional currency of the charity. Monetary amounts in these financial ststements are rounded to the nearest £. The financial statements have been prepared under the hlstorical cost convention. The princlpal accounting policies adopted are set out below. 1.2 Going concorn At the time of approving the financial statements, the tnjstees has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trLtstees continue to adopt the going concem basis of accounting in preparing the financial 5tstements. 1.3 Funding accountlng Unrestricted fund8 are available for use at the discretlon of the trustees in furtherance of their charitable objectives, Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The alm and use of each designated fund is set out in the notes to the financial statements. Restricted fund5 are subject to 5pe¢ific conditions by donors or grantors as to how they may be used. The purposes and uses of th8 restricted funds are set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. 1.4 Income All income is recognised once the charity has entitlement to the income, it is probable that the i n¢ome will be reIVed and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probabilty of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required ta satisfy claims in the estate. Receipt of a legacy must be recognised when il is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity. can be reliably measured. 11
THE LITTLEGATE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 Accounting policies Icontinued) Grants are included in the Statement of Financial AGtivty on a receivable basis. The balance of the income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of ents'tlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before in¢om8 is received, the income is accrued. Income tax recoverable in relation to investrnent income is recognised at the tim8 the investment income is receivable. Investment income is eamed through holding assets for inv8Stment purposes such as property- It includes rèntal income and is recognised on an accruals basis. 1.5 Expènditura 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 ihe obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of dIrt costs and shared cos15, including support costs involved in undertaking each aGtivity. Direct Gosts attributable to a single activity are allocated diredly to that adivity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned beeen 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 are allocated on the portion of the asset's use. 1.6 Tanglble flxod assets Individual fr88hold and leasehold properties are carrled at current year value or at fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regutarity to ensure the carying amount does not differ materially from that which would be detemiined using fair value at the balance sheet dats. Valuations are detemlned annually by the tTUStees based on professional advice received. Fair vae 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 ccindition of the specific asset and the CuTnt lease status. Revaluation gains and losses are recognised in other comprehensive income unless losse5 eXd the previously reGognised gains or reflect a clear consumption of economic benefits, In which case Ihe excess losses are recogni5ed in profit or Ios8. Depreciation is recognised so as to write off the cost or valuation of as8ets18ss their residual values over their Useful lives on the following bases= Freehold land and building8 Leasehold land and buildings Land other assets 50 years straight line over the life of the lease not depreciated over their estimated useful life The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carying value of the asset. and is recognised in the statement of financial activities. 1.7 Investment property Investment property, including social inveskn8nt 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 Ihe nature, location or condition of the specific asset and the current lease status. No depreciation is provided. Changes in fair value are recognised in the Statement of Financial Activities. 12-
THE LirrLEGATE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 Accounting pollcies (Continued) 1.8 Impaimient of fixed assets At each reporting end date, the charity reviews the carying amounts of its tsngible assets to determine whether there is any indication that thos8 assets hav8 suffered an impairment loss. If any such indication exists. the recoverable amount of the asset is estirnated in order to determine the extent of the impairment loss (if any). 1.9 Stocks Stocks are stated at the lower of cost and estimated selling pric8 less costs to complet8 and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replament cost and cost. Net realisable value is the astimated selllng price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.10 Cash and cash gqulvalents Cash and cash equivalents include cash in hand. deposits held at call with banks. other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Financial instruments The charity has elected to apply the provisions of Sedion 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Flnancial instruments are recognised in the charity's balance sheet when the charity becomes paty to the contractual provisions of th8 instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to $8t off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and Settle the liabilty simultaneously. Ba81c financlal asset8 Basic financial assets, which include debtors and eAsh and bank balances, are initialty measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitLrtes a financing transaction, where the transaction is measured at the present value of the fvture receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortiS8d. Ba8lc financial liabilitles Basic financial liabilities, including Creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from supplier5. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not. they are presented as non-current liabilitie5. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financlal liabilities Financial liabilities are derecognised when the tharity's contractual obligations expire or are discharged or cancelled. 13-
THE LITTLEGATE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 Accounting polici&s (continued) 1.12 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 Finan Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax PUTposes. 1.13 Employee benefits The Cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. T8rmination benefits are re¢ognised immediately as an expense when the charity is demonstrably committed to temiinate the employment of an employee or to provide termination benefits. 1.14 Retlrement b6neflts Payments to defined contribution retirement benefft schemes are charged as an expense as they fall due. Crltlcal accountlng estimates and Judgoments Estimates and judgements are continually evaluated and are based on historical experien¢8 and othpA factors, including expectation of future events that are believed to be reasonable under the circumstances. Critical accounting astimatss and assumptlon8: The charity makes estimates and as5umpts.ons conceming the future. The resulting accountin9 estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liablities within the next financial year are discussed below. crftlcal arnas of Judgemont: Estimates and judgements are continually evaluated and ere based on historical experience and other fa¢tors.induding expectations of future events that are believed to be reasonable under the Circumstan$. The key estimates and judgements are the fair value of th8 properti95 and associated loans. Incomo from donatlons and legacles Unrestricted funds 2025 UTbre8trlctod funds 2024 Donations Value of assets acquired from The Davis Trust Value of assets acquired from Tabernacle Trust 76,781 156,782 1,510,058 1,119,895 76,781 2,786,735 14-
THE LirrLEGATE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 Income from charitabl8 activities Unrestrlcted funds 2025 Unrestricted funds 2024 Rental income from properties rented und8r charitable activities 166,205 109,061 Income from inve8tments Unre8trlcted Unrestrfcted funds funds 2025 2024 Rental income from properties held for investment purposes 18,225 34,629 Expèndlture on Gharltable actlviti88 2025 2024 Direct ¢08ts staff costs Depréciation and impairnient Mortgage interest Rent and rates Legal costs Bank tharges Insurance other costs Charitable gifts 15,884 113,708 72,087 16,260 9,616 295 7,416 36,938 475,033 14,543 77,722 48,288 19,714 45,283 3,377 2,272 44,994 747,217 256,193 Share of support and governance costs (see note 7) Govemanc8 30,945 24,117 778,162 280,310 Analysis by fund Unrestticted funds 778.162 280,310 15-
THE LirrLEGATE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 Support costs allocated to activities 2025 2024 Governance costs 30,945 24.117 Analysed between: Audit and accountancy fees 30,945 24,117 2025 2024 Govornanco costs comprise: Audit fees Accountancy 15.360 15,585 20,160 3,957 30,945 24,117 Net movement In funds 2025 2024 The net movement in fund5 IS stated after chargingl(cr8diting): Fees payable to the Charity's auditor.. - for the audit of the charity's financial statements for other financial $8rvices D8preciation of owned tangible red assets 15,360 2,700 113,708 20,160 3,957 77,722 Auditor's remuneratlon Fees payable to the charity's auditor and associates: 2025 2024 For audit servlces Audit of th8 financia5 statements of the charty 15,360 20,160 For other services All other non-audit seNi¢es 10,305 3,957 10 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. 16-
THE LITTLEGATE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 11 Employeos The average monthly number of employees during the year was: 2025 Number 2024 Number Employment costs 2025 2024 Wages and salarl8S Other pension costs 15,405 459 14,064 479 15.864 14,543 There were no employees whose annual remuneratlon wa8 more than £60,000. Remuneration of kay management personnel Key management personnel are those having authority and responsibility for planTTring, directing and controlling the activities of thé Charty. They consist of the Op8rations Director and the Trustees. The aggregate cost of Key Management Remuneration for the year was £15.864 (2024 - £14,543). No Trustee received or waived any remuneration during the year. The Trustees and Operations Director did not have any expenses reimbursed during the year (2024 - £NII). 17-
THE LITTLEGATE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2026 12 Tangible fixed assets Freehold land and buildings Leasehold land and bulldlngs Total Cost At 1 May 2024 Additions Revaluation 4,660,000 469,299 360,000 940,000 5.600,000 301,952 771,251 360,000 At 30 April 2025 5,489,299 1,241,952 6,731,251 Dapreciation and impaimiènt At 1 May 2024 Depreciation charg8d in the year Revaluation 89,164 105,136 (15,2161 23,625 8,572 112,789 113,708 {15,216) At 30 April 2025 179,084 32,197 211,281 Carrying amount At 30 April 2025 5,310,215 1,209,755 6,519,970 At 30 April 2024 4.570,836 916.375 5,487,211 13 Inve8bnent property 202S Falr value At 1 May 2024 Transfers to inventorfes 735,000 (375,000) At 30 April 2025 360,000 Investments are valued by trustees based on professional advi received. 14 Gains and losses on Investments Unrestricted Unrnstrfcted funds funds 2025 2024 Gainsl(losses) arising on: Revaluation of investment properties 23,148 12,157 18-
THE LirrLEGATE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 16 Soclal Investments At 1 May 2024 Revaluation 1.119,895 23.148 At 30 April 2025 1,143,043 Investments are valued by truste88 based on professional advice received. 16 Stocks 2025 2024 Investment properties held for Sale 375,000 17 Debtor8 2025 2024 Amount8 falling duo wlthin one year: other debtors Prepayments and accrued income 1,168 11,140 41,032 7,524 12,308 48,556 18 Credltors: amounts falllng duo wlthln one year 2025 2024 Nots8 Bank loans other borrowings other creditors Accruals and deferred income 20 21,499 305,000 76 28.020 16,914 270,000 1.262 20,111 354.595 308,287 19 Credltorg: amounts falllng duo after more than one year 2025 2024 Notes Bank loans Other borrowings 20 1,259,309 995,850 934.901 579.775 2,255,159 1,514,676 19-
THE LITTLEGATE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 19 Creditors: amounts falling due after more than one year (Continued) Bank loans (mortgages): During 2020-21 the Gharity took out a mortgage, secured on 6 Wlkins Road of £270,000. The mortgage bore intsrest at 2.9% above CAF banks BBR rate. During 2022-23, a further mortgage of £500.000 was tak8n out with Kingdom Bank on more favourable temis for the purchase of 2 Roger Bacon Lane (the fonner St Ebbe's Rectory) from The Diocese of Oxft)rd (Church of England). During 2023-24. a mortgage of £206,000 was acquired from The Davis Trust, held against 80 Westbury Crescent. During 2024-25, further mortgages totalling £350,000 were taken out with Kingdom Bank, held against 42 Kestrel CreSnt. 20 Othor loans 2025 2024 Financial instruments - (tranche 1) Loans (tranche 21 Loans (tranche 3) Loans (tranche 4) Loans (tranche 5) 559,776 220,000 20,000 201,074 300,000 559.776 270,000 20,000 1,300,850 849,778 Tran¢he 1.. In 2018-19 a numb8r of loans were used to purchase 32 Dale Close in the year and are intèrest free. Th8 amounts due to the lenders arè directly linked to the market value of 32 Dale Close, and are 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 date are as follows.. £531,552 (2024.. £531,552) will be repaid by the 31 December 2027 and £28,224 (2024- £28,224) will be repaid by the 30 April 2029. One further interest free loan of £50,000 was made which was repaid in the 202>24 y8ar. 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 was due for repayment by 31 May 2023 and was repaid fully during the 2023-24 year. 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, 2021-22 and 2022-23, the lender reduced the loan by a total of £150,000 with £50,000 being gifted to the charity in each year. The remaining loan of £50,000 was forgiven on 30 June 2024.The third loan of £220,000 can become due at any time with 6 months written notice from the lender, therefore, 15 induded in creditors due within one year. No amounts were repaid during the year. -20-
THE LITTLEGATE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 20 Other loan8 {Continued) Tranche 3: During 2020-21 several prfvate loans were used to purchase the propety at 6 Wlkins Road. £78,599 was repaid against these loans in 202>24. repaying the portion of the loans that were linked to the market value of the propety and the portion of the loan that was interest bearing. The remaining baance of £20.000 has been loaned interest free. This loan is r8payabl8 upon sale of the propety. or 10 years from first drawdown (beleen 16 November 2030 and 15 February 2031), or earlier at the option of the Trust. Tranche 4: During this year. several private loans were used to purchase the propety at 42 Kestrel Crescent, The first of these was an interest free loan of £45,000 for the period of 1 year. This was repaid in full on 11th May 2025 (and refinanced by a new interest free loan of £45.000, the repayment value of which is Ilnked dlredy to the market value of 42 Kestrel Crescent). There were two loans (£50,000 and £5,000) wilh 2010 Interest which are due for repayment on 1st May 2029 and 27th August 2029 respedively. An interest free loan of £15,000 was provided in June 2024, due for repayment In June 2034 (and expected to be renewed for a further 10 years) wtth a repayment value linked directly to the market value of 42 Kestrel Crescent. A further interest free loan of £40,000 was provided in January 2025 with a repayment date of January 2027. This loan is being held in an interest-bearing account with thè interest being used to offset the cost of the mortgages used for the purchase of the propety. Tranche 5.. During the year b4VO private loans of £150,000 each were provided for the purchase of 22 Frlar8 Wharf. These are interest free loans with repayment values linked directly to the value of 22 Friars Wharf. They are due for repayment March 2035 and are expected to be extended for a further 10 y8ar8 at thls polnt. 21 Retlrnment bonefit 8chomo4 2025 2024 Defined contrlbutlon schemes Charge to profit or loss in respect of defined contribution schemes 459 479 The charity operates a defined contribLrtion pension %heme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 22 Unfe8tri¢ted funds The unrestricted funds of the charity Comprise the unexpended balances of donations and grants which are not subject to specffjc conditions by donors and grantors as to how they may be used. These indude designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. Gains and At 30 April losses 2025 At 1 May 2024 Incomlng rosources Resources expended Trnnsfers Designated funds- fixed assèts General funds 5,590,516 513.198 (122,525) 122,525 398,364 5,866,355 118,772 261,211 (778.162) 6,103.714 261,211 (778.162) 398.364 5,985.127 21-
THE LITTLEGATE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 {Continuod} 22 Unrestricted funds Previous year: At 1 May 2023 Incomlng resources Resources expended Transfers Gains and losses At 30 April 2024 Designated funds - fixed assets Gen8ral funds 5.590,516 513,198 3,345,332 146,125 2,283,042 (280,310) {2,283,042) (37,858) 2.930,425 3,491,457 2,930,425 (280,310) (37,858) 6,103,714 23 Cash (absorbed by)Ig8nerated from opgratlons 2025 2024 (Defiat)Isurplus for the year (118,587) 2,662,272 Adjustments for: Investment income recognised in statement of financial activib'8S Interest charges Fair value gains and losses on investment properties Fair value gains and losses on tangible fix8d assets NOTrsh donations Depreciation and impairment of tangible fixed assets (18,225) (34,629) 48,288 (12,157) (23,148) (375,216) (2,219.381) 77,722 113,708 Movements in working capltal: (Increase) in stocks Decreasel(increase) in debtors Increase in creditors (375,000) 36,248 6,723 (27,026) 9,483 Cash {absorb8d byygeneratsd from operatlon8 (753,497) 504,572 24 Analysls of changes In net (debt)Ifundg At l May 2024 Cash flo At 30 Aprll 2023 Cash at bank and in hand 536,015 {351,455) 184,0 (39,585) (326,499) 1740,483) (2,255,159) Loans falling due within one year Loan5 falling due after more than one year {286,914) (1,514,676) (1.265.575) (1,131,523) (2,397,098) 26 Membèrs. 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 they are a member. or within one year after they cease to be a member, such amount as may be required. not exceeding £NIL for the debts and liabilities contracted before they cease to be a member.
THE LirrLEGATE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2025 26 Related party transactions Infomiation about related party transactions and outstanding balances Is outlined below.. A trustee of The Littlegate Trust, is also a director of Pillar investments11 Pty Limited. Pillar inv8Stments 11 Pty Limited made donations of £nil {2024 - £70.000) during the period. During the year, trustees & one member of managem8nt made donations of £75,000 {2024 - £21,229), £60,000 of which was in the ftjrm of equity loans {2024- £Nil). -23-