Sevenoaks Gospel Trust Company Registration Number 11371960 Charity Registration Number 1179316 Report and Accounts Year ended 30 June 2023 Stewardship AttivÈ&enertssity 1 Lamb's Passage. London EC1Y 8AB www.slawardship.org.uk
SEVENOAKS GOSPEL TRUST COMPANY INFORMATION FOR THE YEAR ENDED 30 JUNE 2023 Trustees Jeremy Marshall (died 13 August 20231 Paul Batchelor Deborah Drury Gavin Watson Mark Harding John Rees lappointed 30 August 20221 Michelle Reid lappointed 31 October 20231 Company Se¢retary Deborah Drury Key Staff None Govemlng Document Memorandum and Articles of Association incorporated dsted 16 May 2018 Company Reyi$tration Number 11371960 Charity Registration Number 1179316 Principal Addre88 & Registered Office 10 Queen Street Place London EC4R 1 BE Independent Examiner Arthie McDowall BA CA Stewardship 1 Lamb's Passage London EC1Y 8AB Bankers Barclays Bank PLC Contents Company Information Trustee5' Annual Report Independent Examine¢s Report Statement of Financial Activities Balance Sheet Cashflow Statement Notes to the A¢¢ounl$ Detailed Statement of Financi81 Activities Mrith Comparatives Page 2-6 10-11 12-17 18 Page 1
SEVENOAKS GOSPEL TRUST TRUSTEES. ANNUAL REPORT {INCORPORATING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 JUNE 2023 The trustees, who are the charity's directors for the purposes of company law, have pleasure in submilling the Report and Accounts for the year. Who we are Sevenoaks Gospel Trust wa5 incorporated as a Company limited by guarantee on 21 May 2018 and registered as a Charity in England and Wales on 24 July 2018 under Charity number 1179316 with its registered office al 10 Queen Street Pla, London EC4R 1 BE. The purpose of the charity, as sel out in ils Articles of Association IArticle 2.11, 15 "to advance the evangelical Christian faith, including Ibut without limitationl by providing grants or other funding to, and making available propety for use by, churches and other Christian charities or groups in particular in the Sevenoaks area that are in sympathy with the Ststemenl of Faith adopted by the charity. That Slalement of Faith can be found on our website Iwww.sevenoaksgospeltrust.orgl. It is intended that Sevenoaks Gospel Trust will provide a vehicle lo support Christl8n ministry 8nd mission in a way that is faithful lo orthodox biblical leaching, regardless of any changes in fundamental doctrine within the Church of England or any other Christian denomination. Activities during th8 year Our fifth year of operation has been a busy one. with a¢livily on the grant making, fund raising and property acquisition fronts. We have continued lo make available 23 Beech Road lo Sl Nicholas Church, Sevenoaks under the lease we entered into with il in 2020. The church used the flats for ministry accommodation and for sub-letting on a commercial basis for short periods when not required for ministry purposes. Details of our fundraising, propety acquisition and grant making activities are sel out in their respective sections below. Last year we reported that we were in discussion with Sl Nicholas Church with a view lo agreeing Memorandum of Understanding. We are pleased to report that the Memorandum was entered into in early 2023. 11 reflects the close cooperation intended beeen the Trust and the church for the future and sets out the likely nature of the calls by the church for grant funding or property purchase and the facililalion of communication to the church family about the work of the Trust. The flow of approaches for advice has increased from churches considering the eslablishmenl of a trust to facilitate the owning of properties lo be used for church purposes. The current slate of discussions on marriage and sexuality matters within the Church of England has no doubl contributed to this. We have been encouraged that our experience is proving helpful lo others. Our fourth annual general meeting was held on 22 November 2022 and was attended by all but one of the trustees and by all the non-truslee members of the charitable company Ithe members being the five trustees together with Rev Anthony Bewes, Rev Joe Dent and Mrs Naomi de Grey-warterl. As always, we benefited from the perspectives given by the non-IrLJStee members. Page 2
SEVENOAKS GOSPEL TRUST TRUSTEES. ANNUAL REPORT {INCORPORATING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 JUNE 2023 Fundraising During the course of the year, St Nicholas Church asked us to consider acquiring a house that would be suitable for a congregational pastor of the church, with a view to that house being leased lo the ¢hur¢h. We were clear Ihst this presented a real opportunity lo support gospel ministry in the Sevenoaks area. Although we already had wnsiderable sums available as a result of the past generosity of supporters, it was necessary lo raise substantial additional funds. Working with the ¢hur¢h, we launched a fundraising appeal in Janusry and are delighted lo report that this resulted in giving of more than £500.000. We are immensely grateful lo God for His provision and lo the church family for their support. Acquisition of 41 Wickenden Road We are grateful lo God not only for the necessary finances but also for simultaneously making available a property within our pri range that will be well suited to a Congregational pastor and his family. Vve completed on the purchase of 41 Wickenden Road in June and immediately sel about the necessary refurbishment work. We expect that work lo be completed in Septernber this year, whereupon we propose to enter into a lease of the property to St Nicholas Church for an Initial period of five years. We understand that the house wll be used to provide accommodation for Income We are pleased lo report that, during the course of the financial year, we received donations lotalling £632,704, largely as a result of the fundraising appeal mentioned above. Several large one-off gifts were made and a number of donors have sel up arrangements for regular giving. Our only other sources of income have been rent payable by St Nicholas Church under the lease of 23 Beech Road and bank interest. Grant maklng actlvlty We made one grant during the course of the year. This w8s a grant of £10,000 lo Sl Nicholas Church to enable the purchase of new chairs for St Nicholas@Lady Boswell's. Their estIng chairs were increasingly inadequate and did not provide for a welcoming environment. Expendlture Our lotsl expenditure for the year amounted lo £16,728 including the grant mentioned above. The purchase price of 41 Wickenden Road was £720,000 and we had spent £10,786 in fees and costs associated with the purchase by year end, all of which has been eapilalised. We expect refurbishment costs of the new property to be in the region of £100,000. Reserves The Iruslees reviewed the Trust'5 Reserves Policy during the year and concluded that our policy should be to hold a minimum of £50,000 in reserve lan increase from £10,000) in light of the potential increase in financial responsibilities arising from the acquisition of a new property. The yearend net current assets were £245,316, all of which was unreslricled. Page 3
SEVENOAKS GOSPEL TRUST TRUSTEES. ANNUAL REPORT {INCORPORATING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 JUNE 2023 Risk8 The Risk Register attempts lo sel out a comprehensive assessment of the risks lo which the Trust is exposed. These are analysed according to likelihood of occurrence and potential impact, should they malerialise. We have analysed the most significant risks as". - A material change lo applicable government policy or legal or regulatory environment which might inhibit or restrict our activities. We will be mniloring the public policy, legal and regulatory environments and will obtain expert advice as necessary. Reputational damage resulting from adverse publicity regarding the purposes and activities of the Trust. While unlikely, we aim to miligale the risk by monitoring public comment about the Trust or matters that may affect the Trust's a1VitieS and will be prepared lo respond as necessary. Legal exposure due to a Conflict between the Trust's Christian convictions and English law. Although unlikely. we aim lo monitor the applicable legal environment and lake advice as necessary. A health and safely or environmental risk arising out of our ownership of property assets. This will be mitigated by monitoring and complying with health and safety standards, maintaining appropriate records and taking out suitable insurance cover. Trustees The Articles of Association set out the procedures for appointment and retirement of trustees. John Rees joined as a Iruslee al the end of August 2022. The other trustees continue to be Mark Harding (Chairman), Deborah Drury (Company Secrelaryl, Paul Balchelor, Jeremy Marshall and Gavin Walson. One third of trustees are subject lo retirement by rotation at each annual general meeting, but are eligible for reélection. At the 2022 annual general meeting, Deborah Drury and Mark Harding retired and were re-appointed. Trustees may be appointed by ordinary resolution of the company or by a decision of the trustees themselves. Responsibility for setting policy and for making operating decisions rests with the trustees who meet regularly to monitor the activities of the charity. All activities of the charity are implemented by the trustees themselves, who give their lime voluntarily wilhoul receiving any recompense from the charity. Achievements and Perfomiance and Public Benefit Having regard to the purpose of Sevenoaks Gospel Trust as set out above, we believe that our activities during the year have contributed significantly lo evangelical Christian ministry in the Sevenoaks area. The lease of 23 Beech Road provides Sl Nicholas Church with very cost effective and flexible accommodation, together with the opportunity lo raise additional rental funds for the church's general purposes where the property is not immediately required for staff housing. Page 4
SEVENOAKS GOSPEL TRUST TRUSTEES. ANNUAL REPORT {INCORPORATING DIRECTORS, REPORT) FOR THE YEAR ENDED 30 JUNE 2023 A¢hievement8 and Perfomance and Public Benefit {continuedl on leased to St Nicholas Church and occupied by church's ministry for the church. 41 Wickenden Road will enable the on terms that will also be cost effective The gr8nl made to St Nicholas Church enabled il lo replace chairs at the Lady Boswell's congregation that were no longer fil for purpose. This has enhand their ability lo reach the community in that part of Sevenoaks by providing a more welcoming environment. The trustees have had regard lo the Charity Commission's guidance on public benefit. Plans for the future The charity intends lo pursue its current approach lo supporting gospel ministry in the Sevenoaks area. This will principally be by continuing lo make available to St Nicholas church the properties it owns to enable the housing of ministry stsff. If called upon to do so, il will consider the acquisition of further properties lo support gospel ministry in the area. This may require further fund raising, whether by way of appeal for gifts or by borrowing commercially. It will in addition support such ministry by considering making grants lo Sl Nicholas Church or any other applicant where such grants meet ils grant making criteria. Responsibilities of trustees under company law The directors are responsible for preparing the trustees, annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Praclicel. Company law requires the trustees lo prepare financial stslemenls for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial ststemenls. the trustees are required lo.. 1. select suitable accounting policies and apply them consistently., 2. observe the methods and principles in the Charities SORP., 3. make judgements and estimates that are reasonable and pnjdent.. 4. stsle whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial stslemenls., and 5. prepare the financial statements on a going concern basis unless il is inappropriate to presume that the charity will continue in operation. Page 5
SEVENOAKS GOSPEL TRUST TRUSTEES. ANNUAL REPORT {INCORPORATING DIRECTORS. REPORTI FOR THE YEAR ENDED 30 JUNE 2023 Re8pon8ibilitie8 of trustee8 under company law Icontinuedl The trustees are responsible for keeping proper accounting records that disclose with reasonable ac¢ura¢y st any lime the financial position of the Charitable company and enable them lo ensure that the financial stsletrenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approval This report. which has been prepared in accordance with the provisions of the Companies Act 2006 relating lo small companies, was approved by the trustees and signed on their behalf by.. MVL MARK HARDING Dale.. 4 December 2023 Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRLISTEES OF SEVENOAKS GOSPEL TRUST I'the Company'l I report lo the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2023 on p8ges 8 to 18 following. which have tren prepared on the basis of the actounling policies set out on pages 12 to 13. Responsibilities and basis of port As the d)arily S trustees of the Company land also Its dire¢lors for the purposes of Company lawl you are responsible for the preparation of the a¢¢ounls in accordan wth the reqU1ments of the Companies Act 20061'the 20C6 Acl'l. Having satisfied rnysew that the accounts of the Company are not required lo be audited under Part 18 of the 2006 Act and are eligi8 for ind8pendent examination, I r&port in resp8Ct of my examination of your charity's accounts as c2rried Dut und8r section 145 of the Charities Act 2011 1.the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under se¢lion 145151 Ibl of the 2011 Act. Independent examiner's statement Since the Company's gross income 8xc8eded £250,000 your examiner musl b8 8 m8rnb8r of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake th& examination because l am a member of the Institute of charte A¢¢ountsnls of S¢otland, whi¢h is one of the listed bodies. I have completed my examination. I confim that no mattets have rne to my attention in conne¢tion wth the exarnination giving Tne cause to believe". 1. accounting records were not kept in respect of the Company as reqUid by section 386 tsf the 2006 Act, or 2. the a¢¢ounts do not a¢¢ord with those records." or 3. the accounts do not comply with the accounting requirements of section 3% of the 20W Act other than any quIrement that the accounts give a'true and fairf view which is not a matter considered as part of an independent examination,. or 4. the accounts have not been pr&pared In aceordanee with the methods and principles of the Statement of Recomm&nded Practits for accounting and reporting by charities applicable lo charitiès pr&paring thèir accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concern8 and have come across no other matters In connection with the ex8min8tion to which attention should be drawn In this report in order to enable a proper understanding of thè accounts lo be reathed. Arthie McDowall 8A CA Institute of Chartered Accountants of Scodand Stew8rdship 1 Lamb'8 Pa88age Londo EC1Y 8AB Dale". 14 December 2023 Page 7
SEVENOAKS GOSPEL TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2023 Total Funds 2023 Total Funds 2022 Unrestricted Funds Restricted Funds Note INCOME AND ENDOWMENTS FROM: Donations and legaoies Charitable activities Investments 632,704 16,231 2,936 632,704 1S.231 2,936 75.479 15,266 44 Total income and endowments 651,871 651,871 90,789 EXPENDITURE ON.. Charitable activities 16,728 16,728 16,684 Total expenditure 16,728 16.728 16.684 Net incomellexpenditurel 635,142 635,142 74,105 Transfern between funds 12 Net movement in fvnds 635,142 635,142 74,105 Reconciliation of funds.. Total funds brought forward 833,603 833,603 759,498 Total funds carrf8d fOard 12 1,468,746 1,468,746 833,603 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing operations. The statement of financial activrties also complies with the requirements for an income and expenditure account required by the Companies Act 2006. The notes on page 12-17 form part ofthese accounts. Page 8
SEVENOAKS GOSPEL TRUST BALANCE SHEET AS AT 30 JUNE 2023 Total Funds 2023 Total Unrestre Funds Reslrlcted Funds 2022 Note FfxED ASSETS Tangibleassets 1 223 430 l L3.430 492.644 1.223,430 1,223,430 492.644 CLIRRENT ASSETS Debtors Cash al bank and in Ind 529 342.051 24S 966 246.966 248.316 248.316 342.580 CREDrroRS.. Amounts fallng duewfthln one year 13.0001 Net currenta5sets I lllabllttll 245,316 245.318 340.960 Totsi 888•ts ¢vttont li•bilitivJ 1.468,746 1,468,746 833.603 TOTAL NET ASSETS 1.468,746 1,468.746 833.603 FUND BALANCES Unrestrided Funds General fut$ Desvjnaled fvnds 1.46U,74fj 1,468,746 33.603 1.468,746 1,468.746 833.e03 Fund$ 1.468,746 1,468.746 833.e03 The ¢harrt8bk Company 1$ to exeMpTh from 8udll under Se¢llon 477 01 Comp8nle$ Att2006 lor ye8rended 30 June 2023 The membprs have not required the cornpany to obtain an audit of Ils finanGHI statempnts for the year ended 30 June 2023 In accord$n¢e with Section 47fj of tho Comp¥nios Ad 2006 hmvef, in wth S8dion 145 of the Ch¥riti$ A¢t 2011. the accounts have bpen examined by an independent examiner and their report has been Induded these linancial StntS. Thè dire¢[$ (V $r¢ th¢ ¢h8ritsbb ¢0mnIS Iru$t$$ for th¥ putpos¥s of ¢harty lawl 8¢knoN%4¥dg their responsibl$ for". lal ensuring that the Charitab company keeps accounti recoTds whh compty with Seclions 386 and 387 ollhe Companies Act 2006 and Ibl preparjng finanual slalemenls vthich give a atwj lai view ol the stste of affairs ol the Cha[rtab company as at the end ol each fIncl31 year and Df ts net Income Dr ekpendilure fDr each financ1 year in accordance vthh the reqU1ments of Sections 394 395 thich Dlhetwise (Dmpty wrth requiretnpnts Df the Cotnpanies Act 2006 relabng to financ1 slatemenls. ao faras £pplb to the charrtable company. The finala1 statements have been prepared In ac[dan the pro1610$ of Part 15 of the companSAct 2008 rekling to $m$ll ¢omp8nie$. Th&tinanty81 $tslm¥ntswre approved by Bo¥rd ol Dte¢tors andw8r signed on IL¥ bh¥W by". M H¢Lr MARK HARDING Date" 4 December 2023 Company nutnber. 11371960 Charrty number. 1179316 The notes on page 12.17 forrn part ol these accounts. Page 9
SEVENOAKS GOSPEL TRUST FOR THE YEAR ENDED 30 JUNE 2023 CASH FLOWSTATEMENT Note 2023 2022 Cash flows from opgrating actNitigs'. NetC88hprovided by/{used in} operating activities 632,765 38,878 Cash flows from Inv68tlng actlvltlo8'. tliwdfrnds, Inte$1 8nd rants from investments Purthase of property, plant and equipment Netcé$hpmvided by/lu8ed in} inweslin9 activities 2,938 1730,786 1727,8501 44 Ch8nge ¢aslJ 8ndequlv81ents In the reportlng perfod 195,0851 38,923 ash and equlval8nts at th8 boglnnlng of thg y8ar 342,051 303,128 Chongo In cash and equlvohnt8 duo to oxchange rats movoments Cash andcash equivalents at the end of theyear 246,966 342,051 Analy818 of chang88 111 n8t dobt.. Al Start of year At end of year Ca5h-flows CBsh 342,051 195.0851 246,966 Total net funds I Idebti 342,051 195,0851 246,966 Page10
SEVENOAKS GOSPEL TRUST FOR THE YEAR ENDED 30 JUNE 2023 NOTES TO THE CASH FLOWSTATEMENT Note a.. Re¢on¢lllatlon of net In¢omellexp¢ndlturel to net ush flow from operotlng a¢tMtfifr$ 2023 2022 Netlncome/(•xpendlturn) forihe reportln¥porlod(aspor the siatementof fln4ncl•l acllvltles) 635,142 74,105 Adlu8tm•tht8 foi.. r*wdends. interest and rents from investments Ilncreaselldecrease in debtors Increaselldecre8sel In cEditors 12,9361 12421 134,9401 1,380 Netcashprovided bylused in) operating activities 632,765 38,878 Note b= Anatysl¥ of ¢ash and ¢a$h equfvalents 2023 2022 Cash at bank with immediate acces6 246,966 342,051 Totsi ¢a8h and ush oqulvalants 246,966 342,051 Page11
SEVENOAKS GOSPEL TRUST NOTES TO THE ACCOUNTS FOR TrIE YEAR ENDED 30 JUNE 2023 Statuiory Information TrE tharity is a charitable company limited by guaranlee arKI is incotporaled in the Unw Kirudom. The company's registered runber and registered offi address can be foLrt on Company InfMation page. Accountlng Pollcl88 se financial stslements are prepared on a going concem basis. uNlerltE historical Ix)st convention. TrEse finanual statements have been prepare(l in accordance with trE "Slalement of Recommended Practice.. Accounti and Reporting by Charities preparing t1[ accolrts in accordan wlh the Financial Reportiw Slandard appIlb in the UK aNI Republic of Ireland IFRS 1021 I'IPE Charitie8 SORP'I, With the Financial Reporting Standard applic8bk in United Kingdom and Republic of Ireland I'FRS 1021, with CornpanEs Aci 2006 and with the CharilEs Aci 2011. The charity tneets the definition of a public benefit entity as sel Qlrt in FRS 102. prinpS adopted in the prepar&tion of financial ststements are set oui bebw. trustees (who are thB Charitab cotnpanls directots for the poSeS of company lawl have assessed YhEther the u%e of the going cor basis is appropriate arKI have considered possible events or conditions that mvjhl cast signrficant doubl on Ihe ability of the charity lo continLE as a going conM. The trustees have rnade this asEessmenl for a period of al 3st one year from the dale of 8ppmval of the financial slalements. In particu18r trE Iru8tee8 have considered the ch8riiy's forecasts 8nd pmiection8 and the posble implications SFwju projected i[0e and l or expenditure vary unexppcledly. The trustees have cOncled that there is 8 reasonable expectation that the charity has adequate resources lo cotrtinuB lo operate for the foreseeab fLrture. Thp charity therefore continues to 8dopl the going CoeM b8ws in prepariru its financial slalemen Income Iru01ng in%Eslmenl IToMe is recognid in period in whKh the charity becomes entit lo receipt. amount receivatAe can be measLYed with reasonable certainty, reipl is probabk. For the most part. IrMe is gwErally recognised il received. Income Is onty deferred whÈn chanty has io fuWIl cortIOnS before cOMi entild to Il orwhère the donor has ycrfied Ihatthe income is lo expended in a future period. Income frotn donations arKI gaCleS indudes." il Recoverab gift aid. This is rÈcognised when the reL8led donalh)n received. Gift aid th81 has 1 been recovered by thè ba18n(È sheet date irduded as a debtor. ill chatity reSes on volunteers lo catry tnany of its adivibes. However. in acCOrdar th SORP, valup of these ces has not been Inude in ItE5e finanlial slalements as they nn01 be relrabty rneasured. iiil Legacies Income from leg8oies is recognised when a distribution is received from the estate (. rfe8dier, vhEn trE otharity has been nolified Ihal 8 dislribulion will be made and the 8mount receivable can be measured reliably. Irwestment income represents irorne generale(I by the charity's asse15 armj indudes income from bank interest. charity has18ken the wew that il h8s only 0 charilabk admty, namety the advarcement of the Christi&n faith. and all income from don81ion8. legaoès and chaffttab actmtses Is in reyct of this or activity. EXpeiLe, Irduding Irrecoverable VAT. is reCognEd vthen Il is Irrred or, If earfier. when a 91 or con81nKtwe oblvjalion for 8 payment aris8s prOlded that Il Is PrOb8b that Éellkmenl wil be r8quir8d and the amouni of the oblyalion can be m8asur8d reliably. TrE charity makes grants to otrEr inslituborE arKI individua15 to further its tharilable objedi¥ES. Gratts p3yable are recognised as cor6lructive obligations arise, which is gerer81ty when the chanty expresses a commitment lo recipient that can be me8sured reliab 8nd In only lo the Èxtent that aw conditions associaied with the grant are oul&de of conlrd of IhÈ ch8nty. cost of raisiry funds is t snlC3nt ar has not been separatety disdosed. TrE CharilEs SQRP requires thatities with income over £500.000 to allocate costs to various adlilIeS urKlertaken by the chaTity. TrE nallre of trE work of the charityl is conwdered lo be so integrated trpt the core chatitaNe acti1ty costs are conwdere(I lo be for trE one activity. Page 12
SEVENOAKS GOSPEL TRUST NOTES TO THE ACCOUNTS FOR TrIE YEAR ENDED 30 JUNE 2023 Accounting Policie8 l¢ontinu•dl Govetnance costs. whith are irduded in experKliture on charilabk activilEs but are idenlrfied separalety in the notes to the account5, inclLKles costs assoaaled wrth the 1Jepent examinalion of IIE financial slalemenls. Comlae with ColI1Ut10nl aj stalutory requirements arKJ any otr ÈxperKJiturÈ incurred on IhÈ Strateg management of chanly. General funds are unrestricted funds which are available for use at Ihe discretion of the tru5tee5 in furttrErar of the gerEral objectwes of the charity. Designated fut5 comprise unrestricted funds that h4ve been set aside by ItrE trustees for particular PLYposes. Reslrickd fu$ are donalK)ns %¥t)Ich are lo be used in accordan with speriC restrictions imposed by do., they Indude donations retrived from appeals for tifIC active$ or projects. Items purchased or don81ed for rthariV8 own usè are c8pitalised whèn cost of purchased items. or the fair ¥81ue of donated itetns. is tnore than £1.000 and the item is e)pecled lo inefit thB charity over more than one accounting period. Depreaalion is charged on a slr3ight line baws so as lo write down ItE value of each asset lo its eslYllale(I resKlual value lif 8nyl over its e%pected usefLI econom life. To achieve this objective the folo¥¥ing rates ol depreciation are charged.. Freèhts Land Freehts buildings Equipment Is notdèpreciated (be¢aLe it is not Consumed by u%Èl Arè not depreciated Isee areas ofiudgment lOw) OvÈr 3 to 7 years caing v8kJes of laroible fNed assets are reIEWed for impairment i) peri(K1s when events or charoes In cirwmsl8ntrs indicate th81 the carrying value may 1 be recoverab. company is a registered chanly., It has t8ken advaMagÈ of v8ri0 r@ets from tax8ti0n available lo chantS and rK) lax 18 payable on the charity's i[Orne. gl Financial insttunents chariV8 finarrial assets 8nd financial liabilities all qualify 88 b8sic fin8rKaal instrents, 88 defirEd by FRS102. Except for roans, creditors and debtots are measured 8t their expeded settment value Inomalty the amount of cash thai the charity expects lo pay or re1ve1. TFE charity recognises liabilities for the principal of those loarE Ihat remain5 OLtstsnding at the year end li.e. the liabililv&s exdude aryy interest chargeable on trE bans in future ye3rsl. In preparir¥J finanaal statements certainjudgetnenls. eimales ar assumptions ha¥e lo be tnade that affect the amoutrts reced in the finaDoJal slalemenls. The Iwstees conwllerthe following to be s1gnrfinl'. i) TrE IrLlee8 belEve that trE residential pmperties held for f*arilaNe purpose8 have a high re8k1ual value wthich removes the rEed fordepreciation to bè charged. D¢)natior6 and legacie5 2023 2022 Dor105 afKJ gratrts recewab 632,704 632,704 7S.479 75.479 lrtomè from charitable activities 2023 2022 Rental pmperiy income 16,231 16.231 15,266 15.266 Page 13
SEVENOAKS GOSPEL TRUST NOTES TO THE ACCOUNTS FOR TrIE YEAR ENDED 30 JUNE 2023 Inve5tm8nt incomo 2023 2022 Bank inletest 2,936 2,936 Charitsble exppndiiure 2023 2022 Costs Incurrèd dlrèctly on actlvfjtlos Grants payatAe Inole 8cl 10.000 12.500 10,000 12,500 costs incurred on support& admirristration Govetnance costs Indepeent exHmineVs fee Subscnptiorts and professional fees Insuran Property maintenance Bank ch8rge8 and other c0818 Otr admini81ration expenses 3,000 663 2,774 1,620 878 9(M) 137 6,728 4,184 Totsl 8xpgndltur& 16,728 16,684 TrE fee payable lo the independent exarllifEr for preparing and examining the accounts wa5 £3.000 12022". £1,6201.' in addition the charity paid £6912022.. £nill to Stewardship for consLllancy senriTr5 Grants payablo ItitutionS IndivKluals 2023 Grants for churctEs 10,000 10,000 10.000 10,000 TrE comparati5 fortFE previou5yearare as follow5. IndivNJuals 2022 Grants for churcFEs 12,500 12,500 12.SOO 12.500 TrE prinupal grants to In51itulions comprised. 2023 2022 PCC of Sl Nichdas, Sevenoaks 10,000 10,000 12,500 12.SOO Page 14
SEVENOAKS GOSPEL TRUST NOTES TO THE ACCOUNTS FOR TrIE YEAR ENDED 30 JUNE 2023 Analysis of stsff costs, th• costof koy managemont ¥Son11 and trusteo remun8ration No Itustees reiVed employtnetrt berEfts in eilhertrE Cent or predIng year. Tangible fixed 886èts Freehdd Property Total 2023 Cost AI 1 JLIY 2022 Additions Gains I Ilossesl on revaluation Disp05a AI 30 June 2023 492,644 730,786 492,644 730,786 1,223,430 1,223,430 Accumu18ted depreciqlion Al 1 July 2022 Char9e for the year Eliminated on disposal AI 30 June 2023 Net bogk value AI 30 June 2023 1,223,430 1,223,430 AI 30 June 2022 492,644 492,644 During the year to 30 June 2020 a resM1ential property123 Beech Road Seven08k81 was purch88ed and is Ined In assets al cost. inclthro acquisilK)n arKJ refurbishme costs. Dunng the most finarKxal year, a furtPÈr rÈsidÈnt181 prorty(41 WKerKJen Road, Sevenoaksl was purchased and 15 undergoing refurbishtnenl wotk5. vthich will be cornpleled in the tExI 12 montrE. D?btors 2023 2022 Falling Ythin one year= Insurance rent receivable OtrEr deblLKS 1,351 144 529 1,351 10 Cash at Bank In Ha 2023 2022 Cash al bar* with immediale access 246,966 246,966 342,051 342,051 Page 15
SEVENOAKS GOSPEL TRUST NOTES TO THE ACCOUNTS FOR TrIE YEAR ENDED 30 JUNE 2023 11 Creditors.. liabilities falling due wf(hin ono y8ar 2023 2022 Acc[uS 3,000 3,000 1,620 1,620 12 Fund5 Duriry the yeartFE fflovetnen15 in IFE dptivsfunds were as fdlow5". Openir balar 2023 Incoming resources Outgoir resources Transfers in the year Gains and clong balan 2023 sses 2023 2023 2023 2023 Dewialed Funds Property Appeal Fund 450,000 1450,0001 450,000 1450,0001 General Unrestricted Funds 833,603 201,871 116,7281 450,000 1,468,746 Total Unreslncted Funds 833,603 851,871 118,7281 1,468,746 Aggregate of funds 833,603 651,871 116,7281 1,468,746 transfers referd lo above were m8de for following reasons.. al Transfer from the Property Appeal Fund upon suctrssful CoMptIOn of acqUi110n of41 WiceThJen Road. Se¥eTh)aks. Analysis of n8tass8ts by fd TrE assets aTKI liabililES of the wariou5funds were a5 followE'. Unrestri GerEral funds Dewgnaled funds Reslricled 2023 Tangible fixe(l assets Debtors Cash al bar armj in FHrKI Creditors falliry due witFin onB year 1,223,430 1,351 246,966 13,0001 1,223,430 1,351 246,966 13,0001 1,468,746 1,468,746 In the preious Ye8rt movements in charivs f8were as follows". OpÈnit¥J balame 2022 Incoming resources OutyoirvJ resources Transfe in the year 2022 G8ins and bsses 2022 Ckn%ny balance 2022 2022 2022 Genet¥l UnEstricted Funds 759,498 90,789 116,6841 833,603 Aggregate of funds 759,498 90,789 116,6841 833,603 Page 16
SEVENOAKS GOSPEL TRUST NOTES TO THE ACCOUNTS FOR TrIE YEAR ENDED 30 JUNE 2023 12 Fund$ It¢)Irtind Amlysls of n&ta88&ts by fwd In the preOu$ ye8r, assèts h'abillies of IhÈ variousfund$ wÈrÈ asfollows". Unrestnded Funds GerEral Degnated funds funds Restricted fLThJs 2022 T8ngiblÈ fixed assets Debtors Cash al bank arKJ In harvJ Creditors falliry due witrin orÈ y&ar 492,644 529 342,051 11,8201 492,644 529 342,051 11,6201 833,603 833,603 13 Tr8n8actlon8 wlth rolatsd partles Duriry the yeartFE charity 81 reIVed don8tions lolalliw £54,701 (2022". £33,430) from related parties (which indLKJÈs trustees, any other member8 of key man8gement aThJ anyonÈ closety connÈtted to tr*ml. bl no expenses 12022. £niD were paKJ lo, or for, IhÈ lrttsleÈs. 1S Member5 Each member of company MMitS lo contnbLrte If the charity iSWOLThJ up an amount of £1. Page 17
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