Sevenoaks Gospel Trust
Company Registration Number 11371960 Charity Registration Number 1179316
Report and Accounts Year ended 30 June 2024
1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk
SEVENOAKS GOSPEL TRUST
COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024
Trustees Jeremy Marshall (died 13 August 2023) Paul Batchelor Deborah Drury Gavin Watson Mark Harding John Rees Michelle Reid (appointed 31 October 2023) Company Secretary Deborah Drury (resigned 10 January 2024) Michelle Reid (appointed 10 January 2024) Key Staff None Governing Document Memorandum and Articles of Association incorporated dated 16 May 2018 Company Registration Number 11371960 Charity Registration Number 1179316 Principal Address & Registered Office 10 Queen Street Place London EC4R 1BE Independent Examiner Archie McDowall BA CA Stewardship 1 Lamb's Passage London EC1Y 8AB Bankers Barclays Bank PLC
| Contents | Page |
|---|---|
| Company Information | 1 |
| Trustees' Annual Report | 2-6 |
| Independent Examiner's Report | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Accounts | 10-15 |
| Detailed Statement of Financial Activities with Comparatives | 16 |
Page 1
SEVENOAKS GOSPEL TRUST
TRUSTEES' ANNUAL REPORT (INCORPORATING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 JUNE 2024
The trustees, who are the charity's directors for the purposes of company law, have pleasure in submitting the Report and Accounts for the year.
Who we are
Sevenoaks Gospel Trust was 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 at 10 Queen Street Place, London EC4R 1BE. The purpose of the charity, as set out in its Articles of Association (Article 2.1), is “to advance the evangelical Christian faith, including (but without limitation) by providing grants or other funding to, and making available property for use by, churches and other Christian charities or groups in particular in the Sevenoaks area that are in sympathy with the Statement of Faith” adopted by the charity. That Statement of Faith can be found on our website (www.sevenoaksgospeltrust.org). It is intended that Sevenoaks Gospel Trust will provide a vehicle to support Christian ministry and mission in a way that is faithful to orthodox biblical teaching, regardless of any changes in fundamental doctrine within the Church of England or any other Christian denomination.
Activities during the year
Our principal activity during our sixth year of operation has been the completion of the refurbishment of 41 Wickenden Road and its subsequent lease to St Nicholas Church, Sevenoaks. We have continued to make available 23 Beech Road to St Nicholas Church under the lease we entered into with it 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 activities are set out in their respective sections below.
There has continued to be a flow of approaches for advice from churches considering the establishment of a trust to facilitate the owning of properties or the raising of funds to be used for church purposes. The current proposals for liturgical and doctrinal changes regarding marriage and sexuality matters within the Church of England have no doubt contributed to this. We have been encouraged that our experience is proving helpful to others.
Our fifth annual general meeting was held on 21 November 2023 and was attended by all the trustees and the non-trustee members of the charitable company (the members being the six trustees together with Rev Anthony Bewes, Rev Joe Dent and Mrs Naomi de Grey-Warter). As always, we benefited from the perspectives given by the non-trustee members.
Fundraising
We did not engage in a specific fundraising campaign during the year. Our plans for future activities and associated fundraising are set out below under the heading “Plans for the future”.
Page 2
SEVENOAKS GOSPEL TRUST
TRUSTEES' ANNUAL REPORT (INCORPORATING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 JUNE 2024
Refurbishment and lease of 41 Wickenden Road
After completing the acquisition of 41 Wickenden Road in June 2023, we set about a substantial refurbishment project. This was completed in October. The property was leased to St Nicholas Church for five years and it is using it to house the pastor of its Lady Boswell’s congregation, together with his family.
Income
We are pleased to report that, during the course of the financial year, we received donations totalling £62,220. Our only other sources of income have been rent payable by St Nicholas Church under the leases of 23 Beech Road and 41 Wickenden Road and bank interest.
Grant making activity
We made no grants during the year.
Expenditure
Our total expenditure for the year amounted to £121,209, of which £112,241 was for the refurbishment of 41 Wickenden Road and has been capitalised.
Reserves
The trustees reviewed the Trust’s Reserves Policy during the year and concluded that no change was required. The policy requires a minimum of £50,000 to be held in reserve. The year-end net current assets were £217,495.
Risks
The Risk Register attempts to set out a comprehensive assessment of the risks to which the Trust is exposed. These are analysed according to likelihood of occurrence and potential impact, should they materialise. We have analysed the most significant risks as:
-
A material change to applicable government policy or legal or regulatory environment which might inhibit or restrict our activities. We will be monitoring 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 mitigate the risk by monitoring public comment about the Trust or matters that may affect the Trust’s activities and will be prepared to respond as necessary.
-
Legal exposure due to a conflict between the Trust’s Christian convictions and English law. Although unlikely, we aim to monitor the applicable legal environment and take advice as necessary.
Page 3
SEVENOAKS GOSPEL TRUST
TRUSTEES' ANNUAL REPORT (INCORPORATING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 JUNE 2024
Risks (continued)
- A health and safety 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. Michelle Reid joined as a trustee during the year and on 1 January 2024 took on the role of Company Secretary from Deborah Drury. We want to thank Deborah for her outstanding contribution in the role since our formation. In addition to Michelle Reid, the other trustees continue to be Mark Harding (Chairman), Paul Batchelor, Deborah Drury, John Rees and Gavin Watson.
One third of trustees are subject to retirement by rotation at each annual general meeting, but are eligible for re-election. At the 2023 annual general meeting, Gavin Watson retired and was reappointed. 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 time voluntarily without receiving any recompense from the charity.
Achievements and Performance 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 to evangelical Christian ministry in the Sevenoaks area. The lease of 23 Beech Road provides St Nicholas Church with very cost effective and flexible accommodation, together with the opportunity to raise additional rental funds for the church’s general purposes where the property is not immediately required for staff housing.
The lease of 41 Wickenden Road to St Nicholas Church enables the church’s ministry from its church plant at Lady Boswell’s School on terms that are also cost effective for the church.
The trustees have had regard to the Charity Commission’s guidance on public benefit.
Page 4
SEVENOAKS GOSPEL TRUST
TRUSTEES' ANNUAL REPORT (INCORPORATING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 JUNE 2024
Plans for the future
The Trust intends to pursue its current approach to supporting gospel ministry in the Sevenoaks area. This will principally be by continuing to make available to St Nicholas Church the properties it owns to enable the housing of ministry staff. During the course of the year, discussions were held with the Church to facilitate planning for the future. It asked us to plan for the possible acquisition of another property in two or three years, when a property currently used by it will become unavailable. If it were to plant another church in the area, we would like to be in a position to support that ministry, whether by way of housing or contribution to staffing costs. In either case, this may require further fund raising, whether by way of appeal for gifts or by borrowing commercially. The Trust will in addition support gospel ministry in the area by considering making grants to St Nicholas Church or any other applicant where such grants meet our grant making criteria.
Responsibilities of trustees under company law
The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements 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 statements, the trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
-
state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements 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.
Page 5
SEVENOAKS GOSPEL TRUST
TRUSTEES' ANNUAL REPORT (INCORPORATING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 JUNE 2024
Approval
This report, which has been prepared in accordance with the provisions of the Companies Act 2006 relating to small companies, was approved by the trustees and signed on their behalf by:
Mark Harding
Mark Harding (Nov 4, 2024 16:36 GMT) _______ MARK HARDING
Nov 4, 2024 Date: _______
Page 6
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF
SEVENOAKS GOSPEL TRUST ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024 on pages 8 to 16 following, which have been prepared on the basis of the accounting policies set out on pages 10 to 11.
Responsibilities and basis of report
As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Archie McDowall
Archie McDowall (Nov 6, 2024 12:43 GMT)
Archie McDowall BA CA Stewardship 1 Lamb's Passage London EC1Y 8AB
Date: Nov 6, 2024
Page 7
SEVENOAKS GOSPEL TRUST
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Charitable activities 4 Investments 5 Total income and endowments EXPENDITURE ON: Charitable activities 6 Total expenditure Net income/(expenditure) Transfers between funds 12 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 12 |
Unrestricted Funds £ 62,220 28,566 2,601 93,387 8,968 8,968 84,420 - 84,420 1,468,746 1,553,165 |
Restricted Funds £ - - - - - - - - - - - |
Total Funds 2024 £ 62,220 28,566 2,601 93,387 8,968 8,968 84,420 - 84,420 1,468,746 1,553,165 |
Total Funds 2023 £ 632,704 16,231 2,936 |
|---|---|---|---|---|
| 651,871 | ||||
| 16,728 | ||||
| 16,728 | ||||
| 635,142 - |
||||
| 635,142 833,603 |
||||
| 1,468,746 |
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 activities also complies with the requirements for an income and expenditure account required by the Companies Act 2006.
The notes on page 10-15 form part of these accounts.
Page 8
SEVENOAKS GOSPEL TRUST
BALANCE SHEET
AS AT 30 JUNE 2024
| Note FIXED ASSETS Tangible assets 8 CURRENT ASSETS Debtors 9 Cash at bank and in hand 10 CREDITORS: Amounts falling due within one year 11 Net current assets / (liabilities) TOTAL NET ASSETS FUND BALANCES 12 Unrestricted Funds General funds Designated funds Restricted Funds |
Unrestricted Funds £ 1,335,671 1,335,671 1,118 218,176 219,295 (1,800) 217,495 1,553,165 1,553,165 - 1,553,165 - 1,553,165 |
Restricted Funds £ - - - - - - - - - - - - - |
Total Funds 2024 £ 1,335,671 1,335,671 1,118 218,176 219,295 (1,800) 217,495 1,553,165 1,553,165 - 1,553,165 - 1,553,165 |
Total Funds 2023 £ 1,223,430 |
|---|---|---|---|---|
| 1,223,430 | ||||
| 1,351 246,966 |
||||
| 248,316 (3,000) |
||||
| 245,316 | ||||
| 1,468,746 | ||||
| 1,468,746 - |
||||
| 1,468,746 - |
||||
| 1,468,746 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006 however, in accordance with Section 145 of the Charities Act 2011, the accounts have been examined by an independent examiner and their report has been included in these financial statements.
The directors (who are the charitable company's trustees for the purposes of charity law) acknowledge their responsibilities for:
-
(a) ensuring that the charitable company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its net income or expenditure for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
The financial statements were approved by the Board of Directors and were signed on its behalf by:
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Mark Harding
Mark Harding (Nov 4, 2024 16:36 GMT)
---------------------------------------
MARK HARDING
Date: _______ Nov 4, 2024
Company number: 11371960 Charity number: 1179316
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The notes on page 10-15 form part of these accounts.
Page 9
SEVENOAKS GOSPEL TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2024
1 Statutory Information
The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.
2 Accounting Policies
These financial statements are prepared on a going concern basis, under the historical cost convention.
These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), with the Companies Act 2006 and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.
The principles adopted in the preparation of the financial statements are set out below.
a) Going concern
The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.
b) Income
Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.
Income from donations and legacies includes:
-
i) Recoverable gift aid. This is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.
-
ii) The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.
-
iii) Legacies. Income from legacies is recognised when a distribution is received from the estate or, if earlier, when the charity has been notified that a distribution will be made and the amount receivable can be measured reliably.
Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects.
Investment income represents income generated by the charity's assets and includes income from bank interest.
c) Expenditure
Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.
The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.
Page 10
SEVENOAKS GOSPEL TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2024
2 Accounting Policies (continued)
The cost of raising funds is not significant and has not been separately disclosed.
The Charities SORP requires charities with income over £500,000 to allocate costs to the various activities undertaken by the charity. The nature of the work of the charity] is considered to be so integrated that the core charitable activity costs are considered to be for the one activity.
Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.
d) Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.
e) Tangible fixed assets
Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:
Freehold land Is not depreciated (because it is not consumed by use) Freehold buildings Are not depreciated (see areas of judgment below) Equipment Over 3 to 7 years
The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.
f) Taxation
The company is a registered charity; it has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.
g) Financial instruments
The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).
h) Exemption from preparing a cashflow statement
The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.
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i) Critical accounting estimates and areas of judgement ln preparing financial statements certain judgements, estimates and assumptions have to be made that affect the amounts recognised in the financial statements. The trustees consider the following to be significant:
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i) The trustees believe that the residential properties held for charitable purposes have a high residual value which removes the need for depreciation to be charged.
3 Donations and legacies
| Donations of cash and similar | 2024 £ 62,220 62,220 |
2023 £ 632,704 |
|---|---|---|
| 632,704 |
Page 11
SEVENOAKS GOSPEL TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2024
4 Income from charitable activities
| Rental property income 5 Investment income Bank interest 6 Charitable expenditure a Costs incurred directly on specific activities Grants payable (note 8c) b Costs incurred on support & administration Governance costs Independent examiner's fee Subscriptions and professional fees Insurance Property maintenance Bank charges and other costs Other administration expenses Total expenditure |
2024 £ 28,566 28,566 2024 £ 2,601 2,601 2024 £ - - 1,560 1,560 2,290 2,016 1,807 102 1,193 8,968 8,968 |
2023 £ 16,231 |
|---|---|---|
| 16,231 | ||
| 2023 £ 2,936 |
||
| 2,936 | ||
| 2023 £ 10,000 |
||
| 10,000 | ||
| 3,000 | ||
| 3,000 663 2,774 - 155 137 |
||
| 6,728 | ||
| 16,728 |
The fee payable to the independent examiner for preparing and examining the accounts was £1,560 (2023: £3,000); in addition the charity paid £nil (2023: £69) to Stewardship for consultancy services.
Page 12
SEVENOAKS GOSPEL TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2024
| 6 Charitable expenditure (continued) c Grants payable Institutions £ Grants for churches - - The comparatives for the previous year are as follows: Institutions £ Grants for churches 10,000 10,000 The charity's principal grants to institutions comprised: The PCC of St Nicholas, Sevenoaks 7 8 Tangible fixed assets Cost At 1 July 2023 Additions At 30 June 2024 Accumulated depreciation At 1 July 2023 Charge for the year At 30 June 2024 Net book value At 30 June 2024 At 30 June 2023 Analysis of staff costs, the cost of key management personnel and trustee remuneration No trustees received employment benefits in either the current or preceding year. |
Individuals £ - - Individuals £ - 2024 £ - Freehold Property £ 1,223,430 112,241 1,335,671 - - - 1,335,671 1,223,430 |
2024 £ - |
|---|---|---|
| - | ||
| 2023 £ 10,000 |
||
| 10,000 | ||
| 2023 £ 10,000 |
||
| 10,000 | ||
| Total 2024 £ 1,223,430 112,241 |
||
| 1,335,671 | ||
| - - |
||
| - | ||
| 1,335,671 | ||
| 1,223,430 |
During the year to 30 June 2020 a residential property (23 Beech Road Sevenoaks) was purchased and is included in fixed assets at cost, including acquisition and refurbishment costs. During the year to 30 June 2023, a further residential property (41 Wickenden Road, Sevenoaks) was purchased and subsequently underwent refurbishment works, which were completed and capitalised in the most recent financial year.
Page 13
SEVENOAKS GOSPEL TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2024
9 Debtors
| ors | ||
|---|---|---|
| Insurance rent receivable | 2024 £ 1,118 1,118 |
2023 £ 1,351 |
| 1,351 |
10 Cash at Bank and in Hand
| Cash at bank with immediate access itors: liabilities falling due within one year Accruals |
2024 £ 218,176 218,176 2024 £ 1,800 1,800 |
2023 £ 246,966 |
|---|---|---|
| 246,966 | ||
| 2023 £ 3,000 |
||
| 3,000 |
11 Creditors: liabilities falling due within one year
12 Funds
During the year the movements in the charity's funds were as follows:
| General Unrestricted Funds Total Unrestricted Funds Aggregate of funds |
Opening balance 2024 £ 1,468,746 1,468,746 1,468,746 |
Incoming resources 2024 £ 93,387 93,387 93,387 |
Outgoing resources 2024 £ (8,968) (8,968) (8,968) |
Transfers in the year 2024 £ - - - |
Gains and losses 2024 £ - - - |
Closing balance 2024 £ 1,553,165 |
|---|---|---|---|---|---|---|
| 1,553,165 | ||||||
| 1,553,165 |
Analysis of net assets by fund
The assets and liabilities of the various funds were as follows:
| Tangible fixed assets Debtors Cash at bank and in hand Creditors falling due within one year |
General Designated funds funds £ £ 1,335,671 - 1,118 - 218,176 - (1,800) - 1,553,165 - Unrestricted Funds |
Restricted funds £ - - - - - |
2024 £ 1,335,671 1,118 218,176 (1,800) |
|---|---|---|---|
| 1,553,165 |
Page 14
SEVENOAKS GOSPEL TRUST
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2024
12 Funds (continued)
In the previous year the movements in the charity's funds were as follows:
| Designated Funds Property Appeal Fund General Unrestricted Funds Total Unrestricted Funds Aggregate of funds |
Opening balance 2023 £ - - 833,603 833,603 833,603 |
Incoming resources 2023 £ 450,000 450,000 201,871 651,871 651,871 |
Outgoing resources 2023 £ - - (16,728) (16,728) (16,728) |
Transfers in the year 2023 £ (450,000) (450,000) 450,000 - - |
Gains and losses 2023 £ - - - - |
Closing balance 2023 £ - |
|---|---|---|---|---|---|---|
| - 1,468,746 |
||||||
| 1,468,746 | ||||||
| 1,468,746 |
Analysis of net assets by fund
In the previous year, the assets and liabilities of the various funds were as follows:
| Tangible fixed assets Debtors Cash at bank and in hand Creditors falling due within one year |
General Designated funds funds £ £ 1,223,430 - 1,351 - 246,966 - (3,000) - 1,468,746 - Unrestricted Funds |
Restricted funds £ - - - - - |
2023 £ 1,223,430 1,351 246,966 (3,000) |
|---|---|---|---|
| 1,468,746 |
13 Transactions with related parties
During the year the charity:
-
a) received donations totalling £23,852 (2023: £54,701) from related parties (which includes trustees, any other members of key management and anyone closely connected to them).
-
b) paid no expenses (2023: £nil) for / to trustees for carrying out duties associated with being trustees; reimbursements for expenses incurred when acting as agent for the charity or incurred when undertaking employment duties not connected with serving as a trustee are not included in this disclosure.
There have been no other transactions with related parties during the year.
14 Members
Each member of the company commits to contribute if the charity is wound up an amount of £1.
Page 15
SEVENOAKS GOSPEL TRUST
DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES
FOR THE YEAR ENDED 30 JUNE 2024
| Note INCOME AND ENDOWMENTS FROM: Donations and legacies 3 Charitable activities 4 Investments 5 Total income and endowments EXPENDITURE ON: Charitable activities: 6 Total Expenditure Net income/(expenditure) Transfers between funds 12 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 12 |
Unrestric | Designated 2024 £ - - - - - - - - - - - ted funds |
Restricted 2024 £ - - - - - - - - - - - |
Total 2024 £ 62,220 28,566 2,601 93,387 8,968 8,968 84,420 - 84,420 1,468,746 1,553,165 |
General 2023 £ 182,704 16,231 2,936 201,871 16,728 16,728 185,142 450,000 635,142 833,603 1,468,746 Unrestric |
Unrestric | Designated 2023 £ 450,000 - - 450,000 - - 450,000 (450,000) - - - ted funds |
Restricted 2023 £ - - - - - - - - - - - |
Total 2023 £ 632,704 16,231 2,936 651,871 16,728 16,728 635,142 - 635,142 833,603 1,468,746 |
||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Page 16