COMPANY REGISTRATION NUMBER: 12057904 CHARITY REGISTRATION NUMBER: 1184513
First Fruits Gospel Foundation Company Limited by Guarantee
Financial Statements
For the year ended 30 June 2023
First Fruits Gospel Foundation
Company Limited by Guarantee
Financial Statements
Year ended 30 June 2023
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent auditor's report to the members | 4 |
| Statement of financial activities (including income and expenditure account) | 7 |
| Statement of financial position | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10 |
First Fruits Gospel Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 June 2023
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 30 June 2023.
| Reference and administrative details | |
|---|---|
| Registered charity name | First Fruits Gospel Foundation |
| Charity registration number | 1184513 |
| Company registration number | 12057904 |
| Principal office and registered | Third Floor |
| office | 20 Old Bailey |
| London | |
| EC4M 7AN | |
| United Kingdom | |
| The trustees | |
| Mrs R Pillar | |
| Mr S Pillar | |
| Mr J Riches | |
| Auditor | Gibson Booth |
| Chartered Accountants & Statutory Auditors | |
| New Court | |
| Abbey Road North | |
| Shepley | |
| Huddersfield | |
| HD8 8BJ |
Structure, governance and management
The Foundation is a company limited by guarantee.
The Foundation has three Trustees, Simon Pillar, Rebecca Pillar and John Riches. The Trustees meet as needed to review grant application, but meet at a minimum quarterly to conduct general Charity business. The trustees are convened according to the articles of association and any future appointment of trustees is set out in this document.
Objectives and activities
The objectives of FFGF are stated in its Objects. These are (a) the advancement of the evangelical Christian faith for the benefit of the public in accordance with the 'Statement of Belief'; and (b) the relief and assistance of people in need, including the relief of poverty and the advancement of health. In furtherance of these objectives, the Charity receives applications for grants from various parties and assesses them against various criteria which, if met, result in the awarding of funds to support those works and ministries. During the year, the Charity awarded several grants and made investments in furtherance of its objectives. The Trustees have considered and have regard to the Charity Commission's general guidance on public benefit. In this year the charity acquired a freehold property which it plans to develop into a Christian SEN school.
Achievements and performance
During the year the Charity awarded several grants amounting to £1,267,000 (2022; several grants totalling £902,565). The recipients of these grants are well known to the directors who consequently have confidence in the recipients to achieve the objectives of the grants made. A review process using a combination of reports from recipients and face to face meetings with trustees and advisors demonstrated that grants made were having meaning impact, including public speaking ministries and Bible translation work.
1
First Fruits Gospel Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2023
Financial review
The finances of the Charity are simple in this early stage of its development. It has £39,019 cash in the bank, and an investment of £1,004,850 in Kingdom Bank. The Charity has also invested in a property for £5,430,739. Funds for grants are mainly received as gifts from its primary benefactor, Pillar Investments Pty Limited, as needed. Various grant commitments totalling £1,267,000 (£902,565) were made during the year. The operating costs of the Foundation are minimal currently. For these reasons, the directors have determined that a reserves policy is unnecessary. In due course, as activity ramps up and the Foundation takes on operating costs, this is likely to change. During the period the Charity received donations of £1,118,171 ( 2022; £5,911,600), and had a deficit of £283,841 (2022; surplus of £4,961,750). The total reserves at the period end, were £5,416,239 unrestricted (2022; £5,676,080) and £65,000 restricted (2022; £89,000).
Going concern
After making appropriate enquiries, the Board of Trustees has a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Statement of Accounting Policies
Principal Risks and Uncertainties
The trustees have assessed the major risks to which the charity is exposed and these are regularly monitored.
Plans for future periods
The Foundation will increase its grant making activity in future periods, including making investments in property and other assets to support the growth of Christian ministries. The Foundation will also expand its set of directors as its operation grows and will investigate a cost effective approach to manage and administer its activities.
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the applicable Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
2
First Fruits Gospel Foundation
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 30 June 2023
The trustees' annual report was approved on 28[th] March 2024 and signed on behalf of the board of trustees by:
Mr S Pillar Trustee
3
First Fruits Gospel Foundation
Company Limited by Guarantee
Independent Auditor's Report to the Members of First Fruits Gospel Foundation
Year ended 30 June 2023
Opinion
We have audited the financial statements of First Fruits Gospel Foundation (the 'charity') for the year ended 30 June 2023 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, 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 FRS 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 charity's affairs as at 30 June 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
-
have been prepared in accordance with the requirements of the Charities Act 2011.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
4
First Fruits Gospel Foundation
Company Limited by Guarantee
Independent Auditor's Report to the Members of First Fruits Gospel Foundation (continued)
Year ended 30 June 2023
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity 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 Charities Act 2011 requires us to report to you if, in our opinion:
-
the information given in the trustees' report is inconsistent in any material respect with the financial statements; or
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adequate accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
5
First Fruits Gospel Foundation
Company Limited by Guarantee
Independent Auditor's Report to the Members of First Fruits Gospel Foundation (continued)
Year ended 30 June 2023
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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 misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity and the charity sector, we identified that the principal risks of non-compliance with law and regulations related to the Charities Act 2011 and the Companies Act 2006, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and the audit procedures performed included:
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Correspondence with Management including consideration of known or suspected instances of non-compliance with laws, regulation and fraud;
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Testing of non-purchase and sales ledger bank transactions;
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Review of accounting adjustments;
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Testing of grants made
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement 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 statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the FRC's website at: https: / /www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi /description-of-the-auditor%E2%80%99s-responsibilities-for.
This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's 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 charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Alistair Russell FCA (Senior Statutory Auditor)
For and on behalf of Gibson Booth Chartered Accountants & Statutory Auditors New Court Abbey Road North Shepley Huddersfield HD8 8BJ
Gibson Booth is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
6
First Fruits Gospel Foundation
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 30 June 2023
| Year ended 30 June 2023 | |||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Unrestricted | |||||
| funds | Restricted funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 1,118,171 | – | 1,118,171 | 5,911,600 |
| Investment income | 6 | 8,020 | – | 8,020 | 2,662 |
| - | - | - | - | ||
| Total income | 1,126,191 | – | 1,126,191 | 5,914,262 | |
| = | = | = | = | ||
| Expenditure | |||||
| Expenditure on charitable activities | 7,8 | (1,392,195) | (24,000) |
(1,416,195) | (952,512) |
| - | - | - | - | ||
| Total expenditure | (1,392,195) | (24,000) |
(1,416,195) | (952,512) | |
| = | = | = | = | ||
| - | - | - | - | ||
| Net (expenditure)/income and net movement in | |||||
| funds | (266,004) | (24,000) |
(290,004) | 4,961,750 | |
| = | = | = | = | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 5,676,080 | 89,000 | 5,765,080 | 803,330 | |
| - | - | - | - | ||
| Total funds carried forward | 5,410,076 | 65,000 | 5,475,076 | 5,765,080 | |
| = | = | = | = |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 10 to 15 form part of these financial statements.
7
First Fruits Gospel Foundation
Company Limited by Guarantee
Statement of Financial Position
30 June 2023
| 30 June 2023 | |||
|---|---|---|---|
| 2023 | 2022 | ||
| Note | £ | £ | |
| Fixed assets | |||
| Investments | 13 | 6,435,590 | 6,045,279 |
| Current assets | |||
| Debtors | 14 | 199,292 | 94,034 |
| Cash at bank and in hand | 39,020 | 11,407 | |
| - | - | ||
| 238,312 | 105,441 | ||
| Creditors: amounts falling due within one year | 15 | (747,826) | (294,290) |
| - | - | ||
| Net current liabilities | (509,514) | (188,849) | |
| - | - | ||
| Total assets less current liabilities | 5,926,076 | 5,856,430 | |
| Creditors: amounts falling due after more than one year | 16 | (451,000) | (91,350) |
| - | - | ||
| Net assets | 5,475,076 | 5,765,080 | |
| = | = | ||
| Funds of the charity | |||
| Restricted funds | 65,000 | 89,000 | |
| Unrestricted funds | 5,410,076 | 5,676,080 | |
| - | - | ||
| Total charity funds | 17 | 5,475,076 | 5,765,080 |
| = | = |
For the year ending 30 June 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 28[th] March 2024, and are signed on behalf of the board by:
Mr S Pillar Trustee
8
First Fruits Gospel Foundation
Company Limited by Guarantee
Statement of Financial Position
30 June 2023
The notes on pages 10 to 15 form part of these financial statements.
9
First Fruits Gospel Foundation
Company Limited by Guarantee
Statement of Cash Flows
Year ended 30 June 2023
| Year ended 30 June 2023 | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Cash flows from operating activities | ||
| Net (expenditure)/income | (290,004) | 4,961,750 |
| Adjustments for: | ||
| Other interest receivable and similar income | (8,020) | (2,662) |
| Interest payable and similar charges | 1,633 | 143 |
| Accrued expenses | 27,372 | 15,440 |
| Changes in: | ||
| Trade and other debtors | (105,258) | (165) |
| Trade and other creditors | 785,814 | 247,650 |
| - | - | |
| Cash generated from operations | 411,537 | 5,222,156 |
| Interest paid | (1,633) | (143) |
| Interest received | 8,020 | 2,662 |
| - | - | |
| Net cash from operating activities | 417,924 | 5,224,675 |
| = | = | |
| Cash flows from investing activities | ||
| Acquisition of subsidiaries | – | (1) |
| Purchases of other investments | (390,311) | (5,218,628) |
| - | - | |
| Net cash used in investing activities | (390,311) | (5,218,629) |
| = | = | |
| Net increase in cash and cash equivalents | 27,613 | 6,046 |
| Cash and cash equivalents at beginning of year | 11,407 | 5,361 |
| - | - | |
| Cash and cash equivalents at end of year | 39,020 | 11,407 |
| = | = |
The notes on pages 10 to 15 form part of these financial statements.
10
First Fruits Gospel Foundation
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Third Floor, 20 Old Bailey, London, EC4M 7AN, United Kingdom.
The Charity constitutes a public benefit entity as defined by FRS 102.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The charity had net current liabilities at the year end. One of the trustees has confirmed that they shall continue to support the charity as required, for a period not less than 12 months from the date the accounts have been signed. The charity has therefore been treated as a going concern.
Consolidation
The charity is not required to prepare consolidated accounts in accordance with the Charities Act 2011, and has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
The fair value of investment property has been based on the purchase price, given the purchase was near to the year end.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Restricted funds have been provided by donors for a specific purpose.
Incoming resources
All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
11
First Fruits Gospel Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
3. Accounting policies (continued)
Resources expended (continued)
Expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. Charitable donations are payments made to third parties in the furtherance of the charitable objects of the foundation. Single or multi-year donations are accounted for when either the recipient has a reasonable expectation that they will receive a donation and the Trustees have agreed to pay the donation without condition, or the recipient has a reasonable expectation that they will receive a donation and any condition attaching to the donation is outside the control of the foundation.
Governance costs comprise costs for the running of the Charity itself as an organisation.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
4. Limited by guarantee
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.
5. Donations and legacies
| 5. | Donations and legacies | ||||
|---|---|---|---|---|---|
| Unrestricted | Total Funds | ||||
| Funds | Restricted Funds | 2023 | |||
| £ | £ | £ | |||
| Donations | |||||
| Donations | 1,118,171 | – | 1,118,171 | ||
| = | = | = | |||
| Unrestricted | Total Funds | ||||
| Funds | Restricted Funds | 2022 | |||
| £ | £ | £ | |||
| Donations | |||||
| Donations | 5,811,600 | 100,000 | 5,911,600 | ||
| = | = | = | |||
| 6. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| £ | £ | £ | £ | ||
| Bank interest receivable | 105 | 105 | 5 | 5 | |
| Other interest receivable | 7,915 | 7,915 | 2,657 | 2,657 | |
| - | - | - | - | ||
| 8,020 | 8,020 | 2,662 | 2,662 | ||
| = | = | = | = |
12
First Fruits Gospel Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
7. Expenditure on charitable activities by fund type
| Unrestricted | Total Funds | ||
|---|---|---|---|
| Funds | Restricted Funds | 2023 | |
| £ | £ | £ | |
| Grants payable | 1,243,000 | 24,000 | 1,267,000 |
| Support costs | 149,195 | – | 149,195 |
| - | - | - | |
| 1,392,195 | 24,000 | 1,416,195 | |
| = | = | = | |
| Unrestricted | Total Funds | ||
| Funds | Restricted Funds | 2022 | |
| £ | £ | £ | |
| Grants payable | 891,565 | 11,000 | 902,565 |
| Support costs | 49,947 | – | 49,947 |
| - | - | - | |
| 941,512 | 11,000 | 952,512 | |
| = | = | = |
8. Expenditure on charitable activities by activity type
During the year the charity made grants totalling £1,267,000 to five institutions and one individual (2022 - £902,565 to six institutions and one individual). These grants were made to organisations and individuals previously known to the trustees and ranged from specific projects to longer term partnerships, all of which aligned with the charity's aims. The charity seeks reports on an annual basis from these organisations and is satisfied that grants are being deployed wisely and effectively.
9. Analysis of support costs
| Analysis of support costs | |||
|---|---|---|---|
| Grants payable | Total 2023 | Total 2022 | |
| £ | £ | £ | |
| Staff costs | 14,368 | 14,368 | – |
| General office | 3,555 | 3,555 | 3,525 |
| Governance costs | 11,735 | 11,735 | 11,240 |
| Consultancy and professional fees | 42,713 | 42,713 | 34,108 |
| Event costs | 6,147 | 6,147 | – |
| Travel and hospitality | 70,677 | 70,677 | 1,074 |
| - | - | - | |
| 149,195 | 149,195 | 49,947 | |
| = | = | = | |
| Auditors remuneration | |||
| 2023 | 2022 | ||
| £ | £ | ||
| Fees payable for the audit of the financial statements | 3,200 | 3,600 | |
| = | = |
10. Auditors remuneration
11. Staff costs
The average head count of employees during the year was 1 (2022: –). The average number of full-time equivalent employees during the year is analysed as follows:
2023 2022 No. No. Management 1 –
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
13
First Fruits Gospel Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
12. Trustee remuneration and expenses
No remuneration or other benefits in respect of services provided to the Charity were received by the Trustees from the Charity or a related entity. No Trustees expenses have been incurred during the year.
13. Investments
| Investment | Shares in group | Other | ||
|---|---|---|---|---|
| properties | undertakings | investments | Total | |
| £ | £ | £ | £ | |
| Cost or valuation | ||||
| At 1 July 2022 | 5,040,428 | 1 | 1,004,850 | 6,045,279 |
| Additions | 390,311 | – | – | 390,311 |
| - | - | - | - | |
| At 30 June 2023 | 5,430,739 | 1 | 1,004,850 | 6,435,590 |
| = | = | = | = | |
| Impairment | ||||
| At 1 July 2022 and 30 June 2023 | – | – | – | |
| = | = | = | ||
| Carrying amount | ||||
| At 30 June 2023 | 5,430,739 | 1 | 1,004,850 | 6,435,590 |
| = | = | = | = | |
| At 30 June 2022 | 5,040,428 | 1 | 1,004,850 | 6,045,279 |
| = | = | = | = |
All investments shown above are held at valuation.
Investment properties
In March 2022 the company purchased 565 and 577 Kingston Road for £5,040,428. Further capital work costing £390,311 was incurred during the year. The trustees deem the fair value at the year end to be £5,430,739 (2022 - £5,040,428). Their valuation is based upon indiciative values provided by Savills. The property was purchased as part of a sale and leaseback agreement. The property is leased to PAG Limited for £1 per annum.
The company has invested in a 9.9% shareholding of Lamb's Passage Holding Limited, a company registered in England and Wales at a cost of £1,004,850. The companies principal activity is to act as a holding company owning shares in Kingdom Bank Limited, a UK registered company whose principal activity is the provision of secured lending to churches, charities and to individuals working for those organisations.
The charity also owns 100% of the share capital of Housing Affordability Finance (HAF) Limited, a company incorporated in England and Wales. The net assets of the company at the 31 July 2022 were £27,158 and its turnover for the year to was £8,000.
14. Debtors
| Debtors | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Prepayments and accrued income | 370 | 274 |
| Other debtors | 198,922 | 93,760 |
| - | - | |
| 199,292 | 94,034 | |
| = | = | |
| The debtors above include the following amounts falling due after more than one year: | ||
| 2023 | 2022 | |
| £ | £ | |
| Other debtors | 123,922 | 93,760 |
| = | = |
14
First Fruits Gospel Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
15. Creditors: amounts falling due within one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 46,752 | 19,380 |
| Other creditors | 701,074 | 274,910 |
| - | - | |
| 747,826 | 294,290 | |
| = | = |
Included within other creditors due within one year and more than one year are grant commitments as follows;
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Grant commitments at start of year | 216,260 | 118,610 |
| Grants and donations paid during the year | (118,350) | (804,915) |
| Grant commitments made during the year | 898,000 | 902,565 |
| - | - | |
| Grant commitments recognised at end of the year | 995,910 | 216,260 |
| = | = |
The following grant commitments were outstanding at the year end:
Grant commitments to 4 institutions totalling £987,910 (2022; £200,260) Grant commitments to 1 individual totalling £8,000 (2022; £16,000)
16. Creditors: amounts falling due after more than one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Other creditors | 451,000 | 91,350 |
| = | = |
17. Analysis of charitable funds
| Analysis of charitable funds | ||||
|---|---|---|---|---|
| Unrestricted funds | ||||
| At 1 July 2022 | Income | Expenditure At | 30 June 2023 | |
| £ | £ | £ | £ | |
| General funds | 5,676,080 | 1,126,191 | (1,392,195) | 5,410,076 |
| = | = | = | = | |
| At 1 July 2021 | Income | Expenditure At | 30 June 2022 | |
| £ | £ | £ | £ | |
| General funds | 803,330 | 5,814,262 | (941,512) | 5,676,080 |
| = | = | = | = |
Unrestricted general funds are available for use at the discretion of the Trustees in the furtherance of the general charitable objectives.
Restricted funds
| Restricted funds | ||||||
|---|---|---|---|---|---|---|
| At | 1 | July 2022 | Income | Expenditure At | 30 June 2023 | |
| £ | £ | £ | £ | |||
| Restricted Funds | 89,000 | – | (24,000) | 65,000 | ||
| = | = | = | = | |||
| At | 1 | July 2021 | Income | Expenditure At | 30 June 2022 | |
| £ | £ | £ | £ | |||
| Restricted Funds | – | 100,000 | (11,000) | 89,000 | ||
| = | = | = | = |
15
First Fruits Gospel Foundation
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 30 June 2023
17. Analysis of charitable funds (continued)
Restricted funds relate to monies received for the specific purpose of donations to, or at the request of, Housing Affordability finance (HAF) Ltd as and when required.
18. Analysis of net assets between funds
| Analysis of net assets between funds | |||
|---|---|---|---|
| Unrestricted | Total Funds | ||
| Funds | Restricted Funds | 2023 | |
| £ | £ | £ | |
| Investments | 6,435,590 | – | 6,435,590 |
| Current assets | 173,311 | 65,000 | 238,311 |
| Creditors less than 1 year | (747,826) | – |
(747,826) |
| Creditors greater than 1 year | (451,000) | – |
(451,000) |
| - | - | - | |
| Net assets | 5,410,076 | 65,000 | 5,475,076 |
| = | = | = | |
| Unrestricted | Total Funds | ||
| Funds | Restricted Funds | 2022 | |
| £ | £ | £ | |
| Investments | 6,045,279 | – | 6,045,279 |
| Current assets | 16,441 | 89,000 | 105,441 |
| Creditors less than 1 year | (294,290) | – |
(294,290) |
| Creditors greater than 1 year | (91,350) | – |
(91,350) |
| - | - | - | |
| Net assets | 5,676,080 | 89,000 | 5,765,080 |
| = | = | = | |
| Analysis of changes in net debt | |||
| At 1 Jul 2022 | Cash flows | At 30 Jun 2023 | |
| £ | £ | £ | |
| Cash at bank and in hand | 11,407 | 27,613 | 39,020 |
| = | = | = |
19. Analysis of changes in net debt
20. Related parties
During the year the company received donations of £1,117,500 (2022 - £5,809,508) from Pillar Investments II Pty Limited. Pillar Investments II Pty Limited is a related party by virtue of the shareholding R Pillar has in the ultimate parent entity of this company.
A donation of £1,060 (2022 - £1,060) was also payable to Gospel Patrons UK, a charity registered in the UK, for which S Pillar acts as a trustee. This was included in other creditors at the year end. The charity also entered into an agreement to share 50% of the salary costs of staff with Gospel Patrons UK. At the year end Gospel Patrons UK was owed £5,664.
A donation of £nil (2022 - £11,000) was also made to Housing Affordability Finance (HAF) Ltd during the year. This donation was financed by a donation from a third party, for the specific purpose of giving to Housing Affordability Finance (HAF) Ltd. A loan of £73,922 (2022 - £nil) was also provided to Housing Affordability Finance (HAF) Ltd during the year. This loan is repayable 10 years from when it was drawn and a return on investment is payable dependent on the level of profits derived from the application of these loans by Housing Affordability Finance (HAF) Ltd. The charity also entered into an agreement to share 50% of the salary costs of staff with Gospel Patrons UK, a charity in which S Pillar is a trustee. At the year end Gospel Patrons UK was owed £5,664.
16