2025-06-30-accounts

.

COMPANY REGISTRATION NUMBER: 12057904 CHARITY REGISTRATION NUMBER: 1184513

First Fruits Gospel Foundation

Company Limited by Guarantee

Financial Statements

For the year ended 30 June 2025

First Fruits Gospel Foundation

Company Limited by Guarantee

Financial Statements

Year ended 30 June 2025

	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 2025

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 2025.

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 four times per year, twice to review grant applications and twice to administer other administrative and governance tasks. The trustees are convened according to the articles of association and any future appointment of trustees is set out in this document. The foundation is managed by a Chief Executive, Daniel McKinlay.

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.

Achievements and performance

During the year the Charity awarded several grants amounting to £1,635,641 (2024; several grants totalling £240,897). 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 meaningful 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 2025

Financial review

The finances of the Charity are simple in this early stage of its development. It has £134,737 cash in the bank, and an investment of £2,588,850 in Kingdom Bank. Funds for grants are mainly received as gifts from its primary benefactor, Pillar Investments II Pty Limited, as needed. Various grants were made during the year for £1,635,641 (2024; £252,000). The operating costs of the Foundation were £337,141 (2024; £208,554). As operating costs are not that significant, 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 £1,694,464 ( 2024; £1,782,132), and had a surplus of £36,058 (2024; surplus of £813,870). The total reserves at the period end, were £6,702,004 unrestricted (2024; £6,600,946) and £65,000 restricted (2024; £65,000).

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 2025

~~23 Apr 2026~~

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:

Mr S Pillar (Apr 23, 2026, 3:44pm)

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 2025

Opinion

We have audited the financial statements of First Fruits Gospel Foundation (the 'charity') for the year ended 30 June 2025 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 2025 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 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 2025

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 (Accounts and Reports) Regulations 2008 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

• adequate accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records and returns; or

• 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 2025

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 noncompliance 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:

• Correspondence with Management including consideration of known or suspected instances of non-compliance with laws, regulation and fraud;

• Testing of non-purchase and sales ledger bank transactions;

• Review of accounting adjustments;

• 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/auditassurance/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 charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 (Apr 23, 2026, 5:05pm)

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

23 Apr 2026

6

First Fruits Gospel Foundation

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 30 June 2025

			2025		2024
		Unrestricted
		funds	Restricted funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	5	1,694,464	–	1,694,464	1,782,132
Investment income	6	12,736	–	12,736	11,448
Other income	7	182,204	–	182,204	–
		──────────	───	──────────	──────────
Total income		1,889,404	–	1,889,404	1,793,580
		══════════	═══	══════════	══════════
Expenditure
Expenditure on raising funds:
Investment management costs	8	(4,787)	–	(4,787)	(4,109)
Expenditure on charitable activities	9,10	(1,972,783)	–	(1,972,783)	(449,451)
		──────────	───	──────────	──────────
Total expenditure		(1,977,570)	–	(1,977,570)	(453,560)
		══════════	═══	══════════	══════════
Net gains/(losses) on investments	12	124,224	–	124,224	(526,150)
		──────────	───	──────────	──────────
Net income and net movement in funds		36,058	–	36,058	813,870
		══════════	═══	══════════	══════════
Reconciliation of funds
Total funds brought forward		6,600,946	65,000	6,665,946	5,852,076
		──────────	──────	──────────	──────────
Total funds carried forward		6,637,004	65,000	6,702,004	6,665,946
		══════════	══════	══════════	══════════

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 17 form part of these financial statements.

7

First Fruits Gospel Foundation

Company Limited by Guarantee

Statement of Financial Position

30 June 2025

		2025	2024
	Note	£	£
Fixed assets
Tangible fixed assets	17	2,215	–
Investments	18	2,657,523	6,826,524
		──────────	──────────
		2,659,738	6,826,524
Current assets
Debtors	19	4,926,325	235,696
Cash at bank and in hand		134,737	266,131
		──────────	───────
		5,061,062	501,827
Creditors: amounts falling due within one year	20	(578,085)	(662,405)
		──────────	───────
Net current assets		4,482,977	(160,578)
		──────────	──────────
Total assets less current liabilities		7,142,715	6,665,946
Creditors: amounts falling due after more than one year	21	(440,711)	–
		──────────	──────────
Net assets		6,702,004	6,665,946
		══════════	══════════
Funds of the charity
Restricted funds		65,000	65,000
Unrestricted funds		6,637,004	6,600,946
		──────────	──────────
Total charity funds	22	6,702,004 ══════════	6,665,946 ══════════

For the year ending 30 June 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies, but as this company is a charity, it is subject to audit under the Charities Act 2011.

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.

23 Apr 2026

These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:

Mr S Pillar (Apr 23, 2026, 3:44pm)

Mr S Pillar Trustee

The notes on pages 10 to 17 form part of these financial statements.

8

First Fruits Gospel Foundation

Company Limited by Guarantee

Statement of Cash Flows

Year ended 30 June 2025

	2025	2024
	£	£
Cash flows from operating activities
Net income	36,058	813,870
Adjustments for:
Depreciation of tangible fixed assets	625	–
Net gains/(losses) on investments	(124,224)	526,150
Dividends, interest and rents from investments	(5,262)	(6,312)
Other interest receivable and similar income	(7,474)	(5,136)
Interest payable and similar charges	2,612	2,387
Accrued (income)/expenses	(249,683)	222,965
Changes in:
Trade and other debtors	27,943	(36,404)
Trade and other creditors	608,567	(381,901)
Other investments reclassification	8,271	–
	───────	──────────
Cash generated from operations	297,433	1,135,619
Interest paid	(2,612)	(2,387)
Interest received	7,474	5,136
	───────	──────────
Net cash from operating activities	302,295	1,138,368
	═══════	══════════
Cash flows from investing activities
Dividends, interest and rents from investments	5,262	6,312
Purchase of tangible assets	(2,840)	–
Gains on investments	(3,480)	(366)
Purchases of other investments	(942,631)	(917,203)
Proceeds from sale of other investments	510,000	–
	───────	──────────
Net cash used in investing activities	(433,689)	(911,257)
	═══════	══════════
Net (decrease)/increase in cash and cash equivalents	(131,394)	227,111
Cash and cash equivalents at beginning of year	266,131	39,020
	───────	───────
Cash and cash equivalents at end of year	134,737	266,131
	═══════	═══════

The notes on pages 10 to 17 form part of these financial statements.

9

First Fruits Gospel Foundation

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 30 June 2025

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 assets at the year end and 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. Significant judgements There are no significant judgements.

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 agreed sales price.

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:

10

First Fruits Gospel Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 30 June 2025

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Equipment

33% straight line

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

11

First Fruits Gospel Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 30 June 2025

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
		Unrestricted		Unrestricted
		Funds Total Funds 2025		Funds Total Funds 2024
		£	£	£	£
	Donations
	Donations	1,694,464	1,694,464	1,782,132	1,782,132
		══════════	══════════	══════════	══════════
6.	Investment income
		Unrestricted		Unrestricted
		Funds Total Funds 2025		Funds Total Funds 2024
		£	£	£	£
	Income from other investments	5,262	5,262	6,312	6,312
	Bank interest receivable	1,944	1,944	112	112
	Other interest receivable	5,530	5,530	5,024	5,024
		──────	──────	──────	──────
		12,736	12,736	11,448	11,448
		══════	══════	══════	══════
7.	Other income
		Unrestricted		Unrestricted
		Funds Total Funds 2025		Funds Total Funds 2024
		£	£	£	£
	Compensation fees regarding property sale	182,204	182,204	–	–
		═══════	═══════	═══	═══
8.	Investment management costs
		Unrestricted		Unrestricted
		Funds Total Funds 2025		Funds Total Funds 2024
		£	£	£	£
	Portfolio management	4,787	4,787	4,109	4,109
		═════	═════	═════	═════
9.	Expenditure on charitable activities by fund type
		Unrestricted		Unrestricted
		Funds Total Funds 2025		Funds Total Funds 2024
		£	£	£	£
	Grants payable	1,635,641	1,635,641	240,897	240,897
	Support costs	337,142	337,142	208,554	208,554
		──────────	──────────	───────	───────
		1,972,783	1,972,783	449,451	449,451
		══════════	══════════	═══════	═══════

10. Expenditure on charitable activities by activity type

During the year the charity made grants totalling £465,000 to Reach Ministries UK, £200,280 to The Rock Foundation, £135,000 to Bonar Trust, £132,500 to Proclamation Trust, £124,000 to Stewardship, £89,375 to Masterpiece Project, £56,328 to Forte Torre, £50,000 to Ebenezer Chapel, £50,000 to ReNew, £42,926 to Cruden Trust and £290,232 to a further 24 organisations and individuals(2024 - £252,000 to Stewardship). 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.

12

First Fruits Gospel Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 30 June 2025

11. Analysis of support costs

		Grants payable	Other activities	Total 2025	Total 2024
		£	£	£	£
	Staff costs	84,710	–	84,710	53,147
	General office	4,184	–	4,184	10,454
	Governance costs	22,679	–	22,679	20,293
	Consultancy and professional fees	7,500	1,860	9,360	13,875
	Travel and hospitality	90,689	–	90,689	74,428
	Rates	–	25,032	25,032	20,951
	Insurance	–	12,638	12,638	8,568
	Motor expenses	9,770	–	9,770	2,476
	Light and heat	1,355	–	1,355	4,361
	Depreciation of fixed assets	625	–	625	–
	Education and training	76,100	–	76,100	–
		───────	──────	───────	───────
		297,612	39,530	337,142	208,553
		═══════	══════	═══════	═══════
12.	Net gains/(losses) on investments
		Unrestricted		Unrestricted
		Funds Total Funds 2025		Funds Total	Funds 2024
		£	£	£	£
	Gains/(losses) on investment property	127,704	127,704	(525,784)	(525,784)
	Losses on investments	(3,480)	(3,480)	(366)	(366)
		───────	───────	───────	───────
		124,224	124,224	(526,150)	(526,150)
		═══════	═══════	═══════	═══════
13.	Net income
	Net income is stated after charging/(crediting):
				2025	2024
				£	£
	Depreciation of tangible fixed assets			625	–
				═══	═══
14.	Auditors remuneration
				2025	2024
				£	£
	Fees payable for the audit of the financial statements			4,980	3,340
				═════	═════
15.	Staff costs
	The total staff costs and employee benefits for the reporting period are analysed as follows:
				2025	2024
				£	£
	Wages and salaries			84,710	53,147
				══════	══════

The average head count of employees during the year was 2 (2024: 2). During the year the average number of management staff was 1 (2024: 1). The number of employees whose remuneration for the year fell within £60,000 to £69,999 was 1 (2024: nil).

13

First Fruits Gospel Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 30 June 2025

16. 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.

17. Tangible fixed assets

	Equipment
	£
Cost
At 1 July 2024	–
Additions	2,840
	─────
At 30 June 2025	2,840
	═════
Depreciation
At 1 July 2024	–
Charge for the year	625
	─────
At 30 June 2025	625
	═════
Carrying amount
At 30 June 2025	2,215
	═════
At 30 June 2024	–
	═════

18. Investments

	Investment	Shares in group	Other
	properties	undertakings	investments	Total
	£	£	£	£
Cost or valuation
At 1 July 2024	4,946,154	1	1,880,369	6,826,524
Additions	154,714	–	787,917	942,631
Disposals	(5,100,868)	–	–	(5,100,868)
Fair value movements	–	–	(2,493)	(2,493)
Other movements	–	–	(8,271)	(8,271)
	──────────	───	──────────	──────────
At 30 June 2025	–	1	2,657,522	2,657,523
	══════════	═══	══════════	══════════
Impairment
At 1 July 2024 and 30 June 2025		–	–	–
		═══	══════════	══════════
Carrying amount
At 30 June 2025	–	1	2,657,522	2,657,523
	══════════	═══	══════════	══════════
At 30 June 2024	4,946,154	1	1,880,369	6,826,524
	══════════	═══	══════════	══════════

All investments shown above are held at valuation.

Investment properties

The investment property sale was completed on 7 July 2025 (contracts were exchanged prior to the year end) for a total cost of £5,228,571. The historic cost of the property was £5,626,652 (2024 - £5,471,938).

14

First Fruits Gospel Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 30 June 2025

18. Investments (continued)

The company invested in a 15.8% shareholding of Lamb's Passage Holding Limited, a company registered in England and Wales at a cost of £2,588,850. The company's 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 liabilities of the company at the 31 July 2024 were £774,256 and its turnover for the year was £13,035.

19. Debtors

	2025	2024
	£	£
Amounts owed by group undertakings	69,039	99,840
Prepayments and accrued income	13,477	10,618
Other debtors	4,843,809	125,238
	──────────	───────
	4,926,325	235,696
	══════════	═══════

The debtors above include the following amounts falling due after more than one year:

	2025	2024
	£	£
Amounts owed by group undertakings	69,039	99,840
Other debtors	50,000	50,000
	───────	───────
	119,039	149,840
	═══════	═══════

20. Creditors: amounts falling due within one year

	2025	2024
	£	£
Accruals and deferred income	20,034	269,717
Other creditors	558,051	392,688
	───────	───────
	578,085	662,405
	═══════	═══════

Included within other creditors due within one year and more than one year are grant commitments as follows;

	2025	2024
	£	£
Grant commitments at start of year	241,246	618,910
Grants and donations paid during the year	(1,028,811)	(618,561)
Grant commitments made during the year	1,635,641	240,897
	──────────	───────
Grant commitments recognised at end of the year	848,076	241,246
	══════════	═══════

The following grant commitments were outstanding at the year end:

Grant commitments to 9 institutions totalling £848,076 (2024; £233,246) Grant commitments to 1 individual totalling nil (2024; £8,000)

15

First Fruits Gospel Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 30 June 2025

21. Creditors: amounts falling due after more than one year

Other creditors

2025	2024
£	£
440,711	–
═══════	═══

22. Analysis of charitable funds

Unrestricted funds
	At 1 July 2024	Income	Expenditure Gains and losses At		30 June 2025
	£	£	£	£	£
General funds	6,600,946	1,889,404	(1,977,570)	124,224	6,637,004
	══════════	══════════	══════════	═══════	══════════
	At 1 July 2023	Income	Expenditure Gains and losses At		30 June 2024
	£	£	£	£	£
General funds	5,787,076	1,793,580	(453,560)	(526,150)	6,600,946
	══════════	══════════	═══════	═══════	══════════

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 2024	Income	Expenditure Gains and losses At		30 June 2025
			£	£	£	£	£
Restricted Funds			65,000	–	–	–	65,000
			══════	═══	═══	═══	══════
	At	1	July 2023	Income	Expenditure Gains and losses At		30 June 2024
			£	£	£	£	£
Restricted Funds			65,000	–	–	–	65,000
			══════	═══	═══	═══	══════

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.

23. Analysis of net assets between funds

	Unrestricted
	Funds	Restricted Funds Total Funds 2025
	£	£	£
Tangible fixed assets	2,215	–	2,215
Investments	2,657,523	–	2,657,523
Current assets	4,996,063	65,000	5,061,063
Creditors less than 1 year	(578,085)	–	(578,085)
Creditors greater than 1 year	(440,711)	–	(440,711)
	──────────	──────	──────────
Net assets	6,637,005	65,000	6,702,005
	══════════	══════	══════════
	Unrestricted
	Funds	Restricted Funds Total Funds 2024
	£	£	£
Tangible fixed assets	–	–	–
Investments	6,826,524	–	6,826,524
Current assets	436,827	65,000	501,827
Creditors less than 1 year	(662,405)	–	(662,405)
Creditors greater than 1 year	–	–	–
	──────────	──────	──────────
Net assets	6,600,946	65,000	6,665,946
	══════════	══════	══════════

16

First Fruits Gospel Foundation

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 30 June 2025

24. Future commitments

After the year end, the charity also committed to make further grant commitments of £596,513 in future years.

25. Analysis of changes in net debt

	At	1	Jul 2024	Cash flows	At 30 Jun 2025
			£	£	£
Cash at bank and in hand			266,131	(131,394)	134,737
			═══════	═══════	═══════

26. Operating lease commitments

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2025	2024
	£	£
Not later than 1 year	8,971	8,971
Later than 1 year and not later than 5 years	3,738	12,709
	──────	──────
	12,709	21,680
	══════	══════

27. Related parties

During the year the company received donations of £1,681,377 (2024 - £1,782,132) 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 balance of £238 was owed by Gospel Patrons UK (2024 - £238 owed to), a charity registered in the UK, for which S Pillar acts as a trustee. This was included in other debtors at the year end. The charity also entered into an agreement to share 50% of the salary costs of staff with Gospel Patrons UK.

A loan of £69,039 (2024 - £99,840) 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.

17