DEO GLORIA TRUST
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
Trustees D H Frampton R Carswell A Wingfield Digby J Duffin D Norbury J Robb
Charity number 243305
DEO GLORIA TRUST FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023
| Contents | Page |
|---|---|
| Report of the Trustees | 1-4 |
| Report of the Auditors | 5-7 |
| Consolidated Statement of Financial Activities | 8 |
| Consolidated Balance Sheet | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11-16 |
DEO GLORIA TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023
The trust is registered as a charity under reference number 243305.
The trustees during the year and to the date of signing the report were:
Mr D H Frampton (Chairman) Mr R Carswell Mrs L J Murdoch (resigned 21 November 2022) Mr J Duffin Mr A Fry (resigned 31 August 2022) Rev A Wingfield Digby (resigned 24 May 2022, re- appointed 24 November 2022) Mr D Norbury (appointed 1 January 2023) Mr J Robb (appointed 9 January 2023)
Key Management Personnel: The trustees Mr E Thompson – Executive Officer (until 30 November 2022) Mr A Fry – Executive Officer (from 1 December 2022)
The directors of Outreach Properties Limited, the nominee company, during the year were:
Mr D H Frampton Mr J Duffin Mr A Fry Mr E Thompson
Mr D H Frampton is the registered shareholder of the shares of Outreach Properties Limited which he holds on behalf of the Deo Gloria Trust.
Registered Office
11 Dormer Place, Leamington Spa, CV32 5AA
The principal professional advisers to the trust are:
Bankers:
Bankers: National Westminster Bank plc 143 High Street Bromley Kent BR1 1JD Property Managers: Baxter Philips Northside House 69 Tweedy Road Bromley Kent BR1 3WA Solicitors : Rothera Bray Spa Place 36-42 Humberstone Road Leicester LE5 0AE Auditor : Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM1 2SW
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DEO GLORIA TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023
Structure, governance and management
The Deo Gloria Trust was created by a trust deed dated 27th March 1965.
Trustees are to be appointed by the continuing trustees.
Training is provided to new trustees as appropriate having regard to their existing knowledge and experience as trustees.
The day-to-day management of the trust’s affairs has been delegated to the Executive Officer role which during the year was held by Mr E J Thompson until 30 November 22 and then Mr A Fry.
Decisions on matters of policy and grants to beneficiaries are made by the trustees either at meetings (physical or virtual) of the trustees or through correspondence between them.
Risk Management
The trustees have considered the levels of various risks relating to the activities of the trust and the investments held to fund those activities. They are satisfied with the arrangements made to minimise, mitigate and insure against those risks but have agreed to keep the situation under regular review.
Consolidation
The Trust has a wholly owned subsidiary, Outreach Properties Limited, which acts as nominee holder for the properties of the Trust. The results for the year ended 31st March 2023 have been consolidated on a lineby-line basis into these financial statements.
Outreach Properties Ltd had net assets of £562 at the balance sheet date.
There are no connected charities.
Objectives and activities
Objects
The objects of the trust are to seek the glory of God by encouraging the furtherance and preaching of the gospel of our Lord Jesus Christ.
Policies
The trustees seek to achieve the objects of the trust by the production and promotion of literature and by making gifts to Christian societies and missionaries.
Public benefit
The trustees have taken into account the Charity Commission’s general guidance on public benefit and the specific guidance on the advancement of religion.
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DEO GLORIA TRUST
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023 (continued)
Achievements and performance
The trust continues to work along-side many other Christian Agencies, and has continued to support outreach projects through grants to fund work carried out by other charitable groups across the UK and abroad.
Upon the closure of the office in 2020, the trustees decided to only be a “grant making trust” which reduced the number of staff and office space required. The trust has now become a virtual organisation with the registered office now being an address in Leamington Spa. After many successful years as Executive Officer, Mr E Thompson retired at the end of 2022. Mr A Fry became the Executive Officer on 1 December 2022.
Financial review
Details of the financial position of the trust are set out on pages 8 to 16 and incorporate a revaluation of the trust's investments and investment properties to show the trustees' assessment of the market value of those assets at 31st March 2023.
The trust's major source of income is from properties and investments. Income from this source for the year was £423,357 (2022: £433,880). The cost of raising funds including expenses of maintaining and managing the properties and investments amounted to £95,232 (2022: £56,263).
Expenditure on charitable activities amounted to £388,942 (2022: £364,142). Expenditure for the year exceeded income by £54,415 (2022: £15,364 Surplus). After including a loss on investment assets amounting to £104,651 (2022: gain: £1,060,652), there was a net decrease in trust funds of £159,066 (2022: net increase of £1,076,016)
The income of the trust and expenditure on activities and grants was broadly in line with the budgeted objectives for the year.
Reserves Policy
The trustees aim to distribute the majority of the income received each year, maintaining a reserve of £10,000. Capital funds are retained to ensure a continuing income stream.
Investment Policy
The trustees hold a substantial portfolio of investment properties which were received on liquidation in exchange for shares transferred to the trust by the settlor. These properties have provided a steadily increasing income over the years with substantial capital appreciation. The trustees have taken opportunities to dispose of certain properties on advantageous terms and invested the proceeds with BNY Mellon Investment Management and M&G Investments to diversify the investment portfolio.
The trustees oversee the financial activities through their quarterly meetings. The Executive Officer supervises the day-to-day management of financial activities and report on any significant variations from anticipated results.
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DEO GLORIA TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023 {conlinued Grant Polic All applications for a granl are made through the new on4ine grant management system and must be for projects which initiate or support activities which promote the Gospel of our Lord Jesus Christ. Grants are usually given in the range of £500 10 £20,000. Plans for fUre periods The trustees intend to reduce the level of lisled investments and replace them with further property investments. The trustees are a180 considering methods lo Increase the asset base of the Iru9t to enable expansion of activities in the future. Trusto•s' rospon61bllltlo8 The trustees are responsible for preparing the Trustees. Report and the financial statements in accordance wllh applicable law and Unlled King(Jom Accounting Standards (Unrled Kingdam Generally Accepted Accounling Practice). The law applicable to charities In England and Wales requir6S the trustees to prepare financlal statements for each financial year which give 8 true and fair view of the slate of affairs of th8 trust and of the incoming resources and application of resources of Ihe Irust for that period. In preparing these financial sta18menls, the trustees are required lo.. • select suitable accountlng policies and apply th8rn consistently • observe the methods and principles in the Charilies SORP * make judgements and estimates Ihat are reasonable and prudent,, • slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in Ihe financial ststemenls: • prepare the financlal slalements on the golng concem basls unless il is inappropriate to presume that the trusl will ¢onlinue in exislence. The Iruslees are responsible for keeping proper accounting records which disclose wilh reasonable accuracy at any lime the financial position of the Irusl and enable them lo ensure that the financial statements comply with the Charitles Acl 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the trust and hence lortaking reasonable steps for the prevention and detection of fraud and other Irregularities. FOR AND ON BEHALF OF THE TRUSTEES D H Frampton Date: 31 January 2024 Page 4
INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF DEO GLORIA TRUST
Opinion
We have audited the financial statements of Deo Gloria Trust (the “Charity”) and its subsidiary (the “Group”) for the year ended 31 March 2023 which comprise the consolidated statement of financial activities, the consolidated and parent balance sheets, the consolidated cash flow statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
-
give a true and fair view of the state of the Group’s and of the Charity’s affairs as at 31 March 2023 and of the Group’s incoming resources and application of resources 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 Group and parent 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 Group’s and Charity’s ability to continue as a going concern for a period of at least 12 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, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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.
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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF DEO GLORIA TRUST (continued)
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report included within 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:
-
adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of trustees’ remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of the 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 they 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 Group’s and 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 Group or Charity or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 151 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the group, we identified that the principal risks of non-compliance with laws and regulations related to financial reporting legislation, lettings legislation and property health & safety regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011.
We assessed the susceptibility of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the internal controls in place and discussion amongst the engagement team.
We determined that the principal risks were related to valuation of freehold investment property, presentation of separately disclosed items and management override of controls.
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INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF DEO GLORIA TRUST {continuedl In response lo the risks identified we designed procedures vthich induded. bul were not limited to.. challenging the valuation of Investment property, agreeing financial statement disdosure5 to undedying supportl'ng documentation and evaluating the charity's internal conlrols. There are inherent limitations in the audit procedures described at(sve. The more removed Ihat18ws and regulations are from financial transactions, the less likely rt is that we would become aware of non-complian¢e. Material misslalements that arise due lo fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description ol our responsibilities lor the audit of the financial stslemenls is located on the Finandal Reporting Council'5 website al.. wNvw.frc.org.uklaudilorsre5ponsibililies. This description foms part of our auditor's report. Use of our r•port This report is made solely lo the Group's and Charity's trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulalions 2008. Our audil Work has been undertaken so that we might stale lo the Group's and Charity'5 Injslees Ih05e matters we are required lo stale lo Ihom in an auditor's report and lor no other purpose. To the fullest exlenl permitted by law. we ¢Jo not accept or assume responsibility lo anyone olher than the Group and Charily and Iheir Irusloes as a body, for our audit work. for this report. or for the opinions wo have fomied. J¥cob Cavgnagh & Sk¢*t Statutory Audltor Chart•i•d A¢¢ountants 5 Robin Lano Su¢lon Surrtsy SMI 2SW J8cob Cavenagh & Skeel is eligible forappoinlrngnl gs auth'torof the chaiity by wrtu• of ils ew"bltY lor apprynimanl 8$ 8uditor of a company under section 1272 of Ihe Companies Acl 2006. Page 7
DEO GLORIA TRUST
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023
| Note Income from: Investment income 2 Other Total income Expenditure on: Raising funds Investment management costs Charitable activities 3 Total expenditure Net (losses)/gains on investment assets Net (expenditure)/income Reconciliation of Funds: Total funds brought forward Total funds carried forward |
2023 £ 423,357 102 423,459 95,232 382,642 477,874 (104,651) (159,066) 8,021,684 7,862,618 |
2022 £ 433,880 1,889 435,769 56,263 364,142 420,405 1,060,652 1,076,016 6,945,668 8,021,684 |
|---|---|---|
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DEO GLORIA TRUST CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH 2023 2023 2022 Note Flxed assets Tangible assets Inv851m8nts 500,000 7 257 344 7,757,344 500,701 7,862,696 Current a8set8 Stock8 Cash at bank and in hand Debtors and prepayments 2,037 240.259 221,406 256,258 287,270 Credltors.. Amounts falling due within one year 10 {128 282) Net current assets Not a8Set8 Unrostrlclod Trust Fund Th8 financl81 sl8tèm8nts were approvéd by the InJstée8 31 January 2024 and sl ned on their behalf by.. Ti FRAMPTON Page 9
DEO GLORIA TRUST BALANCE SHEET AS AT 31ST MARCH 2023 2023 2022 Note Flxèd assets Tangible 8ssets Invéstménts 500,000 7 258 944 7,758,944 500,701 363 595 7,864.296 Current a88Ot8 Stock8 Cash at bank and in hand Debtors and pr8payments 2,037 147,474 128,220 193,851 225.145 Credltors.. Amounts falling due within on8 year 10 89 1421 { 66 7221 Net current assets N•t a•sèts Unrostrlctod Trust Fund Th8 financial statements wer8 approvèd by th8 truste88 on 31 January 2024 and signed on Ihelr behalf by: z-o H FRAMPTON Page 10
DEO GLORIA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023
1 ACCOUNTING POLICIES
(a) Accounting convention
The financial statements have been prepared under the Charities Act 2011 and in accordance with the Charities’ Statement of Recommended Practice (Charities SORP (FRS 102) and Financial Reporting Standard 102 (FRS 102). The financial statements are drawn up on the historical cost basis of accounting, as modified by the revaluation of fixed asset investments. The financial statements are prepared in pounds sterling, rounded to the nearest pound. The financial statements are prepared on a going concern basis and there are no material uncertainties about the charity’s ability to continue.
Deo Gloria Trust meets the definition of a public benefit entity under FRS 102.
(b) Consolidation
The consolidated accounts include the results of the wholly owned subsidiary and have been consolidated on a line by line basis.
(c) Depreciation
The trustees consider that the residual value of the freehold property is sufficiently high to render any depreciation immaterial and accordingly no depreciation is charged in these accounts. Depreciation is provided on all other tangible fixed assets at rates calculated to write off the cost of each asset over its expected useful life as follows:
Office equipment – 30% reducing balance
(d) Income
All income is accounted for when it is receivable.
(e) Expenditure
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(i) Grants are recognised when they are approved and commitments are made to beneficiaries.
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(ii) Support costs are apportioned in proportion to the direct costs associated with each activity.
(f) Stocks
Stocks are stated at the trustees' valuation, which is based on the lower of cost and net realisable value.
(g) Investments
Listed investments are shown at market value. Investment properties are shown at trustees’ valuation. Changes in market value are shown as unrealised gains and losses in the statement of financial activities.
(h) Debtors
Tax recoverable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.
(i) Cash and current asset investments
Cash and current asset investments includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.
- (j) Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.
(k) Deferred income
Income that has been received but not yet earned in respect of rent is treated as deferred income.
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DEO GLORIA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 (continued)
| 2 INVESTMENT INCOME (All UK) Investment properties Listed investments 3 CHARITABLE ACTIVITIES – Activities Grant undertaken funding directly of activities £ £ Ministry 3,447 273,206 Education - 7,000 Help/support activities - 21,500 3,447 301,706 Support costs comprise: Staff costs Office expenses Property and equipment Audit and accountancy 4 GRANTS TO INSTITUTIONS Evangelism: 24/7 Prayer 10 of Those Al Massira Trust Active Hope Ltd Altitude Mission Arab World Ministries Association of Evangelists Asha: A Community of Hope Ataloss Camp Xl Christian Vision for Men Christians in Sport Christian Unions Ireland CMI Aid Creation Fest Salem Congregational Church (Yorkshire Camps) Day One Eden People Edge Christian Ministries Findlay Memorial Forum Of Christian Forum Go Chatter Hant and Dorset Christian Youth Camp |
Support costs £ 70,169 1,798 5,522 77,489 |
2023 £ 327,614 95,743 423,357 2023 £ 346,822 8,798 27,022 388,942 43,849 3,153 24,007 6,480 77,489 2023 £ - 10,000 5,000 3,000 - 3,000 35,000 6,000 3,000 5,000 - - 5,000 5,000 - 3,503 8,000 - - 5,000 5,000 3,000 5,000 |
2022 £ 349,579 84,301 433,880 2022 £ 352,527 8,944 27,471 388,942 34,827 696 22,715 6,455 64,693 2022 £ 10,000 10,000 5,000 - 5,000 3,000 20,000 - - - 3,000 5,000 - - 5,000 - - 3,450 2,500 - - - - |
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DEO GLORIA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 (continued)
4 GRANTS TO INSTITUTIONS (continued)
| Hope for the Valleys International Needs Isaiah61 Movement Kids Alive International Kick London Kidz Klub London City Mission London Institute for Contemporary Christianity Mission Aviation Fellowship Middle East Media New Creations Operation Mobilisation Parish of St Matthew: Christian Farming Link People International Pocket Testament League Saltmine SASRA SAT 7 Share Jesus International Slavic Gospel Spinnaker Trust Sportsreach Starfish Asia Starfish Malawi The Junction 42 The Message Trust Trans World Radio Wycliffe Bible Translators Other grants under £3,000 each Education: Biblica Europe Ministries Trust Family Trust Scripture Union Other grants under £3,000 each Help and Support: Christian Enquiry Agency Christian Heritage Christian Youth Enterprises CMI Aid Discipleship Tech Hand of Help International Aid Trust Kerygma 180 London Underground Church PCC Southbourne |
2023 £ 6,000 2,500 5,000 5,000 5,000 4,200 5,000 - 3,000 7,500 10,000 - - - - 5,000 6,000 5,000 3,000 35,000 5,000 3,500 - - 5,000 - 5,000 5,000 33,003 273,206 7,000 - - - 7,000 7,500 - - 4,000 5,000 - 5,000 - - - |
2022 £ - - - - - - - 2,500 - 10,000 10,000 10,000 3,000 9,000 5,000 - 10,000 - - 25,000 - - 4,000 5,000 - 3,000 - 5,000 28,525 201,975 5,000 3,000 5,000 2,500 15,500 6,000 3,000 5,000 10,000 3,000 5,000 5,000 5,000 5,000 5,000 |
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DEO GLORIA TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2023 (continued)
4 GRANTS TO INSTITUTIONS (continued)
| 4 GRANTS TO INSTITUTIONS (continued) |
|||
|---|---|---|---|
| Symphony Consort Yeldall Manor Young Life UK Other grants under £3,000 each Total 5 EMPLOYEES' AND TRUSTEES' TRANSACTIONS Gross salaries Employer’s national insurance Pension costs The average number of employees during the year was: |
2023 £ - - - - 21,500 301,706 2023 £ 42,441 - 312 42,753 2023 No. 1 |
2022 £ 5,000 5,000 3,000 14,100 79,100 296,575 2022 £ 34,642 139 - 34,781 2022 No. 1 |
|
There were no employees with emoluments over £60,000 in the year.
The employee benefits of Key Management Personnel in the year were £42,753 (2022: £32,687).
None of the trustees received remuneration from the charity during the year.
| 6 TANGIBLE ASSETS Group and Trust Cost at 1st April 2022 Disposals At 31st March 2023 Depreciation At 1st April 2022 Released on Disposal At 31st March 2023 Net book value At 31st March 2023 At 31st March 2022 |
Freehold Property Equipment Total £ £ £ 500,000 1,832 501,832 - (1,832) (1,832) 500,000 - 500,000 - 1,131 1,131 - (1,131) (1,131) - - - 500,000 - 500,000 500,000 701 500,701 |
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DEO GLORIA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 (continued)
7 INVESTMENTS
| (a) Group Market value At 1st April 2022 Additions Disposals Net (losses)/gains on revaluation At 31st March 2023 Investment properties (all UK) Listed investments (all UK) Historical cost (b) Trust Market value At 1st April 2022 Additions Disposals Net (losses)/gains on revaluation ( At 31st March 2023 Investment properties (all UK) Listed investments (all UK) Subsidiary undertakings (UK) Historical cost |
2023 £ 7,361,995 - - ( (104,651) 7,257,344 5,168,500 2,088,844 7,257,344 3,374,817 2023 £ 7,363,595 - - ( 104,651) 7,258,944 5,168,500 2,088,844 1,600 7,258,944 3,374,917 |
2022 £ 6,244,053 220,000 170,000) 1,067,942 7,361,995 5,168,500 2,193,495 7,361,995 3,374,817 2022 £ 6,245,653 220,000 170,000) 1,067,942 7,363,595 5,168,500 2,193,495 1,600 7,363,595 3,374,917 |
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The market value of investment properties is based on a valuation provided by Baxter Philips, Chartered Surveyors FRICS.
The subsidiary undertaking is Outreach Properties Ltd. Its principal activity is acting as nominee for the charity. At 31st March 2023 it had net assets of £562 and its result was £nil for the year.
| 8 CASH AT BANK AND IN HAND (a)Group Cash at bank Cash in hands of agents (b)Trust Cash at bank Cash in hands of agents |
2023 £ 146,239 75,167 221,406 53,053 75,167 128,220 |
2022 £ 165,875 74,384 240,259 73,090 74,384 147,474 |
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DEO GLORIA TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 (continued)
| 9 DEBTORS AND PREPAYMENTS (a)Group Trade debtors Other debtors Prepayments and accrued income (b)Trust Trade debtors Other debtors Due from subsidiary Prepayments and accrued income 10 CREDITORS: Amounts falling due within one year (a)Group Other creditors Accruals Deferred income (b)Trust Other creditors Accruals Deferred income Deferred income Opening balance Rents relating to current year Rents relating to future periods Closing balance |
|
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11 LEASING COMMITMENTS
Operating leases The total future minimum lease payments under operating leases at 31 March 2023 were payable as set out below:
| Within one year | 2023 £ 2,257 |
2022 £ 27,084 |
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