## **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 

Page 1 



## **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. 

Page 2 



## **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. 

Page 3 



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 f￿Ure 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. 

Page 5 



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. 

Page 6 



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"b￿ltY 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_**<br>**Income from:**<br>Investment income<br>2<br>Other<br>**Total income**<br>**Expenditure on:**<br>Raising funds<br>Investment management costs<br>Charitable activities<br>3<br>**Total expenditure**<br>Net (losses)/gains on investment assets<br>**Net (expenditure)/income**<br>**Reconciliation of Funds:**<br>Total funds brought forward<br>**Total funds carried forward**|**_2023_**<br>**_£_**<br>423,357<br>102<br>423,459<br>95,232<br>382,642<br>477,874<br>(104,651)<br> <br>(159,066)<br>8,021,684<br>7,862,618|**_2022_**<br>**_£_**<br>433,880<br>1,889<br>435,769<br>56,263<br>364,142<br>420,405<br> 1,060,652<br>1,076,016<br>6,945,668<br>8,021,684|
|---|---|---|



Page 8 



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** 

- (i) Grants are recognised when they are approved and commitments are made to beneficiaries. 

- (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. 

Page 11 



## **DEO GLORIA TRUST** 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 (continued) 

|2<br>**INVESTMENT INCOME (All UK)**<br>Investment properties<br>Listed investments<br>3<br>**CHARITABLE ACTIVITIES –**<br>**Activities**<br>**Grant**<br>**undertaken**<br>**funding**<br>**directly**<br>**of activities**<br>**£**<br>**£**<br>Ministry<br>3,447<br>273,206<br>Education<br>-<br>7,000<br>Help/support activities<br>  -<br>21,500<br>3,447<br>301,706<br>_Support costs comprise:_<br>Staff costs<br>Office expenses<br>Property and equipment<br>Audit and accountancy<br>4<br>**GRANTS TO INSTITUTIONS**<br>**Evangelism:**<br>24/7 Prayer<br>10 of Those<br>Al Massira Trust<br>Active Hope Ltd<br>Altitude Mission<br>Arab World Ministries<br>Association of Evangelists<br>Asha: A Community of Hope<br>Ataloss<br>Camp Xl<br>Christian Vision for Men<br>Christians in Sport<br>Christian Unions Ireland<br>CMI Aid<br>Creation Fest<br>Salem Congregational Church (Yorkshire Camps)<br>Day One<br>Eden People<br>Edge Christian Ministries<br>Findlay Memorial<br>Forum Of Christian Forum<br>Go Chatter<br>Hant and Dorset Christian Youth Camp|**Support**<br>**costs**<br>**£**<br>70,169<br>1,798<br>5,522<br>77,489|**_2023_**<br>**_£_**<br>327,614<br>95,743<br>423,357<br>**_2023_**<br>**£**<br>346,822<br>8,798<br>27,022<br>388,942<br>43,849<br>3,153<br>24,007<br>6,480<br>77,489<br>**_2023_**<br>**_£_**<br>-<br>10,000<br>5,000<br>3,000<br>-<br>3,000<br>35,000<br>6,000<br>3,000<br>5,000<br>-<br>-<br>5,000<br>5,000<br>-<br>3,503<br>8,000<br>-<br>-<br>5,000<br>5,000<br>3,000<br>5,000|**_2022_**<br>**_£_**<br>349,579<br>84,301<br>433,880<br>**_2022_**<br>**£**<br>352,527<br>8,944<br>27,471<br>388,942<br>34,827<br>696<br>22,715<br>6,455<br>64,693<br>**_2022_**<br>**_£_**<br>10,000<br>10,000<br>5,000<br>-<br>5,000<br>3,000<br>20,000<br>-<br>-<br>-<br>3,000<br>5,000<br>-<br>-<br>5,000<br>-<br>-<br>3,450<br>2,500<br>-<br>-<br>-<br>-|
|---|---|---|---|
|||||



Page 12 



## **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<br>International Needs<br>Isaiah61 Movement<br>Kids Alive International<br>Kick London<br>Kidz Klub<br>London City Mission<br>London Institute for Contemporary Christianity<br>Mission Aviation Fellowship<br>Middle East Media<br>New Creations<br>Operation Mobilisation<br>Parish of St Matthew: Christian Farming Link<br>People International<br>Pocket Testament League<br>Saltmine<br>SASRA<br>SAT 7<br>Share Jesus International<br>Slavic Gospel<br>Spinnaker Trust<br>Sportsreach<br>Starfish Asia<br>Starfish Malawi<br>The Junction 42<br>The Message Trust<br>Trans World Radio<br>Wycliffe Bible Translators<br>Other grants under £3,000 each<br>**Education:**<br>Biblica Europe Ministries Trust<br>Family Trust<br>Scripture Union<br>Other grants under £3,000 each<br>**Help and Support:**<br>Christian Enquiry Agency<br>Christian Heritage<br>Christian Youth Enterprises<br>CMI Aid<br>Discipleship Tech<br>Hand of Help<br>International Aid Trust<br>Kerygma 180<br>London Underground Church<br>PCC Southbourne|**2023**<br>**_£_**<br>6,000<br>2,500<br>5,000<br>5,000<br>5,000<br>4,200<br>5,000<br>-<br>3,000<br>7,500<br>10,000<br>-<br>-<br>-<br>-<br>5,000<br>6,000<br>5,000<br>3,000<br>35,000<br>5,000<br>3,500<br>-<br>-<br>5,000<br>-<br>5,000<br>5,000<br>33,003<br>273,206<br>7,000<br>-<br>-<br> -<br>7,000<br>7,500<br>-<br>-<br>4,000<br>5,000<br>-<br>5,000<br>-<br>-<br>-|**_2022_**<br>**_£_**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>2,500<br>-<br>10,000<br>10,000<br>10,000<br>3,000<br>9,000<br>5,000<br>-<br>10,000<br>-<br>-<br>25,000<br>-<br>-<br>4,000<br>5,000<br>-<br>3,000<br>-<br>5,000<br>28,525<br>201,975<br>5,000<br>3,000<br>5,000<br>2,500<br>15,500<br>6,000<br>3,000<br>5,000<br>10,000<br>3,000<br>5,000<br>5,000<br>5,000<br>5,000<br>5,000|
|---|---|---|



Page 13 



## **DEO GLORIA TRUST** 

## NOTES TO THE FINANCIAL STATEMENTS 

FOR THE YEAR ENDED 31ST MARCH 2023 (continued) 

## 4 **GRANTS TO INSTITUTIONS (continued)** 

|4<br>**GRANTS TO INSTITUTIONS (continued)**||||
|---|---|---|---|
|Symphony Consort<br>Yeldall Manor<br>Young Life UK<br>Other grants under £3,000 each<br>**Total**<br>5<br>**EMPLOYEES' AND TRUSTEES' TRANSACTIONS**<br>Gross salaries<br>Employer’s national insurance<br>Pension costs<br>The average number of employees during the year was:|**2023**<br>**_£_**<br>-<br>-<br>-<br> -<br>21,500<br>301,706<br>**2023**<br>**_£_**<br>42,441<br>-<br>312<br>42,753<br>**2023**<br>**_No._**<br>1|**_2022_**<br>**_£_**<br>5,000<br>5,000<br>3,000<br>14,100<br>79,100<br>296,575<br>**_2022_**<br>**_£_**<br>34,642<br>139<br> -<br>34,781<br>**_2022_**<br>**_No._**<br>1||
||<br> <br>|||
|||||



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<br>**TANGIBLE ASSETS**<br>**Group and Trust**<br>Cost at 1st April 2022<br>Disposals<br>At 31st March 2023<br>**Depreciation**<br>At 1st April 2022<br>Released on Disposal<br>At 31st March 2023<br>**Net book value**<br>At 31st March 2023<br>At 31st March 2022|**_Freehold_**<br>**_Property_**<br>**_Equipment_**<br>**_Total_**<br>**_£_**<br>**_£_**<br>**_£_**<br>500,000<br>1,832<br>501,832<br> -<br>(1,832)<br>(1,832)<br>500,000<br> - <br> 500,000<br>-<br>1,131<br>1,131<br> -<br>(1,131)<br>(1,131)<br> -<br> -<br> -<br>500,000<br> -<br>500,000<br>500,000<br>701<br>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)<br>**Group**<br>**Market value**<br>At 1st April 2022<br>Additions<br>Disposals<br>Net (losses)/gains on revaluation<br>At 31st March 2023<br>Investment properties (all UK)<br>Listed investments (all UK)<br>**Historical cost**<br>(b)<br>**Trust**<br>**Market value**<br>At 1st April 2022<br>Additions<br>Disposals<br>Net (losses)/gains on revaluation<br>(<br>At 31st March 2023<br>Investment properties (all UK)<br>Listed investments (all UK)<br>Subsidiary undertakings (UK)<br>**Historical cost**|**_2023_**<br>**_£_**<br>7,361,995<br>-<br>-<br>(<br>(104,651)<br>7,257,344<br>5,168,500<br>2,088,844<br>7,257,344<br>3,374,817<br>**_2023_**<br>**_£_**<br>7,363,595<br>-<br>-<br>(<br>104,651)<br> <br>7,258,944<br>5,168,500<br>2,088,844<br>1,600<br>7,258,944<br>3,374,917|**_2022_**<br>**_£_**<br>6,244,053<br>220,000<br>170,000)<br>1,067,942<br>7,361,995<br>5,168,500<br>2,193,495<br>7,361,995<br>3,374,817<br>**_2022_**<br>**_£_**<br>6,245,653<br>220,000<br>170,000)<br>1,067,942<br>7,363,595<br>5,168,500<br>2,193,495<br>1,600<br>7,363,595<br>3,374,917|
|---|---|---|



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<br>**CASH AT BANK AND IN HAND**<br>(a)**Group**<br>Cash at bank<br>Cash in hands of agents<br>(b)**Trust**<br>Cash at bank<br>Cash in hands of agents<br>|**_2023_**<br>**_£_**<br>146,239<br>75,167<br>221,406<br>53,053<br> 75,167<br>128,220|**_2022_**<br>**_£_**<br>165,875<br>74,384<br>240,259<br>73,090<br>74,384<br>147,474|
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## **DEO GLORIA TRUST** 

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 (continued) 

|9<br>**DEBTORS AND PREPAYMENTS**<br>(a)**Group**<br>Trade debtors<br>Other debtors<br>Prepayments and accrued income<br>(b)**Trust**<br>Trade debtors<br>Other debtors<br>Due from subsidiary<br>Prepayments and accrued income<br>10<br>**CREDITORS**: Amounts falling due within one year<br>(a)**Group**<br>Other creditors<br>Accruals<br>Deferred income<br>(b)**Trust**<br>Other creditors<br>Accruals<br>Deferred income<br>_Deferred income_<br>Opening balance<br>Rents relating to current year<br>Rents relating to future periods<br>Closing balance||
|---|---|



## 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**<br>**£**<br>2,257|**_2022_**<br>**£**<br>27,084|
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