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2024-03-31-accounts

DEO GLORIA TRUST

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2024

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 2024

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 2024

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 Mr J Duffin Rev A Wingfield Digby Mr D Norbury Mr J Robb

Key Management Personnel: The trustees Mr A Fry – Executive Officer

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 (resigned 1 December 2024)…..

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: 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 2024

Structure, governance and management

The Deo Gloria Trust was created by a trust deed dated 27th March 1965. Trustees are 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 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 2024 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.

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.

Our on-line grant management system has been implemented with the first applications being reviewed in Feb 23. We processed over 300 applications during 2023.

Page 2

DEO GLORIA TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 (continued)

Achievements and performance (continued)

We exited Selsdon House office in Apr/May 23 and are now a fully virtual organisation.

A new financial accounting package has been implemented and is working well. This is used to track all financial transactions and to manage expenses.

We have undertaken rent reviews to a significant portion of our commercial properties, some of which have been outstanding since 2019! We have been able to secure increased rents on most of these properties. We have also secured payment plans for the back rent (over 2-4 years). Sadly, we did have to waive some significant back rent to be able to secure these new deals.

We continue to work on the future of our property in Rodway Road. The tenant left at end of Dec 23 and for the interim we have let the property on an AST.

We have acquired two new properties in Glebe Way.

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 2024.

The trust's major source of income is from properties and investments. Income from this source for the year was £497,271 (2023: £423,357). The cost of raising funds including expenses of maintaining and managing the properties and investments amounted to £87,457 (2023: £95,232).

Expenditure on charitable activities amounted to £390,798 (2023: £382,642). Income for the year exceeded expenditure by £12,102 (2023: £54,415 Deficit). After including a gain on investment assets amounting to £597,973 (2023: loss: £104,651), there was a net increase in trust funds of £610,075 (2023: net decrease of £159,066)

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.

Grant Policy

All applications for a grant are made through the new on-line 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 to £30,000.

Page 3

DEO GLORIA TRUST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 (continued)

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.

Plans for future periods

The trustees intend to reduce the level of listed investments and replace them with further property investments. The trustees are also considering methods to increase the asset base of the trust to enable expansion of activities in the future.

Trustees’ responsibilities

The trustees 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).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the trust and of the incoming resources and application of resources of the trust for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the trust and enable them to ensure that the financial statements comply with the Charities Act 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 for taking reasonable steps for the prevention and detection of fraud and other irregularities.

FOR AND ON BEHALF OF THE TRUSTEES SIGN

D H Frampton Trustee

Date: 12 December 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 2024 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:

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:

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 (continued) In response to the risks identified we designed procedures which included, but were not limited to.. challenging the valuation of investment property. agreeing financial statement disclosures to underlying supporting documentation and evaluating the charity's internal controls. There are inherent limitations in the audil procedures described above. The more removed that laws and regulations are from financial transactions, the less likely il is that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those thal arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at., www.frc.org.uklauditorsresponsibilitie$. This description forms part of our auditor's report. Use of our report This report is made solely to the Group's and Charity'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 lo the Group's and Charity's trustees those matters we are required to slate to them In an audrtor'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 Group and Charity and their truslees as a body, for our audrt work, for this report, or for the opinions we have formed. Jaeob Cavenagh & Skeet Statutory Auditor Chart•rnd Accountants 5 Robin Hood Lane Sutton Surrey SM12SW Jacob Cavenaglj & Skeet IS eligible lor 8ppoinlment as atiditor of the charity by virtue of its eligibility for appoinlmenl as auditor of a company under section 7212 of the Companies Act 2006. Page 7

DEO GLORIA TRUST

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024

Note
Income from:
Investment income
2
Other
Total income

Expenditure on:
Raising funds
3
Charitable activities
4
Total expenditure
Net gains/(losses) on investment assets
Net income/(expenditure)

Reconciliation of Funds:
Total funds brought forward

Total funds carried forward		 2024
£
490,357
-
490,357
102,805
375,450
478,255
597,973
610,075
7,862,618
8,472,693		 2023
£
423,357
102
423,459
95,232
382,642
477,874
(104,651)
(159,066)
8,021,684
7,862,618

Page 8

DEO GLORIA TRUST

CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH 2024

Note
Fixed assets
Tangible assets
7
Investments
8
Current assets
Debtors and prepayments
9
Cash at bank and in hand
10
Creditors: Amounts falling due
within one year
11

Net current assets
Net assets
Unrestricted Trust Fund		 2024
£
£
500,000
7,855,947
8,355,947
90,424
181,944
272,368
(155,622)

116,746
8,472,693
8,472,693		 2023
£
£
500,000
7,257,344
7,757,344
34,852
221,406
256,258
(150,984)
105,274
7,862,618
7,862,618

The financial statements were approved by the trustees on 12 December 2024 and signed on their behalf by:

SIGN

D H FRAMPTON

Trustee

Page 9

DEO GLORIA TRUST

BALANCE SHEET AS AT 31ST MARCH 2024

Note
Fixed assets
Tangible assets
7
Investments
8
Current assets
Debtors and prepayments
9
Cash at bank and in hand
10
Creditors: Amounts falling due
within one year
11

Net current assets
Net assets
Unrestricted Trust Fund		 2024
£
£
500,000
7,857,547
8,357,547
101,741
104,942
206,683
( 90,502)

116,181
8,473,728
8,473,728		 2023
£
£
500,000
7,258,944
7,758,944
65,631
128,220
193,851
( 89,142)
104,709
7,863,653
7,863,653

The financial statements were approved by the trustees on 12 December 2024 and signed on their behalf by:

SIGN

D H FRAMPTON

Trustee

Page 10

DEO GLORIA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024

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.

(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) 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.

(g) Debtors

Tax recoverable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.

(h) 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.

(i) 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.

(j) 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 2024 (continued)

2
INVESTMENT INCOME (All UK)
Investment properties
Listed investments
3
RAISING FUNDS
Investment property
Repairs and maintenance
Legal fees
Professional fees
4
CHARITABLE ACTIVITIES
Grant

funding
of activities
£
Ministry
339,300
Education
-
Help/support activities
-
339,300
Support costs comprise:
Staff costs
Office expenses
Property and equipment
Audit and accountancy
5
GRANTS TO INSTITUTIONS
AL Massira Trust
Arab World Ministries
Armed Forces Christian Union
Asha (Peace Media)
Association of Evangelists
Bethel Evangelical Baptist Church
Bethel Free Church Leeds
Biblica Europe Ministry
Camp XI
Christian Enquiry Agency
Christian Unions Ireland
Christians in Sport
CMI Aid
CRESS
Day One
Discipleship Tech
Farming Christian Link		 Support
costs
£
36,150
-
-
36,150		 2024
£
394,845
95,512
490,357
2024
£
49,181
30,703
22,921
102,805
2024
£
375,450
-
-
375,450
16,421
5,987
6,407
7,385
36,150
2024
£
5,000
5,000
4,000
-
30,000
4,000
3,500
-
-
-
-
5,500
10,000
5,000
-
4,000
9,500		 2023
£
327,614
95,743
423,357
2023
£
41,987
-
29,239
71,226
2023
£
346,822
8,798
27,022
388,942
43,849
3,153
24,007
6,480
77,489
2023
£
5,000
3,000
-
6,000
35,000
-
2,000
7,000
5,000
7,500
5,000
-
9,000
-
8,000
5,000
-

Page 12

DEO GLORIA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 (continued)

5 GRANTS TO INSTITUTIONS (continued)

Findlay Memorial
Forum Of Christian Forum
Friends of Turkey
Hand to Mouth
Hants And Dorset Christian Youth Camps
Hope For The Valleys
International Aid Trust
Isaiah61 Movement
Kerygma 180
Kick London
Kids Alive International
Kidz Klub Leeds
Lampeter Evangelical Church
London City Mission
Middle East Media
Mission Without Borders
Moldovan Mission
New Creations
Peoples International
Programme for Applied Christian Education (PACE)
Saltmine
Salem Congregational Church (Yorkshire Camps)
SASRA
SAT 7
Scripture Union
Slavic Gospel Association
South West Youth Ministries
Spinnaker Trust
Spirit of Plymouth (Radio) Ltd
SportsReach
Starfish Asia
Ten of Those
The Cornerstone Works
The Cross Teach Trust
The Family Trust
The Junction 42
The Word for the World UK
Trans World Radio
Wales Leadership Forum
Welcome Churches
WorldShare
Wycliffe Bible Translators
Yorkshire Camps
Donations under £3,000 (Not listed above)
Total institutional grants		 2024
£
-
-
8,000
5,000
-
-
-
-
10,000
-
5,500
-
4,000
5,000
-
4,000
6,000
-
4,000
4,000
-
4,000
3,000
10,000
5,000
10,000
5,000
-
5,000
-
5,000
-
5,000
7,000
5,000
-
5,000
-
8,000
6,500
7,000
-
5,500
237,000
102,300
339,300		 2023
£
5,000
5,000
-
-
5,000
6,000
5,000
5,000
-
5,000
5,000
4,200
-
5,000
7,500
-
-
10,000
1,003
-
5,000
3,503
6,000
5,000
-
35,000
-
5,000
-
3,500
-
10,000
-
-
-
5,000
-
5,000
-
-
-
5,000
-
254,206
47,500
301,706

Page 13

DEO GLORIA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 (continued)

6 EMPLOYEES' AND TRUSTEES' TRANSACTIONS 2024 2023
£ £
Gross salaries 16,050 42,441
Employer’s national insurance - -
Pension costs 294 312
16,344 42,753
2024 2023
No. No.
The average number of employees during the year was: 1 1
There were no employees with emoluments over £60,000 in the year.
The employee benefits of Key Management Personnel in the year were £16,344 (2023: £42,753).
None of the trustees received remuneration from the charity during the year.
7
TANGIBLE ASSETS
Freehold
Property
£
Group and Trust
Cost at 1st April 2023
500,000
Disposals
At 31st March 2024
500,000

Depreciation
At 1st April 2023
-
Released on Disposal
-
At 31st March 2024
-
Net book value
At 31st March 2024
500,000
At 31st March 2023
500,000		 Total
£
500,000
500,000
500,000
-
-
-
500,000
500,701

Page 14

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 (continued)

DEO GLORIA TRUST

8 INVESTMENTS

Investment
Properties
Market value
£
At 1st April 2023
5,168,501
Additions
595,631
Disposals
-
Net gains/(losses) on revaluation
604,368
At 31st March 2024
6,368,500
Historical cost
2,265,968		 Listed
Investments
£
2,088,843
-
( 581,782)
( 19,614)
1,487,447
1,411,212		 Total
£
7,257,344
595,631
( 581,782)
584,754
7,855,947
3,677,180

(b) Trust

Subsidiary Investment
Properties
Market value
£
At 1st April 2023
1,600
5,168,501
Additions
-
595,631
Disposals
-
-
Net gains/(losses) on revaluation
-
604,368
At 31st March 2024
1,600
6,368,500
Historical cost		 Listed
Investments
Total
£
£
2,088,843
7,258,944
-
595,631
( 581,782)
( 581,782)
( 19,614)
584,754
1,487,447
7,857,547
3,961,879
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 2024 it had net assets of £562 and its result was £nil for the year.

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
 2024
£
65,748
16,119
8,557
90,424
65,748
16,119
11,317
8,557

101,741		 2023
£
7,090
23,497
4,265
34,852
7,090
23,497
4,265
30,779
65,631

Page 15

DEO GLORIA TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 (continued)

10
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

11
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		 2024
£
103,338
78,606		 2023
£
146,239
75,167
221,406
53,053
75,167
128,220
2023
£
76,516
13,594
60,874
150,984
14,674
13,594
60,874
89,142
2023
£
60,302
(60,302)
60,874
60,874
181,944

26,336
78,606
104,942
2024
£
71,223
13,680
70,719
155,622
6,103
13,680
70,719
90,502
2024
£
60,874
(60,874)
70,719
70,719

12 LEASING COMMITMENTS

Operating leases

Operating leases Operating leases Operating leases
The total future minimum lease payments under operating leases at 31 March 2024 were payable as set
out below:
2024 2023
£ £
Within one year - 2,257

Page 16