**REGISTERED COMPANY NUMBER: 00533151 (England and Wales) REGISTERED CHARITY NUMBER: 251550**
**Unaudited Financial Statements for the Year Ended 31 March 2021**
**for**
## **Assemblies of God Property Trust**
The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP
**Assemblies of God Property Trust Contents of the Financial Statements for the Year Ended 31 March 2021**
||**Page**|
|---|---|
|**Reference and Administrative Details**|1|
|**Report of the Trustees**|2 to 4|
|**Independent Examiner's Report**|5|
|**Statement of Financial Activities**|6|
|**Statement of Financial Position**|7 to 8|
|**Notes to the Financial Statements**|9 to 17|
|**Detailed Statement of Financial Activities**|18 to 19|
**Assemblies of God Property Trust Reference and Administrative Details for the Year Ended 31 March 2021**
**TRUSTEES** R O Anekwe Rev T W Bedward Jones (resigned 28.1.21) Reverend A Butcher (resigned 28.1.21) R J Hyde (resigned 28.1.21) Rev B C Niblock Retired Pastor (resigned 28.1.21) Rev. Canon D E Shearman Rev K P Thorpe Ms J Turner (appointed 8.7.21) J Tyrell (appointed 8.7.21) **REGISTERED OFFICE** Arena Church 1 Rutland Street Ilkeston Derbyshire DE7 8DG **REGISTERED COMPANY NUMBER** 00533151 (England and Wales) **REGISTERED CHARITY NUMBER** 251550 **INDEPENDENT EXAMINER** The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP **SOLICITORS** Ellis-Fermor and Negus 2 Devonshire Avenue Beeston Nottingham NG9 1BS **BANKERS** Royal Bank of Scotland PLC Corporate Banking Team PO Box 62659 2 1/2 Devonshire Square London EC2P 2TA
Page 1
**Assemblies of God Property Trust (Registered number: 00533151)**
**Report of the Trustees for the Year Ended 31 March 2021**
The trustees present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: 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) (effective 1 January 2019).
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: 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 published in October 2019.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The charitable objects of Assemblies of God Property Trust is to help churches,charities and retired pastors with finance so that they can more effectively reach out to their communities in relevant ways through social and spiritual action and thus help to change lives.
## **Significant activities**
Following the sale of Kingdom Bank Limited to Stewardship services at the end of March 2020; the board agreed to use the proceeds towards building a legacy fund which would potentially provide grants and gifts to Assemblies of God Inc and the extended fellowship of Assemblies of God UK charities and beyond. During this year we gave £200,000 to Assemblies of God UK, and £67,000 to other charities.
The following year, we have also distributed a considerable amount of money in excess of £100,000 to churches who supported PT in previous years and decades and helped with the formation of the bank. This was distributed across approx 40 separate churches.
## **Public benefit**
The Board of Management have considered the Charities Act 2011 and the Charities Commission guidance on public benefit, in particular the specific guidance on charities for the advancement of religion.The Charity tries to enable people to live out their faith by providing financial, administrative and legal assistance to member churches and acting as a property holding trustee for other Assemblies of God organisations.
## **Investments**
We also invested £2.5 million with the investment broker Cantab and we were negotiating with another investment broker Rathbones to invest £2.5 million. The investment procedure took several months to complete as we consulted with other professionals and our lawyer on the best way to proceed with the investments. Policies and agreements also had to be put in place before investment.
The other major investments which we invested in were the purchases of seven residential properties for rental, from which that income would provide funding. Further purchases will be ongoing over the coming years; £1 million has been agreed to facilitate the administration of the purchases and we set up a limited company called Property TRT Services Ltd.
Page 2
**Assemblies of God Property Trust (Registered number: 00533151)**
**Report of the Trustees for the Year Ended 31 March 2021**
## **OBJECTIVES AND ACTIVITIES**
Following the sale of Kingdom Bank, four directors who had been involved for many years (overseeing with the other directors the sale of the Kingdom Bank) resigned as directors as they had completed their cycle of 3 x 4 years on the board. I would like to place on record my thanks for their faithful years and the many multiple additional days over many years that they gave to serve the charity and in particular as we took on the huge work of selling the Bank.
Sincere thanks goes to Angela Butcher,Tim Bedward-Jones and Robert Hyde. Also a huge thanks goes to Brian Niblock who for over 30 years has served PT as a director / trustee and administrator. Brian has always gone above and beyond in his duty. He also served the charity by sitting on KBL board for many years too and he leaves the charity in very good standing! He will continue to be available in an advisory capacity over the next 12 months so that we have a seamless transition.
A new system of finance and administration is also presently being implemented that will allow us to grow and be strengthened in all areas as a charity. New systems, policies and measures are being introduced. This involves a new team that has been recruited which includes a Company secretary, administrator and Finance Manager all Part Time.
Two new Directors were elected on the Board in July 2021 in an interim capacity up to March 2022 - Julie Turner and John Tyrell. The board is currently undertaking a robust process that will allow us to recruit another 1 or 2 trustees.
The board have had a busy year, but I believe we have begun to lay a foundation for the legacy of future years, of the capital and income where we will be able to provide grants and gifts for the benefit of the Assemblies of God GB and the extended fellowship in the coming years whilst still continuing to grow the capital worth of the charity.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
During the period the strategies we embraced to achieve our aims and objectives were:
1. To provide financial grants to Assemblies of God Inc and to other AOG Churches and charities.
2. To provide information on 'good governance' for charities.
3. To act as trustee of property for the charitable purposes of Assemblies of God Churches.
## **FINANCIAL REVIEW**
## **Financial review**
At the balance sheet date, the net assets of the charity totalled £6,556,022 (2020 - £6,885,358). the overall financial position of the charity was considered robust as £3,567,182 was held in cash. The total incoming resources for the year were £63,074 (2020 - £62,822). The total resources expended for the year were £392,410 (2020 - £135,740, including grants paid of £267,000 (2020 - £nil).
## **Investment policy and objectives**
From the proceeds received from the sale of Kingdom Bank Limited we have invested the monies into long term investments that will provide capital growth for our legacy and to generate income for grant making. This investment was a result of a review with an independent firm and subsequently we have developed an Investment Policy Statement that includes long term and medium risk investments, with an annual review.
## **Reserves policy**
Following the sale of Kingdom Bank Limited, we are in the process of establishing a reserves policy for the charity. As part of the development of the policy, we will ensure that the policy meets the charitable objectives.
Page 3
**Assemblies of God Property Trust (Registered number: 00533151)**
**Report of the Trustees for the Year Ended 31 March 2021**
## **FINANCIAL REVIEW**
## **Grant making policy**
The Trustees are actively undertaking a review of the grant making policy and have appointed an external consultant who will help to develop a robust and compliant policy.
## **FUTURE PLANS**
As stated in the objectives and performance on pages 2-3, the board are continuing to invest in long term funds to provide grants and to build up capital to further the work of Assemblies of God and the churches.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **Recruitment and appointment of new trustees**
A robust process is followed when recruiting and appointing new trustees. Trustees are selected Assemblies of God ministers and other skilled personnel with appropriate and suitable experience to strengthen the team.
## **Decision making**
The Trustees meet on a quarterly basis and more frequently if required. Each meeting is conducted under a full agenda consisting of a financial report and performance reports for investments and properties. The day to day management of the charity is undertaken by the Chair, an administrator and the finance manager.
## **Related parties**
During September 2020 the charity incorporated a trading subsidiary company named Property TRT Services Ltd, with the intention to own and manage properties generating income for the furtherance of the charitable objectives.
The charity also controls Springtime Housing Association, a dormant company limited by guarantee. The Trustees are intending to close this company shortly.
The Assemblies of God Property Trust is independent but has a relationship with Assemblies of God Inc. The Assemblies of God Inc has no control or governance over Assemblies of God Property Trust.
## **Risk management**
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
```
22/12/2021
```
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
## _Kristian Thorpe_
.................................................. signed on 22/12/2021, 14:09:44 GMT Rev K P Thorpe – Trustee/Chairman
Page 4
**Independent Examiner's Report to the Trustees of Assemblies of God Property Trust (Registered number: 00533151)**
## **Independent examiner's report to the trustees of Assemblies of God Property Trust ('the Company')**
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.
## **Responsibilities and basis of report**
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
## _Robert Radford_
signed on 22/12/2021, 14:38:02 GMT
R J Radford FCA The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester LE19 1WP `22/12/2021`
Date: .............................................
Page 5
**Assemblies of God Property Trust Statement of Financial Activities for the Year Ended 31 March 2021**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
4
Grants payable
Investment income
3
**Total**
**EXPENDITURE ON**
Raising funds
5
**Charitable activities**
6
Governance
Grants payable
Support costs
Other
9
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
**TOTAL FUNDS CARRIED FORWARD**|Year Ended
31.3.21
Unrestricted
funds
£
-
5,900
57,174
63,074
43,339
38,589
267,000
33,679
9,803
392,410
-
(329,336)
6,885,358
6,556,022|Period
1.1.19
to
31.3.20
Total
funds
£
32,036
4,200
26,586
62,822
5,836
47,400
-
67,818
14,686
135,740
2,518,707
2,445,789
4,439,569
6,885,358|
|---|---|---|
The notes form part of these financial statements
Page 6
**Assemblies of God Property Trust (Registered number: 00533151)**
## **Statement of Financial Position 31 March 2021**
|Notes
**FIXED ASSETS**
**Investments**
Investments
13
Investment property
14
**CURRENT ASSETS**
Debtors
15
Cash at bank
16
**CREDITORS**
Amounts falling due within one year
17
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CREDITORS**
Amounts falling due after more than one
year
18
**NET ASSETS**
**FUNDS**
20
Unrestricted funds
**TOTAL FUNDS**|31.3.21
31.3.20
Unrestricted
Total
funds
funds
£
£
2,498,225
-
837,286
421,127
3,335,511
421,127
6,750
6,658,173
3,567,182
134,838
3,573,932
6,793,011
(91,927)
(61,579)
3,482,005
6,731,432
6,817,516
7,152,559
(261,494)
(267,201)
6,556,022
6,885,358
6,556,022
6,885,358
6,556,022
6,885,358|
|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.
The notes form part of these financial statements
continued...
Page 7
**Assemblies of God Property Trust (Registered number: 00533151)**
## **Statement of Financial Position - continued 31 March 2021**
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: `22/12/2021`
## _Kristian Thorpe_
.. ~~.......................................~~ signed on 22/12/2021, 14:09:44 GMT .... K P Thorpe – Trustee/Chairman
The notes form part of these financial statements
Page 8
**Assemblies of God Property Trust Notes to the Financial Statements for the Year Ended 31 March 2021**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Assemblies of God Property Trust is a private company registered in England and Wales. The address of the charitable company is given on the pages of these financial statements. The significant accounting policies applied in the preparation of these financial statements are set out below.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Investment property**
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
Freehold investments properties are included in the balance sheet at fair value which is taken as being open market value. Movements in valuation are posted through the SOFA. Investment property is not depreciated. Open market value is reassessed annually by the directors, with reassessment by appropriately qualified third party valuers every 5 years.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
continued...
Page 9
**Assemblies of God Property Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
## **1. ACCOUNTING POLICIES - continued**
## **Cash and cash equivalents**
Cash and cash equivalents comprise cash in hand and cash on deposits held at call with banks and building societies and other short-term highly liquid investments with original maturities of three month or less.
## **Borrowing Costs**
All borrowing costs are recognised in the SOFA in the year in which they are incurred.
## **Debtors and creditors receivable/payable within one year**
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **Investments**
Income from investments is accounted for when due and payable, together with the income tax repayable in respect of tax credits or tax deducted at source.
Investments in subsidiary undertakings are recognised at cost.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **2. DONATIONS AND LEGACIES**
|**2.**|**DONATIONS AND LEGACIES**|||
|---|---|---|---|
||||Period|
||||1.1.19|
|||Year Ended|to|
|||31.3.21|31.3.20|
|||£|£|
||Donations|-|32,036|
|**3.**|**INVESTMENT INCOME**|||
||||Period|
||||1.1.19|
|||Year Ended|to|
|||31.3.21|31.3.20|
|||£|£|
||Rents received|27,452|25,318|
||Deposit account interest|29,722|1,268|
|||57,174|26,586|
continued...
Page 10
**Assemblies of God Property Trust**
**Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
## **4. INCOME FROM CHARITABLE ACTIVITIES**
|**INCOME FROM CHARITABLE ACTIVITIES**|||
|---|---|---|
|||Period|
|||1.1.19|
||Year Ended|to|
||31.3.21|31.3.20|
||£|£|
|Trust fund income|250|750|
|Trustee holding fees|5,650|3,450|
||5,900|4,200|
## **5. RAISING FUNDS**
## **Investment management costs**
|Bank Management fees
Investment Management fees
Property expenses
**CHARITABLE ACTIVITIES COSTS**
Governance
Grants payable
Support costs|Year Ended
31.3.21
£
4,846
1,875
36,618
43,339
Grant
funding of
activities
Support
(see note
costs (see
7)
note 8)
£
£
-
38,589
267,000
-
-
33,679
267,000
72,268|Period
1.1.19
to
31.3.20
£
-
-
5,836
5,836
Totals
£
38,589
267,000
33,679
339,268|
|---|---|---|
## **6. CHARITABLE ACTIVITIES COSTS**
continued...
Page 11
**Assemblies of God Property Trust**
**Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
## **7. GRANTS PAYABLE**
|Grants payable
Grants to Institutions
Gift to AOG Inc
Little miracles
Lightforce
One by One
Destiny Community Church
Christian Solidarity Worldwide
Brixham Community Church
Humanitarian Aid
AOG Africa Missions
Life Church Birmingham
Peterborough Community Church
City Church Nottingham|Year Ended
31.3.21
£
267,000
£
200,000
1,000
1,000
1,000
1,000
1,000
500
500
1,000
20,000
20,000
20,000
267,000|Period
1.1.19
to
31.3.20
£
-|
|---|---|---|
## **8. SUPPORT COSTS**
|Management
£
Governance
-
Support costs
3,942
3,942
**OTHER**
Interest payable and similar charges|Human
Governance
Finance
resources
costs
Totals
£
£
£
£
-
-
38,589
38,589
60
29,677
-
33,679
60
29,677
38,589
72,268
Period
1.1.19
Year Ended
to
31.3.21
31.3.20
£
£
9,803
14,686|
|---|---|
## **9. OTHER**
continued...
Page 12
**Assemblies of God Property Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
## **10. INDEPENDENT EXAMINATION AND AUDIT FEE**
|Independent examination fee
Auditor's remuneration|Year
Ended
31.3.21
£
4,500
-
4,500|Period
1.1.19
to
31.3.20
£
-
47,400
47,400|
|---|---|---|
## **11. TRUSTEES' REMUNERATION AND BENEFITS**
The trustees received no remuneration as members of the Board of management.
One trustee received payments during the period for administrative services and additional duties performed for the company amounting to £20,470 (2020 - two trustees received payments of £51,135).
## **Trustees' expenses**
During the period two trustees (2020 - six) were reimbursed by the charity for travelling expenses totalling £853 (2020 - £6,115).
## **12. STAFF COSTS**
|**STAFF COSTS**|||
|---|---|---|
|||Period|
|||1.1.19|
||Year Ended|to|
||31.3.21|31.3.20|
||£|£|
|Wages and salaries|27,500|55,399|
|Social security costs|2,177|2,906|
||29,677|58,305|
|The average monthly number of employees during the year was as follows:|||
|||Period|
|||1.1.19|
||Year Ended|to|
||31.3.21|31.3.20|
|Management and administration|2|2|
No employees of the charity received emoluments of more than £60,000. The charity made no pension contributions in the period.
continued...
Page 13
**Assemblies of God Property Trust**
**Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
## **13. FIXED ASSET INVESTMENTS**
|**MARKET VALUE**
Additions
**NET BOOK VALUE**
At 31 March 2021
At 31 March 2020|Shares in
group
undertakings
£
100
100
-|Listed
investments
£
2,498,125
2,498,125
-|Totals
£
2,498,225
2,498,225
-|
|---|---|---|---|
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
## **Property TRT Services Ltd**
|Registered office: 12909933
Nature of business: Buying and selling of own real estate
%
Class of share:
holding
Ordinary
100
**Springtime Housing Association**
Registered office: 03429843
Nature of business: Dormant
**INVESTMENT PROPERTY**
**FAIR VALUE**
At 1 April 2020
Additions
At 31 March 2021
**NET BOOK VALUE**
At 31 March 2021
At 31 March 2020|£
421,127
416,159
837,286
837,286
421,127|
|---|---|
## **14. INVESTMENT PROPERTY**
Investment properties with a net book value of £837,286 (2020 - £421,127) are re-let on leases of various lengths and terms.
The investment properties were valued by the Directors at 31 March 2021 and they are of the opinion that there has been no material changes in the open market value of the properties.
All the investment properties are held at valuation, If they had not been revalued, they would have been included at 31 March 2021 in the accounts at a cost of £837,286 (2020 - 421,127).
continued...
Page 14
**Assemblies of God Property Trust**
**Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
|**15.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**16.**
**CASH AT BANK**
Bank current accounts
Bank deposit accounts
Total
**17.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Bank loans and overdrafts (see note 19)
Other creditors
Accruals and deferred income
**18.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
Bank loans (see note 19)
**19.**
**LOANS**
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling due between two and five years:
Bank loans less than 5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal||31.3.21
£
6,750
31.3.21
Total
funds
£
407,544
3,159,638
3,567,182
31.3.21
£
5,708
6,318
79,901
91,927
31.3.21
£
261,494
31.3.21
£
5,708
22,832
238,662||31.3.20
£
6,658,173
31.3.20
Total
funds
£
134,838
-
134,838
31.3.20
£
5,708
4,680
51,191
61,579
31.3.20
£
267,201
31.3.20
£
5,708
22,832
244,369|
|---|---|---|---|---|
||||||
||||||
||||||
continued...
Page 15
**Assemblies of God Property Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
## **19. LOANS - continued**
Company loans and advances from credit institutions comprise and amount due to the Bank of £267,202 (2020 - £272,909). The Loans and advances are secured on the properties to which they relate.
## **20. MOVEMENT IN FUNDS**
|At 1.4.20
£
**Unrestricted funds**
General fund
6,885,358
**TOTAL FUNDS**
6,885,358
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
63,074
**TOTAL FUNDS**
63,074||Net
movement
in funds
£
(329,336)
(329,336)
Resources
expended
£
(392,410)
(392,410)|At
31.3.21
£
6,556,022
6,556,022
Movement
in funds
£
(329,336)
(329,336)|
|---|---|---|---|
|||||
|||||
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.1.19
£
4,439,569
4,439,569|Net
movement
in funds
£
2,445,789
2,445,789|At
31.3.20
£
6,885,358
6,885,358|
|---|---|---|---|
continued...
Page 16
**Assemblies of God Property Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2021**
## **20. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
62,822
62,822|Resources
expended
£
(135,740)
(135,740)|Gains and
losses
£
2,518,707
2,518,707|Movement
in funds
£
2,445,789
2,445,789|
|---|---|---|---|---|
## **21. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year, other than those disclosed in Note 11.
Page 17 continued...
**Assemblies of God Property Trust**
**Detailed Statement of Financial Activities for the Year Ended 31 March 2021**
|||Period|
|---|---|---|
|||1.1.19|
||Year Ended|to|
||31.3.21|31.3.20|
||£|£|
|**INCOME AND ENDOWMENTS**|||
|**Donations and legacies**|||
|Donations|-|32,036|
|**Investment income**|||
|Rents received|27,452|25,318|
|Deposit account interest|29,722|1,268|
||57,174|26,586|
|**Charitable activities**|||
|Trust fund income|250|750|
|Trustee holding fees|5,650|3,450|
||5,900|4,200|
|**Total incoming resources**|63,074|62,822|
|**EXPENDITURE**|||
|**Investment management costs**|||
|Bank Management fees|4,846|-|
|Investment Management fees|1,875|-|
|Property expenses|36,618|5,836|
||43,339|5,836|
|**Charitable activities**|||
|Grants to institutions|267,000|-|
|**Other**|||
|Bank loan interest|9,803|14,686|
|**Support costs**|||
|**Management**|||
|Insurance|1,406|1,167|
|Travelling|853|4,899|
|Admin expenses|396|740|
|Carried forward|2,655|6,806|
This page does not form part of the statutory financial statements
Page 18
**Assemblies of God Property Trust**
## **Detailed Statement of Financial Activities for the Year Ended 31 March 2021**
|||Period|
|---|---|---|
|||1.1.19|
||Year Ended|to|
||31.3.21|31.3.20|
||£|£|
|**Management**|||
|Brought forward|2,655|6,806|
|Sundries|1,287|2,707|
||3,942|9,513|
|**Finance**|||
|Bank charges|60|-|
|**Human resources**|||
|Wages|27,500|55,399|
|Social security|2,177|2,906|
||29,677|58,305|
|**Governance costs**|||
|Auditors' remuneration|-|47,400|
|Accountancy fees|4,500|-|
|Legal and professional fees|34,089|-|
||38,589|47,400|
|Total resources expended|392,410|135,740|
|**Net expenditure before gains and losses**|(329,336)|(72,918)|
|**Realised recognised gains and losses**|||
|Realised gains/(losses) on fixed asset|||
|investments|-|2,518,707|
|**Net (expenditure)/income**|(329,336)|2,445,789|
This page does not form part of the statutory financial statements
Page 19