REGISTERED COMPANY NUMBER: 00533151 (England and Wales)
REGISTERED CHARITY NUMBER: 251550
Unaudited Financial Statements
for the Year Ended
31 March 2023
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 2023
|
Page |
Reference and Administrative Details |
1 |
Report of the Trustees |
2 to 5 |
Independent Examiner's Report |
6 |
Statement of Financial Activities |
7 |
Statement of Financial Position |
8 to 9 |
Notes to the Financial Statements |
10 to 20 |
Detailed Statement of Financial Activities |
21 to 22 |
Assemblies of God Property Trust
Reference and Administrative Details
for the Year Ended 31 March 2023
TRUSTEES |
Rev K P Thorpe (Chair) |
|
R O Anekwe |
|
Rev. Canon D E Shearman |
|
Mrs J Turner |
|
J Tyrell |
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 2023
Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyearended31 March
2023.ThetrusteeshaveadoptedtheprovisionsofAccountingandReportingbyCharities:Statement of
RecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Thefinancialstatementshavebeenpreparedinaccordancewiththeaccountingpoliciessetoutin notes
totheaccountsandcomplywiththecharity'sgoverningdocument,theCharitiesAct2011and Accounting
andReportingbyCharities:StatementofRecommendedPracticeapplicabletocharitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicof Ireland
published in October 2019.
OBJECTIVES AND ACTIVITIES
Objectives and aims
ThecharitableobjectsofAssembliesofGodPropertyTrust(PT)istohelpchurchesandcharities with
financesothattheycanmoreeffectivelyreachouttotheircommunitiesinrelevantwaysthrough social
and spiritual action and thus help to change lives.
Significant activities
During this year the charity gave £500 to other charities.
Duringtheyearadrawdownwasmadeonthedebentureof£416,159and£30,000wasrepaid by
Property TRT Services Limited for the purchase the investment properties from Assemblies of God.
Public benefit
TheBoardofManagementhaveconsideredtheCharitiesAct2011andtheCharitiesCommission guidance
on public benefit, in particular the specific guidance on charities for the advancement of religion.
Page 2
Assemblies of God Property Trust (Registered number: 00533151)
Report of the Trustees
for the Year Ended 31 March 2023
OBJECTIVES AND ACTIVITIES Chairman Report
Property Trust Chairman's Report to March 2023
Theboardhascontinuedtomeetquarterlyandcommunicatemoreregularlytokeepuptodatewith the
activity of PT.
Thetwonewboardmembershaveaddedmuchtotheboard.Thesystemsandstructureofthe charity
continuestobecomeevermorerobustandefficientasweendeavortobecomeanexcellent standard
charity.
We have also created 3 sub committees for the following areas:-
- Investment
- Audit
- Policies
Jonathan Shearman, Consultant to the Board continues to attend meetings when available.
Eachofthedirectors/trusteesandsupportstaffallarecommittedtotheaboveandtogetherplay a
significant part in fulfilling this vision.
With Cantab and Rathbones.
Weinvested£5millionequallybetweenCantabandRathbones.Theworldoverthepast12months has
continuedtobeeverchanging.Globaluncertainty,economicchallenges,thewarinUkraineand political
changeshaveallhadanincredibleimpactontheglobalmarketssotheoriginalinvestmentscontinueto be
arollercoasterride.Wecontinuetohavegoodcommunicationandtrustthetwoinvestmentfirmsand the
board have maintained a medium / long term approach when looking at this way of investments.
Theinvestmentsubcommitteemembershaveconsiderableexperience.Oneinthefinancialservice sector
andtheotherwhoworkedasahugelysuccessfulstockbrokerinternationally.Thissubcommittee meets
with both firms on a more regular basis and communicates back to the board quarterly.
Property TRT Services Ltd (from herewith called TRT)
This is the limited company wholly owned by PT.
TRT is still in its beginnings as a business and continues to develop a strategy moving forward.
ThisTRTboardisaccountablebacktothePTboardandfilesaquarterlyreportwhichincludes full
financials and pipeline developments for discussion and agreement.
Conclusion:
Theboardcontinuetoworkdiligentlyeveninthemidstofuncertainty.Maintaininghighstandards whilst
exploring new opportunities that will cause the charity to grow in strength and depth.
Respectfully submitted
Kristian Thorpe
Page 3
Assemblies of God Property Trust (Registered number: 00533151)
Report of the Trustees
for the Year Ended 31 March 2023
OBJECTIVES AND ACTIVITIES
Chairman
ACHIEVEMENT AND PERFORMANCE
Charitable activities
TheBoardcontinuestoworkonastrategytomoderniseanddevelopacharitythatleavesalegacy for
decades to come.
FINANCIAL REVIEW
Financial review
Atthebalancesheetdate,thenetassetsofthecharitytotalled£6,353,569(2022-£6,516,170). the
overallfinancialpositionofthecharitywasconsideredrobustas£362,039washeldincash.The total
incomingresourcesfortheyearwere£148,467(2022-£192,193).Thetotalresourcesexpendedfor the
year were £105,964 (2022 - £257,609), including grants paid of £500 (2022 - £82,175).
Reserves policy
The charity has a reserves policy in place.
Grant making policy
TheTrusteesareactivelyundertakingareviewofthegrantmakingpolicyandhaveappointedan external
consultant who will help to develop a robust and compliant policy.
FUTURE PLANS
The Board continues to look at ways in which to continue to build our commitment to legacy and kingdom.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecharityiscontrolledbyitsgoverningdocument,adeedoftrust,andconstitutesalimited company,
limited by guarantee, as defined by the Companies Act 2006.
Recruitment and appointment of new trustees
Arobustprocessisfollowedwhenrecruitingandappointingnewtrustees.Trusteesare selected
AssembliesofGodministersandotherskilledpersonnelwithappropriateandsuitableexperience to
strengthen the team.
Decision making
TheTrusteesmeetonaquarterlybasisandmorefrequentlyifrequired.Eachmeetingisconducted under
a full agenda consisting of a financial report and performance reports for investments and properties.
ThedaytodaymanagementofthecharityisundertakenbytheChair,CompanySecretary, an
administrator and the finance manager.
Related parties
DuringSeptember2020thecharityincorporatedatradingsubsidiarycompanynamedProperty TRT
Services Ltd.
ThecharityalsocontrolsSpringtimeHousingAssociation,adormantcompanylimitedbyguarantee. The
Trustees are intending to close this company shortly.
TheAssembliesofGodPropertyTrustisindependentbuthasarelationshipwithAssembliesofGod Inc.
The Assemblies of God Inc has no control or governance over Assemblies of God Property Trust.
Page 4
Assemblies of God Property Trust (Registered number: 00533151)
Report of the Trustees
for the Year Ended 31 March 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Risk management
Thetrusteeshaveadutytoidentifyandreviewtheriskstowhichthecharityisexposedandto ensure
appropriate controls are in place to provide reasonable assurance against fraud and error.
Approved by order of the board of trustees on 18 December 2023 and signed on its behalf by:
Rev K P Thorpe - Trustee
Page 5
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')
IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
31 March 2023.
Responsibilities and basis of report
Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)you are
responsibleforthepreparationoftheaccountsinaccordancewiththerequirementsoftheCompanies Act
2006 ('the 2006 Act').
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16 of
the2006Actandareeligibleforindependentexamination,Ireportinrespectofmyexaminationof your
charity'saccountsascarriedoutunderSection145oftheCharitiesAct2011('the2011Act').In carrying
outmyexaminationIhavefollowedtheDirectionsgivenbytheCharityCommissionunderSection 145(5)
(b) of the 2011 Act.
Independent examiner's statement
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnection 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)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
L G Parkes FCA FCCA
The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
LE19 1WP
18 December 2023
Page 6
Assemblies of God Property Trust
Statement of Financial Activities for the Year Ended 31 March 2023
Notes
INCOME AND ENDOWMENTS FROM
Charitable activities
3
Grants
Investment income
2
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
Governance
Grants
Support costs
Other
8
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD |
2023
Unrestricted
funds
£
3,525
144,942
148,467
52,801
41,158
500
10,309
1,196
105,964
(205,104)
(162,601)
6,516,170
6,353,569 |
2022
Total
funds
£
5,075
187,118
192,193
58,932
63,513
82,175
43,128
9,861
257,609
25,564
(39,852)
6,556,022
6,516,170 |
|
|
|
The notes form part of these financial statements
Page 7
Assemblies of God Property Trust (Registered number: 00533151)
Statement of Financial Position 31 March 2023
Notes
FIXED ASSETS
Investments
Investments
13
Investment property
14
CURRENT ASSETS
Debtors
15
Investments
16
Cash at bank
17
CREDITORS
Amounts falling due within one year
18
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
20
Unrestricted funds
TOTAL FUNDS |
2023
2022
Unrestricted
Total
funds
funds
£
£
4,772,933
4,818,572
377,127
421,127
5,150,060
5,239,699
858,733
420,410
-
416,159
362,039
719,807
1,220,772
1,556,376
(17,263)
(279,905)
1,203,509
1,276,471
6,353,569
6,516,170
6,353,569
6,516,170
6,353,569
6,516,170
6,353,569
6,516,170 |
|
|
ThecharitablecompanyisentitledtoexemptionfromauditunderSection477oftheCompaniesAct 2006
for the year ended 31 March 2023.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsforthe year
ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
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.
The notes form part of these financial statements
continued...
Page 8
Assemblies of God Property Trust (Registered number: 00533151)
Statement of Financial Position - continued 31 March 2023
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
18 December 2023 and were signed on its behalf by:
K P Thorpe - Trustee
The notes form part of these financial statements
Page 9
Assemblies of God Property Trust
Notes to the Financial Statements
for the Year Ended 31 March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
Thefinancialstatementsofthecharitablecompany,whichisapublicbenefitentityunderFRS 102,
havebeenpreparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland (FRS
102)(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCompaniesAct2006.Thefinancial statements
havebeenpreparedunderthehistoricalcostconvention,withtheexceptionofinvestments which
are included at market value, as modified by the revaluation of certain assets.
AssembliesofGodPropertyTrustisaprivatecompanyregisteredinEnglandandWales.The address
of the charitable company is given on the pages of these financial statements.
Thesignificantaccountingpoliciesappliedinthepreparationofthesefinancialstatementsare set
out below.
Income
AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably.Expenditure is
accountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregateall cost
relatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadingsthey have
been allocated to activities on a basis consistent with the use of resources.
Grantsofferedsubjecttoconditionswhichhavenotbeenmetattheyearenddatearenotedas a
commitment but not accrued as expenditure.
Investment property
Investmentpropertyisshownatmostrecentvaluation.Anyaggregatesurplusordeficitarising from
changes in fair value is recognised in the Statement of Financial Activities.
Freeholdinvestmentspropertiesareincludedinthebalancesheetatfairvaluewhichistaken as
beingopenmarketvalue.MovementsinvaluationarepostedthroughtheSOFA. Investment
propertyisnotdepreciated.Openmarketvalueisreassessedannuallybythedirectors, 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
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.
continued...
Page 10
Assemblies of God Property Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
1. ACCOUNTING POLICIES - continued
Cash and cash equivalents
Cashandcashequivalentscomprisecashinhandandcashondepositsheldatcallwithbanks and
buildingsocietiesandothershort-termhighlyliquidinvestmentswithoriginalmaturitiesof 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
Debtorsandcreditorswithnostatedinterestrateandreceivableorpayablewithinoneyear are
recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Investments Income
Incomefrominvestmentsisaccountedforwhendueandpayable,togetherwiththeincome tax
repayable in respect of tax credits or tax deducted at source.
Investments in subsidiary undertakings are recognised at cost.
I nvestments - Listed
Investmentsarerecognisedinitiallyatfairvaluewhichisnormallythetransactionprice excluding
transactioncosts.Subsequently,theyaremeasuredatfairvaluewithchangesrecognisedin 'net
gains/(losses)oninvestments'intheSoFAifthesharesarepubliclytradedortheirfairvalue can
otherwise be measured reliably. Other investments are measured at cost less impairment.
Going concern
Thefinancialstatementshavebeenpreparedonagoingconcernbasisasthetrusteesbelieve that
nomaterialuncertaintiesexist.Thetrusteeshaveconsideredtheleveloffundsheldand the
expectedlevelofincomeandexpenditurefor12monthsfromauthorisingthese financial
statements.Thebudgetedincomeandexpenditureissufficientwiththelevelofreservesfor the
charity to be able to continue as a going concern.
2. INVESTMENT INCOME
Rents received
Dividend Income
Gain on sale of Kingdom Bank
Deposit account interest
Loan interest |
2023
£
52,065
55,674
-
2,578
34,625
144,942 |
2022
£
61,161
25,885
99,715
357
- |
|
|
187,118 |
continued...
Page 11
Assemblies of God Property Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
3. INCOME FROM CHARITABLE ACTIVITIES
2023
Activity
£
Trustee holding fees
Grants
3,525
RAISING FUNDS
Investment management costs
2023
£
Management fees
4,899
Investment Management fees
41,861
Property expenses
6,041
52,801
CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
Support
(see note
costs (see
6)
note 7)
£
£
Governance
-
41,158
Grants
500
-
Support costs
-
10,309
500
51,467
GRANTS PAYABLE
2023
£
Grants
500
The total grants paid to institutions during the year was as
follows:
2023
£
Grants to institutions
500 |
2022
£
5,075
2022
£
4,307
45,302
9,323 |
|
58,932 |
|
Totals
£
41,158
500
10,309 |
|
51,967 |
|
2022
£
82,175 |
|
2022
£
82,175 |
4. RAISING FUNDS
5. CHARITABLE ACTIVITIES COSTS
6. GRANTS PAYABLE
continued...
Page 12
Assemblies of God Property Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
6. GRANTS PAYABLE - continued
Grants to institutions |
2023 |
2022 |
|
£ |
£ |
Gift to AOG Inc |
- |
50,000 |
Sheffield Christian Fellowship |
- |
5,000 |
Life Church Birmingham |
- |
(20,000) |
Grants to institutions |
500 |
47,175 |
|
|
|
|
500 |
82,175 |
|
|
|
|
|
|
Grantswerepaidto1institutionof£500.(2022-Grantswerepaidto38institutionsof varied
amounts from £1,000 - £3,000).
7. SUPPORT COSTS
Management
£
Governance
601
Support costs
9,965
10,566
OTHER
Interest payable and similar charges |
Governance
Finance
costs
£
£
-
40,557
344
-
344
40,557
2023
£
1,196 |
Totals
£
41,158
10,309 |
|
|
51,467 |
|
|
2022
£
9,861 |
8. OTHER
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
|
2023 |
2022 |
|
|
£ |
£ |
|
Surplus on disposal of fixed assets |
(4,119) |
|
- |
continued...
Page 13
Assemblies of God Property Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
10. TRUSTEES' REMUNERATION AND BENEFITS
The trustees received no remuneration as members of the Board of management.
Duringtheyear,thecharitypaid£12,518(2022:£15,830)toGrace(GB)Ltd.RevKThorpewhois a
trusteeofthecharityisalsoadirectorandshareholderofGrace(GB)Ltd.Thesepayments were
made for the role as Chairman.
Duringtheyear,thecharitypaid£6,183(2022:£3,080)toTurnerConsultantsLtd.MrsJTurner who
isatrusteeofthecharityisalsoadirectorandshareholderofTurnerConsultantsLtd. These
payments were made for the role as Company Secretary.
Trustees' expenses
Duringtheperiodtwotrustees(2022-five)werereimbursedbythecharityfortravelling expenses
totalling £303 (2022 - £2,165).
11. STAFF COSTS
Wages and salaries
Social security costs
The average monthly number of employees during the year was as follows:
Management and administration |
2023
£
-
-
-
2023
- |
2022
£
32,471
2,836 |
|
|
35,307 |
|
|
2022
2 |
Noemployeesofthecharityreceivedemolumentsofmorethan£60,000.Thecharitymade no
pension contributions in the period.
12. INDEPENDENT EXAMINATION FEE
Theamountpaidtotheindependentexaminerfortheindependentexaminationwas£4,200 (2022:
£4,500) and £198 (2022: £180) including VAT for other services.
continued...
Page 14
Assemblies of God Property Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
13. FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 April 2022
Additions
Disposals
Revaluations
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022 |
Shares in
group
undertakings
£
100
-
-
-
100
100
100 |
Listed
investments
£
4,818,472
878,180
(718,715)
(205,104)
4,772,833
4,772,833
4,818,472 |
Totals
£
4,818,572
878,180
(718,715)
(205,104)
4,772,933
4,772,933
4,818,572 |
|
|
|
|
InvestmentsincludethosebothheldinsideandoutsideoftheUKandiscontrolledbyathird party
asset management company.
Above investments are held as follows:
|
|
2023 |
2022 |
|
|
£ |
£ |
Equities |
|
|
|
- UK |
|
1,225,595 |
1,245,408 |
- Europe |
|
109,206 |
279,338 |
- Asia Pacific |
|
795,617 |
477,000 |
- Global |
|
514,999 |
787,925 |
- Global Emerging Markets |
|
119,509 |
238,366 |
- North American |
|
594,009 |
577,647 |
- Specialist |
|
355,341 |
380,875 |
Fixed Interest |
|
333,595 |
214,040 |
Alternatives |
|
724,962 |
617,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,772,833 |
4,818,472 |
|
|
|
|
|
|
|
|
|
|
2023 |
2022 |
Listed investments at cost |
|
£ |
£ |
Cost |
|
4,906,899 |
4,792,907 |
|
|
|
|
|
|
|
|
continued...
Page 15
Assemblies of God Property Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
13. FIXED ASSET INVESTMENTS - continued
Cost or valuation at 31 March 2023 is represented by:
Valuation in 2022
Cost |
Shares in
group
undertakings
£
-
100
100 |
Listed
investments
£
(205,104)
4,977,937
4,772,833 |
Totals
£
(205,104)
4,978,037
4,772,933 |
|
|
|
|
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 |
|
|
|
|
2023 |
2022 |
|
|
£ |
£ |
Aggregate capital and reserves |
|
(202,730) |
(110,767) |
Loss for the year |
|
(94,063) |
(110,767) |
Springtime Housing Association
Registered office: 03429843
Nature of business: Dormant
AdebentureexistsbetweenAssembliesofGodPropertyTrustandPropertyTRTServices Limited
that enables the Property TRT Services limited to drawn down funds to purchase properties.
14. INVESTMENT PROPERTY
FAIR VALUE
At 1 April 2022
Disposals
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022 |
£
421,127
(44,000)
377,127
377,127
421,127 |
|
|
continued...
Page 16
Assemblies of God Property Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
14. INVESTMENT PROPERTY - continued
Investmentproperties,heldasfixedandcurrentassets,withanetbookvalueof£377,127(2022 -
£837,286) are re-let on leases of various lengths and terms.
TheinvestmentpropertieswerevaluedbytheDirectorsat31March2023andtheyareof the
opinion that there has been no material changes in the open market value of the properties.
Alltheinvestmentpropertiesareheldatvaluation,Iftheyhadnotbeenrevalued,theywould have
been included at 31 March 2023 in the accounts at a cost of £377,127 (2022 - £837,286).
15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
|
|
2023 |
2022 |
|
£ |
£ |
Amounts owed by group undertakings |
854,318 |
410,461 |
Other debtors |
2,775 |
5,577 |
Prepayments and accrued income |
1,640 |
4,372 |
|
858,733 |
420,410 |
16. CURRENT ASSET INVESTMENTS
CURRENT ASSET INVESTMENTS |
|
|
|
|
2023 |
|
2022 |
|
£ |
|
£ |
Investment Property |
|
- |
416,159 |
Partoftheinvestmentproperties,totalling£416,159,weretransferredduringtheyearto Property
TRT Services Limited.
17. CASH AT BANK
Bank current accounts
Bank deposit accounts
Rathbones Capital Account
Cantab Capital Account
Total |
2023
Total
funds
£
206,545
109,843
24,388
21,263
362,039 |
2022
Total
funds
£
319,827
209,454
169,705
20,821 |
|
|
719,807 |
continued...
Page 17
Assemblies of God Property Trust
Notes to the Financial Statements - continued
for the Year Ended 31 March 2023
18. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 19)
Trade creditors
Other creditors
Accruals and deferred income
19.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
20.
MOVEMENT IN FUNDS
At 1.4.22
£
Unrestricted funds
General fund
6,516,170
TOTAL FUNDS
6,516,170
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
148,467
(105,964)
TOTAL FUNDS
148,467
(105,964) |
|
2023
£
-
140
7,260
9,863
17,263
2023
£
-
Net
movement
in funds
£
(162,601)
(162,601)
Gains and
losses
£
(205,104)
(205,104) |
2022
£
261,555
780
7,527
10,043
279,905
2022
£
261,555
At
31.3.23
£
6,353,569
6,353,569
Movement
in funds
£
(162,601)
(162,601) |
|
|
|
|
|
|
|
|
continued...
Page 18
Assemblies of God Property Trust
Notes to the Financial Statements - continued for the Year Ended 31 March 2023
20. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.4.21
£
6,556,022
6,556,022 |
Net
movement
in funds
£
(39,852)
(39,852) |
At
31.3.22
£
6,516,170 |
|
|
|
6,516,170 |
Comparative net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
192,193
192,193 |
Resources
expended
£
(257,609)
(257,609) |
Gains and
Movement
losses
in funds
£
£
25,564
(39,852)
25,564
(39,852) |
|
|
|
|
21. RELATED PARTY DISCLOSURES
AdebenturebetweenAssembliesofGodPropertyTrustandthePropertyTRTServicesLtd was
setupandagreedon16July2021.ThedebentureenablesPropertyTRTServicesLtdtodrawn down
funds to purchase properties.
Atthebalancesheetdate£854,318(2022:£410,461)wasowedfromPropertyTRTServices Ltd.
Includedinthisamountwas£820,787(2022:£400,000)relatingtotheloan.Interestreceivable on
the loan amounted to £34,625 (2022: £nil) and is included in Note 2 as income.
Duringtheyear,thecharitypaid£12,518(2022:£15,830)toGrace(GB)Ltd.Thesepayments were
madefortheroleasChairmanofthecharity.DuringtheyearpaymentsfromPropertyTRT Services
Limitedof£12,000weremadetoGrace(GB)Ltdforconsultancyservices.RevKThorpeisa trustee
of the charity is also a director and shareholder of Grace (GB) Ltd.
DuringtheyearpaymentsweremadefromPropertyTRTServicesLimitedof£18,000 (2022:
£54,500)toRenaissanceCapitalVenturesLimited(previouslyknownasKairosInvestmentsLtd) for
consultancyservices.ROAnekweisatrusteeofthecharityandisalsoadirectorand shareholder
of Renaissance Capital Ventures Limited.
Duringtheyear,thecharitypaid£6,183(2022:£3,080)toTurnerConsultantsLtd.MrsJTurner who
isatrusteeofthecharityisalsoadirectorandshareholderofTurnerConsultantsLtd. These
payments were made for the role as Company Secretary.
continued...
Page 19
Assemblies of God Property Trust
for the Year Ended 31 March 2023
Notes to the Financial Statements - continued
21. RELATED PARTY DISCLOSURES - continued
Paymentsmadetothetrusteeswereapprovedbytheboardoftrusteesasbeingforthe necessary
purposesforthecharityandcontractsinplaceforservicesaremadeinaccordancewith the
Constitution.
Page 20
Assemblies of God Property Trust
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
INCOME AND ENDOWMENTS
Investment income
Rents received
Dividend Income
Gain on sale of Kingdom Bank
Deposit account interest
Loan interest
Charitable activities
Trustee holding fees
Total incoming resources
EXPENDITURE
Investment management costs
Management fees
Investment Management fees
Property expenses
Charitable activities
Grants to institutions
Other
Bank loan interest
Support costs
Management
Insurance
Travelling
Admin expenses
Sundries
Finance
Bank charges |
2023
£
52,065
55,674
-
2,578
34,625
144,942
3,525
148,467
4,899
41,861
6,041
52,801
500
1,196
5,337
303
539
4,387
10,566
344 |
2022
£
61,161
25,885
99,715
357
- |
|
|
187,118
5,075 |
|
|
192,193
4,307
45,302
9,323 |
|
|
58,932
82,175
9,861
2,487
2,637
347
1,970 |
|
|
7,441
380 |
This page does not form part of the statutory financial statements
Page 21
Assemblies of God Property Trust
Detailed Statement of Financial Activities for the Year Ended 31 March 2023
Finance
Human resources
Wages
Social security
Governance costs
Accountancy fees
Legal and professional fees
Loss on sale of tangible fixed assets
Total resources expended
Net income/(expenditure) before gains
and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net expenditure |
2023
£
-
-
-
4,218
40,458
(4,119)
40,557
105,964
42,503
(59,852)
(17,349) |
2022
£
32,471
2,836
35,307
4,829
58,684
-
63,513
257,609
(65,416)
36,187
(29,229) |
|
|
|
This page does not form part of the statutory financial statements
Page 22