``` 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 ```