OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

REGISTERED COMPANY NUMBER: 00533151 (England and Wales) REGISTERED CHARITY NUMBER: 251550

Unaudited Financial Statements for the Year Ended 31 March 2024 for

Kingdom Legacy Trust

The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester Leicestershire LE19 1WP

Kingdom Legacy Trust

Contents of the Financial Statements for the Year Ended 31 March 2024

----- Start of picture text -----
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 19
Detailed Statement of Financial Activities 20 to 21
----- End of picture text -----

Kingdom Legacy Trust

Reference and Administrative Details for the Year Ended 31 March 2024

----- Start of picture text -----
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
----- End of picture text -----

Page 1

Kingdom Legacy Trust (Registered number: 00533151)

Report of the Trustees for the Year Ended 31 March 2024

As part of the ongoing evolution of the Charity and to better reflect the Board’s considered view, a name change to Kingdom Legacy Trust has been proposed. This has been accepted and processed by Companies House on 26 September 2024 and is currently being considered by the Charity Commission. This document is written and best read with that context in mind.

The trustees present their report with the financial statements of the charity for the year ended 31 March 2024. 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 number of Holding Trustees has significantly reduced due to many churches moving to the CIO model. From the proceeds of the sale of Kingdom Bank, PT is investing the monies to provide an income Stream for charitable purposes and build a funding legacy for future generations.

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.

Page 2

Kingdom Legacy Trust (Registered number: 00533151)

Report of the Trustees for the Year Ended 31 March 2024

OBJECTIVES AND ACTIVITIES Chairman Report

Property Trust Chairman's Report to March 2024

The board continues to meet quarterly and communicates regularly to keep up to date with the activity of PT and the ever changing nature of law and charity.

As Chair, I have long recognised the need to work with a trusted, experienced and competent Board. To that end, and as a further aspect of the Charity’s evolution, we have made changes to both the Board membership and processes that have enhanced our approach and Governance.

The Board also continues to undertake annual reviews on policies and enhance these as necessary.

We will further pursue both of these courses of action in the coming year to enable us to continue to demonstrate excellent standards.

The Board continues to lean into the experience of members of the three sub committees for the following areas:-

Each of the directors/ trustees and support staff all are committed and together play a significant part in fulfilling the vision.

Investment

Money has been invested with Investment Managers; the past 24 months has been very uncertain globally and economically but we are pleased to report that these funds are now growing on an upward trajectory. We continue to hold regular and good communication with the investment firms to enable us to continue to see the funds grow.

Property TRT Services Ltd (from herewith called TRT)

This is the limited company wholly owned by PT.

TRT continues to explore opportunities and developments in the commercial property sector and there are ongoing discussions with a number of companies of different sizes. These will continue whilst we carry out our due diligence that will enable us to sensibly and wisely move forward.

Conclusion:

The Board continues to work diligently even in the midst of political and economic uncertainty both nationally and internationally. We are always looking to maintain a high standard in all aspects of the charity whilst also exploring new opportunities that will cause the charity to grow in strength and depth. Respectfully submitted

Page 3

Kingdom Legacy Trust (Registered number: 00533151)

Report of the Trustees for the Year Ended 31 March 2024

OBJECTIVES AND ACTIVITIES

Kristian Thorpe Chairman

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The Board continues to work on a strategy to modernise and develop a charity that leaves a legacy for decades to come.

FINANCIAL REVIEW

Financial review

At the balance sheet date, the net assets of the charity totalled £7,073,282 (2023 - £6,353,569). the overall financial position of the charity was considered robust as £426,885 was held in cash. The total incoming resources for the year were £148,630 (2023 - £192,193). The total resources expended for the year were £94,599 (2023 - £105,964), including grants paid of £nil (2023 - £500).

Reserves policy

The charity has a reserves policy in place.

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

The Board is looking at ways in which to continue to build our commitment to legacy and kingdom. As such, we are currently assessing the objectives of the charity.

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, this includes the use of an annually updated skills matrix.

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, Company Secretary, an administrator and the finance manager.

Page 4

Kingdom Legacy Trust (Registered number: 00533151)

Report of the Trustees for the Year Ended 31 March 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Related parties

During September 2020 the charity incorporated a trading subsidiary company named Property TRT Services Ltd.

The charity also controls Springtime Housing Association, a dormant company limited by guarantee. The Trustees are intending to close this company shortly.

Whilst The Assemblies of God Property Trust has had a relationship with Assemblies of God Inc. the former is an independent charity which is not controlled or governed by Assemblies of God Inc. Kingdom Legacy Trust will seek to maintain both the relationship and independence.

Risk management

The trustees understand their duty to identify and review the risks to which the charity is exposed. As such there are appropriate controls in place and regularly reviewed to provide reasonable assurance against fraud and error.

Approved by order of the board of trustees on 19 December 2024 and signed on its behalf by:

Rev K P Thorpe - Trustee

Page 5

Independent Examiner's Report to the Trustees of Kingdom Legacy Trust (Registered number: 00533151)

Independent examiner's report to the trustees of Kingdom Legacy Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

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.

L G Parkes FCA FCCA

The Rowleys Partnership Ltd Chartered Accountants Charnwood House Harcourt Way Meridian Business Park Leicester LE19 1WP

20 December 2024

Page 6

Kingdom Legacy Trust

Statement of Financial Activities for the Year Ended 31 March 2024

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		 2024
Unrestricted
funds
£
3,450
145,180
148,630
44,258
43,357
-
6,984
-
94,599
665,682
719,713
6,353,569
7,073,282		 2023
Total
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

The notes form part of these financial statements

Page 7

Kingdom Legacy Trust (Registered number: 00533151)

Statement of Financial Position 31 March 2024

Notes
FIXED ASSETS
Investments
Investments
12
Investment property
13
CURRENT ASSETS
Debtors
14
Cash at bank
15
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
NET ASSETS
FUNDS
17
Unrestricted funds
TOTAL FUNDS		 2024
2023
Unrestricted
Total
funds
funds
£
£
5,093,724
4,772,933
659,500
377,127
5,753,224
5,150,060
912,982
858,733
426,885
362,039
1,339,867
1,220,772
(19,809)
(17,263)
1,320,058
1,203,509
7,073,282
6,353,569
7,073,282
6,353,569
7,073,282
6,353,569
7,073,282
6,353,569

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 8

Kingdom Legacy Trust (Registered number: 00533151)

Statement of Financial Position - continued 31 March 2024

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 19 December 2024 and were signed on its behalf by:

K P Thorpe - Trustee

The notes form part of these financial statements

Page 9

Kingdom Legacy Trust Notes to the Financial Statements for the Year Ended 31 March 2024

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, as modified by the revaluation of certain assets.

Kingdom Legacy 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 10

Kingdom Legacy Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2024

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

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.

I nvestments - Listed

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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. INVESTMENT INCOME

Rents received
Dividend Income
Deposit account interest
Loan interest		 2024
£
20,336
66,648
11,275
46,921
145,180		 2023
£
52,065
55,674
2,578
34,625
144,942

continued...

Page 11

Kingdom Legacy Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

3.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Trustee holding fees
Grants
4.
RAISING FUNDS
Investment management costs
Management fees
Investment Management fees
Property expenses
5.
CHARITABLE ACTIVITIES COSTS
Governance
Support costs
6.
GRANTS PAYABLE
Grants
The total grants paid to institutions during the year was as
follows:
Grants to institutions
Grants to institutions
Grants to institutions		 2024
£
3,450
2024
£
-
42,222
2,036
44,258
2024
£
-
2024
£
-		 2024
£
3,450
2024
£
-
42,222
2,036
44,258
2024
£
-
2024
£
-		 2023
£
3,525
2023
£
4,899
41,861
6,041
52,801
Support
costs (see
note 7)
£
43,357
6,984
50,341
2023
£
500
2023
£
500		 2023
£
3,525
2023
£
4,899
41,861
6,041
52,801
Support
costs (see
note 7)
£
43,357
6,984
50,341
2023
£
500
2023
£
500		 2023
£
3,525
2023
£
4,899
41,861
6,041
52,801
Support
costs (see
note 7)
£
43,357
6,984
50,341
2023
£
500
2023
£
500
2024
£
-
-		 2023
£
500
500

No grants were paid to institutions in the year. (2023 - Grants were paid to 1 institution of £500).

continued...

Page 12

Kingdom Legacy Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

7. SUPPORT COSTS

Governance
Management
Finance
costs
£
£
£
Governance
3,407
-
39,950
Support costs
6,378
606
-
9,785
606
39,950
OTHER
2024
£
Interest payable and similar charges
-
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
2024
£
Surplus on disposal of fixed assets
-		 Totals
£
43,357
6,984
50,341
2023
£
1,196
2023
£
(4,119)

8. OTHER

9. NET INCOME/(EXPENDITURE)

10. TRUSTEES' REMUNERATION AND BENEFITS

The trustees received no remuneration as members of the Board of management.

During the year, the charity paid £16,500 (2023: £12,518) to Grace (GB) Ltd. Rev K Thorpe who is a trustee of the charity is also a director and shareholder of Grace (GB) Ltd. These payments were made for the role as Chairman.

During the year, the charity paid £6,675 (2023: £6,183) to Turner Consultants Ltd. Mrs J Turner who is a trustee of the charity is also a director and shareholder of Turner Consultants Ltd. These payments were made for the role as Company Secretary.

continued...

Page 13

Kingdom Legacy Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2024

10. TRUSTEES' REMUNERATION AND BENEFITS - continued

Trustees' expenses

During the period two trustees (2023 - two) were reimbursed by the charity for travelling expenses totalling £32 (2023 - £303).

11. INDEPENDENT EXAMINATION FEE

The amount paid to the independent examiner for the independent examination was £4,620 (2023: £4,200) and £185 (2023: £198) including VAT for other services.

12. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 April 2023
Additions
Disposals
Revaluations
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Shares in
group
undertakings
£
100
-
-
-
100
100
100		 Listed
investments
£
4,772,833
860,179
(922,697)
383,309
5,093,624
5,093,624
4,772,833		 Totals
£
4,772,933
860,179
(922,697)
383,309
5,093,724
5,093,724
4,772,933

Investments include those both held inside and outside of the UK and is controlled by a third party asset management company.

Above investments are held as follows:

Equities
- UK
- Europe
- Asia Pacific
- Global
- Global Emerging Markets
- North American
- Specialist
Fixed Interest
Alternatives		 2024
£
1,173,389
207,482
490,766
735,123
125,070
855,590
390,828
503,248
612,128
5,093,624		 2023
£
1,225,595
109,206
795,617
514,999
119,509
594,009
355,341
333,595
724,962
4,772,833

continued...

Page 14

Kingdom Legacy Trust Notes to the Financial Statements - continued for the Year Ended 31 March 2024

12. FIXED ASSET INVESTMENTS - continued

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |Listed investments at cost|£|£| |Cost|4,812,828|4,906,899|

----- End of picture text -----

Cost or valuation at 31 March 2024 is represented by:

----- Start of picture text -----
||||| |---|---|---|---| |Shares in| |group|Listed| |undertakings|investments|Totals| |£|£|£| |Valuation in 2024|-|280,796|280,796| |Cost|100|4,812,828|4,812,928| |100|5,093,624|5,093,724|

----- End of picture text -----

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

----- Start of picture text -----
|||| |---|---|---| |%| |Class of share:|holding| |Ordinary|100| |2024|2023| |£|£| |Aggregate capital and reserves|(282,258)|(204,730)| |Loss for the year|(77,528)|(94,063)|

----- End of picture text -----

Springtime Housing Association

Registered office: 03429843 Nature of business: Dormant

A debenture exists between Assemblies of God Property Trust and Property TRT Services Limited that enables the Property TRT Services limited to drawn down funds for investment.

continued...

Page 15

Kingdom Legacy Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

13. INVESTMENT PROPERTY

FAIR VALUE
At 1 April 2023
Revaluation
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 £
377,127
282,373
659,500
659,500
377,127

Investment properties, held as fixed and current assets, with a net book value of £659,500 (2023 - £377,127) are re-let on leases of various lengths and terms.

The investment properties were revalued by the Directors at 31 March 2024.

All the investment properties are held at valuation, If they had not been revalued, they would have been included at 31 March 2024 in the accounts at a cost of £377,127 (2023 - £377,127).

Fair value at 31 March 2024 is represented by:

Valuation in 2024
Cost
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Amounts owed by group undertakings
908,386
Other debtors
2,900
Prepayments and accrued income
1,696
912,982		 £
282,373
377,127
659,500
2023
£
854,318
2,775
1,640
858,733

continued...

Page 16

Kingdom Legacy Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

15. CASH AT BANK

Bank current accounts
Bank deposit accounts
Rathbones Capital Account
Cantab Capital Account
Total
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
Accruals and deferred income
17.
MOVEMENT IN FUNDS
At 1.4.23
£
Unrestricted funds
General fund
6,353,569
TOTAL FUNDS
6,353,569
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
148,630
(94,599)
TOTAL FUNDS
148,630
(94,599)		 2024
Total
funds
£
24,716
269,573
111,098
21,498
426,885
2024
£
2,224
7,260
10,325
19,809
Net
movement
in funds
£
719,713
719,713
Gains and
losses
£
665,682
665,682		 2023
Total
funds
£
206,545
109,843
24,388
21,263
362,039
2023
£
140
7,260
9,863
17,263
At
31.3.24
£
7,073,282
7,073,282
Movement
in funds
£
719,713
719,713

continued...

Page 17

Kingdom Legacy Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1.4.22
in funds
£
£
Unrestricted funds
General fund
6,516,170
(162,601)
TOTAL FUNDS
6,516,170
(162,601)
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
Gains and
resources
expended
losses
£
£
£
Unrestricted funds
General fund
148,467
(105,964)
(205,104)
TOTAL FUNDS
148,467
(105,964)
(205,104)		 At
31.3.23
£
6,353,569
6,353,569
Movement
in funds
£
(162,601)
(162,601)

18. RELATED PARTY DISCLOSURES

A debenture between Assemblies of God Property Trust and the Property TRT Services Ltd was setup and agreed on 16 July 2021. The debenture enables Property TRT Services Ltd to draw down funds for investment.

At the balance sheet date £908,386 (2023: £854,318) was owed from Property TRT Services Ltd. Included in this amount was £867,705 (2023: £820,787) relating to the loan. Interest receivable on the loan amounted to £46,921 (2023: £34,625) and is included in Note 2 as income.

During the year, the charity paid £16,500 (2023: £12,518) to Grace (GB) Ltd. These payments were made for the role as Chairman of the charity. During the year payments from Property TRT Services Limited of £15,075 (2023: £12,000) were made to Grace (GB) Ltd for consultancy services. Rev K Thorpe is a trustee of the charity is also a director and shareholder of Grace (GB) Ltd.

During the year payments were made from Property TRT Services Limited of £18,000 (2023: £18,000) to Renaissance Capital Ventures Limited (previously known as Kairos Investments Ltd) for consultancy services. R O Anekwe is a trustee of the charity and is also a director and shareholder of Renaissance Capital Ventures Limited.

During the year, the charity paid £6,675 (2023: £6,183) to Turner Consultants Ltd. Mrs J Turner who is a trustee of the charity is also a director and shareholder of Turner Consultants Ltd. These payments were made for the role as Company Secretary.

continued...

Page 18

Kingdom Legacy Trust

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

18. RELATED PARTY DISCLOSURES - continued

Payments made to the trustees were approved by the board of trustees as being for the necessary purposes for the charity and contracts in place for services are made in accordance with the Constitution.

Page 19

Kingdom Legacy Trust

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

INCOME AND ENDOWMENTS
Investment income
Rents received
Dividend Income
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		 2024
£
20,336
66,648
11,275
46,921
145,180
3,450
148,630
-
42,222
2,036
44,258
-
-
3,102
32
611
6,040
9,785
606		 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

This page does not form part of the statutory financial statements

Page 20

Kingdom Legacy Trust

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

Finance
Governance costs
Accountancy fees
Legal and professional fees
Loss on sale of tangible fixed assets
Total resources expended
Net income before gains and losses
Realised recognised gains and losses
Realised gains/(losses) on fixed asset
investments
Net expenditure		 2024
£
5,904
34,046
-
39,950
94,599
54,031
(62,430)
(8,399)		 2023
£
4,218
40,458
(4,119)
40,557
105,964
42,503
(59,852)
(17,349)

This page does not form part of the statutory financial statements

Page 21