Charlty r•gi•trallon nurnb•r 263092 AQUILA FELLOWSHIP TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
AQUILA FELLOWSHIP TRUST CONTENTS Trustees, report Independent examiners r¢port Slaltsrnenl of finanryal actNrt Balan sh••t Note$ lo th• financial statements 7-15
AQUILA FELLOWSHIP TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEAIBER 2023 Th• tru8t8•$ present their annual report and financld statements for the year 8nd•d 31 Decamber 2023. The flnanaal $lat•m•nl¥ ha¥• bgen pr•parod in a(%rydanc• wilh the •cc¢unting poliryes set out In note 1 to the financt•l stat•ments and Comp wrth the tru$Ys19oveming dowmentl, th& Charities Aci 2011 and 'ACuntIng and Repo.ng by Charrt". Statement ol R8mmended PractK athIcab lo chaiibes preparing their ac¢ounl$ in accordan wrth the Financigl Repoits"ng Standafd applicat4e in the UK and Republic of Ireland IFRS 102}" l0ff•¢tsve 1 Januwy 20191. Obl•cllvM •nd actl¥lll•• ObjKtIv The Iru8t'8 obj•th ar•.. lo prayerful •ncou¥ag enquirers, new. as well as mMitt•4 Chri8tian$, to follow th& leaching$ of the Lord Jesus Christ and tts o)mmrt dPIY to Him. Chrfi8tian lrteralure foms a major part ol our mlnlsty. Mo$1 irnportanly, w8 8ncourag• al belièv•rs to d•open thty"r farth by studying the Scryturns Ilhe Bible) 0$ woll a$ other authoritatiw books. . prOttIng a facrlty of Christwi oulreach k> thè wnmunrty of Kllkhanwon. We offer caf• and support to arbyOnO 8hw4ng • n••d or conr4m on how to out th•lr filh In th• o)mmunty. We 8im lo in$pir• Chdsllan grnvlh through Chrlst6an liloralure both In the bookshop and through book stalls al OLrt$lde ev•nt8. Alrn• and Purpo• The Aqulla Trust aims lo promot• the Chiisb•n Chur¢h•8 mimion in.. P•stornl, Evang•1lil. Sodal and 8lbllGpl ltteralure. algo by Suppng ttK)w in Chil¥b•n w¢¢ the kncal ar•a. ActJvltl•• ol th• ¢harlty We have ts)ntinued lo exhibt a hugè varth of woduG18 And at many Chri81ian and public event. Ihe Royal Comwall and Laune••ton Shows Churches T?nts. CreatK•nF•$i. 8ush COnferer, Woman's Conhr•ne•8 Ihrou9hout Comw8N and 4 numb•r of stall$ at various chuf¢he8 leading up to Christm•s. M•ny p•opl• have 81¢0 01rt 8tands and ono)uraglngty many rfwurcs hab been senl oui into Hi$ Kin9dom to be used lo ¢Jo God'B wwk. As a Tru81, wo all expeii•n¢•d profouTrJ sadnw thoc •t th• loJ• of ow nvw Seryetsry, Gwaldlne Parkyn. She will b• gr•ally rnl•d. a¥ we on her 09 a d•dKat•d tnffjl•• and wonto•r. alw•y8 furthering th• vislon of Aquila. Mike St••m continu•8 to b• out fu1{me shop manager. who al works many hours volunt•erlng. Our tèam of volunl8or8 hav• A Ir•m•ndous inpul lo the Trust. a most appreoatN• and ind•bt•d to th•Sr mmItM•ht. Th•y do a vanety of tasks and, wh•r• po8sible. ty lo them opportunili•s to use Ihgir pacUlar grfungs. We are rather 8trol¢hed 8t tim•s wn it come8 to idaYS •nd ev•nts at bookjlalls. We CongralAted our Chaimian. Mwk Thomas who was fifi • Now Y••rfs Award - Commander of V08 Order and maty Deputy kneutenant of Comw•l. Wo updated the tru8tws on the d•èd¥ and k•nd regoty of our Fvoperb•s in June, rKer¥ing the documents back h) December. Following deliberations and much prayer during our rneetings in 2023 ovèr the future of the F&llowshlp Centre al fjlkhamplon. Du¢ to MrAlbert Solrnan who has arsQthef srar• and was finding it dth¢uh to continue th8 wo At "Ikharnp1On. and with decreastsd congf•gation8. wg unanimousty a¢xtpted his resignation wilh 4 months, noti¢ for 1 sl June 2023 as pastor ol Kilkhampton Felowship Centre. As thwe was no Christian wrtness there lattety, we dlc#l8d lo proctsd wilh adwca on thange of use ptsnning, approaching Bazley Partnership and Mr Pèter Wonna¢ott of idea and quotes. 11 was agieed to ask Peter naCOtt to draw up plans for o)nversth into rèsidential unfts. Planning was submrtt•d 15th September an¢J 9rant on 91h No¥*ember 2023. Dispersal ol items fom insid8 thè urth to other fellowships iic4uded thairs. pulprt, pwio. bjoks and CA)mmunion glas etc
AQUILA FELLOWSHIP TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 We had a meeting wrth Mr Chris Ugk)w ol Onel Ministires. Launceston to hear about the vision and on-going Outreach vAth young people in ihe area. pnmarity lo see rf we assist in any way beyond oui aftnual grfl. e3pecAally as 5 year mM11 of giving lo Angela and Gnn1 Geata was coming lo a close. A¢hl•v•ments and p•rlornun¢• From small beginnings we have grown as an indepenilenl well St(ked chnsts.an Bookshop. wrth an imm•n$e rangè of material lo •nsourage p8opkn to grow in Iheir failh and lo share tsith wrth others. 11 is also a bhing lo be able to lake the resources into the cnmmunity h•lping to building on our Christian hèritage and to 8n$ourage Christsan famity life. We kjve getting lo know our eommunrty as we rernain a consistent prèsence serviong the area wilh Chr15tian lo and our pr#yers. Many of our volunteers attend several different churches In the town arKI also help with Slrè8t Pastor. Food 8anks, Cham1 of commerce elc., in $0 doing faoliling •fftive Outr••th for the public t1L The DPD pick-up and pholocopyin9 S¢f¥ryC• l)oth directy b•nefft the publ and draw peop into tho shop who Mht olhewshe pass by. Ths pod•8lrianisatson ol the streèt outsKle from 10am to 4pm daity do8$ provid8 dffi¢1ty for I$S lo those wrt disabilities, We w•re approached by th• Job ctrO rf we could off•r part-tim• Yontary work for a young man with leaming dlfficuhiès. gav• hom 80me opportunrtt•s wthich he appieualed. but there were c8rtain aspecls of the work he found challenging. We ¢onlinu• lo hfj¥r appwatiw ¢omm•nls from visitors to the ttywn, some of whom l•knphong or email orders lo di$palch¢d by m¥il. Fln•n¢knl r•vl•w We had an in¢reas• of sal•$ of around 12%. largely io incr•wid s•kns at CrealionF•st and alw by supplylng the materials lor Hoty Habits in th• Laurwion Melhodisl CircuiL Mr Siearns experknd diffi¢ulty wrth ihé a¢)untants In th¢ change of bookke•ping methodi and tha settlno up of Xoro. whi¢h resutted in a Slow process and ijelay in the accounts. A leaklng porch at th• Kilkhampton ¢ottag• was p8$1 rep•ir and tt was d8¢ided lo replace tt. The tenant in the llal above th8 shop ntInU&S lo be behind with her utilrti•s paym•nls, atthough promising to try to gel on lop of the srtuation each year. Unrestricte¢J funds ar• h•ld in * d•po$rt •cwJn¢ 0ed by the lQ"ngdom Trust. a Chdsiian organlsafjon offering very compelrtive rates. Efforts have btsn made lo ensure the TrL•s15 divests it$ flnanc•al assets so that no investment falls outside the limrts of legal prot8ction for any on• investment. The remaining funds are held in our ¢urr•nl accouni wrth Namtst. Our volunl?ers averaged a eontribub.on of about 30 hours per week {apprOrnate 1.550 hours durin9 the yearl.. 4t £10 per hour this would amount to £15.500 per annum. $avin9 the Iru51 Gonsidtrrable &xpendiiure. We are graltfvl for their ¢ommitment. The trustées have asstrssed the major nsks to which the trus1 is exposed and are sats¥fied that system$ are in place lo mitigate exposure to those major risks. StN¢tur•. gov•mnc• #nd m•nag•m•nt The trust was established by a charitable trust dÈd on 31 May 1967.
AQUILA FELLOWSHIP TRUST TRUSTEES. REPORT (CONTINUED) FOR ThE YEAR ENDED 31 DECEMBER 2023 The Iruslees who seNèd during Ihe year and up to the date of signature of the finanLyal slatements w&re'. MrA P Daniel Mi D M Thomas Mryd R M Daniel Mr S R Parkyn Mrs G M Parkyn M•thod of rncrultrn•rt Ind •ppolnlm•nt oltru•t••• Names are $ubrnitted in the first instanco by board m•mbafs. Polentr'al tru$lees ar• then approa¢h•d fomafiy and invrted to oxpres$ an interest in becoming a trustee. Candidal•s arè Ih•n interviowed and confimiation of th•lr giftsng sought from l¢)cal (urch atr$. Candidat•s may also b• reuuited lor their 4tiilty to &)ntribut• uthg th•lr prof•Mional skfllB and which b04fd members fe•1 could add lo 118 sk1 ba80. A Zoom m•eling Wrth Danid and Faith Andrew (Dart1 has Prewousty b•trn In in work •yri•nc•, a88I$thg on bookstall$ and h•lping in th4 8hopl led lo an inlornial inteNew, in which w• $har•d Aquila's Vision. Aims and 4nsw•md questions. This rgsulted in Ihem being elected as Iruslees. and swjning a form lettw of Gonfimialion addr•3sed to the Irusl6es on 8th June 2023 Ory•nl••tlon•l •tru¢tuv• The chaiity was lotsnded in 1967 by the trust•es then in tsffi and is slll gov•med by Its Statomenl of Fatth of 10 Marth 1989 lup(tated 23 Auqusl 20101. 11 ha8 a Board of TnJ8tees nominatfjd. •l8ct and th•n r•velected al ea Annual G•neral M••ting lo whth mémbèrs ol Ihe put4c ar• invrted. AN pollcy dtasions 8ugge8l•d lo the Bo¥rf ar• th•n ditW86•d. c4nsKlered and prayèd about prior to a dw8ion by Ihe Irusiees for th•m lo be adopted. Any sugge$iion$ PLrt loard by inlereslad parties tsr members of the publi¢, wh¢lher in¢JMdualty or al the AGM Iwhieh is op•n to publicl will be o)nsider•d. all4n9 fof new idèas and Innovation within Ihe board and then tr)né¢tw¢ty 4gr•ed. Un¥nimrty is con$kl•r•d &tssenli•l in suc d8o$lons lo •nsuro eompfvance with SUiWural prfncaples (béing of on? M1. Th• bookshop manager Is kn touch with the 808rd on a weekty basls and is responsible lo th• Board for th• running of all mattgfs relating Its the shop display. Slocklakng. has the authorrty lo redu¢• the price of slN•r 8•lling Stock, 8tafl matters and •n8uring that r•nt nd uulty wmnts are rec•d ti7 the bank. Ten•ncy arT¥ngem•nt$ in th• flal are curr•nity supeN8•d by th• TruJt Sou•tary w)sur• MlanC wllh shorthold tenncy law, l•n¢Jlor¢'s T•spS&Il11s and to saf•guard th• Twt'$ oM)ership rights and respon$iblliti'¢$. The Smtary olsts ha¥ had o¥eNght ofllat mainlen¥nc inspection. R•l•t•d P•rth• The Trust 18 nOnoMInation and norwthnan. It $tands Mparat• from any olher Organisatn. wheltrw chureh or secular. , The tru$l68$' r• was appmved by the Board ofTrueés. .Mr O M Thomas 'Ttre Date.. 224 D£L 2011
AQUILA FELLOWSHIP TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF AQUILA FELLOWSHIP TRUST I report to tho trustees on my mInal of th• finan(ad statements of Aquilg F8lkywship Trust Ilhe trust) for tho yèar ended 310ecemts4r 2023. R••p¢nlblll•S nd b•$l8 of rnport As thé trustees ¢f the tmsl you are reSponbI0 for tho preporion of the ffinanCA stat¢ments in a¢cordane• with th• r•qiliT•mts of Ihe Ch41ities A¢t 20111thè 2011 Ad). I r•port in resrd of my examinakn of Ihe trusfs finaniiol st•t•mnls caffièd o(rt under sgclion 145 of the 2011 Act. In carryin9 out my exarnatn I folkiwed an the apble Direcb'ons given by the Charity Commi3¥lon under s¢chon 145151{bl of the 2011 ACL Ind•p•nd•nt •x•mln•rf• •tst•rn•nt Your attention is drawn lo the fad th41 the chanty has prepared fin•ncial statements in a¢cordance wtth Accountlng and Reporting by ChathEs preparing their accounts in accordance WTth th¢ FinancAal Rèporting Standard appllcable in th• UK and Repu1¢ of Ireland IFRS 102) in prelwenca to th8 ALuunting and Reporting by Ch8rS1ieB.' Stal•mènt of Reu)mmndad Pr•ctKe trssued on 1 April 2005 which 18 referred to rn the •xt#nt rggulalions bul has now bsen wlthdrawn. l undèrstand that this has bn ¥Jono in Ofdor for financ1 $t•lements to provide a true and falr In acwrd8nce whh Gen•raNy Acupl¢d Accounting Prnct¢e effe¢tsve lor reporting periods begknning on or after 1 January 2015. I hav• Comp¢$*1 my exemln•tn. I confimi that no matters hav• come ty my attonlion In nn¥¢liOn with th• examination giving me cause lo beliove that in any material respect.. accounbng roeords wor• not k•pt in r¥set tsf th• trust 05 rwuif•d by ••ction 130 ofth¢ 2011 AGt,' or the finan¢l818tat•ments do not accord th thw• records.. or the finanual statements do not ¢ompty wth the applicable rtquir¢m•nts cOnmIng the form and Gonlonl of •¢counts t out in the Charitie3 lAcu15 and Reports) Regulat$ 2008 other than any rèquirement Ihal the accounts a Iruo and fair whKh is a matter w)sidered as part of an ind•pendgnl oxaminab'on. I h4v• no cone8m$ and have ¢ome au083 no other mattefs in )nneCt wtth the examinab'on lo which attgnUon Ihould drawn in this report In order lo enable a wowr undèrstanding of th• fin•ncial $t4lem•nls lo be reached. Az•ts Ellzab•th Smlth ACA FCCA CTA Limè Court Pathflelds Bu81n•u Pafk South Mollon Devon ' EX38 3LH Unlt¥d Kingdom
AQUILA FELLOWSHIP TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Total Unmtrlc••d RMtrkt•d fvnd• fvnd• 2022 2022 Total lund 2023 fund• 2023 2023 N¢>t•• 2022 Donations an4J legad?s Other tradir •ctivilie$ Inve5tmer 613 813 2,1 2,100 61251 16.843 61,251 16.643 51.524 15,492 51,524 15,492 Totsl Incon 78,507 78,507 89,116 69,116 Raising fvnds 43.865 43,865 28.251 28.251 Chartabl• a¢bw18 55,774 55.814 43.136 40 43,178 Totsl •xp•ndltur• 99.839 99.679 71,387 71.427 Net gain<105$•1) on In$1m•nI8 12 250.COJ 2SJ,(N)O N•t mov•m•nt In lund• 228,888 (40) 228.828 12,2711 {401 12,311) Fund bal•nc8 al 1 January 2023 283,077 283,375 285.348 338 285.686 Fund b•lan¢•• It 31 D•¢•mb•r 2023 511,945 258 S12,203 2B3,077 283.375 Tha St41Tr•nI of fin#nu•l activilhis inchJd•s 9•in$ 8nd losses recognised in the year. All incom• and oynditui• deriv• from o)ntinuing actthlies.
AQUILA FELLOWSHIP TRUST BALANCE SHEET AS Af31 DECEMBER 2023 2023 202Z Flx•d a•s•ts Tan9ible •38e18 Investment prop•rty 14 126,443 250,C 121,708 CurY•nl •••t• Stod(s Dèbtors Cash al bank 4nd in h#nd 376,443 121,708 16 17 42,102 3,406 96,428 43,404 125,332 141,938 Cr•dbtor•: •mounts hlllng du• TAlthln on• y••r 170,282 16,178} 18.615) Nèt current a¥se18 135.7 181,807 Tot1 ••••ts l••• ¢urr•nt Il•bllltt 512,203 283,375 In¢•rn• fund• Restricted fvnds Unreslncted lunds 298 283,077 511.945 512,203 283,375 . Th• finandal slètemenls were appro¥*d by TN8te•8 on "14& , knr D M Thom48 . Tru•t••
AQUILA FELLOWSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng poll¢l•s CharFty informatlon Aquila Felltswship Twsl is an urwrthxipornted ¢harty. Who wNiopal offic• is 9 West9ate Sto•t, Launrslon. Comwll, PL1S 7AB 1.1 A¢¢ountlng conv•ntlon The financial stat&menls have been prepared in acralKe with the tru8fs Igoveming doujmenll. tho Chamies Ad 2011. FRS 102 Yh¥ Financaal R•F4yM9 Standard applicable in the UK and Republle of Ireland. rFRS 102) and the Chafities SORP "Arx4Junts'ng and Reporting by Charityes.. Statem¥nt of Recomm•nd8d Pra¢tl¢e appIable to charities pf¢parin9 th•ir accounts in accordance with th• Fbnandal Roporttng Slèndard applicable in the UK and Repu1¢ ol Irdand (FRS 1021" 1gffectNg l January 2019). Thè trust is a Public Benefft Enilty as d&fin•d ty FRS 102. Tho (w8t ha8 taken th4ntag• of th• proM$kJ in Ih• SORP for th•r6ti•• not to Pf•pare a St•t?monl ol Ca$h Flows. Th• finarK4al sl8tements ha d•portod from the Ch•nlies IAccounts arvj Reports) Regulatlons 2008 onty to th• ¢enl required lo provhje a true and lair vw•4. Thi6 dgparture has invol¥d following the Slatem•nt ol R•c¥)mm¢ndgd Pradice fof drttieS apptying FRS 102 r¥lh•r than thè varslon of the Slalern•nl of Rec£Jmm•nded Pr8Cti¢• which is referr•d to in the R•gulatl3 but 1ch h•5 sin been wthdrawn. The finan¢lal SteMents are pr•pargd in sto9. whth is the funcional ojrrency of the tru81. Mon•t4ry •mounl• in th08• finanu•l 8tal¢menls are rc¥Jnded lo th• nearesl É. Th• financ¥al statèments hava been kw•r•d under the histonc41 ojst c4nv•nlion. The P1p81 anting polldes adopted ar• sèt out bolow. 1.2 Golng cO•M Al th• time of oppro¥ing th• finanoal $falem•nts. the trustees haw 4 rg8sonat4e trxp•ctabon th•1 th• trust ha8 •dwuat• r•$oure•8 to continu• in opefational existence for Ihe foreM•ablo fijturo. Thu8 th• tru$lee8 ¢onllnue lo adopt the 9ow)g ctsieAm ba81• of aOUntIng in preparing the finanual $18lèmgnls. 1.3 Ch•rttabl• lund• Unr•$lri¢t¢d funds •r• avl•bl• for uso at tht dis¢retion of th• I$t0•S In furthgrance of Ih•ir (aiitsble obje1¥•s. ReslrKtfjd frJnd$ are subi8¢t to $pèafi¢ conditions by don¢xs as io how they may be used. Th• purp)s•8 and uses of th8 restried fund$ are sot 04Ft in the not•s to the fin•nc4at statements. Endovmient fvnd¥ are subject to sp•gfic by dCrfr8 that thè caprtd must b• malntsined by the tru¥l. IA In¢om• Inrne is rewnised when th• trust is Jegaty entsved to rt aftèr any pèrfom)ance conditions ha been mot. thè amourts ean bo mgasur¢d feliabty, and it is probable thai income wil be rOl¥ed. Cash donalions a recogni58d on Teceipt. Othaf donations are recognised once the trust has been notified of the donation, unless perfom)anc¢ conditn$ require deferral of th• #mount Income tax rKoverable in r&lat lo donats'on8 T8¢eN•d under Gnl Ahl or deeds of co¥tnant ts rncognlMd at the tim• oftho donatn. La9acies are reniSed on receipt or olherwise rf the trust has be noffied of an impending dlslr)utkn, the amount is known, and r0¢pt expgctad. If th• amourrt i8 not known, the kngaGy is treaied as a t>)nling8nl
AQUILA FELLOWSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Accountfjng pollcl•• IContlnu•dl 1.5 Exp•ndltur• ExndItuTe r4 r•cogni8ed or there 1$ a l•gal or constructh obhgation to transfer •¢onomic benefit lo third paty, rt 18 probable that a transfer ol bel$ 11 be roquked in setti0mlI. and th• amount ol Iht obligation Can be measured relk4bty. ExpentJrtiir• 18 ¢laufvd by Th• costs of each activity are made up of th• total of dlred e08ts and shargd eo8t8, inelLtding Support cost$ invofved in undert¥'nO each activity. Dir•et co$1$ attributable 10 4 singl• aCtity are allocated dire¢lty lo that acimty. Shared eosls whi¢h contribut8 to more than one activity and support cost5 whKh ar• nol attributable to a single aCtIty are app0.0ned behveen those actiwti•8 on a basil con8i$t•nt wrth th¢ u3e of resourw. Centr stsff (xjsts are aMoc4led on th• basL8 01 tlmo $p•nt, and depr•ryalion charges art alkuled on ihe portion of thè 4$Mt'$ uso. 1.1 Tanglbl• flx•d u¥•ts Tangit4e fixed 0ss•ls ar• inibalty mea$ur•d •1 ¢osl and 8ubJequenty measured al cost or valuab'on, n•1 of d•pr8aabon •nd any impaimitrrt h)ss•s. Deprec4atton 1$ r•¢ognised so as to tmrlte off the $1 or ValualK of 4$sèts le88 th•lr r•sldu•l valu•B owr th•lr u$efvl lives on the folloM'n9 bases". Land and buildings Plant and machin•ry Fixtures, ffttings & equipment Not dw•¢iat•d 20% r•duong balanc4 20% reducing balanc• No d•P{lIon 18 pro¥#led on freehold propety a$ the Trust¥es are of th• opinion Ihat Iho8tt buildings are maintained in such as state of r•poir th•1 their rsidual Val Is at a$1 equal to Ihoir tsir ¥•. AS a resutt th• eorr•$ponding depr•cvab"on thwg• would not be mal•rial arKI therefore Is not tharged to th• SOFA. Th8 gain Or Joss arijing on the disposd of an a$s•t 1$ d•t¥rmined as th• drfleren¢ bethen lh• Sale proe4•d8 and tho rrying valu• ofthe asset. and 1$ rec¢qnis•d in the stst•m•nt ol finanryal XtivOti••. 1.7 Inv•••Jn•nt prop•rty Investment property, wr¢tt Is propgty h•fd to r•nlal¥ andlor for ¢apltal appreciation. 1$ iniliaNy r¢cognised at eost, which includes Ihe purcha$• st an¢J any directty attributable expendrture. Sub$tqu&nlly rt 18 m•83ur•d at laii Val at the rtrporting end dale. Tho Surplus or d•fic4"t on rwaIu•on i• recogniwd in profft or kn8. IPioperty rent to a group enty is a¢counled ts as tarYJthl• fax•d 4ss•ts.J 1.8 ImpalrnMnt of fix•d •••ts Ai ea¢h reporting end date, the Irust r•vithv$ the carrying amounts ol its tangible assots to det•min• wh•ther there is any indicalion that those assets havg $uff•red an impaim)¥nt 108s. If any such indication exist$, th8 recoverable anU1 the a$t 13 estimaled in cfjdèr to determine the extenl of the impaiirnent loss lif any). 1.9 Stock8 Stocks are Slated al th8 ILMer of ¢ost •nd estited s•HiThJ prts less costs to comty•ie and so11. Cost ¢omprises direct rnatenals and. whwe applicae. direet labour cosis and those overheads that have bg¢n incurred in bringing the stocs to their $1 kncation and ¢ondition. Items hekl fo¥ dlstributron at no or nomind consideration are wsweil th• Iwr of repl•cement 5t and S1. N•t realrsable value Is the estimated soNing pwice kn al astimaled c¢sts ol compjetion and costs to be in¢urrad mark•ts"n9, sdling and din"btrtron.
AQUILA FELLOWSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 A¢¢ounting polici•s (conn•d) 1.10 Cash and cash •qulvalents Cash and cash equivalents Indude cash in han¢J. ertS held al call with banks. other short-lerm liquid Investmenis with original malurrties of three rnonlhs oi les$. and bank ovefdrafts. Bank overdrafts are shown within borTowings in current h"abililiès. 1.11 Flnanclal initruments The trust has eleeted to appty the provisions ol Section 11 '8asic Financaal Insiruments, and Section 12 '0ther Financial Inslruments Issues. ol FRS 102 to all of 115 financial instruments. Financial instruments are recognised in the Irusi's balancfj 6h8el when the Irusl becom9$ party lo th• ontraual prowsKn$ of the instrument. Financial as8el$ and liabilities are ofts•i. wilh the net •mounl¥ Prenie(j in the finanoal slalements, when there 13 8 Jegally nfoiceable right to set off Iht recognised amounts and Ihere is an intention lo settle on a Fiel basis or lo realise the asset and settle the liabilrty simultaneousty. 8•¥le fin•nel•l •M•ts Basic financial assets, whth include debtors and $h and bank balances. aro initially moasur84 al transaction price Includin9 IransactKn ¢O$is and afe subsequonlly camed at amortise¢ cost using the effective interest method unless the arrangement constitutes a financing tran$3clion. whero the Iransaction 15 m8asur6d al the present value ol the luluie receipts discounted at 3 mark•l rale ol interest. Financial as$el8 classified as recèivable within one year are nol amortiséd. 8•slc flnncl•l liabiliti•8 Basi¢ financial Iiabililies. Indtsding creditors and bank loans a inrtially recogni5ed ai tran$aaion price unless th& arran9em•nl conslilules a finan¢Jng transaction. where th8 debt InstrLJmenl 1$ measured al the present valuè of the ILrture payments discounled ai a market rale of Inler•$i. Finantyal li•.111{e3 cJas5ifred as payat)l• wrthin one year are not amortised. Dbl Instruments ale subsequently cairied ai aMorted cost. using the effedive interest rate method. Trad credrtors are oblffjations to pay for goods or semces thal have been acquired In the ordinary course ol operations from suppliers. Amount$ payab are dassified as cvrrenl liabilities if payment Is due wilhin on8 year or less. If not, they are piesenlèd as non-currenl Iiabilili•s. Trade credilor5 a recognisèd Initially al transaction price and $ub$equentfy measured at amortised c051 usjftg the èff•¢ttvt inlere81 rngthod. D•rncognlllon olfln•ncwl Il•bllltl Financial Ipbilrties are derecognised when Ihè Irusl's ¢ontr&tual obligatsons expire or or? disehargad or cancelled. 1.12 Employ•e bènefits The cost of any unused hdiday enljuernenl is reCognd in the penod in which the employèe's seNices are received. rermination benefrts are reco9ntsed trnmèdiately as an ?xpen$e when the trust is demonstrably committed io teminate the empknymenl of an employee or lo provide terminatn benefits.
AQUILA FELLOWSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Crttlcal aceountlng Mtimat•• and ludg•m•nts In Ihe applieathjn of the tru$fs aountIng pdicies. the trustees af• required to mak• judgem•nls. ost4mat•i and assurnptrons al)out the earyn9 amgunt ol a$t$ and liabilrti•s that are not r•adity apparent from other $ources. The estimates and assoriat•d as8umpts.ons are based on hisl¢yical frxperien and other lactors IhJl are considered lo be r8levanl. Acfval resutts may drfer from these estrmates. Th6 estimatss and und•rtying as$umptK¥n$ are VieWed on an onw'ng basis. Revisions lo a¢counling eslimat•s are r¢co9ni3ed in the In which the estimato is r•wB•d wh•r¢ th• revision affects only that p•riod, or in the ped of th& rev11n and pwiods Wre the revision affe¢Xs both currènl and ftrtu pgriods. Don•tlon• and l•g•cl•• Unv••trl¢t•d Unr••trl¢t•d fund• fund• 202J 2022 Donats"oM •nd 9rft8 613 2,100 Oth•r hdlng *¢tfvltl•• Unrn•trl¢tsd Uftr••trlct•d fund• 2023 2022 Shop Income 81,251 51,524 In¥Mkn•nts Unr••trlct•d Unr•4trl¢t•d lund• funds 2023 2022 Rental income Inlw&s1 rec•wble 15.475 1,168 15,195 297 16,643 15,492 10-
AQUILA FELLOWSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Ratslng fund• Unrn•trf¢t•d Unr••trlct•d lund• fvnd• 2023 2022 Operating tharty •hop$ 43,885 26,251 43.865 28,251 Ch•rll•bh •Glhlti Gr•nts •nd Grnnt• •nd dontlon• don•tTron¥ 2023 2022 Staff lts- wage8 Rals er Insurnn Light and h•41 T•l8phon• Pmtage. ststs'on•ry and thrfl$mg R•pairs and renewals sdry expgnses Deweclatkm plant and oquipm•nt Dopredallon of fix1ures ¥KI Cr•dil rd charg8s Motor •xp•nw$ 23,S40 20.741 872 2,451 7,727 928 954 9,234 1.053 1,331 2,273 920 1,871 343 3,185 78 183 251 230 219 202 49,164 32.626 Grnnl fijndlng of •clrth$ {se• rtot• 8) Sh•re of gOV•man ¢osts (we note 91 2,300 4,350 7,150 3.400 55.814 43,176 An•fy*ls by fund Unrestricted fund$ R•strKA8tI fvrKIs $5,774 43,136 40 55.814 43,176 11
AQUILA FELLOWSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 Gr•Trts yy•b Grants and Grnnts and dontlo donatlon• 2023 2022 Grants to In$titutton$: Oth•r 6.250 Grants to indmduals 900 2,300 7,150 Support co•t Support Gov•m•nc• ¢o•ts 2fj23 2022 Audii fe L•gal and prol•uh)n 2,716 1,635 2,715 1,635 3,400 4.350 3,4 Analysed b•tw••n Charil8010 a¢IMt$ 4,350 4.350 Governance costs Jndudes p•ym8nls to the Ind•pend•ni examiners of £1,085 {2022 £1.3601 for th• ind•pentJ•nt examination and £1,630 Q022." £2,040) for pfeparntion of Ihe Ilnanc4el Stslemenls. 19 Tru•t••• None of th• trustws {oi any p•r8on• connethd th•m) r•c4Ned any r•mun•ratiM or nofft# from th• tnJ6t during the year. 11 Employ••4 Th• aver89e monthty number of employe8s dunng th• year was.. 2023 Numb•r 2022 Numb•r The lotd $ts of key martffjement personnel were £23.53912022." £20,741). Thore w•re no employees whose ¥nnu•l remUrf8trJn wa¥ rrwjre than £60.CDJ. 12-
AQUILA FELLOWSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Nèt 9ain$llloM••l on inv•strn•nts Unrn•lrlet•d funds Tot•1 2023 2022 Rev41uation of investments 250,C 13 T•ullon Th• th•rity is •x•mpt from tax on inctsn• •nd gain8 f•llng wlthin $8¢llon 505 of th• Tax•$ Act 1988 or s•¢tr'on 252 olthe Taxa14onof Charwbltr Gains A¢t 1992 lo extent thal th•w •r• appll8d to Ils charitab obj¢¢ts. 14 T•n9lbl• flx•d •M•ts T¢til •qulpm•rt Co•t Al 1 January 2023 Addtttonl 120,616 4,955 23,154 151.276 4,95S Al 31 Drfember 2023 125,571 23,1S4 IS6,23f D•prnGlatlon and Implrnwnt At 1 January 2023 Depwation tharged in th& y 7,129 76 22,440 143 29,569 219 At 31 D•c•mber 2023 7205 22,583 29.788 Clrrylng amount At 31 D0mb•r 2023 12S,571 301 571 126.443 Al 31 Oec•mOer 2022 120.618 378 714 121.708 The Klknompton Fellowship Centre he in th? èlxounts al 31 De¢•nb8r 2023 kn Land and Builtllngs at £11,211 was sold by au("on on 12 Jun• 2024 for £188.. 10 Inv••thi•nt prop•ty 2023 Falr Y•lu• At 1 January 2023 Transfers from M)erpd woperty 250,0 At 31 De£4mber 2023 2SO,000 13-
AQUILA FELLOWSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Inv••lm•nt pn>p•rty IContiThu•dl Inv8slmenl prop•rty comprises of a r•ntsl cottag• based in Kdkhamplon. The faw ¥90 of th8 Investment property has bttn arrived at on the basis of a valuation ¢ar OLrt at 26 September 2024 by Kiv•lls Ltd, who are not connecl¥d with the tru31. Th• valuatKJn was madg on an opon market valu• basi8 by i•fw•n¢e to mark81 •¥idence oflr8ns8Ction for similar properti. Th• c4)ttage was originaty 9rfted to th• ¢h•rity per Trust De•d th•rir• thw• 1$ no ba8e cost available for th• r•thssTficA¥on 80 am Inclutjed a8 r•¥alIn. 2023 2022 Frts•hold L¢)ng leasehold Short aaehC4d 250,OLX) 11 Sto¢• 2023 2022 Flnllhed goods and goods for r•M 42,102 43,404 17 D•btorn Amounts falllng du• tthhln on• y••r. 2023 2022 Trad• d•btLKS 3,4C6 18 Cr•dttorn: amounts hlllng du• tlthin on• y••f zfjz) Jzz Not•• Oth•r taxation and 8•>Jrty D•ferred income Trade ryeditors 12921 870 5,598 1.767 S82 8,266 6,176 8,615 19 D•f•rr•d Incom• 2023 2022 Othèr deferrèd in¢0 870 582 14-
AQUILA FELLOWSHIP TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Ihf•rY•d incom• IContlnu•dl Def8fr•d inc4me is indLled in the fi11 stst•ments as folrws". 2023 2022 Deferred inrne is indud•d wtthin.. Curr•nl liobil•8 870 582 Movement$ in th• y••r'. Deferre(1 inojme at 1 Janu4ry 2023 R•loaJed from Pf•vOous lI0d R•sour8 d8f•rrnd in yur 288 582 f•rrnd incom• t 31 De¢emb•r 2023 870 582 20 Rwtrlct•d fun The income funds of the thanty include rte fvrKJ8 c4mpn"8ing th• follo.n9 un1xnded bilance• of donatK>n8 0nd gr•nl$ held on Iru8t for $p•afic PUfFQS•S'. 1 J4nu•ry 2011 Outwng 8•l•nc• •t rn•¢urn1 Jwu•ry 2023 r••ourc•• S1 O•¢•fflb•r 2023 The S•th•d Tru 338 (40) 1401 258 In 2012 a 9ranl of £6.000 was r11 from The Seedbed Tru$l, towards the of a website for th• chartty. By lh• 31 Drt•mb6r 2023 £5.742 had been utilised by the Tw$l. 21 ANtysl• of n•t •••t• ltI*n lund• UnMtrict•d R••tricl•d fundB Fund• 2023 2023 Total UnrttiTlct•d R••trict•d fund¥ Fund• 2022 2022 rot•l 2023 2022 Fund balance8 8t 31 December 2023 are r•presented by.. Tangible assets Investment prOrtI•$ Current ass¢tsllb"abilittes) 126.443 250.0 135.502 126,443 250,000 135.7e 121,708 121,708 181,369 298 161.687 511,945 258 512,203 283.077 298 283.37S 22 R•lat•d party tr•nuetion• The werè no disdosable relat•d party transaclKmS during the year12022- non¢l. 15-