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 'AC￿untIng and
Repo￿.ng by Charrt￿". Statement ol R8￿mmended 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 d￿PIY 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.
. prO￿ttIng 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 f*ilh 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 Supp￿ng 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 rfwurc*s 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 wo￿nto•r. alw•y8 furthering th• vislon of
Aquila.
Mike St••m continu•8 to b• out fu￿1{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 pa￿cUlar grfungs. We are
rather 8trol¢hed 8t tim•s w￿n it come8 to *￿idaYS •nd ev•nts at bookjlalls.
We Congra￿lAted our Chaimian. Mwk Thomas who was fi￿fi • Now Y••rfs Award - Commander of V￿0￿8
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 ￿mM￿￿11 of giving lo Angela and G￿nn1 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$e rangè
of material lo •nsourage p8opkn to grow in Iheir failh and lo share tsith wrth others.
11 is also a bh￿ing lo be able to lake the* resources into the cnmmunity h•lping to building on our Christian
hèritage and to 8n$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, Cham￿1 of commerce elc., in $0 doing faoliling
•ff￿tive Outr••th for the public t￿1￿L
The DPD pick-up and pholocopyin9 S¢f¥ryC• l)oth directy b•nefft the publ￿ and draw peop￿ into tho shop who M￿ht
olhewshe pass by.
Ths pod•8lrianisatson ol the streèt outsKle from 10am to 4pm daity do8$ provid8 dffi¢￿1ty for I￿$S lo those wrt
disabilities,
We w•re approached by th• Job c￿trO rf we could off•r part-tim• Yo￿ntary work for a young man with leaming
dlfficuhiès. ￿ gav• hom 80me opportunrtt•s wthich he appieualed. but there were c8rtain aspecls of the work he
found challenging.
We ¢onlinu• lo hfj¥r appwatiw ¢omm•nls from visitors to the ttywn, some of whom l•knphong or email orders lo
di$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 experk*n￿d 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¢ 0￿￿ed 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 {apprO￿rnate￿ 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•m*nc• #nd m•nag•m•nt
The trust was established by a charitable trust d*Èd 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 ￿a￿tr$.
Candidat•s may also b• reuuited lor their 4tiilty to &)ntribut• uthg th•lr prof•Mional skfllB and which b04fd
members fe•1 could add lo 118 sk￿1 ba80.
A Zoom m•eling Wrth Danid and Faith Andrew (Dart￿1 has Prewousty b•trn In￿ in work •yri•nc•, a88I$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 lo￿ard 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. all￿4n9 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? M￿1.
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• ￿M￿lanC* wllh
shorthold ten*ncy law, l•n¢Jlor¢'s T•sp￿S&￿Il11￿s 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 nO￿noMInation￿ and norwthnan. It $tands Mparat• from any olher Organisat￿n. wheltrw chureh
or secular.
, The tru$l68$' r•
was appmved by the Board ofTru*eés.
.Mr O M Thomas
'T￿￿tre
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¢n*lblll￿•S *nd b•$l8 of rnport
As thé trustees ¢f the tmsl you are reSpon￿bI0 for tho prepor*ion of the ffinanCA￿ stat¢ments in a¢cordane• with th•
r•qiliT•m￿ts of Ihe Ch41ities A¢t 20111thè 2011 Ad).
I r•port in resr*d of my examinakn of Ihe trusfs finaniiol st•t•mnls caffièd o(rt under sgclion 145 of the 2011
Act. In carryin9 out my exarn￿at￿n I folkiwed an the ap￿￿ble 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 Repu￿1¢ 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 b￿n ¥Jono in Ofdor for financ￿1 $t•lements to provide a true and falr In acwrd8nce
whh Gen•raNy Acupl¢d Accounting Prnct¢e effe¢tsve lor reporting periods begknning on or after 1 January 2015.
I hav• Comp￿¢$*1 my exemln•t￿n. 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¥s￿et 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 cOn￿mIng the form and Gonlonl of
•¢counts ￿t out in the Charitie3 lAc￿u￿15 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¢bw1￿8
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￿$1m•nI8
12
250.COJ
2SJ,(N)O
N•t mov•m•nt In lund•
228,888
(40)
228.828
12,2711
{401
12,311)
Fund bal•nc*8 al 1 January
2023
283,077
283,375
285.348
338
285.686
Fund b•lan¢•• It 31
D•¢•mb•r 2023
511,945
258
S12,203
2B3,077
283.375
Tha St41￿Tr•nI of fin#nu•l activilhis inchJd•s 9•in$ 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
Tot*1 ••••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, Launr*slon.
Comw*ll, PL1S 7AB
1.1 A¢¢ountlng conv•ntlon
The financial stat&menls have been prepared in ac￿r￿alKe 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 appI￿able to charities pf¢parin9 th•ir accounts in accordance with th• Fbnandal Roporttng Slèndard
applicable in the UK and Repu￿1¢ 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 d￿rttieS 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•gulat￿l3 but 1￿ch h•5 sin￿ been wthdrawn.
The finan¢lal St￿eMents are pr•pargd in sto￿￿9. whth is the func*ional 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 P￿￿1p81 a￿￿￿nting
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 a￿OUntIng in preparing the finanual $18lèmgnls.
1.3 Ch•rttabl• lund•
Unr•$lri¢t¢d funds •r• av*l•bl• for uso at tht dis¢retion of th• I￿$t0•S In furthgrance of Ih•ir (*aiitsble
obje￿1¥•s.
ReslrKtfjd frJnd$ are subi8¢t to $pèafi¢ conditions by don¢xs as io how they may be used. Th• purp)s•8 and
uses of th8 restri￿ed fund$ are sot 04Ft in the not•s to the fin•nc4at statements.
Endovmient fvnd¥ are subject to sp•gfic by dCrf￿r8 that thè caprtd must b• malntsined by the tru¥l.
IA In¢om•
In￿rne 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 rO￿l¥ed.
Cash donalions a￿ recogni58d on Teceipt. Othaf donations are recognised once the trust has been notified of
the donation, unless perfom)anc¢ condit￿n$ 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 donat￿n.
La9acies are re￿niSed on receipt or olherwise rf the trust has be￿ noffied of an impending dlslr*)utkn, the
amount is known, and r￿0¢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•
Ex￿ndItuTe 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 setti0m￿lI. 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•
aCti￿ty 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 aCtI￿ty 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$efvl lives on the folloM'n9 bases".
Land and buildings
Plant and machin•ry
Fixtures, ffttings & equipment
Not dw•¢iat•d
20% r•duong balanc4
20% reducing balanc•
No d•P{￿lI￿on 18 pro¥#led on freehold propety a$ the Trust¥es are of th• opinion Ihat Iho8tt buildings are
maintained in such as state of r•poir th•1 their r*sidual 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 an￿U￿1 ￿ the a$￿t 13 estimaled in cfjdèr to determine the extenl of the impaiirnent loss lif any).
1.9 Stock8
Stocks are Slated al th8 ILMer of ¢ost •nd esti￿ted s•HiThJ prts less costs to comty•ie and so11. Cost
¢omprises direct rnatenals and. whwe applica￿e. direet labour cosis and those overheads that have bg¢n
incurred in bringing the stoc*s to their ￿$*￿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 di*n"btrtron.

AQUILA FELLOWSHIP TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
A¢¢ounting polici•s
(con￿n￿•d)
1.10 Cash and cash •qulvalents
Cash and cash equivalents Indude cash in han¢J. ￿e￿rtS 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•
ontra￿ual prowsK*n$ of the instrument.
Financial as8el$ and liabilities are ofts•i. wilh the net •mounl¥ Pre￿nie(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 ￿$h and bank balances. aro initially moasur84 al
transaction price Includin9 IransactK*n ¢O$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 fln*ncl•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•$i. Finantyal li•￿.111{e3 cJas5ifred as payat)l•
wrthin one year are not amortised.
D*bl Instruments ale subsequently cairied ai aMort￿ed cost. using the effedive interest rate method.
Trad* credrtors are oblffjations to pay for goods or semces thal have been acquired In the ordinary course ol
operations from suppliers. Amount$ 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 reCogn￿d 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 terminat￿n 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$fs a￿ountIng pdicies. the trustees af• required to mak• judgem•nls. ost4mat•i
and assurnptrons al)out the earyn9 amgunt ol a$￿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 pe￿d of th& rev11￿n and pwiods W￿re 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
don*tlon• don•tTron¥
2023
2022
Staff ￿lts- wage8
Ral*s
er
Insurnn
Light and h•41
T•l8phon•
Pmtage. ststs'on•ry and thrfl$mg
R•pairs and renewals
s￿dry expgnses
Deweclatkm plant and oquipm•nt
Dopredallon of fix1ures ¥KI
Cr•dil ￿rd charg8s
Motor •xp•nw$
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
don*tlo
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 remUr￿f8trJn 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 Imp*lrnwnt
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 D0￿mb•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)er￿p￿d 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 ¥9￿0 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•r*ir• thw• 1$ no ba8e cost available for
th• r•thssTficA¥on 80 am Inclutjed a8 r•¥a￿lI￿n.
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• t*thhln on• y••r.
2023
2022
Trad• d•btLKS
3,4C6
18 Cr•dttorn: amounts hlllng du• t*lthin 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 indL*led in the fi￿1￿￿1 stst•ments as folrws".
2023
2022
Deferred in￿rne 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•sour￿8 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 r￿t￿￿e￿ fvrKJ8 c4mpn"8ing th• follo￿.n9 un1x￿nded bilance• of
donatK>n8 0nd gr•nl$ held on Iru8t for $p•afic PUfFQS•S'.
1 J4nu•ry 2011
Outwng
8•l•nc• •t
rn•¢urn1 Jwu•ry 2023 r••ourc•• S1 O•¢•fflb•r
2023
The S•th•d Tru
338
(40)
1401
258
In 2012 a 9ranl of £6.000 was r￿1￿1 from The Seedbed Tru$l, towards the of a website for th•
chartty. By lh• 31 Drt•mb6r 2023 £5.742 had been utilised by the Tw$l.
21 ANtysl• of n•t *•••t• l*tI￿*n lund•
UnMtrict•d R••tricl•d
fundB
Fund•
2023
2023
Total UnrttiTlct•d R••trict•d
fund¥
Fund•
2022
2022
rot•l
2023
2022
Fund balance8 8t 31
December 2023 are
r•presented by..
Tangible assets
Investment prO￿rtI•$
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-