2023-04-05-accounts

Reference and Administrative	Reference and Administrative	Details
Chairman's Review
Trustees' Report
Independent Auditor's	Report		14
Statement of Financial	Activities		18
Balance Sheet			19
Statement ofCashflows			20
Notes to the Financial Statements			21

				Unrestricted	Designated	Total	Total
				Funds	Funds	Funds	Funds
				2023	2023	2023	2022
			Notes	E	E	E	E
Income from:
Donations and	legacies			538,230		538,230	552,391
Investments				917,883		917,883	683,667
Total income				1,456,113		1,456,113	1,236,058
Expenditure on:
Raising funds				96,084		96,084	117,051
Charitable activities				1,164,687	1,642,315	2,807,002	2,810,809
Total expenditure				1,260,771	1,642,315	2,903,086	2,927,860
Net income/(expenditure)			before
gains on investments				195,342	(1,642,315)	(1,446,973)	(1,691,802)
Net (losses)/gains		on
investments				(2,245,877)		(2,245,877)	486,973
Net (expenditure)				(2,050,535)	(1,642,315)	(3,692,850)	(1,204,829)
Transfers between		funds
Net movement	in	funds		(2,050,535)	(1,642,315)	(3,692,850)	(1,204,829)
Reconciliation	of	funds:
Funds brought	forward-
restated			17,18	33,167,948	2,645,730	35,813,678	37,018,507
Funds carried	forward		17,18	31,117,413	1,003,415	32,120,828	35,813,678

				Notes
					2023	2022
					E	E
Fixed assets
Investments				11	27,192,624	30,434,678
Social investments				12	5,322,151	5,039,241
Tangible fixed assets				13	1,184
					32,515,959	35,473,919
Current assets
Debtors				14	325,304	401,518
Cash at bank and		in	hand		7,444,903	118,630
					7,770,207	520,148
Creditors: amounts			falling due within one year	15	(7,895,754)	(143,139)
Net current	(liabilities)/assets				(125,547)	377,009
Total assets	less current liabilities				32,390,412	35,850,928
Creditors: amounts			falling due in more than one year	16	(269,584)	(37,250)
Net assets					32,120,828	35,813,678
Funds
Unrestricted	funds			17,18	31,117,413	33,167,948
Designated	funds			17,18	1,003,415	2,645,730
					32,120,828	35,813,678

				Notes
					2023	2022
					E	E
Cash flows from operating	activities
Net cash used in operating	activities			19	(1,653,297)	(2,903,732)
Cash flows from investing	activities
Investment income					917,883	683,667
Payments to acquire fixed	assets				(1,578)
Proceeds from the sale of investments					5,335,661	1,845,724
Purchase of investments					(3,982,555)	(4,590,712)
Movement in cash held in	the portfolios				(369,641)	3,750,601
Concessionary loans written off						80,000
Concessionary loans repaid					79,800	59,800
Net cash provided by investing activities					1,979,570	1,829,080
Cash flows from financing	activities
New loans					7,000,000
Net cash used in financing	activities				7,000,000
Change in cash and cash equivalents		in the	year	20	7,326,273	(1,074,652)
Cash and cash equivalents	at the beginning		ofthe year	20	118,630	1,193,282
Cash and cash equivalents	at the end	ofthe year		20	7,444,903	118,630

Donations			Unrestricted	Unrestricted
			2023	2022
			E	E
Donated investments			349,998	201,040
Peter Vardy Holdings	Limited		163,381	301,793
Peter Vardy				26,081
Vardy Property Aberdeen		Limited	24,851	16,957
Gift Aid				6,520
			538,230	552,391

3	Investment	Investment	income				Unrestricted	Unrestricted
							2023	2022
							E	E
	Income from listed investments						722,849	615,467
	Income from bank deposits						195,034	68,200
							917,883	683,667
4	Cost of raising funds				Unrestricted	Designated	Total	Unrestricted
					2023	2023	2023	2022
					E	E		E
	Investment		manager's	fees	96,084		96,084	117,051
5	Charitable	activities			Unrestricted	Designated	Total	Unrestricted
					2023	2023	2023	2022
					E	E	E	E
	Grants to:
	Institutions		(note 6)		1,133,375	1,642,315	2,775,690	2,618,849
	Individuals				25,000		25,000	36,890
	Total grants				1,158,375	1,642,315	2,800,690	2,655,739
	Support costs (note 8)				6,312		6,312	155,070
					1,164,687	1,642,315	2,807,002	2,810,809

6	Grants to institutions	Grants to institutions				Unrestricted	Designated	Total	Unrestricted
						2023	2023	2023	2022
						E	f	E	E
	Aberlour Child	Care	Trust				101,502	101,502
	Alpha Global						300,000	300,000	50,000
	Anchor House —The		Neuk				30,000	30,000
	A Way Out								35,000
	Biblica Europe					435,538		435,538	100,000
	Care for Children					41,400		41,400
	Cranmer Hall						100,000	100,000
	Eastern University Campolo								33,047
	Elim Foursquare	Gospel Alliance					45,000	45,000
	Empty Kitchen	Full Hearts							25,000
	Evangelical Alliance						45,000	45,000
	Fields of Life								36,695
	Go!Youth Trust						50,000	50,000
	Good Shepherd	Foundation			UK	656,437		656,437	285,950
	Hexham Community		Church				30,000	30,000
	Isaiah 61Movement						25,000	25,000
	junction 42						102,000	102,000
	Keyfund Federation						40,000	40,000
	Kids Operating	Rooms							125,000
	L'Arche UK								30,000
	Mercy Ships								900,000
	Philo Trust						42,500	42,500
	Re: Hope Next	Generation					109,000	109,000	92,400
	Revelation Trust						30,000	30,000	30,000
	Sage Gateshead								300,000
	Simon Community Trust						45,000	45,000
	Thana Trust								36,000
	The Cinnamon	Network							50,000
	The Cyrenians	(Changing		Lives)			50,000	50,000
	The Social Bite	Fund					50,000	50,000	25,000
	Try Praying								25,000
	Other awards & E25,000						447,313	447,313	439,757
						1,133,375	1,642,315	2,775,690	2,618,849

7	Analysis ofgrants	Analysis ofgrants		2023	2023	2022	2022
				No.	E	No.	E
	DCMS			80	1,532,315	1	300,000
	Arts					1	10,000
	Relief			1	1,000
	Education			16	125,390	17	24,890
	Religion			1	435,538	35	528,235
	Welfare			2	697,832	61	1,792,614
				100	2,800,690	115	2,655,739
8	Support costs			Unrestricted	Designated	Total	Unrestricted
				2023	2023	2023	2022
				E	E	E	E
	Salaries (note 9)						1,280
	FOREX gain			(64,853)		(64,853)	(1,073)
	Depreciation			394		394
	Travel &accommodation			4,379		4,379	2,134
	Insurance			5,738		5,738	6,790
	Heat and light			235		235	1,151
	Office costs			3,220		3,220	1,916
	Computer costs			222		222	173
	Property costs			10,654		10,654	16,287
	Bank charges			1,027		1,027	923
	Accountancy			8,400		8,400	7,920
	Professional	fees		3,708		3,708	12,662
	Marketing			851		851	450
	Rent			24,477		24,477	16,957
	Write offofirrecoverable		loans				80,000
	Governance	costs		7,860		7,860	7,500
				6,312		6,312	155,070

11	Investments				Total	Total
					2023	2022
					E	f
	At 6April				30,434,678	30,764,248
	Gifted shares				349,998	201,040
	Purchases at cost				3,619,845	4,578,742
	Disposal proceeds				(5,335,661)	(1,845,724)
	Movement in cash held in the portfolios				369,641	(3,750,601)
	(Losses)/gains on revaluation				(2,245,877)	486,973
	At 5 April				27,192,624	30,434,678
	Historic cost at	5 April			24,421,173	25,142,220
12	Social investments			Charitable	Charitable	Total
				loans	property	investments
				E	E	E
	Cost
	At 6April 2022			542,996	4,496,245	5,039,241
	Additions				362,710	362,710
	Repayments			(79,800)		(79,800)
	At 5 April 2023			463,196	4,858,955	5,322,151
	Charitable loans comprise:				2023	2022
					E	E
	Northpoint Fostering		CIC			20,000
	North East Autism Society				47,917	72,917
	Re: Hope Church Glasgow				187,500	217,500
	Jason Mayhall,	Pastor	ofthe Bethany Christian	Centre	227,779	237,579
					463,196	542,996

13	Tangible fixed assets	Tangible fixed assets		Computer
				equipment	Total
				E	E
	Cost
	At 6 April 2022
	Additions			1,578	1,578
	At 5 April 2023			1,578	1,578
	Depreciation
	At 6 April 2022
	Charge for the year			394	394
	At 5 April 2023			394	394
	Net book value
	At 5 April 2023			1,184	1,184
	At 5 April 2022
14	Debtors			2023	2022
				E	E
	Donations receivable			163,381	308,314
	Prepayments and accrued income			161,923	93,204
				325,304	401,518
15	Creditors: amounts	falling due within one year		2023	2022
				E	E
	Trade creditors				1,300
	Grant creditors			860,937	102,834
	Accruals and deferred		income	34,728	39,005
	Other creditors			7,000,089
				7,895,754	143,139
16	Creditors: amounts	falling due in more than one year		2023	2022
				E	E
	Grant creditors			269,584	37,250

	At 6 April				Gains/	At 5 April
	2022	Income	Expenditure	Transfers	(losses)	2023
	E	E	E	E	E	E
2022/23
Unrestricted	33,167,948	1,456,113	(1,260,771)		(2,245,877)	31,117,413
Designated
Matched
Funding	1,670,000		(1,532,315)			137,685
Peter Vardy
Foundation	974,962		(110,000)			864,962
Jigsaw
Foundation	768					768
	2,645,730		(1,642,315)			1,003,415
Total	35,813,678	1,456,113	(2,903,086)		(2,245,877)	32,120,828
	At 6 April				Gains/	At 5 April
	2022	Income	Expenditure	Transfers	(losses)	2021
	E	E	E	E	E	E
2021/22
Unrestricted	34,200,081	1,236,058	(2,440,164)	(315,000)	486,973	33,167,948
Designated
Matched
Funding	1,970,000		(300,000)			1,670,000
Peter Vardy
Foundation	827,658		(157,696)	305,000		974,962
Jigsaw
Foundation	20,768		(30,000)	10,000		768
	2,818,426		(487,696)	315,000		2,645,730
Total	37,018,507	1,236,058	(2,927,860)		486,973	35,813,678

Analysis ofnet assets	Analysis ofnet assets	between	between	funds	funds	Unrestricted	Designated	Total
						f	E	E
2022/23
Investments						27,192,624		27,192,624
Social investments						5,322,151		5,322,151
Tangible fixed assets						1,184		1,184
Net current assets/(liabilities)						(1,128,962)	1,003,415	(125,547)
Non-current liabilities						(269,584)		(269,584)
						31,117,413	1,003,415	32,120,828
2021/22
Investments						30,434,678		30,434,678
Social investments						5,039,241		5,039,241
Net current assets/(liabilities)						(2,268,721)	2,645,730	377,009
Non-current liabilities						(37,250)	-	(37,250)
						33,167,948	2,645,730	35,813,678
Reconciliation ofnet		movements			in funds to cashflows from operating activities
							2023	2022
							E	E
Net (expenditure)							(3,692,850)	(1,204,829)
Donated shares							(349,998)	(201,040)
Losses/(gains) on investments							2,245,877	(486,973)
Investment income							(917,883)	(683,667)
Depreciation							394
Decrease/(increase)	in debtors						76,214	(78,013)
Increase/(decrease)	in creditors						984,949	(249,210)
Net cash (used in) operating			activities				(1,653,297)	(2,903,732)

20	Analysis ofnet funds	At 6 April		At 5 April
		2022	Cashf low	2023
		E	E	E
	Cash at bank and in hand	118,630	326,273	444,903
	Borrowings		7,000,000	7,000,000
	Net funds	118,630	7,326,273	7,444,903

Organisation		Common	Trustees	Value ofdonation
Junction 42 Foundation		Richard	A RVardy	E102,000
Bethany Christian	Centre Property Trust	Sir Peter	Vardy	E5,000