Charity Registration Number: 1002449
The Way Inn Christian Centre Trust Annual report and Accounts for the year ended 30 June 2021
Stewarts Accountants Limited 271 High Street Berkhamsted Herts HP4 1AA
The Way Inn Christian Centre Trust
Contents
| Reports | |
|---|---|
| Legal and Administrative Information | 2 |
| Report of the Trustees | 3 |
| Independent Examiner’s report | 5 |
| Accounts | |
| Consolidated Statement of Financial Activities | 6 |
| Balance sheet of the charity | 7 |
| Consolidated balance sheet | 8 |
| Principal accounting policies | 9 |
| Notes to the accounts | 11 |
Page 1
The Way Inn Christian Centre Trust
Legal and Administrative Information
Trustees S Abramian (Chairman) J Fisher L Morgan Registered Address The Way Inn 268 High Street Berkhamsted Herts HP4 1AQ Charity Registration Number 1002449 Accountants Stewarts Accountants Limited 271 High Street Berkhamsted Herts HP4 1AA Bankers Clydesdale Bank Tempus 249 Midsummer Boulevard Milton Keynes MK9 1EA Solicitors Austins LLP 175 High Street Berkhamsted Herts HP4 3AP
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The Way Inn Christian Centre Trust
Report of the Trustees for the Year ended 30 June 2021
The Trustees present their statutory report together with the consolidated accounts of The Way Inn Christian Centre Trust for the year ended 30 June 2021.
The results for the year are presented in the form of a Statement of Financial Activities, which adopts the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” 2005.
Structure, governance and management
The Way Inn Christian Centre Trust is an unincorporated trust governed by a trust deed dated 15 February 1991 and is registered under the Charities Act 2011, charity registration number 1002449.
Recruitment and appointment of trustees
As per the constitution, Trustees appointed by the board are recruited according to the constitution via recommending bodies.
Objectives and Activities
The principal charitable objective of The Way Inn Christian Centre Trust is the advancement of the Christian religion through the acquisition and maintenance of a centre in Berkhamsted which will express the social mission of the Christian Church.
Achievements and Performance
The Trust has strived during the year to achieve its principal objectives by providing a centre which carried out the social mission of the Christian Church of encouraging and caring for the community through the provision of:
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a Christian counselling service (this had to be discontinued due to lack of suitable space and is only just being reinstated slowly at this time)
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making Christian Literature available,
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and being a distribution centre for the DENS Food Bank for those in need in the community.
The funding of these activities has been mainly through its trading subsidiary which operates the Book and Gift shop and the operation of the town’s main Post Office.
In 2016 ‘The Trust’ particularly noticed an increase in loneliness and social isolation and a need was seen for a means and space to tackle this. In 2017 a new rental property was acquired by the ‘Trust’ to increase the ability to achieve its principal objective of ‘caring for the community’. A community centre was developed providing “Arts” and Well Being classes, an exhibition space for local and community art, as well as being an encouraging and safe place for people of all ages to meet, make connections or just to be themselves.
Known as Open Door the centre has worked with local and national charities and agencies to increase and create community awareness of, and thus to help in the reduction of, loneliness and social isolation.
The funding of these activities has been through:
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venue hire for local small businesses and clubs and
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providing exhibition space and workshops for and by local artists and societies/ organisations
Over lockdown with the help of the local community Open Door supported local families and the elderly and vulnerable in need, by providing over 4,000 meals whilst also continuing its art and well-being classes on-line.
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The Way Inn Christian Centre Trust
Report of the Trustees for the Year ended 30 June 2021 (continued)
The Trust is continuing its on-line activities of art and well-being whilst developing some new face to face activities. It is also continuing to support the local community with the community pantry and provision of food in the centre as well as supporting local charities, in particular DENS, with the way it takes action to help the homeless and vulnerable.
Financial review
The financial position of the Trust was satisfactory in 2020-21. Despite the net deficit for the year of (£2,215), coming as a result of UK Covid-19 restrictions, the Trust still retained a healthy closing balance on unrestricted funds of £402,692.
Reserves Policy
The Trustees have established a policy to build up unrestricted reserves to a level to support the charity’s core expenditure for a minimum of a year.
Risk Management
The Trustees examine the principal areas of the charity’s operations and consider the major risks faced in each of these areas.
In their opinion systems are being established which, under normal conditions, should allow these risks to be mitigated to an acceptable level in its day-to-day operations.
Trustees’ Responsibilities Statement
The Trustees are required to prepare accounts for each financial year which give a true and fair view of the state of the affairs of the Trust and of the surplus or deficit of the Trust for that period. In preparing those accounts, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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make judgments and estimates that are reasonable and prudent;
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follow applicable accounting standards, subject to any material departures disclosed and explained in the accounts;
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prepare the accounts on the going concern basis unless it is inappropriate to presume that the Trust will continue in business.
The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the Trust and to enable them to ensure that the accounts comply with the Charities Act 2011. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Trust and to prevent and detect fraud and other irregularities.
Signed on behalf of the Trustees:
S Abramian Trustee
Approved by the Trustees on 31 March 2022
Page 4
The Way Inn Christian Centre Trust
Independent Examiner’s Report
I report on the accounts of the Trust for the year ended 30 June 2021, which are set out on pages 6 to 13.
Respective responsibilities of trustees and examiner
The charity’s trustees consider that the audit requirements in the Charities (Accounts and Reports) Regulations 2008 (“the Regulations”) and section 144(2) of the Charities Act 2011 (“the Act”) do not apply. It is my responsibility to issue this report on those accounts in accordance with the terms of the Regulations.
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commissioners under section 145(5)b of the Act. That examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts.
Independent examiner’s statement
In the course of my examination, no matter has come to my attention:
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which gives me reasonable cause to believe that, in any material respect, the trustees have not met the requirements to ensure that:
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proper accounting records are kept in accordance with section 130 of the Act; and
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accounts are prepared which accord with the accounting records and comply with the accounting requirements of the Act and the Regulations; or
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to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
G D James ACCA Stewarts Accountants Limited 271 High Street Berkhamsted Herts HP4 1AA Date: 28 March 2022
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The Way Inn Christian Centre Trust
Consolidated Statement of Financial Activities for the Year Ended 30 June 2021
| Notes General Fund Incoming resources from generated funds: Donations Grants Interest receivable Incoming resources from charitable activities: Counselling receipts Open Door Rent received Resources expended Costs of generating funds 2 Charitable activities 2 Governance costs 2 (Deficit) / Surplus for the year Net resources (utilised) / generated by trading subsidiary 8 Net movement in funds 9 Property revaluation Balance brought forward at 1 July 2020 Balance carried forward at 30 June 2021 |
2021 £ 27,773 40,746 1,254 |
2021 £ 19,455 46,636 5 - 6,688 6,685 79,469 69,773 9,696 (11,911) (2,215) - 404,907 402,692 |
2020 £ 9,780 41,262 1,230 |
2020 £ 49,328 15,000 1 - 54,392 15,450 134,171 52,272 81,899 (4,849) 77,050 - 327,857 404,907 |
|---|---|---|---|---|
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The Way Inn Christian Centre Trust
Balance Sheet of the Charity as at 30 June 2021
| Notes Tangible Fixed Assets Freehold property 4 Investments 5 Current Assets Debtors 6 Cash at bank and in hand Creditors: amounts falling due within one year 7 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after one year Bank Loan Mortgage loan Total net assets General Fund 9 Signed on behalf of the Trustees: |
2021 £ - 69,407 69,407 (30,787) - - |
2021 £ 290,000 2 290,002 ( 38,620 328,622 - 328,622 328,622 |
2020 £ - 71,941 71,941 43,017) - - |
2020 £ 290,000 2 290,002 28,924 318,926 - 318,926 318,926 |
|---|---|---|---|---|
S Abramian Trustee
Approved by the Trustees on 31 March 2022
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The Way Inn Christian Centre Trust
Consolidated Balance Sheet as at 30 June 2021
| 2021 Notes £ Fixed Assets Intangible assets 3 Tangible assets 4 Current Assets Stocks 25,000 Debtors 6 30,939 Cash at bank and in hand 76,946 132,885 Creditors: amounts falling due within one year 7 (39,443) Net current assets Total assets less current liabilities Creditors: amounts falling due after one year Bank loan - Mortgage loan - Total net assets General Fund 9 |
2021 2020 £ £ 16,355 292,895 309,250 25,000 - 87,140 112,140 (18,972) 93,442 402,692 - - - 402,692 402,692 |
2020 £ 18,120 293,619 311,739 93,168 404,907 - 404,907 404,907 |
|---|---|---|
Page 8
The Way Inn Christian Centre Trust
Principal Accounting Policies for the Year Ended 30 June 2021
Basis of accounting
The accounts have been prepared under the historical cost convention and in accordance with applicable Accounting Standards and the Statement of Recommended Practice (SORP), “Accounting and Reporting by Charities” 2015.
Basis of Consolidation
The statement of financial activities and balance sheet consolidate the accounts of the charity and its trading subsidiary up to the balance sheet date.
Investments
Investments are included in the accounts at the nominal cost of the shares to the donors.
General Fund
The general fund consists of those amounts which the Trustees may use in furtherance of the charitable objectives of The Way Inn Christian Centre Trust at their own discretion.
No restrictions have been placed on any donations received by the Trust.
Donations
Donations are credited to the income and expenditure account in the year in which they are received. Any recoverable tax is shown in the year of receipt from H M Revenue & Customs.
Investment Income
Investment income is credited to the income and expenditure account in the year in which it is received.
Resources Expended
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Freehold Property
It is the policy of the Trustees to ensure that the fabric of the property is maintained in good condition. The property was last professionally revalued on 26 September 2019 and no further depreciation is considered necessary for this financial year.
Intangible Fixed Assets
The Post Office licence, which does not have a defined life span, is being amortised over forty years at a rate of 2.5% per annum.
Tangible Fixed Assets
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Fixtures and fittings and equipment 20% straight line basis
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The Way Inn Christian Centre Trust
Principal Accounting Policies for the Year Ended 30 June 2021 (continued)
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.
Cash flow
The accounts do not include a cash flow statement because the group (i.e., the charity and its subsidiary), as a small reporting entity is exempt from the requirement to prepare such a statement under Financial Reporting Standard 1 “Cash flow statements”.
Deferred Taxation
Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
Page 10
The Way Inn Christian Centre Trust
Notes to the Accounts for the Year Ended 30 June 2021
1 Trustees’ remuneration
No Trustee received any remuneration in respect of their services during the period.
| 2 Total Resources Expended Costs of generating funds: Rates & other overheads People costs Bank charges Interest Payable Charitable Activities: Open Door Donations Outreach Governance Costs: Accountant’s fee Exceptional debt write off Total Resources Expended 2021 2020 3 Intangible Fixed Assets – Licence Cost At 1 July 2020 and 30 June 2021 Amortisation At 1 July 2020 Charge for the year At 30 June 2021 Net Book Values At 30 June 2021 At 30 June 2020 |
Staff Other Support Costs Direct Costs Costs £ £ £ - 22,263 - 21,083 - 4,748 - 450 - - 312 - 21,083 23,025 4,748 - 15,584 - - 4,079 - - - - - 19,663 - - 1,254 - - - - - 1,254 - 21,083 43,942 4,748 - 52,272 - Group 2021 £ 70,630 52,510 1,765 54,275 16,355 18,120 |
2021 Total £ 22,464 25,831 450 312 48,856 15,584 4,079 - 19,663 1,254 - 1,254 69,773 52,272 2020 £ 70,630 50,745 1,765 52,510 18,120 19,885 |
|---|---|---|
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The Way Inn Christian Centre Trust
Notes to the Accounts for the Year Ended 30 June 2021 (continued)
4 Tangible Fixed Assets
| Charity and Group Group Freehold Fixtures, land and fittings and buildings equipment £ £ Cost At 1 July 2020 290,000 49,389 Additions - - Revaluation - - At 30 June 2021 290,000 49,389 Depreciation At 1 July 2020 - 45,770 Charge for the year - 724 Disposals - - At 30 June 2021 - 46,494 Written Down Values At 30 June 2021 290,000 2,895 At 30 June 2020 290,000 3,619 |
Group Total £ 339,389 - - |
|---|---|
| 339,389 | |
45,770 724 - 46,494 292,895 |
|
293,619 |
The freehold property was last valued by Messrs Aitchison Raffety on 26 September 2019 at an open market valuation of £290,000.
5 Investments
| Investments | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| £ | £ | |||
| At cost | 2 | 2 |
The investment is the whole of the issued share capital of The Way Inn (Berkhamsted) Limited which was received by way of a gift to the Trust.
6 Debtors
| Debtors | |||||
|---|---|---|---|---|---|
| Charity | Group | ||||
| 2021 | 2020 | 2021 | 2020 | ||
| £ | £ | £ | £ | ||
| Trade debtors | - | - | - | - | |
| The Trustees are satisfied as | to the value of the debtors. |
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The Way Inn Christian Centre Trust
Notes to the Accounts for the Year Ended 30 June 2021 (continued)
7 Creditors: amounts falling due within one year
| Bank loan Other loan Trade creditors Social security and other taxes Other creditors Way Inn (Berkhamsted) Limited |
Charity 2021 2020 £ £ - 1,980 - 5,000 - - - - 4,141 1,231 26,646 34,806 30,787 43,017 |
Group 2021 £ - 3,598 5,058 - 4,141 26,646 39,443 |
2020 £ 1,980 8,800 5,059 584 2,549 - 18,972 |
|---|---|---|---|
8 Net income of trading subsidiary
The charity has one wholly owned subsidiary, Way Inn (Berkhamsted) Limited, which is incorporated in the United Kingdom. The company runs the Post Office in Berkhamsted together with a Christian bookshop. A summary of the subsidiary company’s trading results is shown below. Accounts have been filed with the Registrar of Companies.
| Profit and Loss Account Turnover Cost of Sales ( Gross Profit Administration Other operating income Net profit / (loss) Taxation Retained in subsidiary |
2021 £ 207,214 209,862) (2,648) (35,472) 26,209 (11,911) - (11,911) |
2020 £ 222,139 (195,497) 26,642 (41,580) 10,089 (4,849) - (4,849) |
|
|---|---|---|---|
9 General Fund
| Balance at 1 July 2020 Property revaluation Net incoming resources for the year Balance at 30 June 2021 |
Charity 2021 2020 £ £ 318,926 237,027 - - 9,696 81,899 328,622 318,926 |
Group 2021 2020 £ £ 404,907 327,857 - - (2,215) 77,050 402,692 404,907 |
|---|---|---|
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