2021-03-31-accounts - Union Chapel Project

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Company number: 2583801 Charity number: 1010166

Union Chapel Project

Report and Financial Statements 31 March 2021

Union Chapel Project Report and financial statements for the year ended 31 March 2021

Contents	Contents	Pages
1.	Company Details and Advisors	2
2.	Principle Aims, Objectives and Activities	3
3.	Achievements, Performance and Plans for the Future	4-20
4.	Financial Review	21-22
5.	Structure, Governance and Management	23-24
6.	Fundraising Approach	25
7.	Statement of Trustees Responsibilities	26
8.	Independent auditors’ report to Members of Union Chapel Project	27-28
9.	Statement of Financial Activities (incorporating an income and expenditure account)	29
	Balance Sheet	30
	Consolidated Statement of cash flow	31
	Notes to the financial statements	32-44

Union Chapel Project Report and financial statements for the year ended 31 March 2021

1. Company Details and Advisors

The trustees who are also the directors of the charitable company, present their report together with the audited financial statements for the year ended 31 March 2020.

Directors &	The directors of the charitable company are its trustees for the purpose of charity law:
Trustees
	Kathryn Dixon
	Jean Appleyard
	Thomas Linton-Smith
	Gordon Montgomery
	Vaughan Jones
	Phillip Walker
Registered office	Union Chapel
& operational	19b Compton Terrace
address	London.
	N1 2UN
Company Number	2583801
Charity Number	1010166
Bankers	Barclays Bank Plc
	Highbury Corner Branch
	2 Highbury Corner
	London
	N5 1RE
Solicitors	Bates, Wells & Braithwaite London LLP
	2-6 Cannon Street
	London
	EC1 6YH
Auditors	Goldwins
	Chartered Accountants
	75 Maygrove Road
	London
	NW6 2EG

Union Chapel Project

Report and financial statements for the year ended 31 March 2021

2. Principal aims, objectives and activities

Union Chapel Project (UCP) is an independent charity founded in 1991, with objectives and purposes which are charitable according to English law and are not inconsistent with the Christian faith of the Union Chapel church.[i]

The main aims adopted to achieve the charitable objectives are:

Conservation & Repairs: To conserve and repair the Union Chapel’s Grade 1 and Grade 2 listed buildings. Community Engagement* : To open Union Chapel to as many people as possible, from all walks of life.

Underpinning this, the organisation has four key aims:

Aim 1 - To curate and support a year round programme of popular and innovative cultural performances and activities to enrich London’s diverse communities.

Aim 2 - To strengthen relationships within and between these communities through participative and transformative projects for social change.

Aim 3 - To repair and conserve the Grade I and Grade 2* listed buildings to the highest standard for future generations to use and enjoy.

Aim 4. To achieve financial independence and sustainability through using our space to its greatest potential.

Activity to achieve these aims and objectives in 2020-21 included:

The Margins Project (UCM) (our charitable subsidiary) which works to provide a range of services that relieve need and hardship and provide opportunities and empowerment for people facing homelessness, risk of homelessness or crisis
Community Emergency Response Hub – the setting up and operations of a donation hub, delivery and distribution of donations and support packs, and community outreach with partners
Our In Union and Re - Union arts, cultural and community programmes – increased community creative programmes and activities, using digital and physical resources
Trading activity of Union Chapel Directions Ltd (UCD) including live-streamed and filmed performances - providing a platform for ticketed events to high profile and upcoming artists and campaigners during lockdown
Space hire to community organisations – supporting community organisations working with hard hit communities through subsidised space hire
The Organ Project – continuing to make our organ accessible through a range of online workshops and events
Union Chapel church - Supporting the church, a separate legal entity, who host a range of activities in addition to its family church services

The organisation relies on grants and donations and income generation from its trading subsidiary Union Chapel Directions Ltd (UCD), to fund its charitable activities and cover its operating costs.

Public Benefit

In shaping the objectives and planning activities for the year, the Trustees have considered the Charity Commission’s guidance on public benefit, including the guidance on public benefit and fee charging.

In accordance with Section 17 of the Charities Act 2011, the trustees consider how planned activities will contribute to the aims and objectives that have been set. These objectives are carried out by means of a long term plan for the restoration of the Union Chapel so that the building can continue to be enjoyed by its many different users and visitors.

The trustees ensure that all activities are in accordance with the equal opportunities policy of UCP and give careful consideration to the accessibility of the chapel to those on low incomes by offering free and low cost activities.

Union Chapel Project Report and financial statements for the year ended 31 March 2021

3. Achievements, performance and plans for the future

The trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work within the last twelve months. The trustees report the success of each key activity and the benefits the charity has brought, to those groups of people that it is set up to help. The report also helps the trustees ensure the charity’s aims, objectives and activities remain focused on its stated purposes.

In March 2020, the world was thrown into turmoil as the coronavirus pandemic hit. Union Chapel closed its doors as a venue on 18 March 2020. All events were cancelled for the full financial year 2020-21, and Union Chapel faced a financial crisis, and subsequently experienced a hugely difficult year as an organisation.

We have had to cut our costs to manage a substantial deficit, massively restructuring, and sadly saying goodbye to valuable and long-standing staff. It has proven a devastating year in many respects.

Despite this, Union Chapel pivoted its focus towards providing a community emergency response for those hardest hit in the community. The advent of the pandemic has also made our role, aims, and our direction more important, urgent and timely than it was previously.

The activity and achievements of 2020-21 was not only hugely important, but also very impressive given the circumstances, outperforming any anticipated plans.

This work further positioned Union Chapel as a leading ethical centre for all, a pioneering arts venue supporting the local community and championing social justice issues and at the forefront of the livestream revolution, further driving Union Chapel as a family towards our new strategy and direction.

Union Chapel Project Report and financial statements for the year ended 31 March 2021

Innovative Events

Activity to support Aim 1 - To curate and support a year round programme of popular and innovative cultural performances and activities to enrich London’s diverse communities.

Summary of achievements 2020-21

UCD Live Streamed Events and Performances

Despite having to close as a venue to live audiences for the majority of 2020-21, in June 2020 we were proud to be one of the first venues in the world (and the first in the UK) to host a ticketed livestreamed performance, with two geolocked shows by acclaimed singer Laura Marling.

This gained a substantial amount of press attention and positioned us at the forefront of digital livestreamed and recorded events in 2020 (see below, Aim 4) and proved to be a game-changing event for us, for the live music sector, and arguably for the wider culture sector.

Producing our first UK livestream at UC, for Laura Marling, was a high point for 2020. A stunning space – in person & on camera – & an visionary team who were supportive throughout made a game-changing event, for us & the live music sector for 2020. It’s heavily informed the livestream landscape, & certainly was the genesis for Driift’s work in the sector – a business through which we have gone on to sell nearly 400,000 tickets, generating millions of pounds for artists, their crews, & culture sector. We look forward to working in partnership with UC on more events in the very near future. ’ ’ Ric Salmon, co-founder Driift

Throughout the year, we subsequently hosted a number of high profile live streams and recorded performances, including cutting-edge artists such as Celeste, Arlo Parks, Sam Smith to Russell Watson and McFly; author Max Porter, comedian Daniel Kitson’s acclaimed show DotDotDot, Stephen Fry, Michaela Coel and many more.

We also hosted recordings for ITV’s Britain’s Got Talent , Channel 4’s acclaimed The Whole Truth and drama Close to Me , GQ Heroes and more.

Laura Marling

Kojey Radical (The Whole Truth, Channel 4)

Arlo Parks

Max Porter

Union Chapel Project Report and financial statements for the year ended 31 March 2021

McFly: All About Us on ITV GQ Heroes

Diversifying acts and audiences

A Driver for Change developed in 2019-20 and adopted in 2020-21 was to ensure our work was more diverse, accessible and representative of our local communities. The livestreamed and filmed events enabled us to drive forwards on this.

Gender (where known)

In 2019-20, there were fewer acts who were female (43%) compared with the Islington and London demographics (49% in Islington).
In 2020-21 this was slightly higher at 44% female.

Ethnic breakdown (where known)

In 2019/20 10% of events were led by artists or acts who were Black, Asian or of other ethnic backgrounds, compared with 32% of the Islington population. 81% of our acts where either white (British, European, American or other) or a mix of ethnicities.
In comparison in 2020-21, 56% of live-streamed and filmed events were led by or featured artists or acts who were Black, Asian or of other ethnic backgrounds.

Audience

Our livestreaming approach was acclaimed by Attitude Is Everything as a pioneering approach to accessibility for all. Whilst we don’t know the demographics for this audience, we know we engaged over 1.1 million views of events and productions filmed at Union Chapel, from across the globe.

Organ Programme

Our Organ Programme continued to be led and developed by our Music Director Claire Singer. In order to continue our offering throughout the pandemic the programme was quickly adapted to a new online model and relationships were established with new funding bodies including the Brereton Memorial Fund, Three Monkies and The D’Oyly Carte Foundation.

In brief, throughout the pandemic we continued to run:

Weekly individual organ lessons with schools (online and at the chapel)
Online GCSE composition workshops to support learning during home schooling
An online presentation/tour of the organ to schools in partnership with The Glasshouse (part of Union Chapel’s wider Heritage offering)
University Series (online and at the chapel)
Organ Scholarship
Online adult performance workshops
A mix of online and at the chapel performances

Performance Strand

With a Chapel audience: We offered a free organ recital and adapted tour in line with the restrictions for Open House weekend 2020.
Online: An Introduction to the organ music of J S Bach presented by prolific organist James McVinnie (in depth presentation and performance).
Organ Reframed was sadly rescheduled again from September 2020 to September 2021 and now to 2022 due
to artist travel restrictions.
4 recitals were filmed/recorded at the chapel in preparation for the next year in case of further lockdowns. These have now been programmed in the 2021 season, which consists of a mixture of online and at the chapel with an audience.

Union Chapel Project

Report and financial statements for the year ended 31 March 2021

Rescheduling programmed events

In 2019-20, we successfully rebuilt and maintained relationships with key promoters. This helped ensure the majority of events were postponed and rescheduled (rather than cancelled) from 2020 into 2021 or 2022.

Community Cultural and Empowerment Programmes

As we closed as a venue and pivoted towards a community emergency response, we heard from our communities what they would benefit from. Thanks to funding from a number of trusts and foundations, we were able to pilot and launch a series of creative projects for our communities through the In Union and Re-Union programmes.

In Union

As part of our website redevelopment, Union Chapel launched a single digital platform and archive hosting new performances and events and celebrating some of the best recorded events and sessions and bringing together our digital content under one roof – In Union. Early content included:

Archived Letters Live events
Frank Turner’s fundraising performance
Boe Huntress album launch
Claire M Singer live at Union Chapel
Coooking with Iraj, and more

As the year progressed we also included space for the GQ Heroes events and our Re-Union content (see below).

Union Chapel Project Report and financial statements for the year ended 31 March 2021

Community & Social Justice

Activity to support Aim 2 - To strengthen relationships within and between these communities through participative and transformative projects for social change.

‘ Union Chapel has been a beacon throughout the pandemic, supporting people who are homeless or in crisis, from their community response to this Community Leaders project, playing a pivotal role as a hub alongside Islington Council, other charities and grassroots groups’ – Diarmaid Ward, Islington Councillor

COVID-19 and Community Emergency Response

In March 2020, just prior to closing as a venue, we hosted a series of meetings with homeless organisations and the council which led to the formation of the Homeless COVID-19 Task Force and campaign in partnership with Islington Council, Museum of Homelessness, Streets Kitchen and others. This was the UK’s first homeless taskforce of this nature.

When we closed our venue, we escalated our community emergency support work: We transformed the Sunday School into a donation drop-off and redistribution point for food and other products for homeless and vulnerable people across Islington and north London
We hosted the first meetings for UK’s first Covid Homeless Taskforce, and continued to work as a partner of the Homeless COVID-19 Task Force, Islington Food Poverty Network and other partners
Continuing to operate The Margins Project services for the homeless, providing food, phone support, and donations, as well as previously providing a night shelter, hot meals and a place to wash clothes
Staff volunteered with Help on Your Doorstep to support the most vulnerable across Islington, through phone advice and bringing goods to vulnerable people’s doors, including those self-isolating.

This early work had a legacy throughout the year and beyond. The partnerships and networks Union Chapel has led and been a part of over the year – such as Islington Food Poverty Alliance and the Homelessness Taskforce - and the communities we have worked with, have heavily informed our plans for the future, providing us a greater understanding of community needs, the social justice issues in the local area, and what Union Chapel can do to address them.

Early on, Union Chapel’s approach was hailed as a model of best practice amongst the cultural and venue sector, featured in this Arts Homelessness International/Gulbenkian toolkit which subsequently informed the likes of the Barbican.

What occurred was a testimony to the dedication, resilience and agility of both the Margin’s Project and Union Chapel, working with drastically reduced teams, constantly changing COVID-19 regulations and periods of furlough. This has all furthered Union Chapel’s position not just as a venue but also as a community and social justice organisation.

Community Emergency Response Hub

Union Chapel pivoted its remaining resources and along with Margins, Islington Council, the Museum of Homelessness, Streets Kitchen, The Outside Project, Simon Community and other partners established Islington’s Homeless Task Force (the UK’s first Covid19 Homeless Task Force). Union Chapel turned its Sunday School Hall into a donation centre and Margins Crisis Co-ordinator, Daniela Sbrisny managed a team of volunteers sorting and distributing, food, clothing and essential goods.

In total, over 2,100 support packs were distributed to visitors and our partners

The Margins Project

Night Shelter

In March 2020 as the pandemic hit, Union Chapel and Margins staff play a major role in supporting Islington Council to ensure that all shelter guests were placed in hotels and similar accommodation through the ‘Everyone In’ scheme. All guests exited the service free of Covid-19, a remarkable achievement in itself. The January to March 2021 Shelter did not open due to dormitory accommodation being unsuitable for social distancing regulations.

Union Chapel Project Report and financial statements for the year ended 31 March 2021

Crisis Support

Over the course of the year, Margins reached out to 600 individuals and households.

Together with Union Chapel Project, Margins:

worked with Help on Your Doorstep to support the most vulnerable across Islington, through phone advice and bringing goods to vulnerable people’s doors, including those self-isolating;
supported Highbury Foodbank, through capacity and delivery support;
supported Islington Council and Streets Kitchen with outreach foodbanks
Maintained telephone support for vulnerable residents who attended in Union Chapel’s vital Culture Cafe, before the venue closure.

As the Pandemic worsened and lockdown rules tightened we had to close our doors. Iraj, our chef / trainer switched his energies to providing a hot food takeaway which could be collected from the door without the need to enter the building. Wherever possible advice was giving remotely through mobile phone or telephone and if not socially distanced on a park bench.

Streets Fest with Homeless Taskforce –outreach Advice session event

With greater anxiety and confusion over lockdown rules the need for our Advice Service became ever greater. Many people Nick Reed (our Housing and Benefits Advisor) supported had no access to phones or emails as libraries and other services closed face-to-face services.

Whilst the majority of service users were placed into hotels, but still faced major issues around benefits, future housing, along with growing and new unemployment, mental health issues and isolation. At the early stage of the crisis, the Margins team reached out to contact nearly 200 service users, and Nick Reed continued to assist nearly 140 in various ways.

‘Navigating the benefit system can be difficult at the best of times and especially now during the lockdown with other support services closing it is particularly challenging for our service users. With Libraries closed, Benefit offices closed, hugely extended waiting times on DWP telephone helplines, it compounds an already difficult situation. Many of the people we work with have limited IT skills but now most don’t even have access to the internet, however so long as I can speak with them on the phone we can overcome this issue and try to address and resolve the problem.”- Nick Reed

Despite the significant challenges presented by fast changing COVID-19 regulations Margins still managed to directly support 223 individuals over the year (140 male, 83 female). In addition finding 31 rough sleepers places in ‘Everyone In’ hotel accommodation we helped a further:

2 people into permanent accommodation 7 into temporary accommodation, placed 5 into shelter, referred 18 to Streetlink, made 8 housing applications prevented 2 evictions and dealt with a further existing 18 landlord issues (thus preventing further eviction) made 2 referrals to immigration services and 1 to the EU resettlement scheme . In addition:
We helped with 65 benefit and 14 Universal Credit issues, made 14 benefit applications & 2 successful benefits appeals, made 3 employment referrals, placed 2 into training, referred10 to debt advice and 5 to legal advice.
42 people, assessed as being particularly vulnerable, received a twice weekly mental health and welfare check-up while a further 8 were referred to mental health services, 3 to drug & alcohol services and 1 to domestic violence support.

Union Chapel Project Report and financial statements for the year ended 31 March 2021

Supported Employment Programme

With the venue closing came the Margins Café closure (and resulting lost income). It also meant that we could not run our Supported Employment Programme, which was put on pause for the entire year 2020-21.

What Service Users said

“I want to thank you for all the help and advice you have given me and much a needed support with accessing advice.”

“Thanks for contacting me it means a lot; I haven’t spoken to anyone in weeks”

“Thanks so much, I received the vouchers and was able to buy toiletries and top up my mobile!”

“I really appreciate the call; it’s really reassuring to know I can get hold of you in future if I have any questions about my upcoming benefit decision.”

“It’s such a massive stress off, knowing you’re at the end of the phone, thanks for the call, I’ll save your number”

“I can’t believe we won the appeal, they’re backdating it for a year, it’s nearly five grand!”

“The council have finally offered me and my daughter a two bedroom flat, I had to come down to tell you face to

face, thank you so much for all your help, we’re so happy.”

----- Start of picture text -----
The Marginal Magazine
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Donations sent out to partner organisations, such as Tricky Period, Solace Womens Aid and other shelters

COMMUNITY CREATIVE EMPOWERMENT PROGRAMMES

Re-Union – creative empowerment programmes for the local community

In autumn 2020, thanks to Covid project grants, we launched a series of community-focused creative projects and training programmes, which were also pilots for activity planned in the redeveloped Sunday School. These included: Community Leaders programme

A group of 9 people from the local community with lived experience of homelessness, mental health issues, and other experiences, were recruited and received paid training in Legislative Theatre by world-leading facilitator Katy Rubin
The group were trained as community facilitators, and developed their own performance based on their lived experience. They delivered a series of digital workshops to over 40 people from the community (physical workshops were planned but prohibited by the 3[rd] lockdown).

Union Chapel Project Report and financial statements for the year ended 31 March 2021

They then performed and facilitated an interactive process and community discussion with over 70 online attendees about what the individual could do differently, and policy changes needed to occur. Islington Council and Arts Council England attended as the ‘expert panel’ policy makers, and agreed to 3 key policy commitments, around homelessness services, mental health support in the community, and addressing gender inequality in the arts. At time of writing, two of these three commitments have moved forwards.
The Community Leaders continue to be a part of Union Chapel, engaging the local community and will inform our plans with the future. This is a truly exciting example of arts for social change.

Community Leaders Creative Action Club

‘This was great success and just the sort of dialogue that needs to be happening everywhere, not least in Islington. The attendance was great, the facilitation was great, participation was great and the way that you managed the technology challenge – wow! But most of all the issues that were explored are critical ones at the moment. I have been spending a bit of time over the last few years learning, working with others and advocating to others about a ‘relational’ shift in the way individuals experience the system and yesterday was one of the most powerful approaches that I have experienced in this space.’ – Ken Kanu, Director, Help on Your Doorstep

We also ran a series of other community outreach and engagement activities, including
Creative Action Club - artist Ayumi Konno led a community group working to achieve their own creative aspirations over a month course
A History of Rainbows – a community project led by artist Guillaume Vandame exploring the meaning of the rainbow, from the LGBTQ+ community to its current use as a symbol of hope during the pandemic
Creative Packs
Heritage programmes, including YourStory, heritage videos and Virtual Tour (see below under Aim 3)

Organ Programme Individual tuition:

Free weekly organ lessons during term time with 4 pupils from St Mary Magdalene Academy have continued with our RCO accredited organ tutor Jeremiah Stephenson. These lessons were adapted accordingly with the government restrictions (a mix of online during the lockdowns and back at the chapel when allowed). We also made a film in January for Islington Council’s 11x11 Summer Festival https://vimeo.com/571600630

“The continuation of online lessons resulted in purposeful practice which really helped boost general morale at home” – Parent

Scholarship and workshops:

Before leaving his position in July 2020 our Organ Scholar Jay Richardson led a series of online composition notation workshops for GCSE students. In support of the home schooling we linked to different schools with the support of Islington Council to offer these free weekly sessions in May/June 2020.
Claire Singer presented an online tour and performance to schools for the Union Chapel/Glasshouse Heritage Day.

Union Chapel Project Report and financial statements for the year ended 31 March 2021

A series of 4 online interactive adult workshops learning to play 1 work per week from the Orgelbüchlein Project. In each of these 4 online workshops live from the chapel, Jeremiah Stephenson introduced a different piece from the collection and guide you through the process of preparing it for performance. The 4 pieces were at different difficulty levels so participants were be able to choose which sessions were most suitable for them.
School workshops funded by Islington Council have been postponed until 2022.

University Series:

Despite being moved to online we ran another successful year of the university performance/composition series. This year Goldsmiths officially became our partners. Composers at postgraduate level worked with emerging organists to create new works that re-imagined the organ and the space of Union Chapel. The series is designed to encourage emerging composers to explore writing for organ, an instrument not always accessible to them. It also aims to offer emerging organists the opportunity to learn how to work with composers and perform new music. Firstly we ran a master-class online with James McVinnie and Claire Singer from the Chapel via zoom to introduce the instrument in detail and discuss writing and performance techniques. Afterwards each composer was assigned an organist and developed a 5-10 minute work over a 4 month period. Claire mentored each pair throughout the process with scheduled Zoom sessions. Each of our organists had access to their own organs to work online with their composers and once things started to open up all works were performed and recorded/filmed at the chapel and edited into a concert which premiered as part of Goldsmiths’ Pure Gold Festival in September 2020.

2020-21 achievements – In numbers

In total, across our Community Programmes – Margins service, the UCP community engagement and heritage activities – it is estimated we engaged and helped over 1,500 people in 2020-21 in our community activity.

Margins support–drop-in, advice,food takeaways, etc	5501
Community emergency response hub – support packs out to partners	5002
In Union / Re-Union - Creative & heritage workshops and training–participants and audiences	308
Creative packs	300 (circulated through community partners)
Participantsinonsite community organisationprojects	58
Educationprogrammes (Organandheritage)	29 (likelyhigher, awaitingfigures)
TOTAL

In addition, there have been over 1,000 views of our online tutorials and films.

( Figures are approximate as UCP/UCM does not have a more robust impact measurement process in place yet .)

Union Chapel church

UCP supports the church (separate legal entity) which continues the work it began in 1799. Services are held each Sunday reflecting a commitment to social, economic, racial and climate justice from a perspective of radical Christianity. Services incorporate music from a range of genres from plainchant to Free Jazz. Special services mark the Christian Festivals, Creation season focusing on ecological concerns, Black History Month, LGBTQ+ Pride, Refugee Week, Remembrance Sunday and Holocaust Memorial. After the disruption of the pandemic, the annual Christmas Carol Service once again saw the church lit entirely by candles. The church also organises awareness raising events including podcasts, films and speakers. It has recently formed a Gospel Vocal Group called Union Chapel Voices who held their first event during Black History Month. It also supports a non-auditioned community choir. Community activities have been curtailed by the pandemic but there are ambitious plans to widen the reach of our activities and build more partnerships with other faith groups and the Eritrean Orthodox Church.

1 Total figure 691, but some duplicates likely

2 Total figure recorded 1550, but some duplicates likely

Union Chapel Project Report and financial statements for the year ended 31 March 2021

Conservation, Repair, Facilities and Heritage

Working to support Aim 3 - To repair and conserve the Grade I and Grade 2* listed buildings to the highest standard for future generations to use and enjoy.

Summary of achievements 2020 – 21

During 2020-21 we had to cut the Infrastructure budget to the minimum necessary to cover health and safety for builders’ users and urgent fabric repairs. These included:

Remedial works to the electrical installation following the unsatisfactory assessment of the electrical survey report . All elements classified C1 and C2 issue have been dealt with, mostly by qualified main contractor and wherever possible in house, by the Infrastructure Team. Following which the installation was resurveyed and classified as satisfactory.

Repairs to Chapel stained glass windows and replacement of bar stairs roof cover. Thanks to Historic England’s Risk Grant, we have been able to replace the corrugated plastic cover to the bar stairs with polycarbonate sheets, which have had the double effect of making the space watertight and also reducing heat loss. With the same grant we have covered all costs to repair two high level windows to the chapel North aisle, preventing further water ingress into the chapel and potential severe damage to the top central beautiful stainedglass window to the South wall.

Chapel South aisle south wall repairs to window W40

Chapel South aisle south west wall repairs to window W33

Bar stairs roof covering before- left – and after the works - right

Union Chapel Project Report and financial statements for the year ended 31 March 2021

Sunday School Project

Following consultations with stakeholders in November 2019 the Design team submitted plans for the project that received the necessary consents in May 2020.

Historic England Emergency grants

We received a grant from Historic England to deliver activities to promote heritage to a wider and more diverse audience.

With the support of external consultants, we created an activity plan which included a range of digital and in person activities and products:

Digital presence: A new, accessible and attractive Union Chapel website with dedicated heritage pages
Heritage Open Days : 2 open days over Open House Weekend (September 2020) during which we gave building tours and screened out new heritage film
Heritage and Conservation Masterclass films: Newly commissioned films to details the heritage and architecture, events and social justice activities of Union Chapel project and masterclasses on traditional building materials and repair techniques that can be viewed on our website here
Printed material for audience engagement: Pattern worksheets and heritage contribution to community magazine both available during open days and here.
Digital Archive: On our website we ran YourStory, a community-curated online exhibition Children and young people submitting their memories, and photos of objects that help keep them going during lockdown.
Virtual Tour: Commissioned a behind the scenes Virtual Tour of the chapel
Heritage Workshop with the Glass House and Canonbury School
Organ programme - The online platform enables us to deliver more organ activities and recitals.

Union Chapel Project Report and financial statements for the year ended 31 March 2021

Maintenance works

We have carried out planned cleaning and maintenance works (e.g. gutter cleanings, PAT testing, pews and floor boards repairs, lighting installation, pest control, localised decorations etc..) and reactive maintenance works (e.g. unblocking of drainage, security issues, fire alarm faults reviews, etc.)

Health and Safety:

A lot of time and effort has been spent in dealing with the false alarms of the fire installation, requiring night guards onsite for a period to prevent nuisance to the neighbours due to the activation of unpredictable and unwanted false alarms. Remedial works were carried out and the issues seemed resolved by end of the financial year.
General H&S matters in the building, including emergency lights, have been dealt with throughout the financial year.
We have been implementing recommendations of the latest Fire Risk Assessment for all Union Chapel Buildings and Offices. This is an ongoing project
During the lockdown period Gavin’s and Sue’s work on site have provided the necessary support to keep the building open and safe to various users and staff.
We carried out tasks as per our maintenance plan: gutters cleaning, testing of electrical appliances, gully cleaning, repairs to blocked drainage in cellar, re-fixing of slipped tiles/slates, etc., survey report of electrical installation and more.

Union Chapel Project Report and financial statements for the year ended 31 March 2021

Activities to support Aim 4. To achieve financial independence and sustainability through using our space to its greatest potential.

Fundraising

Summary of achievements 2020-21

Frank Turner & Jess Guise launch Union Chapel’s fundraiser

In previous years, the profits from the venue represented 80% of UCP’s income. As the venue closed, that income was lost.

Throughout the year, the team worked relentlessly to raise funds from trusts and foundations. A number of crisis funds were opened up, and UCP pivoted our focus towards accessing these funds and delivering crisis support and related programmes (see above Aims).
UCP was successful in accessing the Cultural Recovery Fund round 1 in winter 2020, securing £133,000 towards the organisation’s survival.
Other particularly successful and notable support came from Paul Hamlyn Foundation, Oak Foundation, Arts Council England, Historic England and National Lottery Community Fund.
This ensured we secured over £626,000 across UCP and UCM during the year. Whilst some of these grants contributed towards new projects and activity, the majority of these funds were either core cost recovery or unrestricted, contributing to the survival of our organisations.
We also ran a successful Crowdfunder between May and June 2020, launched with a performance from Frank Turner, with over 4,000 people donating nearly £90,000 towards our survival as an organisation.
The last Head of Fundraising Anthony Bennett left in March 2020. To keep our core costs to a minimum during the pandemic, we postponed recruitment for a new Head of Development, which meant that a much greater fundraising responsibility went to the CEO, Head of Conservation and Head of Finance, who created a revised Development Team alongside the existing UCP Development Coordinator and UCM Fundraising Manager. Thanks to this team, the above fundraising successes were achieved.
With NLHF’s agreement, the Sunday School capital match-fundraising programme was delayed a year to November 2021, to allow the organisation to focus on accessing crisis funds and managing during a year of venue closure.

Union Chapel Directions Ltd (trading subsidiary) Working to support aims 1 & 4.

Union Chapel Directions Ltd (UCD) is a trading subsidiary of UCP. It operates the venue and through which curates and supports a programme of popular and innovative cultural performances and activities to enrich London’s diverse communities.

Through commercial hire of the venue it also helps UCP in its aim to achieve financial independence and sustainability. The three key sources of income are the venue, the bar and the day hire of rooms. All profits from the trading subsidiary are Gift Aided to the charity, in order that it can undertake its charitable aims.

Union Chapel Project Report and financial statements for the year ended 31 March 2021

Summary of achievements 2020-21 Venue:

All commercial events with audiences, and bar/kiosk operations, ceased on 16th March 2020, and would not start again throughout 2020-21.
Substantial explorations were made into re-opening as a venue or bar. These were initially deemed unviable. Some socially distanced audiences were explored for autumn/winter 2020, but were subsequently prohibited by the second lockdown.

However, we were proud to host one of the world’s first ticketed live-stream performances in a venue, with Laura Marling, in partnership with ATC Live (now Driift) and DICE. The event was considered a game-changer by the live music sector, and for us too.

We subsequently hosted more high profile live events (see Aim 1), and built strategic relations for the future with the likes of GQ, Apple Music, Amazon Music, and more.

In total, we hosted 16 livestreams and recorded events during 2020-21.
We estimate that these events have led to paid employment for over 300 individuals, from musicians to producers to tech staff, in a year when all other live music income was absent.

Space hire :

Despite the lockdowns in the first half of 2020-21, our space hire became the most reliable source of earned income over 2020-21. During the year, we hosted community projects, R&D and rehearsals for theatre productions, TV productions and more, with the likes of Channel 4, Company 3 and Accumulate.

Raised over £65,000 of income through the hire of spaces outside of hire for public events.
Made significant improvements to our main dressing room space.

Company Three in Sunday School Hall Accumulate - art school for the homeless

Marketing and Profile

Despite being closed as a venue, Union Chapel’s role supporting the local community, hosting the UK’s first ticketed livestream and other activities and events throughout the year gained Union Chapel a substantial amount of media coverage.

Pivoting towards being a community hub:

Union Chapel’s work in the pandemic was featured in The Guardian, Londonist, and Islington Gazette in March/April 2020.

Our approach was cited as an example of best practice by Caloutse Gulbenkian Foundation and Arts Homelessness International, the international arts and homeless network – with the creation of a toolkit, here.

Union Chapel Project Report and financial statements for the year ended 31 March 2021

There With You: Union Chapel supporting community during coronavirus lockdown: https://www.islingtongazette.co.uk/news/union-chapel-supporting-islington-community-during-coronaviruslockdown-3836402

Laura Marling & live streaming: Overwhelmingly positive reviews across mainstream national media and industry press, and articles highlighting Union Chapel as both a stunning location for the event, and pioneering and ‘revelatory’ in this area. Some below:
Five stars: NME, Daily Mail, Upcoming; Four stars: The Guardian, The Times, FT, Evening Standard, Islington Gazette
The Guardian, Can Laura Marling’s gig rescue live music?
What does the future look like for concerts in London - ITV London News, 12[th] June
Laura Marling NME piece 24.7.20 (Union Chapel mention) https://www.nme.com/news/music/watchlaura-marlings-stripped-back-new-video-for-fortune-2713657
New York Times mention, here: https://www.nytimes.com/2020/07/21/arts/music/concertslivestreams.html

Union Chapel work, crowdfunder & community activity in the media: Other coverage included:

Frank Turner fundraiser in several publications.
BBC Radio London – Robert Elms, 26[th] May, including interview with Michael Chandler
BBC The Travel Show. The Laura Marling interview starts roughly at 12:30. https://www.bbc.co.uk/iplayer/episode/m000lbws/the-travel-show-25072020
• BBC Sunday Morning Live, interview with Emmy The Great and Vaughan Jones (40 mins in): https://www.bbc.co.uk/iplayer/episode/m000l4h9/sunday-morning-live-series-11-episode-5
Live UK Crowdfunder follow-up piece https://liveuk.com/news/union-chapel-extends-fundraising-target/
• Community Leaders programme in Islington Gazette: https://www.islingtongazette.co.uk/news/sexismhealthcare-and-homelessness-issues-highlighted-7863032

Organ Programme in the media

Claire Singer was invited to talk about her work at Union Chapel on the Canadian Future Stops podcast and to lead a soundcast for the Sound Festival on previous Organ Re framed commissions she also managed to include information about the Union Chapel organ programme on a couple of BBC radio interviews. In addition she recorded a film of her performing for Christmas 2020 to replace the Christmas recital, which couldn’t happen due to restrictions. https://podtail.com/en/podcast/futurestops/ep-12-claire-m-singer-organ-reframed-london-s-unio/ https://sound-scotland.co.uk/soundcast-live-with-claire-m-singer https://www.youtube.com/watch?v=UWvz6jyKnvo

Digital footprint:

In the year the world pivoted towards digital, Union Chapel started out at a disadvantage with a comparatively minimal digital footprint and engagement.

A revised website, refreshed logo, devoted Digital Content Lead and series of high profile livestreamed events transformed Union Chapel’s digital position for the future.

Staffing and governance

Governance review

Throughout the year 2020-21 a substantial review of governance and structural relations between Union Chapel Project and the Margins Project was conducted. Due to the pandemic, this process was prolonged into 2021-22.

Diversity, Inclusion and Belonging

A substantial review of the diversity of Union Chapel’s diversity across all areas – staff, governance, audiences, acts and visitors – was conducted early in 2020-21. This informed an initial action plan, our Drivers for Change, and a Cultural Intelligence training programme for the Leadership Team and UCP, UCM and UCD boards across the year, which was further informed and inspired by the Black Lives Matter movement in 2020. A revised action and training plan is currently in development.

Plans for the future

As we began 2021-22 a huge amount of uncertainty remained about what activities may be feasible at what stage of the year, and what ongoing impact COVID-19 would continue to have – on us as an organisation, and more broadly on arts, culture and our communities. In addition, there remain major concerns about the impact of Brexit, the climate crisis and the social, economic, political and environmental impacts these will have into this year.

Union Chapel Project Report and financial statements for the year ended 31 March 2021

However, what it continued to prove is that Union Chapel has a vital, important and innovative role to play, supporting our community and social justice work through our inspiring cultural events and our heritage, in union. The focus of our plans against the four aims will be as follows:

Aim 1 – recognizing the continuing uncertainty around cultural events, the particular impact the pandemic has had on upcoming talent and young people, and the substantially increased role of accessibility for digital content:

Priorities

Rebuilding as a venue with performing arts events over the FY, as and when possible and in a covid-secure manner.
Continuing to build our profile as a venue for livestreamed and recorded events, building our digital platform and strategy, increasing our new and historic content, and maximising our livestreaming/recording potential with our own in-house equipment, partnerships and more hires with production companies etc – both monetized for general audiences and free content for all around the world
Recognising the particular impact this has had on upcoming artists and young people, supporting upcoming artists and performers, through the New Voices youth talent programme

Aim 2 – recognizing the particular impact the pandemic has had and will continue to have on the hardest hit in our communities:

Priorities

Review and expand the Margins service, relaunch a supported employment programme for the community, and develop a ‘community’ approach to link to the UCP community programme
Further developing our model of support, inspiration and empowerment for target groups, piloted in the Re-Union programme, ahead of our NLHF stage 2 application.
With our Community Leaders, identify funding and outline potential outreach, support, activities, training and events for specific target groups, ahead of the Sunday School programme:
Homeless/at risk
Young people
Vulnerable families
LGBT community
Migrants/asylum seekers
Greater community engagement and representation in Union Chapel programmes, staffing and decisions, through Community Leaders, Community Working Group, and trainee opportunities.
More social justice based events and activities through the year
Concluding the Margins and UCP structure and governance review

Aim 3 – continuing to repair and conserve our buildings, to be safe and ready to open up to the wider community once again, and continuing to share our rich and powerful heritage with that community, planned activity included:

Priorities

Further maintain and deliver on emergency and priority works across the building in a sustainable manner.
Build on our strong heritage work to date, building evidence towards NLHF stage 2
Communicate and reinforce the impact of heritage and historic buildings on people well-being and quality of life.
Promote use of traditional materials and techniques to improve sustainability and people well-being.
Engage our diverse community with our heritage assets.
Continue our commitment to make our heritage of national importance safer and more accessible to all users.

Aim 4 – to manage the ongoing financial uncertainty for the organisation, priorities are: Priorities

Fundraising:

Building the capacity of our Development Team to maximise our ability to apply for, secure and deliver on Trust & Foundations.
Secure funds that contribute to our core, build back reserves, support and mitigate the financial risk of events, but also support us towards our wider strategic aims, drivers for change and towards community and digital activity and growth, and segue into the SSH programme in the coming years

Union Chapel Project

Report and financial statements for the year ended 31 March 2021

Secure longer term resilience through increasing regular donations, maximising membership and larger multi-year funds which contribute to multiple priorities and activities
Increase our corporate and individual giving engagement – through corporate support opportunities, space hire, events and fundraisers.
Increase our fundraising capacity and targets to work towards the Sunday School Hall capital funding deadline for NLHF and keep funding maintenance and repair/conservation works

Space hire

Building space hire and promoter income back up to 75% previous capacity
Maximising income from space hire and events, through reviewing ticketing allocations, increased film productions, and other commercial opportunities.

Digital

Maximise our digital presence and capacity, to ensure digital engagement, and support of all our work, engaging new audiences and boosting income potential

Finance

Maintain robust and realistic budgeting and forecasting processes to ensure we are prepared and able to weather further storms
Embed clear financial delegation and departmental budgets for the year, ensuring better departmental budget management towards secured income.

Marketing and PR

Continue to maximise media coverage for all activity– through strong PR support, stronger digital presence and continuing to build our reputation as a leading ethical arts centre for all.

2020-21 has been an unprecedented year, and 2021-22 remains hugely uncertain. But some of the hard work undertaken in 2020-21 will set the course for the years to come.

Union Chapel Project

Report and financial statements for the year ended 31 March 2021

4. Financial Review

2020/21 represented an unprecedented year for UCP due to the impact of Covid-19 pandemic which forced the closure of venue operations from March 16[th ] 2020 in the previous financial year. Due to ongoing operating restrictions, we were unable to host any in-person, audience attending events which had a very significant impact on the organisation’s ability to generate commercial income, as it has successfully done in previous years.

As a result, we were forced to take emergency action to reduce overheads while maintaining both the level of activity outlined above and our grade 1 listed building itself. These actions included restructuring the staff team, sadly including a number of redundancies, furloughing staff and implementing pay freezes for remaining staff.

In summary:

Total incoming resources reduced by 26% to £1.2m (2020: £1.72m) and
Total resources expended decreased by 34% to £1.25m (2020: £1.88m), resulting in an unrestricted deficit of £90,939, a restricted surplus of £119,400. The overall surplus was £28,461 (2020 deficit: £160,509)

Income

Total incoming resources for the year was £1.27m (2020: £1.72m) a 26% decrease.

Donations

Income from donations increased by 57% to £149,612(2020: £95,201)

Income from charitable activities
Overall income from charitable activities increased by 175% to £749,887 (2020: £272,100). The Margins Project had another consistent year raising funds from trust and foundations despite the café being forced to close as a result of the ongoing restrictions and audience events remaining paused for the financial year.
Other Trading Activities (Fundraising)
Union Chapel Directions Ltd, UCP’s trading subsidiary, turnover decreased by 95%, overall income was £850,000 lower than the previous year as a direct result of the Covid-19 pandemic.

A breakdown of UCP’s incoming resources during the financial year 2020/21 show that income from donations was 12% (2020: 5%), resources from charitable activities was 59% (2020: 16%) and resources from other trading activities was 29% (2020: 79%).

Expenditure

Total expenditure was £1.25m (20120: £1.88m) a 34% decrease. This was due to a decrease of 7% in Charitable activities to £685,473 (2020: £734,856) and a 95% decrease in the cost of raising funds to £563,920 (2020: £1,150,030).

A breakdown of UCP resources expended during the financial year 2020/21 show that of total costs: ‘generating funds’ represent 45% (2020: 61%) and ‘charitable activities’ represent 55% (2020: 39%).

Balance Sheet

The balance sheet shows total net assets of £716,465 (2020: £688,004). Included in total net assets is an amount of £227,229 (2020: £107,829) which is restricted. These monies have either been raised for, and their use restricted to, specific purposes, or they comprise donations subject to donor imposed conditions. Full details of these restricted funds can be found in note 16 to the accounts together with an analysis of movements in the year.

Union Chapel Project Report and financial statements for the year ended 31 March 2021

Reserves Policy

UCP’s reserve policy reflects the organisation’s wish to strike a balance between two financial objectives. Firstly the need for financial stability and secondly, to establish a match fund towards the costs associated with the capital works projects planned. The £250,000 designated reserves will be spent in future financial years on refurbishments with the Sunday School Hall capital works a priority, as identified in the masterplan.

As at 31 March 2021, the total funds were £716,465 of which restricted funds was £227,229. The trustees have examined the requirements and nature of the charity’s work and agreed that of the unrestricted funds:

£111,744: Invested in Tangible fixed assets
£250,000: Designated funds set aside to meet capital works which will take place in future years
£127,492 Unrestricted reserves

Union Chapel Project

Report and financial statements for the year ended 31 March 2021

5. Structure, Governance & Management

Constitution

UCP is a registered charity and a company limited by guarantee. It is governed by its Memorandum and Articles of Association dated 1991. The company has one charitable subsidiary The Margins Project (Charity no 1153070) and one trading subsidiary Union Chapel Directions Ltd (Company no. 03047257)

UCP has been appointed to manage the Union Chapel property with a view to its conservation, maintenance and wider uses for the benefit of the local community, in accordance with a management agreement between UCP and the Congregational Federation Limited.

The members of the Company are the members of the Board of Trustees of the Charity. Each agree to contribute £1 in the event of the charity winding up.

Organisation

The business of the charity is supervised by the Board of Trustees which meets six times each year, or more frequently if required.

The Trustees are responsible for the strategic objectives of the organisation and to review and approve the Charity’s annual budget and operational plan. The board is supported by a ‘Leadership Team’ comprising managers representing each department.

Conservation & Repair
Fundraising & Development
Union Chapel Directions Ltd
The Margins Project
Finance & Operations

The Leadership Team meets monthly and is responsible for meeting operational plans and budgets and focusing on procedure and improvements, cross organisation. Prior to the pandemic, the Leadership Team included 6 members of staff, a Head for each department and the CEO. Following the pandemic, recruitment for replacement staff was paused with the LT reduced to 2.8 FTE during the financial year.

The charitable subsidiary The Margins Project is supervised by a separate Board of Trustees and the trading subsidiary Union Chapel Directions Ltd is managed by a board of Directors. Both boards include UCP trustees.

Employees

Day to day management and operations of the Charity are delegated to its paid staff with specific responsibility for activities within the building. The permanent full time complement of staff for the year was 6 full-time and 10 part time (excluding casual staff). The organisation was supported by a team of approximately 65 volunteers.

UCP strives to be an equal opportunities employer and applies objective criteria to assess merit. It aims to ensure that no job applicant or employee receives less than favourable treatment on the grounds of age, race, colour, nationality, religion, ethnic or national origin, gender, marital status, sexual orientation or disability.

Selection criteria and procedures are reviewed to ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities. Salaries are reviewed on an annual basis by a Finance & Remuneration Sub-Committee. All employees are given equal opportunity and, where appropriate and possible, special training to enable them to progress both within and outside the organisation.

Union Chapel Project

Report and financial statements for the year ended 31 March 2021

Appointment of trustees

As stated in the Articles of Association there should be five (min) or seven (max) trustees. One of which should be the minister or if they are unable or unwilling, this should be a person elected by the church. There should be a further two (min) or three (max) church Members. One trustee should be appointed by the Friends of Union Chapel and the final two trustees should not be church Members, at the date of their election. Trustees can be elected to the Board of Management at any time, but must be elected to the Company at the subsequent annual general meeting.

One of the two non-church Members and one of the three church Members should, by who has been longest in office, retire by rotation at each Annual General Meeting.

When considering appointing new trustees, the Board has regard both to the organisation’s need for any specialist skills and to the diversity of the Board’s membership.

All trustees give their time voluntarily and receive no benefits from the charity.

Trustee Induction and Training

New trustees undergo an orientation day to meet key staff and other trustees. An information pack is provided that includes the Charity’s Memorandum and Article of Association, recent audited and management accounts, the business plan and organisational chart and the Charity Commission’s information on Responsibilities of Trustees.

Trustees are encouraged to attend appropriate external training events, where these will facilitate the undertaking of their role.

Risk Management

The trustees are responsible for overseeing the risk management strategy for the organisation and its subsidiaries. A comprehensive review of risks and opportunities is carried out annually by the trustees, whilst the subsidiary boards and working groups are responsible for overseeing and mitigating risks throughout the year.

Currently, the key risks facing the organisation are funding to support our planned capital works programme, health and safety of the building, our location in the middle of a residential neighbourhood, and financial stability on an ongoing basis.

The Development Working Group work closely with our Fundraising & Development Manager to identify and secure funds through grants and donations, to support our 10 year capital works programme
The Infrastructure Working Group continues to focus on the fabric of the building and its restoration and refurbishment. Health and safety is a major factor in such an historic building and this is monitored continually. Quinquennial inspections and ongoing health and safety consultancy in conjunction with our insurance company, ensure that issues are identified and can be acted on.
The Events Team continues to work closely with our neighbours to ensure minimal disruption including a curfew and noise restrictions for performers, days off (Sunday and Wednesdays) and crowd control.
The Finance & Remuneration Sub-Committee reviews our financial position to ensure we have adequate funds to undertake capital works.
The boards of all three organisations are reviewing their activities and income streams in line with the organisational aims to ensure financial stability for the next 10 years and beyond.

Therefore the trustees are satisfied that systems are in place to mitigate the risks identified.

Union Chapel Project Report and financial statements for the year ended 31 March 2021

6. Fundraising Approach

UCP’s current approach to fundraising is to be transparent, clear and friendly. UCP directly employs qualified personnel as fundraising employees with clear remits. UCP does not engage with third party fundraisers or commercial partners. Fundraising activities are for capital works and arts and community activities within the organisation’s aims and objectives.

The fundraiser is responsible for the managing of donated funds and for reporting on the raising and expenditure of donated funds. The Board of Trustees reviews fundraising income, expenditure and procedures on a quarterly basis and the fundraising strategy is reviewed annually. Although important, fundraising is not the primary source of income for UCP.

UCP fundraises through the following methods:

Trusts and Foundations – standard applications for relevant grants.
Specific appeals – we collect donations for specific projects such as repairing the Sunday School and repairing the organ. We advertise the appeals on our website with an online facility to donate and we collect cash donations via bucket collections on site – these are voluntary cash collections and are held at the end of events. Audiences are not required to make donations, buckets are placed in accessible areas or held by stewards. Literature regarding these collections is clearly written on the buckets highlighting which project the funds are for – such as the Sunday School.
Crowdfunders – specific online time-specific campaigns for specific projects or needs, circulated to our Members, mailing lists and through our digital channels.
Specific fundraising events – certain events are run in order to raise funds – this might be through the purchasing of tickets or donations are asked for at the event. These events are voluntary to attend and donors choose to attend because they wish to give to a specific project. Donors and audiences are not pressurised to donate.
Memberships - we advertise becoming a Member of Union Chapel via our website and through flyers in the foyer area. The membership constitutes a donation to Union Chapel capital projects and activities and has associated non cash benefits such as an exclusive e-newsletter and priority booking.
General donations – facilities for one off and spontaneous donations are indicated on the website on a specific donations page.
One off and spontaneous donations for specific needs or projects are suggested when purchasing tickets to events – this is an opt in option and not integral to the purchasing journey.

We have not received any complaints about our fundraising approach. We encourage unhappy donors to complain directly to our Development Team who would address the complaint in house. Failing that we notify donors that they can make an official complaint to The Fundraising Regulator. Union Chapel Project is a member of the Institute of Fundraising and registered with the Fundraising Regulator.

UCP has not failed to comply with a scheme or standard cited in the fundraising code of practice.

UCP does not consider its fundraising methods as intrusive into person’s privacy and does not carry out unreasonably persistent approaches or create undue pressure to give. However, to ensure that vulnerable people are protected the organisation has adopted the guidance from the Institute of Fundraising’s Treating Donors Fairly – Fundraising with people in vulnerable circumstances guide.

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Union Chapel Project Report and financial statements for the year ended 31 March 2021

8. Independent Auditor’s Report to the Members of Union Chapel Project

OPINION

We have audited the financial statements of Union Chapel Project for the year ended 31 March 2021 which comprise the Statement of Financial Activities, the Balance Sheet, statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Charity’s affairs as at 31 March 2021 and of its income and expenditure for the
year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

• the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

OTHER INFORMATION

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the trustees’ report (incorporating the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the trustees’ report (incorporating the directors’ report) have been prepared in accordance with applicable legal requirements.

Union Chapel Project Report and financial statements for the year ended 31 March 2021

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept or returns adequate for our audit have not been received from
branches not visited by us;
the financial statements are not in agreement with the accounting records and returns;
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not obtained all the information and explanations necessary for the purposes of our audit.

RESPONSIBILITIES OF THE TRUSTEES

As explained more fully in the trustees’ responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: [www.frc.org.uk/auditorsresponsibilities]. This description forms part of our auditor’s report.

This report is made solely to the Charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Anthony Epton (Senior Statutory Auditor)

Date: 15th February 2022

for and on behalf of Goldwins Limited, Statutory Auditor & Chartered Accountants 75 Maygrove Road, West Hampstead, London. NW6 2EG

Goldwins Ltd is eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Union Chapel Project

Consolidated Statement of Financial Activities

(incorporating an income and expenditure account)

For the year ended 31 March 2021

Note Income from: Donations 3 Charitable activities: 4 Conservation & Repairs Community Engagement Homelessness project - "Margins" Other Grants Trading & other activities 5 Investment income 6 Total income Expenditure on: Raising funds 7 Charitable activities: 7 Conservation & Repairs Community Engagement Homelessness project - "Margins" Total expenditure Net gains / (losses) on investments 8 Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward Net income / (expenditure) for the year Net income / (expenditure) before net gains / (losses) on investments	Unrestricted £ 121,206 - - - 117,000 374,290 697 613,193 474,676 98,466 93,523 37,467 704,132 - (90,939) - (90,939) 580,175 489,236 (90,939)	Restricted £ 28,406 119,489 26,064 231,604 255,730 3,325 44 664,661 67,258 118,422 66,833 292,750 545,261 - 119,400 - 119,400 107,829 227,229 119,400	2021 Total £ 149,612 119,489 26,064 231,604 372,730 377,615 741 1,277,854 541,934 216,887 160,356 330,217 1,249,393 - 28,461 - 28,461 688,004 716,465 28,461	2020 Total £ 95,201 80,550 26,850 164,700 - 1,355,078 1,998
				1,724,377
				1,150,030 318,250 103,783 312,823
				1,884,886
				- (160,509)
				(160,509) -
				(160,509) 848,513
				688,004

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. The attached notes form part of these financial statements.

Union Chapel Project Balance sheet As at 31 March 2021

Group 2021 £ 111,744 -	Group 2020 £ 152,165 -	Charity 2021 £ 91,047 6	Charity 2020 £ 106,397 6
111,744	152,165	91,053	106,403
3,108 87,045 881,627	6,283 294,913 873,130	- 349,591 327,387	- 360,263 183,987
971,780 (367,059)	1,174,326 (638,487)	676,978 (38,496)	544,249 (75,933)
604,721	535,839	638,482	468,316
716,465	688,004	729,535	574,720
227,229 239,236 250,000 -	107,829 330,175 250,000	122,857 206,678 250,000 150,000	24,500 300,220 250,000
489,236	580,175	606,678	550,220
716,465	688,004	729,535	574,720

The financial statements have been prepared in accordance with the special provisions for small companies under Part15 of the Companies Act 2006.

Approved by the trustees on ….......................... and signed on their behalf by:

P Walker Chair

Company registration no. 2583801

The attached notes form part of the financial statements.

Union Chapel Project Consolidated Statement of cash flows For the year ended 31 March 2021

Note 2021 £ Cash flows from operating activities: Net cash provided by / (used in) operating activities 18 Cash flows from investing activities: Interest/ rent/ dividends from investments 741 Sale/ (purchase) of fixed assets (11,538) Cash provided by / (used in) investing activities Cash flows from financing activities: Repayments of borrowing - Cash inflows from new borrowing - Receipt of endowment - Cash provided by / (used in) financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 19 Change in cash and cash equivalents due to exchange rate movements	2021 £ 19,294 (10,797) -	2020 £ 1,998 (100,363)	2020 £ (299,485) (98,365) -
- - -		- - -

	8,497 873,130 -		(397,850) 1,270,980 -
	881,627		873,130

Union Chapel Project Notes to the financial statements For the year ended 31 March 2021

1 Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP FRS 102) and the Companies Act 2006.

The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

b) Reconciliation with previously Generally Accepted Accounting Practice (GAAP)

In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items was required.

c) Going concern

The trustees consider that there are no material uncertainties about the group's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

d) Basis of consolidation

These financial statements consolidate the results of the charity and its wholly-owned subsidiaries Union Chapel Directions Limited and the Margins Project on a line by line basis. Transactions and balances between the charity and its subsidiaries have been eliminated from the consolidated financial statements. Balances between the companies are disclosed in the notes of the charity's balance sheet. A separate statement of financial activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

e) Incoming resources

Incoming resources are recognised in the period in which the group is entitled to receive them and the amount can be measured with reasonable certainty and it is probable that income will be received. Income is deferred only when the group has to fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Grants from government and other agencies have been included as income from activities in furtherance of the group's objectives where these amount to a contract for services, but as donations where the money is given in response to an appeal or with greater freedom of use, for example monies for core funding.

The value placed on donated services (gifts in kind) is the estimated value to the group of the service or facility received which is the price the group estimates it would pay in the open market for a service or facility of equivalent utility to the group.

f) Resources expended

Expenditure is included in the statement of financial activities when incurred and includes attributable VAT which cannot be recovered.

Resources expended comprise the following:

a. The costs of generating funds comprises the expenditure incurred by the trading company and consists of salaries, direct costs and overheads.
b. The costs of activities in furtherance of the charity's objectives comprise expenditure on the charity's primary charitable purposes as described in the directors' report, i.e. the promotion and restoration of Union Chapel, Islington.
c. Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the group it is necessary to provide support in the form of financial procedures, provision of office services and equipment and a suitable working environment and have been allocated based on staff time.

Conservation and Repairs	25%
Community Engagement	25%
Margins	25%
Raising Funds	25%

Union Chapel Project Notes to the financial statements For the year ended 31 March 2021

1. Accounting policies (continued)

g) Tangible fixed assets

Assets costing in excess of £1,000 and with an expected useful life exceeding one year are capitalised.

Costs relating to the repair of the Chapel are not capitalised and are expensed in the year incurred. The costs are incurred under the management agreement with the Church and Union Chapel Project do not therefore have ownership of these works.

Depreciation is charged on these assets at the following annual rates in order to write them off over their estimated useful

Staging & Equipment 25% per annum based on cost Fixtures & Fittings 25% per annum based on cost Fire Protection System 10% per annum based on cost

h) Investments

Investments in subsidiary companies are stated in the charity at cost.

i) Stocks

Bar stocks, comprising alcohol and soft drinks are valued at the lower of cost and net realisable value.

j) Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight line basis over the life of the lease.

Assets purchased under hire purchase agreements are capitalised as fixed assets. Obligations under such agreements are included in creditors. Charges are written off to the SOFA over the period of the agreement so as to produce a constant periodic rate of charge.

k) Fund accounting

The general fund comprises those monies which may be used towards meeting the charitable objectives of the group and which may be applied at the discretion of the directors.

The restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donorimposed conditions.

Union Chapel Project Notes to the financial statements For the year ended 31 March 2021

2 Detailed comparatives for the consolidated statement of financial activities 2020 £ Income from: Grants and donations 17,990 Charitable activities: - - Other trading activities 1,318,204 Investments 1,834 Total income 1,338,028 Expenditure on: Raising funds 1,113,157 Charitable activities: 166,685 99,933 77,781 Total expenditure 1,457,555 (119,528) Net gains / (losses) on investments - Net income / expenditure (119,528) Transfers between funds (34,455) (153,983) Total funds brought forward 734,158 Total funds carried forward 580,175 3 Income from donations and legacies £ £ Grants Donations: Contributions from Union Chapel 16,000 - Contributions from Friends of Union Chapel - 3,200 General donations 105,206 25,206 121,206 28,406 Community Engagement Conservation and Repairs Homelessness project - "Margins" Community Engagement Conservation and Repairs Homelessness project - "Margins" Restricted Unrestricted Unrestricted Net income / expenditure before gains / (losses) on investments Net movement in funds	2020 £ 77,211 80,550 26,850 164,700 36,874 164 386,349 36,873 151,565 3,850 235,042 427,330 (40,981) - (40,981) 34,455 (6,526) 114,355 107,829 2021 Total £ 16,000 3,200 130,412 149,612 Restricted	2020 Total £ 95,201 - 80,550 26,850 164,700 1,355,078 1,998
		1,724,377
		1,150,030 318,250 103,783 312,823
		1,884,886
		(160,509) -
		(160,509) -
		(160,509) 848,513
		688,004
		2020 Total £ 16,000 3,000 76,201
		95,201

Union Chapel Project Notes to the financial statements For the year ended 31 March 2021

4 Income from charitable activities

Building Conservation and Repairs The National Lottery Heritage Fund Greater London Authority Historic England Historic England - Emergency Response Wolfson Foundation Total Community Engagement PRS Foundation Arts Council England Brereton D'oyle Carte Three Monkeys Trust LBI Total Homelessness project- "Margins" London Catalyst Grant London Community Foundation Edward Gostling Foundation Anonymous Trust LB Islington - Local Initiative Fund London Housing Foundation Margins Café Marsh Christian Trust MVM Charitable Trust Pret Foundation Trust Allan Charitable Trust The Grace Trust Inner London Magistrates Court Mrs Smith & Mount Grant The Slaughter & May Charitable Trust Streetsmart Arsenal Foundation Charities Aid Foundation Cloudesley – Welfare Grants Programme Crisis Covid-19 Emergency Grant Fishmongers Trust Homeless Link London Funders - Wave 1 London Funders - Wave 4 Richard Cloudsley Fund Streets of London The Albert Hunt Trust The Leslie Aldridge Trust The Lund Trust VCS Partnership CJRS Fund Total Other Grants Oak Foundation Paul Hamlyn Foundation Arts Council London Funders National Lottery Community Fund ACE CRF 1 Total Total income from charitable activities	Unrestricted £ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 77,000 40,000 117,000 117,000	£ - - 39,767 14,722 65,000 119,489 - 19,364 1,500 3,000 1,000 1,200 26,064 - 9,725 - 15,000 600 - - - - 10,000 2,000 - 5,000 - 30,000 - 2,200 45,390 3,303 5,000 3,000 20,000 5,000 4,000 15,000 3,000 5,000 10,000 2,500 3,750 32,136 231,604 23,078 22,150 75,873 134,629 255,730 632,887 Restricted	2021 Total £ - - 39,767 14,722 65,000 119,489 - 19,364 1,500 3,000 1,000 1,200 26,064 - 9,725 - 15,000 600 - - - - 10,000 2,000 - 5,000 - 30,000 - 2,200 45,390 3,303 5,000 3,000 20,000 5,000 4,000 15,000 3,000 5,000 10,000 2,500 3,750 32,136 231,604 77,000 40,000 23,078 22,150 75,873 134,629 - 372,730 749,887	2020 Total £ 43,050 37,500 - - -
				80,550 3,500 21,000 - - - 2,350
				26,850 1,000 2,500 5,000 15,000 2,255 7,500 60,045 600 300 18,000 1,500 1,000 5,000 5,000 30,000 10,000 - - - - - - - - - - - - - - -
				164,700 - - - - - - -
				-
				272,100

Union Chapel Project Notes to the financial statements For the year ended 31 March 2021

5 Income from other trading activities

5 Income from other trading activities
Conservation & Repairs Community Engagement Homeless Project 'Margins' Fundraising Income Miscellaneous Income CJRS Income Trading company turnover Group 6 Income from investments Bank interest Charity	Unrestricted £ - - - 13,880 19,410 275,093 308,383 65,907 374,290 Unrestricted £ 697 697	£ - 3,325 - - 3,325 - 3,325 £ 44 44 Restricted Restricted	2021 Total £ - 3,325 - 13,880 19,410 275,093 311,708 65,907 377,615 2021 Total £ 741 741	2020 Total £ - 36,874 - 22,248 19,246 -
				78,369
				1,276,710
				1,355,078
				2020 Total £ 1,998
				1,998

Union Chapel Project Notes to the financial statements For the year ended 31 March 2021

7 Analysis of expenditure

Analysis of expenditure
Basis of allocation Staff costs Direct Conservation & Repairs Direct Community Engagement Direct Homelessness project "Margins" Direct Fundraising costs Direct Support costs Staff time Staff/Vol expenses Equipment Marketing Building Maint. Office Expenses Rent Heat & Light Insurance Bank charges Depreciation Professional Fees Sundry Support costs Governance costs Total expenditure 2021 Total expenditure 2020	Charitable activities			£ 373,926 - - - 61,262 - - - - - - - - - - - - - Cost of raising funds	Support costs £ 217,376 - - - - - 1,512 7,614 10,579 17,778 19,311 16,000 9,346 24,448 161 51,959 14,684 36,214	- 2021 Total £ 811,555 74,633 29,975 62,362 61,262 - 1,512 7,614 10,579 17,778 19,311 16,000 9,346 24,448 161 51,959 14,684 36,214	2020 Total £ 931,850 212,450 48,261 66,833 531,981 5,655 1,744 304 17,472 13,667 10,173 7,953 13,634 350 6,420 6,017 10,123
	Conservation & Repairs £ 35,509 74,633 - - - - - - - - - - - - - - - -	Community Engagement £ 23,635 29,975 - - - - - - - - - - - - - - -	Homelessness project "Margins" £ 161,109 - - 62,362 - - - - - - - - - - - - - -
	110,142 105,408 1,337	53,610 105,408 1,337	223,471 105,408 1,337	435,188 105,408 1,337	426,982 (421,633) (5,349)	1,249,393 - -	1,884,886 - -
	216,887	160,356	330,217	541,934	-	1,249,393
	318,250	103,783	312,823	1,150,030	-	-	1,884,886

7a Analysis of expenditure (prior year)

Analysis of expenditure (prior year)
Basis of Staff costs Direct Conservation & Repairs Direct Community Engagement Direct Homelessness project Direct Fundraising costs Direct Support costs Staff time Staff/Vol expenses Equipment Marketing Building Maint. Office Expenses Rent Heat & Light Insurance Bank charges Depreciation Audit & Accountancy Sundry Support costs Governance costs Total expenditure 2020 Total expenditure 2019	Charitable activities			£ 608,328 - - - 531,980 - - - - - - - - - - - - Cost of raising funds	Support £ 100,940 - - - - 5,655 1,744 304 17,472 13,667 10,173 7,953 13,634 350 6,420 6,017 10,123	- 2020 Total £ 931,850 212,450 48,261 66,833 531,981 5,655 1,744 304 17,472 13,667 10,173 7,953 13,634 350 6,420 6,017 10,123	2019 Total £ 805,190 92,321 96,394 90,002 606,976 - 6,655 (90) 8,776 20,379 9,671 5,855 12,487 87 17,292 7,033 8,611
	Conservation £ 37,742 212,450 - - - - - - - - - - - - - - -	Community £ 16,631 - 48,261 - - - - - - - - - - - - - - - -	Homelessness £ 168,209 - - 66,833 - - - - - - - - - - - - -
	250,192 65,488 2,570	64,892 37,422 1,469	235,042 74,844 2,937	1,140,308 9,355 367	194,452 (187,109) (7,343)	1,884,886 - -	1,787,639 - -
	318,250	103,783	312,823	1,150,030	-	1,884,886
	169,254	140,604	310,433	1,167,348	-	-	1,787,639

Union Chapel Project Notes to the financial statements For the year ended 31 March 2021

8 Net income / (expenditure) for the year

This is stated after charging / (crediting): Operating lease rentals: Property Depreciation Interest payable Auditor's remuneration: Audit fees Other services Trustees` indemnity insurance	2021 £ 16,000 51,959 - - 4,023 1,650 1,326	2020 £ 16,000 47,300 - - 6,017 1,603 1,326

9 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

Staff costs were as follows: Salaries and wages Social security costs Employer’s contribution to defined contribution pension schemes	2021 £ 755,096 44,623 11,836	2020 £ 858,619 58,364 14,865
	811,555	931,848

One employee earned more than £60,000 (2020:£Nil).

The total employee benefits including pension contributions of the key management personnel were £143,501 (2020: £249,924).

The charity trustees were not paid or received any other benefits from employment with the Company or its subsidiary in the year (2020: £nil) neither were they reimbursed expenses during the year (2020: £nil). No charity trustee received payment for professional or other services supplied to the charity (2020: £nil).

Staff numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

Charitable activities Raising Funds Support Governance	2021 No. 6.6 46.3 5.8 0.3	2020 No. 15.6 52.3 8.8 0.3
	59.0	77.0

Six staff are full time employee and all other staff work on a part time basis. The average number of employees, expressed as full time equivalents was 12 (2020:28)

10 Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

Union Chapel Project Notes to the financial statements For the year ended 31 March 2021

Fire Protection £ 64,399 - -	Fixtures and fittings £ 165,209 11,538 -	Staging and equipment £ 222,177 - -	Equipment held under hire purchase contract £ 65,390 - -	Total £ 517,175 11,538 -
64,399	165,209	222,177	65,390	528,713
4,590 11,441 -	105,872 23,497 -	189,158 17,022 -	65,390 - -	365,010 51,959 -
16,031	129,368	206,180	65,390	416,969
48,368	35,841	15,997	-	111,744
59,809	59,338	33,019	-	152,165
Fire Protection £ 64,398 - -	Fixtures and fittings £ 107,491 6,389 -	Staging and equipment £ - - -	Equipment held under hire purchase contract £ - - -	Total £ 171,889 6,389 -
64,398	113,880	-	-	178,278
4,590 11,441 -	60,902 10,298 -	- - -	- - -	65,492 21,738 -
16,031	71,200	-	-	87,230
48,367	42,680	-	-	91,047
59,808	46,589	-	-	106,397

12 Investments

Union Chapel Directions Ltd

At 31 March 2020 Union Chapel Project owned the entire called up share capital of 6 ordinary £1 shares in Union Chapel Directions Limited, a company incorporated in the United Kingdom.

Union Chapel Directions Limited (UCD) operates a bar and provides hall hire for events held by Union Chapel Project. The subsidiary company donates its taxable profit to Union Chapel Project by Gift Aid. A summary of the subsidiary company's trading results is shown below. Accounts will be filed with the Registrar of Companies.

Union Chapel Project Notes to the financial statements For the year ended 31 March 2021

on Chapel Project es to the financial statements theyear ended 31 March 2021
Turnover Cost of sales Gross profit Other income Administration expenses Profit before taxation Tax on profit Profit for the financial year Profit and loss reserves at the beginning of the year Profit and total comprehensive income for the year Gift aid to Union Chapel Project Profit and loss reserves at the year end	2021 £ 291,071 (208,484)	2020 £ 1,288,365 (654,728)
	82,587 361 (233,107)	633,637 1,248 (409,886)
	(150,159) -	224,999 -
	(150,159)	224,999
	32,593 (150,159) -	58,248 224,999 (250,654)
	(117,566)	32,593

The Parent Charity has provided a short-term loan of £150,000 for the 2021/22 financial year at an interest rate of 5.5% APR, repayable by 30th September 2022. The purpose of the loan is to offset losses incurred as a direct result of Covid19 pandemic.

The Margins Project

On 25 July 2013 the semi-autonomous Homelessness project "Margins", that had previously been a project within Union Chapel Project, became a Charitable Incorporated Organisation (CIO) and subsidiary charity of Union Chapel Project.

The Margins Project operates with the Chapel building and provides support services for homeless people that include a Crisis Services, a Cafe Training Programme and Support Services. A summary of the subsidiary charity's results for the period to 31 March 2021 is shown below. Independently examined accounts will be filed with the Charity Commission.

Income Resources Resources Expended Net movement in funds Funds brought forward Total funds carried forward	2021 £ 254,677 (228,820)
	25,857 84,106
	109,963

At 31 March 2021, the total funds of The Margins Project amounted to £109,963 of which £26,581 was restricted and £83,382 was unrestricted.

Group 2021 £ 3,108	Group 2020 £ 6,283	Charity 2021 £ -	Charity 2020 £ -
3,108	6,283	-	-
Group 2021 £ - - - 1,807 58,859 26,379	Group 2020 £ 197,713 - - - 56,022 41,178	Charity 2021 £ - 161,208 62,555 54,013 56,124 15,691	Charity 2020 £ - 188,284 82,463 50,981 38,535
87,045	294,913	349,591	360,262

Union Chapel Project Notes to the financial statements For the year ended 31 March 2021

Group 2021 £ 26,363 1,445 - 339,251	Group 2020 £ 43,440 22,391 6,057 566,599	Charity 2021 £ 19,182 1,241 - 18,073	Charity 2020 £ 34,120 13,625 - 28,188
367,059	638,487	38,496	75,933
Group 2021 £ 177,959 (177,959) 28,732	Group 2020 £ 222,267 (222,267) 177,959	Charity 2021 £ - - -	Charity 2020 £ - - -
28,732	177,959	-	-

Deferred income comprises of customer invoices raised in/prior to 2021 for commercial trading activity that will take place in 2022.

16 Analysis of net assets between funds

Tangible fixed assets Net current assets Net assets at the end of the year	General unrestricted £ 111,744 127,492	Designated £ - 250,000	Restricted £ - 227,229	Total funds £ 111,744 604,721
	239,236	250,000	227,229	716,465

The trustees have set aside £250,000 as Designated Funds for future activities associated with future capital works.

16a Analysis of net assets between funds (prior year)

Tangible fixed assets Net current assets Net assets at the end of the year	General unrestricted £ 152,165 178,010	Designated £ - 250,000	Restricted £ - 107,829	Total funds £ 152,165 535,839
	330,175	250,000	107,829	688,004

The directors have set aside £250,000 as Designated Funds for future activities associated with the masterplan.

£ - - 33,043 74,786 - At the start of the year	£ 118,422 66,677 93,697 318,609 67,258 Incoming resources & gains	£ 118,422 - 66,833 292,750 67,258 Outgoing resources & losses	Transfers £ - - - - -	£ - 66,677 59,907 100,645 - At the end of the year
107,829	664,661	545,261	-	227,229

580,175	613,193	704,132	-	489,236

688,004	1,277,854	1,249,393	-	716,465

Union Chapel Project Notes to the financial statements For the year ended 31 March 2021

Union Chapel Project Notes to the financial statements For theyear ended 31 March 2021
17a Movements in funds (prior period) Restricted funds: Conservation & Repairs Sunday School Project Community Engagement Homelessness project - "Margins" Raising Funds Total restricted funds Total unrestricted funds Total funds	£ - - 8,543 105,812 - At the start of the year	£ 37,694 79,416 28,350 204,016 36,874 Incoming resources & gains	£ 37,694 113,871 3,850 235,042 36,874 Outgoing resources & losses	Transfers £ - 34,455 - - -	£ - - 33,043 74,786 - At the end of the year
	114,355	386,349	427,330	34,455	107,829

	734,158	1,338,028	1,457,556	(34,455)	580,175

	848,513	1,715,834	1,884,886	-	688,004

Purposes of restricted funds

Community Engagement

Grants, donations and fundraising activities used towards the running cost of organ outreach activities and other community engagement activities.

Building Conservation & Repairs

Grants, donations and fundraising activities used towards the costs of conservation and repair projects and professional fees.

Homelessness project 'Margins'

Grants, donations, fundraising activities and café profits used towards the running cost of the homelessness project.

The transfer between funds relates to balances paid between Union Chapel Project, Union Chapel Directions Limited and The Margins Project in the year which have been eliminated on consolidation but reflected in the restricted balance carried forward.

Union Chapel Project Notes to the financial statements For the year ended 31 March 2021

18 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for the reporting period (as per the consolidated statement of financial activities) Depreciation Interest, rent and dividends from investments (Increase)/ decrease in stock (Increase)/ decrease in debtors Increase/ (decrease) in creditors Net cash provided by / (used in) operating activities	2021 £ 28,461 51,959 (741) 3,175 209,675 (273,236)	2020 £ (160,509) 47,300 (1,998) 113 (5,439) (178,952)
	19,294	(299,485)

19 Analysis of cash and cash equivalents

Cash at bank and in hand Deposits (less than three months) Total cash and cash equivalents	£ 696,755 175,031 At 1 April 2020	Cash flows £ 9,499 341	£ - - Other changes	£ 706,254 175,372 At 31 March 2021
	871,786	9,841	-	881,627

20 Operating lease commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

1 year 2 - 5 years	2021 2020 £ £ 16,000 16,000 12,000 12,000 28,000 28,000 Property Group	2021 2020 £ £ 16,000 16,000 12,000 12,000 28,000 28,000 Property Group	2021 2020 £ £ 16,000 16,000 12,000 12,000 28,000 28,000 Property Charity	2021 2020 £ £ 16,000 16,000 12,000 12,000 28,000 28,000 Property Charity
	28,000	28,000	28,000	28,000

21 Legal status of the charity

The charity is a company limited by guarantee and has no share capital. Each member is liable to contribute a sum not exceeding £1 in the event of the charity being wound up.

22 Related party transactions

Union Chapel Project paid rent of £16,000 to Union Chapel for use of office space. Union Chapel made an unrelated unrestricted donation of £16,000.

23 Union Chapel

Union Chapel, Islington was founded in 1799 as a union between Non Conformists and local Anglicans.

In 1991 the Chapel set up Union Chapel Project to restore its building and develop the building complex by promoting therein charitable activities beneficial to the community. A management agreement exists between the two organisations.

In January 2015, Union Chapel Project relocated its office to 19b Compton Terrace - owned by the Union Chapel. A commercial rent is paid for this space.