2024-03-31-accounts

Registered number: 02583801 Charity number: 1010166

Union Chapel Project (A Company Limited by Guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

UNION CHAPEL PROJECT

(A Company Limited by Guarantee)

CONTENTS

	Page
Reference and Administrative Details of the Charity, its Trustees and Advisers	1
Trustees' Report	2 - 17
Independent Auditors' Report on the Financial Statements	18 - 21
Consolidated Statement of Financial Activities	22
Consolidated Balance Sheet	23 - 24
Charity Balance Sheet	25 - 26
Consolidated Statement of Cash Flows	27
Notes to the Financial Statements	28 - 47

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees	Philip Walker, Chair
	Jean Appleyard
	Kathryn Dixon
	Vaughan Jones (Resigned 31 July 2024)
	Thomas Linton-Smith
	Gordon Montgomery
	Fajer Qasem
	Huw Arfon Williams (Appointed 20 June 2024)
Company registered number 02583801 Charity registered number 1010166 Registered office Union Chapel 19b Compton Terrace London N1 2UN Independent auditors Goodman Jones LLP Arthur Stanley House 40-50 Tottenham St London W1T 4RN Bankers Barclays Bank plc Leicester LE87 2BB Solicitors Bates, Wells & Braithwaite London LLP 10 Queen Street Place London EC4R 1BE

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UNION CHAPEL PROJECT

(A Company Limited by Guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements of the Charity for the year 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

2. Principal aims, objectives and activities

Union Chapel Project (UCP or the Charity) 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.

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 the 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 2023-24 included:

• Live events, performances and live-streamed/filmed performances – hosting a range of high calibre music and cultural performances, social justice and community events, and filmed events, with audiences from our local community to international audiences

• The Margins Project (Margins) – our charitable subsidiary which works to provide a range of services that relieve need and hardship and provide opportunities, training/employment and empowerment for people facing homelessness, the risk of homelessness or crisis

• Facilities, Conservation & Repairs - carry out planned and reactive facilities and maintenance works to maintain and preserve the building and its contents safe and in good order to the highest standard.

• Sunday School Stories Project - develop and continue the delivery of Sunday School Stories project, capital and activities programme, including the recruitment of Participation Manager and Archivist.

• Our In Union and Re-Union arts, cultural and community programmes – increased community creative programmes and activities, using digital and physical resources

• Space hire to arts and community organisations – supporting theatre productions, filming and community organisations working with local 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, donations and income generation from its trading subsidiary Union Chapel Directions Limited (UCD), to fund its charitable activities and cover its operating costs.

This report covers the activities of UCP, UCD and Margins (together The Union Chapel Project).

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.

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(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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 longterm 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 The Union Chapel Project and consider the accessibility of the chapel to those on low incomes by offering free and low-cost activities, onsite and remotely.

3. Achievements and Performance

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.

Summary of achievements 2023-24

The financial year 2023-24 continued to be a challenging year across all our operations and activities – from the delivery of events and community activities, to staffing, capacity, building maintenance, finance, fundraising and resources. Despite these challenges, The Union Chapel Project was able to run a successful programme of onsite live events, with high profile artists throughout the year; continuing our important community provision; plan for further refurbishment of Union Chapel and continuing to pilot new programmes and approaches.

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, bringing the chapel space to more people, further enhancing Union Chapel’s reputation as a pioneering arts venue as well as a working church and heritage place.

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

Events and performances

In the wake of the challenges faced in the arts sector following Covid-19, our activity level not only stabilised but has demonstrated remarkable resilience and growth, surpassing our financial forecasts and achieving targets previously considered ambitious. Building on the successful financial year of 2022-23, throughout 2023-2024, we have engaged our community through a wide array of events, contributing to an impressive total of over 170 bookings this year, alongside additional community events and regular church events each Wednesday.

This year, we are proud to announce that we have surpassed £100,000 in revenue from rehearsals across the Sunday School Hall, marking a significant milestone for us. Key highlights included prestigious productions such as Elton John and Jake Shears’ Tammy Faye rehearsals, the Theatre of Belarus’ King Stakh's Wild Hunt, Wessex Grove Theatre's Enemy of the People, and Penelope Williams and Luke Evans in Backstage Billy, all utilising our space for their preparations. This is the first time we have reached such targets, firmly establishing our venue as a premier destination in the theatre community.

Additionally, we have continued our commitment to social responsibility by hosting successful fundraisers for various charities, including Shelter, Stand Up to Cancer, War Child, and the Bike Project, significantly enhancing our reputation as a supporter of local initiatives and social causes.

Our venue has become a sought-after destination for intimate album launches and showcases featuring internationally acclaimed artists such as Mitski, Gabriels, Jacob Collier, Jason Isbell, and Emeli Sandé. We also played an important role in the Jazz Festival, hosting a week's run of events across our space. Notably, we hosted a BRIT Awards show for the first time, further highlighting our venue's versatility and appeal. We also welcomed Ed Sheeran as a special guest performing for Passenger during his album launch, further

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(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

underscoring our venue's appeal. These achievements reflect not only financial success but also cement our status as a pivotal player in the arts and cultural landscape.

Our strong financial performance has empowered us to support community projects, such as hosting the Voluntary Action Islington Awards AGM, alongside various community workshops and initiatives.

In addition to our accomplishments in live events, we have strategically expanded into the podcasting sector, alongside spoken word and social justice events, in collaboration with the Guardian and Intelligence Squared. This diversification has accounted for 9% of our events in the 2023-24 financial year, and we are enthusiastic about further developing this emerging sector to enhance visitor experiences at our space.

Overall, we are developing strong links across the arts, cultural, and community sectors, positioning ourselves as a leading hub for collaboration and creativity. We look forward to building on this momentum and continuing to exceed expectations in the upcoming year.

Mitski 11 Oct 2023 https://www.nme.com/reviews/live/mitski-live-in-london-setlist-photos-3513100 “In her search for “beautiful, seated theaters” for her forthcoming spring tour, Mitski may well have already chosen the ultimate in the genre. Tonight, the singer describes London’s Union Chapel as “the most beautiful venue I’ve ever had the privilege to stand in” — a place she “would haunt the shit out of”. The space is resplendent in Gothic frescoes and vaulted ceilings: ideal both acoustically and aesthetically for what will be a mesmerising sermon.” 5 stars.

MitskiUnionChap111023 (27 of 30)

Damian Lewis 11 July 2023

“That’s one I won’t forget. Thank you to the iconic and beautiful Union Chapel for inviting me and the band to play. We loved it.”

MANCHESTER ORCHESTRA 1st, 2nd, 3rd October 2023

Peek behind the career defining and life-changing sold out October shows in this exclusive Express interview.

"After hours of respectful, stunned silence, Manchester Orchestra left the stage for the third and final time having changed lives and summoning countless tears."

"900 fans got to their feet and exploded with the noise, praise and adulation. Two men, two guitars, endless power and talent, and an experience no one was going to forget anytime soon."

Passenger 15 Nov 2023

The November album launch show was full of surprises! Invited on stage were artists that collaborated on album tracks, and former performers at Union Chapel, Ed Sheeran, Nina Nesbitt, Gabrielle Aplin, and Foy Vance

https://www.youtube.com/live/VnP77TrtUHc?feature=shared&t=471

"I genuinely can't imagine a more beautiful place on earth to be celebrating the release of an album...This is one of the most special gigs I've ever played, London. This is quite remarkable... This has been one of the best nights of my life "

Bear’s Den, 4 sold out shows Nov 2023

"It’s normal by this point for acts playing Union Chapel to have voices fit for the church: the acoustics are amazing, harmonies reverberating through the room and enhancing the naturally good voices that perform there."(When The Horn Blows)

Mental Health charity Beder raised over £8k for their suicide prevention work at a show that saw Zak Abel, Billy Lockett, Sonny Tennet and Ethan Hodges perform their moving pop to an adoring full crowd.

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(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The BRITs Week brought Cian Ducrot in February, both sold-out shows raising crucial funds for War Child UK.

Our healthy habit of delivering sold out shows spanning across genres and artforms continues, with Matilda Mann, Eloise, Hohnen Ford and Lydia Luce joined Lockeland Strings, Foy Vance, The Big Moon (5 Stars - The Upcoming), Jason Isbell, Fearne Cotton, Dan Whitlam, Joy Oladokun, Sleeping At Last, Nouvelle Vague, Camille O'Sullivan, Fairport Convention, The Coral, Glen Hansard who had a live jam with surprise guest Kelly Jones of The Stereophonics, Izo Fitzroy, and more, plus returning series shows success to Backyard Cinema's Romeo + Juliet and Banff Mountain Film Festival.

Gabriels have just released a limited run EP featuring recordings from their sold out show back in August here.

BARBARA THOMPSON MEMORIAL CONCERT

Click here to watch the finale of this celebration of a jazz legend with the first ever live performance of Barbara Thompson's 'Unity Hymn' performed by her Paraphernalia, Kim Cypher, Clem Clempson, and Big Sky Choir

You can also read a report on the concert, organised by Ana Gracey and in aid of Cure Parkinson's, in the recent Women In Jazz zine on page 119 here.

JAMES COMEY MEETS ARMANDO IANNUCCI

Watch back this live clip where the former director of the FBI joins the screenwriter and satirist to discuss how former president Trump's term affected the US justice system.

ZAK ABEL

Filmed on our stage in July, enjoy this live performance music video for the track 'Woman' featuring House Gospel Choir in a mix of soul, pop, and jazz.

"Griffin said she was hoping to be back before too long. She was on great form at Union Chapel and everyone there was hoping for a swift re-acquaintance as well" (8/10 Americana UK live review of Patty Griffin + John Smith June show)

"At 83 the soul-gospel legend has still got it: charisma, ebullience and a sensational baritone" (Four stars Times live review of Mavis Staples July show)

"Mavis Staples channelling the Holy Spirit and a whole lot more" (Financial Times live review)

Organ programme

Sadly, due our organ requiring an unexpected repair to the swell section, the majority of our programme had to be paused in order to focus on emergency fundraising to support the costly repair. Despite the Music Director and Programme Coordinator re-focusing much of their time on fundraising, a reduced but focused programme of organ activities which could be worked around the fault have continued throughout this time, focusing on education and outreach activities.

Organ lessons

We continued to offer free weekly organ lessons during term time with 4 pupils from local school St Mary Magdalene Academy. Students learn 1-to-1 with RCO accredited organ teacher Jeremiah Stephenson, with whom they have learned for several years, who says:

“This year has seen all four students continuing to make consistent progress and tackle new challenges. A particular highlight was the recital as part of the Open House event. This marked a particularly auspicious milestone for Bea and Dexter as this was their first public performance on the organ. All of the performances were well received by the supportive and enthusiastic audience, as well as providing an important confidence building experience for everyone who took part.”

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UNION CHAPEL PROJECT

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

School workshops

We delivered 3 days of multi-disciplinary workshops, centred around the organ, for children from three local primary schools. In total we welcomed 165 children to the chapel across the 3 days.

The workshop days were high-energy, and both students and teachers gave overwhelmingly positive feedback on their visit. Over half the students attending said that their favourite part of their visit was being able to play the organ themselves.

“We got to make our own things instead of watching.” - Student

[The thing I enjoyed most was] “that we got to have so much fun. It was amazing.” - Student

[The thing I enjoyed most was] “when I was beatboxing as the organ.” - Student

“We absolutely LOVED it. We could not agree which session was the best - we each have our favourites! Thank you so much to all the facilitators, they were superb.” - Assistant Head Teacher, local school

Organ Repair

A public appeal for funds to repair the swell section of the organ saw high-profile press coverage, including from the BBC as well as local press:

• Robert Elms’ BBC Radio London interview with Claire M Singer, Music Director of the Organ, at bbc.co.uk/sounds/play/p0gpmxdj [starts 02:12:50]

• Feature in the Islington Tribune: https://www.islingtontribune.co.uk/article/musician-pulls-out-all-the-stops-tosave-organ-from-climate-change

• Feature in God is in the TV zine: https://www.godisinthetvzine.co.uk/2023/11/24/news-claire-m-singerlaunches-appeal-to-save-world-famous-union-chapel-organ-built-in-1877-by-father-henry-willis/

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

The Margins Project (Margins)

Margins was established by The Union Chapel Project in 1992 to help people experiencing injustices and crisis, particularly those who are experiencing homelessness or living in precarious housing conditions. Although it helps people from across London, it primarily supports people from the London Borough of Islington and surrounding boroughs.

Margins aims to support its service users to achieve the following outcomes:

• Increase quality of life through better shelter, food, hygiene and safety, access to temporary or

• permanent accommodation, and the prevention of eviction

• Improve physical and/or mental health and well-being

• Improve economic circumstances through access to benefits and employment

• Improve life skills and employability skills

• Improve confidence and self-esteem

• Improve links and engagement with mainstream society.

It achieves the above by providing the following services:

• A community drop-in programme of services twice a week, offering communities nutritious hot meals, warm space, access to showers, laundry and clothing, hardship support, and emergency packs.

• Advice programme: services of advice on housing and benefits where all newcomers receive an initial assessment to work on each of their cases, primarily on housing and benefits, with referrals to specialist agencies including to health services, debt management advice, immigration advice and domestic violence support services

• Community engagement programme to provide practical empowering support as well as creative

• workshops that ameliorate one’s well-being and mitigate isolation.

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UNION CHAPEL PROJECT

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

• A Supported Employment Programme, catering for guests visiting our community drop-in programme and for audiences joining UCD events in the Margins Café. This programme also provides ancillary support such as CV writing and job-search

The number of guests (service users) using our services have continued to increase during this reporting period. Attendance per drop-in service averaged 65, compared with last year’s 58 average. The community drop-in programme continued to offer to over 275 individuals hot nutritious meals, access to showers, laundry, and IT facilities; access to emergency housing/benefit advice; and the opportunity to engage in the kitchen training programmes. Working collaboratively and seamlessly with the Advice & Engagement and Supported Employment programmes, this programme has seen the needs for its services double over the last two years. This collaborative work has given our guests readily accessible services:

• 212 unique advice and group engagements

• 351 face-to-face appointments

• 46 newly registered guests

• 160 referrals to a Food Bank, an increase of 40%, as a direct result of the cost-of-living crisis as told by

• guests, and new guests

• Over 75 supported on travel and utility top up, an increase of 39%, as a direct result of the cost-of-living

• crisis as told by guests

• An 89% increase in people seeking general benefit advice

Margins’ Supported Employment Programme, with ancillary job search support has continued throughout 202324. It has received referrals from a wide range of organisations, including Hillside Club House but increasingly from Islington Council and Job Centre Plus. Nine trainees participated in the programme with three successfully graduating and gaining employment, three part-way through completion and two transferring to other opportunities where they will receive additional support.

Margins has continued its dedication to breaking down the barriers to arts and creativity. Islington People's Theatre in collaboration with Rehearse the Revolution and Margins ran 6 weeks of drop-in applied theatre and forum theatre workshops in the Lower Hall for those in recovery/homeless or at risk of homelessness & those trying to access mental health services.

Oct 5 – Nov 9 2023 https://islingtonpeoplestheatre.co.uk/blog/be-the-change-new-drop-in-applied-theatre-forumtheatre-workshops/

Islington People's Theatre and Rehearse the Revolution ran 6 weeks of drop-in applied theatre and forum theatre workshops in the Margins Lower Hall for those in recovery/homeless or at risk of homelessness & those trying to access mental health services.

Feb 18 2024 https://www.bigissue.com/news/social-justice/union-chapel-margins-project-homeless-london/ We welcomed The Big Issue to one of our Drop Ins in February so they can see, first hand, the work we do and speak to our guests about their personal experiences.

"There’s good support if you need it. You’ve got to ask for help. And don’t give up.”

May 5 2023 FILM https://unionchapel.org.uk/venue/news-views/the-margins-project-at-union-chapel-supportingthose-facing-homelessness-and-crisis

Imagine Islington

In early May, our Margins guests took part in a Community Conversation surrounding creativity, arts, and culture to amplify the voices of those with lived experience to help inform Islington Council's new cultural strategy; Imagine Islington.

Margins continued our dedication to breaking down the barriers to the arts by offering free tickets to those who took part in multiple Imagine Islington events to Union Chapel shows of their choice.

May 23 2023 https://unionchapel.org.uk/venue/news-views/the-margins-project-re-launches-its-empoweringsupported-employment-programme

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(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Each year Margins invites individuals who have experience of homelessness and other critical living crisis or disadvantage to become trainees on a four-month-long Supported Employment Programme. Candidates in this Programme are trained to prepare meals for its drop-ins services twice a week and for live event audience members at theMargins Café.

While boosting their life skills, reducing isolation and building confidence, the trainees gain invaluable experience in the hospitality sector.“Tasty food & good value for money. Even better to know profits help people in need”

“Lovely homey meal made with lots of love and served with a smile which makes it taste even better!”

"Always choose here over a restaurant. Keep up the great work!”

“Delicious food – just how I remembered from last time! Felt like a hug on a plate – you guys definitely work with love. Tell me the recipe please"

“Phenomenal!!! And chef amazing with allergy advice. Keep doing what you’re doing!”

“The best food, so fresh & tasty. I’ve been here several times & never been disappointed. Well done!”

“A fabulous project, food, and idea in a beautiful setting”

“Thank you for the stomach hug"

“Your food is good for the soul”

Union Chapel Church

Union Chapel is the name of the church founded in 1799, which has played an important role in the life of Islington’s religious and social life ever since. Union Chapel Project and the Margins Project work closely with the Church to ensure that its buildings are well used and to support people from the London Borough of Islington. The Church is a separately constituted charity (No 1172808) and responsible for its own governance.

The Church holds services each Sunday, with preaching relevant to our challenging context. The church takes full advantage of its organ and musical tradition. A pool of professional musicians enhances the worship with Gospel, jazz, and classical music. A Bible Study class takes place every week. Our ever-popular Carols by Candlelight takes place in December. Services and activities are published online. The church also officiates at weddings, including same-sex marriages and memorial services. In June we held our annual Pride service.

The Church also hosts a community choir, Union Chapel Voices, which assists in Sunday services.

Our social justice and community outreach activities have become an important feature in the life of the Church which is under contract with Islington Council to provide wraparound support to asylum seekers in two hotels in the borough. This has drawn the Church closer to The Margins Project.

Activity 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

2023-24 has been another challenging year for the Infrastructure team with an extremely reduced budget for the fourth financial year in a row while the organisation is still recovering from the financial challenges brought by the pandemic. We had to find a fine balance between keeping the building safe for chapel users and staff, minimising the impact of delayed repairs from previous years, maintaining these wonderful buildings to the highest standards and providing daily maintenance so that activities and events that attract over 120,000 people a year can be carried out in a safe building to the satisfaction of modern audience expectations.

In addition to the above, the increased use of the building for all activities across The Union Chapel Project, have increased the daily demands on both the day to day and long-term building maintenance while the Infrastructure

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(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

staff numbers and budget couldn’t be increased proportionally.

Priority was given to mandatory health and safety. We commissioned Health and Safety Policy and Fire Risk Assessments from our competent consultant WorkNest and planned and managed works to comply with their requirements. These works are an integral part of Facilities and Maintenance planned and reactive works, including: fire strategy compliance; regular tests and works to the fire alarm, burglar alarm, emergency lights and electrical installations; legionella testing; PAT testing; stair lift testing; gutters and underground drainage cleaning; and, the management of waste, pest control, cleaning, accessibility and staff training on H&S matters.

The building works were mainly related to urgent repairs to fire doors, fire alarm and stair lift, planning and management of the organ repairs project, numbering of pews, and we obtained necessary consents from local authority and insurance.

Infrastructure also reviewed UCP Environmental strategy works and developed our relationship with Islington Sustainability Network. In 2024 we completed the Mayor of London’s Business Climate Challenge Project receiving the certificate of “Leading London business taking action to reduce energy consumption and carbon emissions”.

This project was fully funded by the Mayor of London and, as a result of our participation, we received the Energy Audit recommendation report provided by environmental engineering consultants WSP. This covered the whole building complex providing an invaluable support for environmentally sustainable elements included in the Sunday School Stories project.

Sunday School Stories Project

2023-24 was a major milestone for the delivery of the project activities and repair works. Capital works:

The Design Team completed the tender documents for the capital works in consultation with Union Chapel and various stakeholders. We reduced the risks from unexpected findings during the works on site by arranging various opening up works. These revealed a very unusual floor construction technique with metal straps tongued in the floorboards and the remains of the original Victorian Toby’s ventilation system used in the Sunday School.

The financial year finished soon after the tenders returned with values 30% higher than estimated. The decision was to carry out a major Value Engineering exercise and split the capital works project into two Phases to retain a maximum project value of £2,181,673 +VAT.

Activities:

In 2023 we recruited the Participation Manager and the Archivist, two new key roles funded by the project and respectively responsible to manage the delivery of the activities and to manage all what relates to Union Chapel collection while providing support to the activities programme.

In January 2024 our creative community came together in our first #SundaySchoolStories Heritage Workshop to build a Victorian Stage recently rediscovered in our archive of hidden gems https://unionchapel.org.uk/venue/news-views/sundayschoolstories-heritage-workshop-victorian-stage our creative community came together in our first #SundaySchoolStories Heritage Workshop to build a Victorian Stage recently rediscovered in our archive of hidden gems.

"The structure was not just a pile of old wood, it was a magical symbol of harmony that effortlessly joined us with itself in common purpose."

Photographers, fine artists, audio engineers, and filmmakers gathered alongside builders, joiners, and those wanting to get stuck in to heritage construction to take apart and rebuild this beautiful vintage piece, learning the intimate details and historic methods used in the Victorian era.

Thanks to facilitators @triskeleconservation and to all that participated by sharing craft and creativity in true

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(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

community spirit.

Many more details can be found on our website: SundaySchoolStories | Heritage Workshop | Victorian Stage | News | Union Chapel

Heritage programme

• Developed and delivered Open House/Heritage Open Day within Organ Programme with the Organ Team and The Friends of the Union Chapel (Friends).

• It was a very successful day when hundreds of visitors came to listen to the organ recitals, take part to workshops and discover Union Chapel beautiful architecture and learn more about the history, Nonconformist church, and our charitable work.

• Quotes from visitors:

"Fabulous community event and organisation! Keep it up! I enjoyed my visit tremendously" "The event and the venue worked perfectly together. It was one of the most engaging things I have been"

“Thanks to the staff and volunteers (especially the tour guide) who were very friendly and shared their knowledge, making the visit very enjoyable"

• Work was done to bring back the popular Heritage Tours of the Chapel by Islington Guided Walks Group.

The Friends of the Union Chapel

The Friends of the Union Chapel (Friends) help restore and preserve the Union Chapel and organise a variety of activities in the building.

The Union Chapel Project would like to thank the Friends for their advice and support given in the preservation and promotion of our heritage and in helping to keep the building open to the community during heritage events.

The Gardening Group, a collaborative effort between members of the Friends, Union Chapel Church, and The Union Chapel Project, have made huge progress in the maintenance and tidying of the courtyard and staff garden. More than 80 bags of green waste, general waste and wooden logs were cleared out, bagged up, and removed or donated. This has improved accessibility to the outside areas, and reduced some dampness in the toilet block wall.

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

Fundraising

Total income raised through fundraising in 2023-24 was £415,421 which represents a 6% increase from the previous years amount of £391,845. As predicted the effects of the 2022-23 cost-of-living crisis continued to impact fundraising with a need to raise fundraising targets, whilst managing an environment where competition

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UNION CHAPEL PROJECT

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

for grants has increased and individual giving has decreased. This trend will likely continue for some years as the economy recovers. Some funds awarded this year will show in future accounts as we focus on securing multiyear funding for core and projects, which span more than one financial year such as Sunday School Stories, a £2m capital project. This year saw investment in the fundraising team in anticipation of the current climate and need. We will continue to review our fundraising strategy and look to increase income from alternative sources such as corporate sponsorship, fundraising events and high net worth individuals.

Summary of fundraising achievements 2023–24:

• Our strategic focus has been on building strong, longer-term relationships and developing new partnerships with Trust and Foundations, with a mix of existing funders, some of whom increased their commitment for future years and new funders

• Funds awarded for 2023-24 supported a mix of core costs, unrestricted, or capital works/ conservation, contributing to the survival and future of our organisation

• .Notable support came from the Oak Foundation, Henry Smith Foundation and the National Lottery Heritage Fund

• We have continued to work strategically with our Corporate Partners, many of whom are aligned with our Margins Project and in addition to financial support have given their time and expertise through volunteering. We have been delighted to continue working with Slaughter & May and have welcomed Jones Day on board.

• The unique impact of our charitable activity has continued to be recognised by the London Borough of Islington whose ongoing commitment and support we are very grateful for

• Capital fundraising for the Sunday School Stories Project continues as external costs have continued to rise, and is now almost complete. And fundraising for the repair of our unique heritage organ, central to Union Chapel, is underway and ongoing

• We raised over £30,000 from individual donations via regular giving, our music audiences at point of sale (voluntary donation) and various campaigns across the year, including Margins Winter Campaign, The Big Give Arts for Impact Campaign and the Organ Repair Campaign

Campaigns Summary

Margins Winter Campaign

We thank all our regular givers to the Margins Project’s vital services, including those who donated during our Winter Campaign, highlighting the growing demand for homelessness support during the cold, winter months.

"We need to look after our most vulnerable. Union Chapel is not just a venue; it is the centre of the hub. It is a community organisation. It is a space of belonging."

Amanuel, Head of Margins on BBC Radio London : Listen here from 2:36:50

Organ Campaign

November saw the launch of our Organ Repair campaign raising vital funds for urgent work needed to preserve this historically significant ‘Instrument of Importance’ (British Institute of Organ Studies) to keep it working for generations to come, and to enable the continuation of our traditional and groundbreaking work of recitals, new commissions encouraging new uses of the organ, schools’ workshops, free lessons, and internationally renowned Organ Reframed Festival. This campaign continues.

March 2024 Big Give, Arts for Impact Match Funded Campaign

With an online ad campaign and presence at shows during this weeklong campaign, we surpassed our £20k target to reach £20,356 donations and match funding in aid of our upkeep and cultural and community programmes to provide more inclusive opportunities to access high quality arts and services.

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(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Membership

May 2023 saw the relaunch of our new membership offer which brought in just under £15k to support the Charity’s core costs. Our aim is to monitor and review the scheme including the offer, partner discounts and management to keep improving and growing the scheme.

May 31 2023 https://unionchapel.org.uk/venue/news-views/union-chapel-memberships-launched

Union Chapel Directions Limited

Union Chapel Directions Limited (UCD) is a trading subsidiary of UCP and works to support Aims 1 and 4. 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. See Aim 1 for details of activities for the financial year.

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. This enables us to bolster our charitable initiatives and engagement within the community. All profits from the trading subsidiary are Gift Aided to the Charity, in order that it can undertake its charitable aims.

4. Plans for the Future

For the immediate future, we are optimising net revenues in order to rebuild our balance sheet following the impact of the lockdowns and our inability to facilitate gigs and performances for a significant time period during 2020-22. We are also gearing up for the exciting and substantial refurbishment of the Sunday School. We will continue to develop and offer outreach into our local community. We will also prioritise sustainability in both building works and our operations.

Our community programme is an integral part of the organisation and fulfils some of our charitable objectives. The gigs and other events are also crucial to our reputation and generating most of our income.

As part of its employment initiative, Margins often cooks food for concertgoers which is a wonderful addition to the experience of both patrons and trainee chefs.

Looking beyond the building works, we are committed to making Union Chapel a leading centre for the arts, culture and community in London. We are also committed to the master plan for the building which stretches ahead a further 15 years and envisages much improved access, a reception area and a lift serving all three floors. We are acutely aware of course that as we focus on the fabric of the building, we need to continue to expend energy into ensuring the building is kept alive with activity.

Thank-You

On behalf of the Board may I thank our hard-working staff, stewards, the numerous volunteers we are delighted to work with, all sorts of stakeholders such as the Friends of the Union Chapel, the Church, our near neighbours and our many external advisers some of whom work on a pro bono basis. This community, together with our supporters and donors, some private, some public such as the National Lottery Heritage Fund, all contribute to creating the unique and wonderful Union Chapel.

Finally, may I thank my fellow directors, all of whom volunteer their time and expertise, to make this project a success.

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UNION CHAPEL PROJECT

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

5. Financial review

Summary

Overall, UCP reported a consolidated surplus of £161,607 for the financial year compared with a deficit of £238,739 for 2022-23. Income increased by 25% to £1,880,911 while costs have reduced slightly to £1,719,304 as higher costs of generating income were more than offset by lower project and operational expense. The surplus has been added to retained reserves.

Net funds at 31 March 2024 were £934,663, of which £708,759 was unrestricted, including £237,195 of designated reserves.

Income

Commercial income showed a significant increase to £1,341,662 from £1,024,148 in 2022-23 as we grew our events programme and commercial income streams back to the levels achieved pre-2020. Total noncommercial income for the year was £539,249 (2023: £485,105) with increases in all income categories.

Expenditure

Expenditure for the year totalled £1,719,304 against £1,747,992 for 2022-23, a decrease of 1.6%. There are several reasons for this decrease. There was an increase in costs of putting on increased activity as well as the impact of inflation. However, these were more than offset by non-recurrence of post pandemic start-up costs, the impact of vacancies on staff costs and lower project costs than in the previous year due to phasing.

Balance sheet

The net current assets rose from £716,149 in 2023 to £895,848 at 31 March 2024 due to the impact of stronger cash flow from trading in particular. Cash flow from operations was positive in the year ended 31 March 2024 having been negative in the preceding year.

Total funds at 31 March 2024 stood at £934,663 (2023: £773,056).

Reserves policy

UCP’s reserves policy reflects the organisation’s objective of balancing the need for financial stability with providing matched funding for various capital works and the ambition to expand the range of services offered.

General reserves at the year-end are reported as £421,564, an increase of £201,047 over the year. Of total unrestricted funds, £38,815 is set aside for fixed assets. Our current reserves policy reflects holding 3-6 months of consolidated unrestricted operating expenses.The Trustees plan to review the reserves policy within the next year. The focus of attention for the next few years will be to restore reserves to a level to ensure sustainability whilst working to develop the new business strategy and associated funding model.

Building reserves will be achieved through a combination of increasing commercial and unrestricted income from grants and donations whilst closely managing the cost base.

Following a review of designated reserves the Trustees decided to transfer £54,116 to general reserves, and £12,836 to restricted funds. The remaining designated reserves include £250,000 in respect of the Sunday School Project and capital works.

6. Fundraising Approach

The Union Chapel Project’s current approach to fundraising is to be transparent, clear and friendly. UCP directly employs qualified personnel as fundraising employees with clear remits and has engaged with qualified fundraising consultants on specific campaigns (e.g. the Sunday School capital programme). Fundraising activities are for capital works and arts and community activities within the organisation’s aims and objectives.

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(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

The Head of Development 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 operations on a quarterly basis and the fundraising strategy is reviewed annually. Although important and increasing, fundraising is not currently the primary source of income for the Charity.

The Union Chapel Project 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 and tap to donate points on site – these are voluntary cash and card collections and are held at the end of specific 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 indicating for which project the funds are being raised e.g. the Sunday School

• Crowdfunders – online time-specific campaigns for specific projects or needs, circulated to our members, mailing lists and through our digital channels

• Specific fundraising events to raise funds – this might be through the purchasing of tickets or donations

• given 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

• 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

• General donations – specific donations page on the website for one off and spontaneous donations

• We have not received any complaints about our fundraising approach. Should any donors be unhappy

• we encourage them get in touch to resolve issues or to complain with our Development Team who will address the complaint in house. Failing a satisfactory resolution, 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 Code of Fundraising Practice which includes treating people fairly and with respect, and specific guidance on people in vulnerable circumstances.

7. Structure, governance and management

Constitution

Union Chapel Project (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 shall be those of the Minister and the members of the Church.. 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 four times each year, or more frequently if required. A Finance and Remuneration Sub-Committee also meets four times a year. 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.

• Finance and Operations

• Union Chapel Directions

• The Margins Project

• Conservation and Repairs

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(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

• Fundraising and Development

• Organ

The Leadership Team meets on a weekly basis and is responsible for achieving operational plans and budgets and focusing on procedures and improvements across the organisation.

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

Employees

Day to day management and operations of the Charity is delivered by its paid staff with specific responsibility for activities within the building. The permanent full time complement of staff for the year was 15 full-time and 10 part time (excluding casual staff). The organisation was supported by a team of approximately 25 volunteers.

Structural review

During 2023-24 further board discussions were held regarding the implementation of a consolidated approach to the delivery of community and social justice programmes across UCP and Margins. These discussions arose as the result of an earlier substantial review of the organisational structure and associated governance arrangements. The implementation of any substantive changes has been largely paused whilst both boards undergo a period of refreshment.

Diversity and Representation

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. Equal opportunities data is collected to review and ensure recruitment processes are engaging with diverse applicants, and particularly applicants with protected characteristics or underrepresented in the organisation or sector, and to inform the shortlisting process to ensure applicants at interview stage represent the diversity of applicants received. Diversity reviews are undertaken to ensure The Union Chapel Project is improving representation of our local communities across the organisation; retaining staff, casuals, volunteers and trustees/directors from diverse backgrounds; and always improving our procedures, culture, engagement, development and approach around diversity, equality and representation. Salaries are reviewed on an annual basis by the Finance and 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.

Appointment and retirement of trustees

As stated in the Articles of Association there should be five (minimum) to seven (maximum) Trustees. One of these Trustees should be the Minister or, if they are unable or unwilling, a person elected by the Church. There should be a further two (minimum) to three (maximum) 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 at any time, but must be formally elected to the Company at the subsequent Annual General Meeting (AGM).

One of the two non-Church Trustees and one of the three Church-elected Trustees should retire by rotation at each AGM in accordance with who has been longest in office.

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.

In 2021-22, the UCP board adopted a revised Terms of Reference, which clarified roles and responsibilities between UCP Trustees and Leadership Team staff and specified lengths of terms of office for Trustees. Each Trustee shall retire from office at the third AGM following the commencement of their term of office, with a limit of three terms of office of three years.

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(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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

Trustee Induction and Training

New trustees undergo an orientation process to meet key staff and other trustees. An information pack is provided that includes the Charity’s Memorandum and Article of Association, most recent audited accounts, latest management accounts, the business plan and organisational chart, along with signposting to Charity Commission guidance on the role and responsibilities of trustees.

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

Risk Management

The Trustees are responsible for overseeing the risk management strategy for the Charity and its subsidiaries. A 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.

The key risks currently facing The Union Chapel Project are: ensuring ongoing financial stability; funding to support our planned capital works programme; ensuring the health and safety of the building; ensuring sufficient/trained staff and an effective infrastructure to deliver our activities; and, consideration of our location in the middle of a residential neighbourhood.

Some of the measures taken to mitigate these risks are the following:

• Leadership Team and boards to keep onsite procedures, activities and income generating plans under regular review to manage external financial and social circumstances as best as possible, and in line with sector best practice

• Leadership Team and boards to follow internal policies on recruitment, retention and development to ensure an effective, well-trained and motivated team of staff and casual workers are in place

• The Development Team continue to review and renew its Fundraising Strategy to accommodate and tackle both the changing economic climate and the increased needs of the organisation. The current aim is to strengthen areas that are currently successful to increase resilience and build on existing and new income streams with potential for significant growth. To support this strategy, the Team is aiming to strengthen its infrastructures.

• Ongoing focus on the fabric of the building and its restoration and refurbishment. Health and Safety remains a major factor in such an historic building and this is monitored continually. Quinquennial inspections and the recent appointment of a health and safety consultancy in conjunction with our insurance company, ensure that issues are identified and can be acted on timely.

• The events team and building/facilities staff continue to work closely with our neighbours to ensure minimal disruption during events including a self-imposed curfew and noise restrictions for performers, working with Islington Council to manage crowd control, and the management of other potential/actual disruptions

• The Finance and Remuneration Sub-Committee reviews our financial position to ensure we have adequate funds to ensure sustainability and to meet our charitable objectives. Therefore, the Trustees are satisfied that systems are in place to mitigate the risks identified.

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UNION CHAPEL PROJECT

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles of the Charities SORP ;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

• so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and

• that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.

Auditors

The auditors, Goodman Jones LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................

Philip Walker Trustee Date: 01-02-25

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(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNION CHAPEL PROJECT

Opinion

We have audited the financial statements of UNION CHAPEL PROJECT (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, 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 Group's and of the parent charitable company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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UNION CHAPEL PROJECT (A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNION CHAPEL PROJECT (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinion 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 for the financial year for which the financial statements are prepared is consistent with the financial statements.

• the Trustees' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

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

• the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Trustees' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 the Trustees 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 Group's and the parent charitable company'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 Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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UNION CHAPEL PROJECT

(A Company Limited by Guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNION CHAPEL PROJECT (CONTINUED)

Auditors' 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 Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and sector, we identified that the principal risks of non-compliance with laws and regulations related to sector regulations and unethical and prohibited business practices, and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities Act 2011, Charity Commission and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:

• Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

• Reading minutes of meetings of those charged with governance;

• Obtaining and reading correspondence from legal and regulatory bodies including HMRC;

• Identifying and testing journal entries;

• Challenging assumptions and judgements made by management in their significant accounting estimates.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 Auditors' Report.

Page 20

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNION CHAPEL PROJECT (CONTINUED)

Use of our report

This report is made solely to the charitable company'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 charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Goodman Jones LLP

Arthur Stanley House

40-50 Tottenham St

London

W1T 4RN

Date: 03-02-25

Page 21

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note Income from: Donations and legacies Charitable activities 5 Other trading activities 6 Investments 7 Total income Expenditure on: Raising funds Charitable activities 8 Other expenditure 10 Total expenditure Net income/(expenditure) Transfers between funds 19 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward 4	Restricted funds 2024 £ 291,336 - - - 291,336 - 276,660 - 276,660 14,676 12,836 27,512 198,392 27,512 225,904	Unrestricted funds 2024 £ 123,499 115,438 1,341,662 8,976 1,589,575 115,906 624,012 702,726 1,442,644 146,931 (12,836) 134,095 574,664 134,095 708,759	Total funds 2024 £ 414,835 115,438 1,341,662 8,976 1,880,911 115,906 900,672 702,726 1,719,304 161,607 - 161,607 773,056 161,607 934,663	Total funds 2023 £ 391,845 92,032 1,024,148 1,228 1,509,253 19,904 1,147,229 580,859 1,747,992 (238,739) - (238,739) 1,011,795 (238,739) 773,056

Page 22

UNION CHAPEL PROJECT (A Company Limited by Guarantee) REGISTERED NUMBER: 02583801

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

Note Fixed assets Tangible assets 14 Current assets Stocks 16 Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds: Restricted funds 19 Total restricted funds 19 Unrestricted funds Designated funds 19 General funds 19 Total unrestricted funds 19 Total funds	14,593 439,628 1,163,410 1,617,631 (721,783) 225,904 287,195 421,564	2024 £ 38,815 38,815 895,848 934,663 934,663 934,663 225,904 708,759 934,663	3,108 488,064 930,233 1,421,405 (705,256) 198,392 354,147 220,517	2023 £ 56,907
				56,907 716,149
				773,056
				773,056
				773,056
				198,392 574,664
				773,056

Page 23

UNION CHAPEL PROJECT (A Company Limited by Guarantee) REGISTERED NUMBER: 02583801

CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

Philip Walker (Trustee)

Date: 01-02-25

The notes on pages 28 to 47 form part of these financial statements.

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UNION CHAPEL PROJECT

(A Company Limited by Guarantee) REGISTERED NUMBER: 02583801

CHARITY BALANCE SHEET AS AT 31 MARCH 2024

Note Fixed assets Tangible assets 14 Investments 15 Current assets Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds: Restricted funds Total restricted funds Unrestricted funds Total funds	489,984 493,103 983,087 (115,753) 201,904	2024 £ 36,236 6 36,242 867,334 903,576 903,576 903,576 201,904 701,672 903,576	661,223 75,805 737,028 (91,469) 198,392	2023 £ 51,318 6
				51,324 645,559
				696,883
				696,883
				696,883
				198,392 498,491
				696,883

Page 25

UNION CHAPEL PROJECT (A Company Limited by Guarantee) REGISTERED NUMBER: 02583801

CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024

The Charity's net movement in funds for the year was £ 206,693 (2023 - £(253,615)) .

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ Plitip Waller

Philip Walker

(Trustee)

Date: 01-02-25

The notes on pages 28 to 47 form part of these financial statements.

Page 26

UNION CHAPEL PROJECT

(A Company Limited by Guarantee)

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Interest income Purchase of tangible fixed assets Net cash provided by/(used in) investing activities Cash flows from financing activities Net cash provided by 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 Note 21	2024 £ 224,201 8,976 - 8,976 - 233,177 930,233 1,163,410	2023 £ (263,805) 1,228 (3,021) (1,793) - (265,598) 1,195,831 930,233

The notes on pages 28 to 47 form part of these financial statements

Page 27

UNION CHAPEL PROJECT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. General information

The charitable company is a company limited by guarantee principal place of registered in England and Wales. Its business is 19b Compton Terrace, London, N1 2UN. The members of the company are the minister and Church members. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the charitable company.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The charitable company and group 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.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

2.2 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.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Page 28

UNION CHAPEL PROJECT

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £1000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Staging and equipment	-	25%
Fixtures and fittings	-	25%
Fire protection	-	10%
Equipment	-	25%

Page 29

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

2.7 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment.

Investments in subsidiaries are valued at cost less provision for impairment.

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.12 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 30

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. Accounting policies (continued)

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the canying amounts of assets and liabilities within the next financial year are discussed below

Income recognition - the Charity, and the Group, receives income from contracts and performance grants. These agreements include various quantitative and qualitative milestones and performance conditions to be met in order for the Charity to have entitlement to the funds. The Charity makes various assumptions in determining the stage of completion of these contracts and performance grants.

Page 31

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

4. Income from donations and legacies

Page 32

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

4. Income from donations and legacies (continued)

Page 33

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

5. Income from charitable activities

Unrestricted funds 2024 £ Income from charitable activities 115,438 Total 2023 92,032	Total funds 2024 £ 115,438 92,032	Total funds 2023 £ 92,032

6. Income from non charitable trading activities

Unrestricted funds 2024 £ Sales 1,341,662 Total 2023 1,024,148	Total funds 2024 £ 1,341,662 1,024,148	Total funds 2023 £ 1,024,148

7. Investment income

Unrestricted funds 2024 £ Investment income - interest receivable 5,089 Trading income - Interest receivable 3,887 8,976 Total 2023 1,228	Total funds 2024 £ 5,089 3,887 8,976 1,228	Total funds 2023 £ 880 348
		1,228

Page 34

UNION CHAPEL PROJECT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. Analysis of expenditure on charitable activities

Summary by fund type

Core Supported employment programme Crisis services Sunday school Organ Total 2023	Restricted funds 2024 Unrestricted funds 2024 £ £ 52,309 538,461 93,234 68,600 71,372 16,951 50,099 - 9,646 - 276,660 624,012 346,250 800,980	Total 2024 £ 590,770 161,834 88,323 50,099 9,646 900,672 1,147,230	Total 2023 £ 774,272 95,145 101,793 57,968 118,052
			1,147,230

9. Analysis of charitable expenditure by activities

Core Supported employment Crisis services Sunday school Organ Total 2023	Activities undertaken directly 2024 £ 2,237 107,641 46,172 50,099 9,646 215,795 265,886	Support costs 2024 £ 588,533 54,193 42,151 - - 684,877 881,343	Total funds 2024 £ 590,770 161,834 88,323 50,099 9,646 900,672 1,147,229	Total funds 2023 £ 774,272 95,145 101,793 57,967 118,052
				1,147,229

Page 35

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. Analysis of charitable expenditure by activities (continued) Analysis of support costs

Staff costs Premises Services Other costs Total 2023	Cost of sales 2024 £ 324,682 182,980 72,261 8,610 588,533 709,029	Supporting Premises 2024 £ 28,287 7,326 10,324 8,256 54,193 36,741	Crisis service 2024 £ 22,000 5,698 8,031 6,422 42,151 66,609	Other 2024 £ - - - - - -	Total funds 2024 £ 374,969 196,004 90,616 23,288 684,877 881,343	Total funds 2023 £ 611,336 44,155 176,737 49,115
						881,343

10. Other expenditure

Unrestricted funds 2024 £ Trading expenditure 702,726 Total 2023 580,859 Auditors remuneration Fees payable to the Charity's auditor for the audit of the Charity's annual accounts Fees payable to the Charity's auditor in respect of: All non-audit services not included above	Total funds 2024 £ 702,726 580,859 2024 £ 12,500 3,850	Total funds 2023 £ 580,859
		2023 £ 10,500 3,850

11. Auditors remuneration

Page 36

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	Group 2024 £ 868,195 59,078 12,617 939,890	Group 2023 £ 917,116 51,255 19,484 987,855	Charity 2024 £ 395,995 31,080 7,092 434,167	Charity 2023 £ 489,435 28,086 13,207
				530,728

The average number of persons employed by the Charity during the year was as follows:

	Group	Group	Charity	Charity
	2024	2023	2024	2023
	No.	No.	No.	No.
Total
Average no. of employees	38	40	13	24

No employee received remuneration amounting to more than £60,000 in either year.

The total employee benefits including pension contributions of the key management personnel were £214,192 (2023: £261,069).

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023:£Nil)

During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £Nil) .

Page 37

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. Tangible fixed assets

Group

Cost or valuation At 1 April 2023 Disposals At 31 March 2024 Depreciation At 1 April 2023 Charge for the year On disposals At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 Charity Cost or valuation At 1 April 2023 At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024	Staging and equipment £ 224,468 - 224,468 221,467 3,001 - 224,468 - 3,001	Fixtures and fittings £ 177,479 (2,900) 174,579 162,580 12,320 (2,900) 172,000 2,579 14,899	Fire Protection £ 69,813 - 69,813 30,806 2,771 - 33,577 36,236 39,007 Fixtures and fittings £ 113,880 113,880 101,569 12,311 113,880	Equipment £ 65,390 - 65,390 65,390 - - 65,390 - - Fire Protection £ 69,813 69,813 30,806 2,771 33,577	Total £ 537,150 (2,900) 534,250 480,243 18,092 (2,900) 495,435 38,815 56,907 Total £ 183,693 183,693 132,375 15,082 147,457

Page 38

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

14. Tangible fixed assets (continued) Charity (continued) Net book value At 31 March 2024 At 31 March 2023 15. Fixed asset investments Charity Cost or valuation At 1 April 2023 At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023	Fixtures and fittings £ - 12,311	Fire Protection £ 36,236 39,007	Total £ 36,236
			51,318
			Investments in subsidiary companies £ 6
			6
			6
			6

Page 39

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. Fixed asset investments (continued)

Principal subsidiaries

The following were subsidiary undertakings of the Charity.

Union Chapel Directions Limited

At 31 March 2024, 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. The subsidiary company donates its taxable profit to Union Chapel Project by Gift Aid.

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 Organsation (CIO) and subsidiary charity of Union Chapel Project.

The Margins Project operates within the Chapel building and provides support services for homeless people that include crisis services, a cafe training programme and support services. Independently examined accounts will be filed with the Charity Commission.

:

Page 40

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. Stocks

	Group	Group
	2024	2023
	£	£
Goods for resale	14,593	3,108

17. Debtors

Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income	Group 2024 £ 419,179 - 7,120 13,329 439,628	Group 2023 £ 432,946 - 32,421 22,697 488,064	Charity 2024 £ 81,935 395,215 7,120 5,714 489,984	Charity 2023 £ 50,624 565,535 29,859 15,205
				661,223

18. Creditors: Amounts falling due within one year

Trade creditors Other taxation and social security Other creditors Accruals and deferred income	Group 2024 £ 200,501 67,764 72,733 380,785 721,783	Group 2023 £ 220,567 160,424 135,680 188,585 705,256	Charity 2024 £ 59,137 6,421 1,348 48,847 115,753	Charity 2023 £ 58,626 580 12,855 19,408
				91,469

Page 41

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

19. Statement of funds

Statement of funds - current year

Unrestricted funds Designated funds Designated Funds General funds General Funds Total Unrestricted funds Restricted funds Supported employment services Crisis Core Sunday school project Organ Total of funds	Balance at 1 April 2023 £ 354,147 220,517 574,664 - - 44,309 129,982 24,101 198,392 773,056	Income £ - 1,589,575 1,589,575 105,134 83,472 8,000 69,771 24,959 291,336 1,880,911	Expenditure £ - (1,442,644) (1,442,644) (93,134) (71,472) (52,260) (50,148) (9,646) (276,660) (1,719,304)	Transfers in/out £ (66,952) 54,116 (12,836) - - (49) 33,099 (20,214) 12,836 -	Balance at 31 March 2024 £ 287,195
					421,564
					708,759
					12,000 12,000 - 182,704 19,200
					225,904
					934,663

Page 42

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

19. Statement of funds (continued)

Supported employment services

Grants received towards the running costs of the supported employment programme (see Trustees Report for more details).

Crisis

A twice-weekly drop in service that provides meals, showers, clothing etc and an advice service with referrals to specialist services.

Core

Grants, donations and fundraising activities to meet core infrastructure costs that support the delivery of charitable activities.

Sunday School project

A major project supported by a grant from the National Lottery Heritage Fund to redevelop the historic school hall.

Organ

Grants, donations and fundraising activities used towards the costs of repairing the chapel's organ. In the prior year, these funds were named "consrvation and repairs"

Designated funds

Funds set aside for future activities associated with future capital works.

Margins Manager

Management of the Margins Project activities

Community Engagement

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

During the year, a transfer of £66,952 was made between the designated funds and genral funds to reflect the cost of future activities associated with future capital works, and fixed assets.

In addition, a full review of funds were undertaken during the year. While tracking back through the information, it was found that a grant for £31,000 from All Churches in the year ended 31 March 2022 had been allocated to Conservation and Repair which was part of the Sunday School funding.This resulted in an overall transfer of £20,214 from the Organ fund to Sunday school project fund in 2024.

Page 43

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

19. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds Designated funds Designated Funds General funds General Funds Total Unrestricted funds Restricted funds Margins Manager Supported employment services Community engagement Conservations & repairs Crisis Core Sunday school project Total of funds	Balance at 1 April 2022 £ 354,147 540,769 894,916 - - 10,166 43,764 - - 62,950 116,880 1,011,796	Income £ - 1,206,744 1,206,744 15,000 51,875 1,500 4,200 45,125 59,809 125,000 302,509 1,509,253	Expenditure £ - (1,401,745) (1,401,745) (49,029) (60,575) (94,188) (23,863) (45,125) (15,500) (57,968) (346,248) (1,747,993)	Transfers in/out £ - (125,251) (125,251) 34,029 8,700 82,522 - - - - 125,251 -	Balance at 31 March 2023 £ 354,147
					220,517
					574,664
					- - - 24,101 - 44,309 129,982
					198,392
					773,056

Page 44

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

20. Analysis of net assets between funds

Analysis of net assets between funds - current period

Tangible fixed assets Current assets Creditors due within one year Total	Restricted funds 2024 Unrestricted funds 2024 £ £ - 38,815 238,019 1,379,611 (12,115) (709,667) 225,904 708,759	Total funds 2024 £ 38,815 1,617,631 (721,783) 934,663

Analysis of net assets between funds - prior period

Tangible fixed assets Current assets Creditors due within one year Total	Restricted funds 2023 £ - 199,999 (1,607) 198,392	Unrestricted funds 2023 £ 56,907 1,221,406 (703,649) 574,664	Total funds 2023 £ 56,907 1,421,405 (705,256) 773,056

Page 45

(A Company Limited by Guarantee)

UNION CHAPEL PROJECT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the period (as per Statement Activities) Adjustments for: Depreciation charges Interest income Decrease/(increase) in stocks Decrease/(increase) in debtors Increase in creditors Net cash provided by/(used in) operating activities 22. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 23. Analysis of changes in net debt Cash at bank and in hand	of Financial At 1 April 2023 £ 930,233 930,233	Group 2024 £ 161,607 18,092 (8,976) (11,485) 48,436 16,527 224,201 Group 2024 £ 1,163,410 1,163,410 Cash flows £ 233,177 233,177	Group 2023 £ (238,739) 24,325 (1,228) - (70,951) 22,788 (263,805) Group 2023 £ 930,233 930,233 At 31 March 2024 £ 1,163,410 1,163,410

Page 46

UNION CHAPEL PROJECT (A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

24. Operating lease commitments

At 31 March 2024 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year Later than 1 year and not later than 5 years	Group 2024 £ 16,000 48,000 64,000	Group 2023 £ 16,000 48,000 64,000	Charity 2024 £ 16,000 48,000 64,000	Charity 2023 £ 16,000 48,000
				64,000

25. Related party transactions

During the year, Union Chapel Project paid rent of £16,900 (2023: £16,000) to Union Chapel for use of its office space. Union Chapel made an unrestricted donation of £16,900 (2023: £16,000) and Friends of Union Chapel made a restricted donation of £6,100 (2023: £1,700).

The Charity received £446,872 (2023:£390,292) in gift aid donations from Union Chapel Directions Ltd.

Expenses of £47,113 (2023: £102,252) were recharged to The Margins Project and £269,111 (2023: £151,161) were recharged to Union Chapel Directions Ltd during the year.

Page 47