Registered number: 02622384 charity number: 1023032 St Matthias Conservation Trust Limited (A company limited by guarantee) Unaudited Trustees. report and financial statements For the year ended 31 March 2024
St Matthlas Conservation Trust Llmited (A company limited by guarantee) Contents Page Refence and admlnlstrative detalls of th8 charlty, its Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 8-17
St Matthlas Conservatlon Trust Llmited (A company Ilmited by guarantee) Reference and administrative details of the charity, its Trustees and advisers For the year ended 31 March 2024 Trustees Joe Akita, Director only, not a Trustee1 Sr. Christine Frost. Chair1 Barbara Ashcroft. Trustee1 Peter Ellis, Trustee Emma Catherine Warden, Trustee Tamsin Bookey, Trustee Director Company registered number 02622384 Charity registered number 1023032 Registered offlce St Matthias Old Church 113 Poplar High Street Poplar London E14 OAE Chief executive officer Nizam Uddin Accountsnts Kreston Reeves LLP Chartered Accountants 9 Donnington Park 85 Birdham Road Chichester West Sussex P020 7AJ Bankers Lloyds Bank 39 Piccadilly London WIV OAA Page 1
St Matthlas Conservatlon Trust Limited (A company Ilmited by guarantee) Trustees. report For the year ended 31 March 2024 The Trustees present their annual report together with the financial statements of the charity for the 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 thal the Annual report and financial statements of the charttable company comply with the current statutory requirements, the requirements of the Gharitable companys governing document and the provisions of the Statement of Recommended Practi (SORP) applicable to Gharities preparing their accounts in aGcordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Obj8Ctives and activities a. Policies and objectives n setting objectives and planning for activities. the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit. including the guidance 'Public benefit.. running a charity (PB2)'. b. Strategies for achieving objectives The objects for which the Trust is established are as follows.. To preserve for the benefit of the residents of the London Borough of Tower Hamlets and for the nation. the former church of St Matthias, Poplar, situated in the said borough as a building of exceptional architectural and historic value. To make it available to the residents of the London Borough of Tower Hamlets and to others, the former church of St Matthias and its facilities for the purposes of social welfare, and for recreational and cultural activities, with the overriding objects of enhancing the quality of the life in the area. The objective can be broken down into three areas of work.. Preservation of building as of exceptional architectural and historic importance The advancement of education Provision of r8creational and leisure facilities To raise funds by subscriptions, donations, grants. loans. or otherwise for the purpose of the trust.. to invite and accept gifts of all sorts and whether inter vivos or by will and whether or not subject to condition-. to carry out any condition imposed on any gift which may be apted. c. Volunteers Thanks to a devoted number of volunteers, our grounds and building have been w811 taken care of in the coursa of the year. Canary Wharf have funded the grass cutting throughout the year which has saved us a substantial amount of money. Page 2
St Matthlas Conservatlon Trust Llmlted (A company limited by guarantee) Trustees. report (continued) For the year ended 31 March 2024 Achievements and perfomance a. Maln achievements of the charity This year has been a very busy one with all the Projects using the Community Centre working well together. A very varied programme of activities takes place each week. These attract a great cross section of our local. very diverse Community. One of the Projects which makes great use of our facilities celebrated its 55th Anniversary. This Project has regular activities focused on Elders and is also responsible for our Dinner Delivery project. The Nursery is thriving with a very inclusive clientele and staff. This offers a very valuable support to struggling pants. The Cost of Living crisis has hit this area of Tower Hamlets badly, one does not expect to see a Food Bank in the shadow of Canary Wharfl The St. Matthias Food Bank serves many local families and is "a life saverf, as one resident described itl This year again we continued to work with several Companies and hope to be able to assist in getting local young people into Training or Employment. This would be one of the Centre's important contribution to the wellbeing and achievements of this part of Poplar and the Isle of Dogs. b. Fundraising actlvltles and income generation The income and fund raising is mostly generated through the usage of the buildings i.e. fun days, cultural events, hall hire. c. Investment pollcy and performance The trustees have considered the most appropriate policy for investing surplus funds and have found that bank deposit accounts provide the appropriate combination of security, accessibility and income growth. Flnancial review . Going concern The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going conGem. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for tha foreseeable future and thgre are no material uncertainties about the Charitys ability to continue as a going concern. thus they continue to adopt the going concern basis of accounting in preparing the financial statements. b. Reserves pollcy The current level of funding is adequate to support the continuation of the charity in the medium term. The trustees wish to establish a policy whereby funds are available to provide long-temi maintenance to the building and allow its Continued use for the benefit of the local community- c. Prlncipal fundlng The main funding comes from the hirtng of the buildlng and small community grants. Page 3
St Matthias Conservation Trust Llmlted {A company limlted by guarantee) Trustees. report (continued) For the year ended 31 March 2024 Structure, govemance and management a. Constitution St Matthias Conservation Trust Limited is registered as a charitsble company limited by guarantee and was set up by a Memorandum of Association on 24 July 1992, and has a registered charity number 1023032. b. Methods of appointment or election of Trustees Some Directors of the charity are also Trustees of the charity. The Trustees have powers to appoint additional Tnjstees as they consider it fit to do so. Those trustees who served during the year and up to the date of this report are set out on Page 1. Training requirements of new Trustees Is Garried out by the existing Trustees. The day to day running of the charity is carried out by Nizam Uddin. c. Organisational structure and declsion-making policies The centre manager will deal with all the day matters involved in the running of the charity. All high level decisions will be mad8 by the board of Trustees at the Trustees meeting. d. Policies adopted for the induction and training of Trustees A training programme will be developed to ensura that any newly appointed trustee will receive training on all matters necessary to enable them to perform their duties effectively. This will be tailored to their specific needs but, unless the appointee is already sufficiently experienced, should cover as a minimum.. governanGe and management- equal opportunities., a thorough introduction to the history and current activities of the organisation; sufficient explanation of the charitys financial accounts and reporting procedures to enable them to exercise effeGtive fiscal oversight,. explanation of all charity policies including that relating to trustee expenses and how they can be claimed. If the new trustee is to take on any specific duties, training needs in relation to these should also be assessed. It is acknowledged that trustees have a wide range of other commitments and every effort will be made to make this training accessible to the individual by arranging tt to be conducted at times convenient to them. Plans for future perlod3 The principal activity of the company during the next year will be to continue with the long-term preservation of St. Matthias Church. Approved by order of the members of the board of Trustees on and signed on their behalf by: 5( bi Sr. Christine Frost (Chair of Trustees) 01, 2D29- Page 4
St Matthias Conservation Trust Limited (A company Ilmited by guarantee) Independent examiner's report For the year ended 31 March 2024 Independent examinor's report to the Trusteos of St Matthias Conservation Trust Limited ('the charity,) I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2024. Responsibillties and basls of report As the Trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied mysolf that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5)Ib) of the 2011 Act Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe-. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act., or the accounts do not accord with thos8 records,. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of ReGommended Practice for aGcounting and reporting by charities applicable to charities preparing their accounts in accordanGe with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this r¢port in order to anable a proper understanding of the accounts to be reached. This report is made solely to the chartvs Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charily's Trustees those matters l am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body. for my work or for this report. Signed.. Dated.. 31 January 2025 Lucy Hammond Bsc FCA Kreston Reeves LLP Chartered Accountants g Donnington Park 85 Birdham Road Chichester West Sussex P020 7AJ Page 5
St Matthlas Conservation Trust Llmlted (A company Ilmited by guarantee) Statement of flnancial activitles (Incorporating Income and expenditure account) {continued) For the year ended 31 March 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total ftinds 2023 Note Income from: Donations and legacies Charitsble activities 10,000 24,103 23,566 34,103 23,566 98,674 23,160 Total income 10,000 47,669 57,669 121,834 Expenditure on: Charitable activities 5.748 75,940 81,688 74,953 Total expendlture 5,748 75,940 81,688 74,953 Net movement in funds 4,252 (28.271) (24.019) 46,881 Reconciliation of funds: Total funds brought foNard Net movement in funds 562,682 4,252 113,925 (28,271) 676,607 (24,019) 629. 726 46,881 Total funds carried forward 566,934 85,654 652,588 676, 607 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 8 to 17 fomi part of these financial statements. Page 6
St Matthias Conservatlon Trust Limited (A company limited by guarantee) Reglstered number: 02622384 Balance sheet As at 31 March 2024 2024 2023 Note Flxed assets Tangible assets 573,297 558,618 573.297 558,618 Current assets Debtors Cash at bank and in hand 4,559 112,287 23,239 119,331 116,846 142,570 Creditors- amounts falling due within one year 10 (13,466) (6,887) Net current assets 103,380 135,683 Total assets less current Ilabilities 676,677 694,301 Creditors- amounts falling due after more than one year (24,089) (17, 694) Total net assets 652,588 676,607 Charity funds Restricted funds Unrestricted funds 12 566,934 85,654 562,682 113,925 12 Total funds 652,588 676,607 The charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtaln an audit for the year in questlon In acwrdance wlth section 476 of Companies Act 2006. 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: Sr. Christine Frost {Chair of Trustees) Date.. 3D i OJ, 201¢ The notes on pages 8 to 17 form part of these financial statements. Page 7
St Matthlas Conservation Trust Limited (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 General informatlon The charity is a company limited by guarantee and incorporated in the United Kingdom. The principal activity is the long-term preservation of St Matthias Church, a grade 1 listed building of exceptional architectural and historical interest. The charitls registered office is disclosed on page 1 of these financial statements. The members of the charity are the trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in aGcordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordanGe with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effeGtive 1 January 2019}, the Financial Reporting Standard applicable in th8 UK and Republic of Ireland (FRS 102) and the Companies Act 2006. St Matthias Conservation Trust Limited me8ts the definition of a public benefit entity under FRS 102. Assets and liabilitias are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 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 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 inGome is received, the income is accrued. Donated professional services are recognised on receipt. They are recognised on the basis of the value of the gift to the charity which 15 the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market. A corresponding amount is then recognised in expenditure in the p@riod of receipt. 2.3 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 beleen 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 charitabl8 activities is incurred on directly undertaking the activities which further the charity's objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 8
St Matthlas ConseNation Trust Limited (A company Ilmlted by guarantee) Notes to the flnancial statements For the year ended 31 March 2024 Accounting policies (continued) 2.4 Tangible fixed assets and depreciation Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fix&d assets are initially r8cognised at cost. After recognition, und8r 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, Depreciation is provided on the following basis.. Long-term leasehold property Fixtures and fittings Office equipment over 125 years 250/0 Straight line 250/0 Straight line 2.5 Debtors Trade and other debtors are recognis6d at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.6 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. 2.7 Llabilities 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 m&asured at the best estimate of the amounts required to settle the obligation. Where the effect of the tim8 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 Statement of financial activities as a finance cost. 2.8 Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 9
St Matthlas Conservation Trust Limlted (A company limited by guarantee) Notes to the financial statements For the year ended 31 March 2024 Accounting pollcies (continued) 2.9 Finance leases and hire purchaso Assets obtained under hire purchase contracts and finance leases are Gapitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the charity- Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. 2.10 Fund accounting General funds are unrestricted funds whiGh are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity 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. 2.11 Going Concern The Trustees assess whether the use of going Goncern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded thal the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations Grants Other income 4,103 3,000 17,000 4,103 13,000 17,000 56,674 25,000 17,000 10,000 10.000 24.103 34.103 98,674 Total 2023 25,000 73,674 98,674 Page 10
st Matthias Conservation Trust Llmited (A company limited by guarantee) Notes to the flnancial statements For the year ended 31 March 2024 Income from charitable activities Unrestrlcted fund5 2024 Total funds 2024 Total funds 2023 Hire of Hall 23.566 23,566 23,160 Total 2023 23.160 23,160 Analysls of expenditure by activitles Activities undertaken directly 2024 Support osts 2024 Total funds 2024 Total funds 2023 Restricted funds Unrestricted funds 5,748 70,339 5,748 75.940 5, 748 69,205 5,601 Total 2024 76,087 5,601 81,688 74,953 Tot212023 73,110 1,843 74,953 Page11
St Matthlas Conservation Trust Limited (A company Ilmited by guarantee) Notes to the financial statements For the year ended 31 March 2024 Analysls of expendlture by actlvities (contlnued) Analysls of dlrect costs Restrl¢ted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Depreciation Water Light & heat Equipment Repair5 & maintenance Bank charges Hall expenses Sundry Rates 5.135 1,359 16,703 2,172 6,058 82 10,597 5,135 1.359 16,703 2,172 6,058 82 10,597 2,188 672 11,961 2,717 4,233 128 5, 776 85 2,077 1,959 1,406 945 296 147 2,077 1,959 1.406 Cleaning Printing, postsg8 & stationery Telephone Subscriptions Depreciation - leasehold Donated seNices- Wages & salaries VAT- write off of historic balance Travel 4,439 1,896 3, 103 296 5,895 17,000 5,748 5, 895 77,000 9,923 3,094 17,000 4,403 4,403 Total 2024 5,748 70,339 76,087 73,110 Total 2023 5, 748 67,362 73.110 Analysis of Support Costs Unrestricted funds 2024 Total funds 2024 Total funds 2023 Governance costs Interest 5,100 501 5,100 501 1,050 793 5,601 5,601 1,843 Total 2023 1,843 1,843 Page 12
St Matthias Conservation Trust Llmlted (A company Ilmlted by guarantee) Notes to the flnanclal statements For the year ended 31 March 2024 Independent examlnerfs remuneration 2024 2023 Fees payable to the Gharity's independent examiner for the independent examination of the charitys annual accounts 4,500 1,050 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- £NILJ. Tangible flxed assets Long-temi leasehold Ftxtures and property fittings Office equipment Total Cost or valuation At 1 April 2023 Additions 711,763 20,977 10,977 22,191 14,732 754,931 25,709 At 31 March 2024 711,763 31,954 36,923 780,640 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 156.144 5,694 20,376 2,446 19,793 2,890 196,313 11.030 161,838 22,822 22,683 207,343 Net book valu8 At 31 March 2024 549,925 9.132 14,240 573,297 At 31 March 2023 555,619 601 2,398 558,618 Debtors 2024 2023 Due within one year other debtors 4,559 23,239 4,559 23,239 Page 13
St Matthlas Conservation Trust Limited (A company limited by guarantee) Notes to the financial ststements For the year ended 31 March 2024 10. Creditors: Amounts falllng due wlthin one year 2024 2023 Bank loans Obligations under finance lease and hire purchase contracts Accruals and deferred income 2,911 4,855 5,700 2, 839 2,398 1,650 13,466 6,887 11. Creditors: Amounts falling due after more than one year 2024 2023 Bank loans Net obligations under finance lease and hire purchase contracts 14,158 9,931 17,068 626 24,089 17,694 Page 14
St Matthias Conservatlon Trust Llmlted {A company limited by guarantee) Notes to the flnancial statements For the year ended 31 March 2024 12. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Income Expenditure Unrestricted funds General Funds 113.925 47,669 (75,940) 85,654 Restricted funds 1991 Restoration Fund East End Community Foundation Hunger Project Community Garden 517.926 9,840 10,000 24,916 (5,584) (80) 512,342 19,760 10,000 24,832 10.000 {84} 562,682 10,000 {5,748) 566,934 Total of funds 676,607 57,669 (81,688} 652,588 Page 15
St Matthias Conservatlon Trust Limited (A company Ilmited by guarantee) Notes to the financial statements For the year ended 31 March 2024 12. Ststement of funds (contlnued) Statement of funds - prior year Balance at 31 March 2023 Balance at l Apnl 2022 Income Expenditure Unrestricted funds General Funds 86,296 96,834 (69,205) 113,925 Restrl¢ted funds 1991 Restoration Fund East End Community Foundation Hunger ProjeGt Community Garden 523,510 9,920 10.000 (5, 584) (80) 517,926 9,840 70,000 24,916 25, 000 (84) 543,430 25,000 (5. 748) 562, 682 Total of funds 629, 726 121.834 (74,953) 676,607 13. Analysis of net assets between funds Analysis of net assets between funds - current period Restricted Unrestricted fund¥ fund? Total funds 2024 2024 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 562,375 4,559 10,922 112.287 (13,466) (24,089) 573,297 116,846 (13,466) (24,089) Total 566,934 85.654 652,588 Page 16
St Matthlas Conservatlon Trust Limited (A Company Ilmlted by guarantee) Notes to the financial statements For the year ended 31 March 2024 13. Analysis of net assets between funds (contlnued) Anatysis of net assets between funds - prior period RestrTGted Unrestricted funds fvnds 2023 2023 Total funds 2023 Tangible fixed assets Current ass8ts Creditors due within one year Creditors due in more than one year 538,993 23,689 19,625 118,881 (6,887) (17, 694) 558,618 142,570 (6, 887) (17, 694) Total 562,682 113,925 676, 607 14. Related party transactions There were no related party transactions during the year. 15. Controlllng party The Charily is controlled by the Trustees. Page 17