Greenford Gospel Church GREENFORD GOSPEL CHURCH TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charity No: 1068859 Jacob Cavenagh & Skeet Chartered Accountants S Robin Hood Lane Sutton Surrey SM1 2SW GEE¢llford Gospel Cburch 439 Oldfield Ianc Nortb, Greenford. Middlesex UB6 OBB Tel: 020 8422 2816 en11. admin@8reenfordgospelchurch.org web: www.Egc.org.uk Rc£istrred Charity No: 1068859 Final -27th September 2024
GREENFORD GOSPEL CHURCH TRUST FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charity No: 1068859 Contents Page Charity information Trustees, Report Report of the Independent Examiner Statement of Financial Activities Balance Sheet Notes to the Financial Statements 24 8-11 th Final -27 September 2024
GREENFORD GOSPEL CHURCH TRUST CHARITY INFORMATION Charity Registration No. 1068859 Principal office 439 Oldfield Lane North Greenford Middlesex UB6 OBB Trustees Leon Charles . Stella Osei (Resigned February 2023) Helen Sugden (Chair) David Sugden . Lynda Charles (Appointed May 2022) Key Management Personnel The Trustees Elders = Those marked . Independent Examiner Miriam Hickson CTA FCA Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM12SW Page 1
GREENFORD GOSPEL CHURCH TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees have pleasure in submitting their Annual Report, and the financial staternents for the year to 31 March 2024, which have been prepared in accordance with the Charities Statement of Recommended Practi (Charities SORP (FRS 102)), Financial Reporting Standard 102 (FRS 102), and the Charities Act 2011. Structure and management The church is an unincorporated Trust and is governed by its Trust Deed dated 19 February 1998. It is registered with the Charity Commission. The ongoing activities of the church are overseen by the church Elders and the trustees. Trustees are appointed by resolution of the existing trustee body. All trust88s are given information relating to the responsibilities of twstees and the work of the church. Further training is provided as appropriate. Objectives and activities Greenford Gospel Church Trust was founded to.. Advance the Christian Faith in accordance with the Statement of Beliefs in the London Borough of Ealing and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit., Relieve persons who are in conditions of need or hardship or who are aged or sick and to relieve the distress caused thereby in the London Borough of Ealing and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit,. Promote or fulfil such other charitable purposes beneficial to the community in the said London Borough of Ealing and in such other parts of the United Kingdom or the wodd as the Trustees may from time to time think frt. In pursuing these aims, the Twstees sought to comply with and follow the Charity Commission guidelines on public benefit. Achievement and perfonnance Greenford Gospel Church Trust met most Sundays for a time of worship, prayer and teaching. During the year, the church congregation held on a Sunday average between 20 and 30 people. The community around Greenford Gospel Church is of mixed ethnic origins. We have experienced transient congregation typical of many churches in London where we have had many visitors who attend 2 to 3 times and then move on. There are signs that the church is starting to grow again and numbers are increasing. The Church members freely give of their time and talents under the leadership of the Elders. Regular activities may include- Weddings Baptisms Funerals Sunday morning worship service. weekly meeting involving Worship, Bible Teaching, Children's ministry Tuesday - Fellowship group Wednesday night prayer meeting Easter Outreach Christmas Outreach Christmas and other fellowship meals Women's breakfasts Page 2
GREENFORD GOSPEL CHURCH TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 (continued) Mission Support The Church continues to financially support and partner wrth the following works.. a) Teen Challenge London- Helping people break free from drug and alcohol addiction b) E gangs - Helping young people caught up in Stet gangs c) One fulltime missionary in Pakistan d) Share Christian Fellowship- in support of overseas missions in Africa and India - this was closed due to the death of Peter Game. Support was tenninated in December 2023. e) The Church is also involved with Connections UK and support their work and vision. fj Sri Lanka - a small residual sum from 2022123 was given to aid poor families in Sri Lanka. Reference and administrative details The legal and administrative details required by law are set out on page 1 and fonn part of this report. Financial Review and Reserves Policy The small, committed congregation continue to support the work of the church and the church is financially self-sufficient. The trustees have agreed to modemise the front aspect of the church and this will be started in August 2024. The trustees also use some of our surplus funds to help mission abroad. This is achieved through relationships with those actively involved in church mission abroad and in the UK. Of the £262,206 held in our bank account - £30,000 is held in reseple. Future developments Since the end of the reporting year, the Church Membership has continued to fluctuate between 20 and 30 people. The new developments at Greenford Quay and Atrium Point have provided a small growth in attendance. The redevelopment of the church building includes a new front glass extension and with the creation of an open plan lounge and refreshment area. This open and inviting space will provide an excellent multipurpose resource for the church to use. Page 3
GREENFORD GOSPEL CHURCH TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 (continued) Trustees, Responsibilities The trustees are responsible for preparing the Annual Report and the financial statements in accordance with the applicable law and United Kingdom Generally Accepted Accounting Practi. Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that year. In preparing those financial statements. the trustees are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent., state whether the policies adopted are in accordance with the Charities SORP, the Regulations made under section 44 of the Charities Act and applicable accounting standards, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on a going conrn basis unless it is inappropriate to assume that the charity will continue to operate. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hen for taking reasonable steps for the prevention and detection of fraud or other irregularities. This report was approved by the trustees on ILik 2024. Signed on behalf of the trustees Helen Sugden Page 4
GREENFORD GOSPEL CHURCH TRUST INDEPENDENT EXAMINER'S REPORT Independent examinerfs report to the trustees of Greenford Gospel Church Trust I report to the charity trustees on my examination of the accounts of Greenford Gospel Church Trust for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in respect of my examination of the Twst's accounts as carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145{5)(b) of the Act. Independent examinerfs 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 that in any material respect: accounting records were not kept in respect of the Trust as required by section 130 of the Act. or 2. the accounts do not accord with those records" or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Report) Regulations 2008 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 4. the accounts have not been prepared in accordance with the methods and principl8S of 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 the 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 report in order to enable a proper understanding of the accounts to be reached. Miriam Hickson CTA FCA Jacob Cavenagh & Skeet 5 Robin Hood Lane Sutton Surrey SM12SW Date.. zi OcL<bknY zoz Page 5
GREENFORD GOSPEL CHURCH TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 Unrestricted Restricted Funds Funds 2023 Unrestricted Restricted Funds Funds Total Total Note Income from: Donations and legacies Tithes and offerings 44,161 365 44,526 44,408 2,078 46,486 Chantable activities Lettings 29,501 29,501 27,418 27,418 Investments Interest received Total income 105 105 365 74.027 Expenditure on: Raising funds Charitable activities Total expenditure 6,421 6,421 4,745 4,745 665 665 42 968 43 633 53.911 Net incomel(expenditure) 30,694 (300) 30,394 18,020 100 18,120 Transfers between funds Net movement in funds 200 30,494 200 (100) 30,394 18,020 100 18,120 Reconciliation of funds At 1 April 2023 1557 828 100 1 557928 1539808 1539 808 Balances carried forward At 31 March 2024 Page 6
GREENFORD GOSPEL CHURCH TRUST BANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets 1,305,596 1,305,596 Current assets Debtors Cash at bank 22.574 262 206 284,780 10.34g 243 873 254,222 Creditors: Amounts falling due within one year 7 Net current assets 282 726 252 332 Net assets Funds Unrestricted funds Restricted funds 1,588,322 1,557,828 100 Total charity funds Approved by the trustees on IL4k O thk)Ef 2024 and signed on their behalf by: Helen Sugden Chair of Trustees Page 7
GREENFORD GOSPEL CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (a) Basis of preparation The accounts have been prepared in accordan with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)), Financial Reporting Standard 102 (FRS 102), and the Charities Act 2011. The financial statements are drawn up on the historical cost basis of accounting. Greenford Gospel Church Trust meets the definition of a public benefit entity under FRS 102. There are no material uncertainties about the charity's ability to continue in operation. (b) Income Income is recognised once the charrty has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be reliably measured. Income tax recoverable on Gift Aid donations is recognised when the income is recognised. Grants received for expenditure that must take place in fLrture periods are deferred until the expendrture occurs. {c) Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be reliably measured. All expenditure is accounted for inclusive of any VAT which cannot be recovered. Charitable expenditure includes the cost of activities undertaken to further the purposes of the charity. (d) Fixed assets and depreciation The Church and Manse freehold properties are included at their carrying value at the date of transition to FRS 102. which has been adopted as original cost in accordance with the provisions of the reporting standard. Depreciation is not charged on land. Depreciation is not charged on freehold buildings where, in the opinion of the trustees, their residual value is not less than their carrying value. (e) Debtors Debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. (Q 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 opening of the deposit. (g) Creditors Creditors are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement amount. (h) Financial instruments The charity only has financial assets and 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. (i) Fund accounting Unrestricted funds are income resources receivable without further specific purposes and are available for general purposes to be used at the discretion of the Trustees. Page 8
GREENFORD GOSPEL CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) Expenditure 2024 2024 Unrestricted Restricted 2024 Total 2023 Total Raising funds Council tax Maintenance Utilities Supplies 1,833 1,833 284 4,304 1,735 4,304 3.010 Charitable activities Gross wages Speaker costs Insurance and fire safety Power, light and water Bad Debts Travel and subsistence Telephone and IT Postage, printing and stationery Repairs and maintenance Subscriptions and linCeS Mission and Outreach Costs Music and PA Building project (Church) Mission Support Grants to Teen Challenge London Grants to Share Christian Fellowship Grants to Individuals Bank charges 2,475 400 3,490 3,457 2,475 400 3,490 3,457 2,466 1,200 1,896 3,050 25 867 2,627 6,268 2,057 938 348 25 867 2,627 6,268 2,057 1,603 348 40 759 1,047 3,263 2,311 7,942 665 12,274 4,200 1,800 5,475 4,200 1,800 5,475 4,200 2,400 6,360 10 665 Governance costs.. independent examiner's fee 2 120 Total Staff and related party transactions 2024 2023 Wages and salaries Social security costs Pension costs 2,475 2,466 The total average monthly number of employees during the year was 1 (2023.. 1). There were no employees whose emoluments exceeded £60,000. The total aggregate remuneration for the year of Key Management Personnel was £0 (2023: £0). No trustees were reimbursed for travel, subsistence and hosprtality expenses during the year (2023: none). Total unrestricted donations from trustees amounted to £14,871 (2023.. £16,362). Relatives of Trustees were paid a salary totalling £2,475 for cleaning ServIS (2023.. £2,466). Page 9
GREENFORD GOSPEL CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued) Governance costs included in Charitable expenditure 2024 2023 Independent Examination Tangible fixed assets Freehold land and buildings Total Cost At 1 April 2023 and 31 March 2024 1305 596 1305 596 Accumulated depreciation At 1 April 2023 and 31 March 2024 Net book value At 1 April 2023 and 31 March 2024 Debtors 2024 2023 Other debtors Creditors 2024 2023 Accruals Restricted Funds Balance 1.4.23 Income Expenditure Transfer Balance 31.3.24 Sri Lanka gifts Pakistan gifts 100 ( 100) 565 365 200 Page 10
GREENFORD GOSPEL CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YE4R ENDED 31 MARCH 2024 (continued) Restricted Funds (continued) Sri Lanka gifts consist of donations received to support villages in Sri Lanka suFfering from the economic collapse. Pakistan gifts consist of donations received through collections and supplementary church funds to support the ministry in Pakistan. The transfer during the year from unrestricted funds was to cover expenditure during the year, not expected to be met by future restricted income. Post balance sheet event After the year end the Church commenced a building project to improve the Church facilities for a tender sum of £170.000. Page11