W.H. Knox Associated Charitable Trusts
Registered Charity Number 1092155
Annual Financial Statements Year to 5th April 2023
Trustees: G.A. Chappell (until 16 May 2022) S.M. Brant K.H. Erulin J.O.J. Freeman G. Demosthenous C. Ferraby (from 16 May 2022) Secretary: J.O.J. Freeman 22 South Park Terrace Ilford IG1 1YA
Independent Examiner: Cobbin Floyd Limited The Old Surgery 15a Station Road Epping Essex CM16 4HG
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Annual Financial Statements
5th April 2023
CONTENTS
| Page | |
|---|---|
| Objects of the Charity | 3 |
| Trustees Report | 3-4 |
| Independent Examiner’s Report | 5 |
| Income and Expenditure Account | 6 |
| Balance Sheet | 7 |
| Notes to the Accounts | 9-12 |
| d Income and Expenditure accounts | |
| Properties | 11 |
| Literature | 12 |
| East London Evangelism | 12 |
Detailed Income and Expenditure accounts
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Governing Document:
The Charity Commission Scheme, Case No. 122234, Sealed on 22nd January 2002, and amalgamating the former Charities, together with the Scheme, Case No C-416804/431109, sealed on 16 February 2016 known as the South Park Chapel Property Trust.
Objects of the Charity:
The objects of the charity are:
(a) the furtherance of the religious and other charitable work of South Park Chapel;
(b) the provision of places of worship or meeting halls governed by the principles of South Park Chapel, Ilford, or the practice of the Open Brethen;
(c) the provision of housing accommodation for persons who are in need, hardship or distress who profess a faith in accordance with the Statement of Faith and with a preference for those who are members of South Park Chapel (the beneficiaries);
(d) the relief of persons who profess a faith in accordance with the Statement of Faith and who are in need, hardship or distress, with a preference for those who are members. The trustees may relieve such persons in need by:
(i) making grants of money to them;
(ii) providing or paying for goods, services or facilities for them; or
(iii) making grants of money to other persons or bodies who provide goods, services or facilities to those in need;
(e) such charitable purposes for the benefit of the residents as the trustees decide; and
(f) maintenance of Christian missionaries engaged wholly or partially in the foreign field, or of retired missionaries who are in ill health or in necessitous circumstances
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Trustees Report for the Year ending 5th April 2023
Summary of the Trusts’ activities for the public benefit: The Trusts’ activities for the year fall within three main areas: first, the furtherance of the religious and other charitable work of South Park Chapel; second, the provision of 14 bungalows as housing for persons in need; third, the maintenance of Christian missionaries, by making available a house, ex gratia, for missionaries staying in England on leave. The Trustees recognise that these activities must be for the public benefit, and they have taken into consideration the Charity Commission guidance on public benefit before deciding what activities to undertake.
Summary of the Trusts’ main achievements during the year:
The Trusts continued to carry out its core activities set out above. An area of particularly large expenditure is support for the ministry of South Park Chapel, which includes paying salaries totally about £37,000, and providing ministry accommodation. This has enabled the work of SPC to continue, so that there is a clear Gospel presence in Seven Kings. In addition we continued to support Becontree Church through low rent housing provision, and made a number of ministry gifts to support evangelism in Oxford University, international student outreach in Cambridge and accommodation for a drug rehabilitation programme in eastern Europe. The Literature Fund made a gift of £700 to Christian Education Project to support the provision of evangelistic booklets in schools. This year the Trusts established a new East London Evangelism Fund (made up of funds collected by local evangelical churches), which will support Gospel partnership outreach by churches in East London.
The property in Rugby generated a net income of nearly £10,000. All other income generating properties remained let throughout the year, meaning that income levels were maintained. The Trusts’ investments in COIF remained healthy, producing an income of some £25,000. The trusts benefited from low cost gardening services provided by members of South Park Chapel.
Reserves Policy: The main sources of income for the trusts are from almshouse residents’ contributions, rents from other properties and dividends and interest on capital investments. The Almshouses WMC is calculated to cover maintenance costs over a 20 year cycle. Each year, 34% of the WMC is put into the Routine Maintenance fund (to cover costs that fall due each year), 42% into the Cyclical Maintenance fund (costs that fall due every 2-5 years), and 24% into the Extraordinary Repair Fund (expenses that fall due at 6-20 years intervals). Income from the other properties is placed into similar funds to ensure that these can also be properly maintained. The surplus from the other properties and the returns on investments in COIF are placed in the General Charitable Purposes Fund, for use furthering the wider charitable objects of the trusts.
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Report of the Independent Examiner
to the Trustees of
W H Knox Associated Charitable Trusts
I report on the financial statements of the Trust for the year ended 5th April 2023 which are set out on pages 6 to 12.
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
As the charity’s trustees you are responsible for the preparation of the financial statements. You consider that the audit requirement of S43 (2) of the Charities Act 1993 (the Act) does not apply. It is my responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under S43 (7)(b) of the Act, whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINER’S REPORT
My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the accounts.
INDEPENDENT EXAMINER’S STATEMENT
In connection with my examination, no matter has come to my attention:
a) which gives me reasonable cause to believe that in any material respect the requirements to keep accounting records in accordance with Section 41 of the Act; and to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act.
have not been met; or
b) to which in my opinion, attention should be drawn in order for a proper understanding of the accounts to be reached.
Cobbin Floyd Limited
The Old Surgery
15a Station Road
Epping
Essex
CM16 4HG
Date
5
Income & Expenditure Account for the year ended 5th April 2023
| INCOME FUND notes Income Contributions from Almshouse Residents Contributions from tenants Missionary Home Contributions Refunds Rugby Tenancy Dagenham Tenancy ELPG Transfer & Interest Deposit interest Investment Dividends Expenditure notes Property Expenditure: Seven Kings almshouses Other Seven Kings Properties Rugby Property Dagenham Property Missionary Home Payroll & Salaries: Knox Salaries & Housing: South Park Chapel Gardening for all properties Sundries Literature acquisitions & gifts Gifts to South Park Chapel Administration/Equipment East London Gospel Partnership expenses Ministry Gifts Almshouse Association Fee Legal fees Accountancy Fees Excess of Income over Expenditure Add surplus at 6th April 2022 Income Fund at 5th April 2023 5 |
57,814.97 46,880.98 1,350.00 260.25 9,900.00 7,200.00 6,939.49 869.61 25,846.65 33,823.12 5,175.92 3,278.52 1,389.76 17,956.91 13,997.57 37,776.13 1,559.49 247.8 |
2023 £ 106,045.95 51,016.00 157,061.95 115,205.22 700.00 10,015.11 5.70 0.00 4,200.00 233.00 4,248.00 678.00 135,285.03 21,776.92 242,801.68 264,578.60 |
2022 £ 55,214.88 44,486.60 1,450.00 |
|
|---|---|---|---|---|
| 101,151.48 133.98 10,815.00 7,200.00 14.16 25,845.42 44,008.56 145,160.04 59,274.79 8,873.75 1,966.86 1,109.00 4,909.97 17,686.92 35,022.22 3,278.65 202.60 |
||||
| 132,324.77 0.00 1,588.00 461.97 5,000.00 222.00 0.00 0.00 139,596.74 5,563.30 237,238.38 242,801.68 |
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Capital Accounts for year ended 5th April 2023
| Income No Income Expenditure No Expenditure Loan for property 4 Sexton Court E14 Growth from investment accounts Excess of Expenditure over Income Add surplus at 6th April 2022 Capital Fund at 5th April 2023 |
2023 £ 0.00 -70,980.10 0.00 1,248,520.31 1,177,540.21 |
2022 £ 0.00 15,000.00 62,308.83 0.00 1,171,211.48 1,248,520.31 |
|---|---|---|
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Balance Sheet 5[th] April 2023
| notes FIXED ASSETS Freehold Properties 2 Equity Loan CURRENT ASSETS Bank Account Balances Deposits with COIF - Bank Deposits with COIF - Unit Trusts FUNDS Capital Account 3 Almshouse Funds Extraordinary Repair Funds Cyclical Maintenance Funds Other Properties Funds Extraordinary Repair Funds Cyclical Maintenance Funds General Charitable Purposes Fund South Park Literature Fund East London Gospel Partnership Fund Income Funds |
£ 10,829.62 52,621.65 657,777.00 |
2023 £ 720,980.00 |
£ 15768.95 25905.39 728757.10 |
2022 £ 705,980.00 |
|||
|---|---|---|---|---|---|---|---|
| 720,980.00 721,228.27 1,442,208.27 |
705,980.00 15,000.00 770,431.44 1,491,411.44 |
||||||
| 51,717.60 72,417.42 13,814.22 23,609.93 96,082.43 86.95 6,939.50 |
|||||||
| 1,177,540.21 264,668.05 |
1,248,520.31 55,041.00 40,779.88 19,329.22 13,695.92 113,958.16 86.95 0.00 242,891.13 |
||||||
| 1,442,208.26 | 1,491,411.44 |
The notes on pages 9 to 12 form part of these accounts.
Signed on behalf of the Trustees.
Date: 28[th] January 2024
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Annual Financial Statements
Year to 5[th] April 2023
Notes to the Accounts
1. Accounting Policies:
-
a. The accounts have been prepared in accordance with current accounting standards and on an historic cost basis.
-
b. No depreciation is provided in the Freehold Properties and buildings as the Trustees are of the opinion that their current market value greatly exceeds the book value.
2. Freehold Properties
| 2. Freehold Properties 155 Woodward Road, Dagenham (at cost) 128 Railway Terrace, Rugby, purchased 2007-2008 (at cost) 30 Water Lane, purchased 2003 (at cost) 49 Ripley Road (at cost) 34 Water Lane & 131 Cobham Road (at cost) 14 Cottage Homes & 32 Water Lane (at cost) Equity Loan for property 4 Sexton Court E14 (at cost) |
2023 265,000 115,000 317,500 500 1,480 6,500 15,000 £720,980 |
2022 265,000 115,000 317,500 500 1,480 6,500 15,000 £720,980 |
|---|---|---|
3. Capital Account for year ended 5[th] April 2023
155 Woodward Road, Dagenham was purchased as an investment in March 2014 with a leaseback arrangement with Becontree Church.
The Trust contributed £15,000 towards the purchase of 4 Sexton Court, E14 2DU in September 2021. This represented a 3.8961% share of the value of the property.
Unless otherwise stated, all properties are shown at their historic cost value (unrelated to present day property values).
The W.H. Knox Associated Charitable Trusts current assets are invested in funds with Charities Official Investment Funds, invested to provide high income but with some capital growth. The Literature Fund is augmented as the opportunity to place evangelistic literature arises. The Trusts established a new Evangelism Fund to support outreach activities by churches in East London, with the initial contribution made by local churches.
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Summary of Funds
Income Accounts for year ended 5th April 2023
| Investment Dividends Deposit Interest (excluding Lit. Fund) Gifts deduct Legal Fees 4,248.00 Accountancy Fees 678.00 |
2023 £ 25846.65 869.61 0.00 26,716.26 0 4,926.00 0 21,790.26 |
2022 £ 25845.42 14.16 0.00 |
|---|---|---|
| 25,859.58 0.00 25,859.58 |
10
Property Repairs & Outgoings for year ended 5th April 2023
| Income Seven Kings Almhouses of which Garden Scheme Other Seven Kings Properties Rugby rent Dagenham rent Refunds Missionary Home contributions Expenditure Seven Kings almshouses Water & insurance Council tax & Utility bills Gardens Repairs Other SK properties Water/Insurance Council tax Gardens Repairs Rugby Property Management Fees Repairs and Running Costs Dagenham Property Missionary Home Council tax Running Costs 34 Water Lane Repairs Garden Almshouse Association Fee Sundries Administration/Equipment Excess of income over expenditure: |
2023 57,814.97 2,667.61 46,880.98 9,900.00 7,200.00 260.25 1,350.00 5,216.78 0.00 2,667.61 25,938.73 389.93 0.00 1,062.00 3,723.99 1,139.07 2,231.34 14,238.50 348.00 |
2022 55,214.88 4,786.39 44,486.60 10,815.00 7,200.00 133.98 1,450.00 123,406.20 123,406.20 4,984.52 728.12 3,008.37 50,553.78 33,823.12 1,247.00 0.00 579.00 7,047.75 5,175.92 1,069.20 2,209.32 1,389.76 990.51 2,644.96 611.50 663.00 17,956.91 233.00 247.80 5.70 28,287.61 95,118.59 |
119,300.46 | |
|---|---|---|---|---|
| 119,300.46 59,274.79 8,873.75 1,291.93 674.93 1,109.00 4,909.97 222.00 202.60 461.97 17,746.15 101,554.31 |
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Literature Fund Account - year ended 5th April 2023
| Balance brought forward Allocation under Will of W.H. Knox Bank Deposit Interest deduct Gifts for Literature |
2023 £ 86.95 700.00 0.00 786.95 700.00 86.95 |
2022 £ 86.95 0.00 0.00 |
|---|---|---|
| 86.95 0.00 86.95 |
East London Gospel Partnership Fund
| East London Gospel Partnership Fund | ||
|---|---|---|
| Balance brought forward Transfer Bank Deposit Interest deduct Gifts for evangelism |
2023 £ 0.00 6,924.65 14.85 6,939.50 0.00 6,939.50 |
2022 £ 0.00 0.00 0.00 |
| 0.00 0.00 0.00 |
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