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2024-04-05-accounts

W.H. Knox Associated Charitable Trusts

Registered Charity Number 1092155

Annual Financial Statements Year to 5th April 2024

Trustees: S.M. Brant K.H.J Erulin J.O.J. Freeman G. Demosthenous

C. Ferraby 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

1

Annual Financial Statements

5th April 2024

CONTENTS

Page
Objects of the Charity 3
Trustees Report 4
Independent Examiner’s Report 5
Income and Expenditure Account 6
Capital Accounts 7
Balance Sheet 8
Notes to the Accounts 9-12
d Income and Expenditure accounts
Properties 11
Literature 12
East London Evangelism 12

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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

3

Trustees Report for the Year ending 5th April 2024

The trustees present their report with the financial statements of the charity for the year ended 5[th] April 2024. The trustees have adopted the provisions 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 Republic of Ireland (FRS 102) (effective 1 January 2019).

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 £35,000, providing ministry accommodation and funding building improvements (which included this year the installation of solar panels). 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 a contribution towards the purchase of their church building, and made a number of ministry gifts including support for maternity accommodation for single mothers in eastern Europe.

The trustees took on additional administrative work over the year, in place of recruiting a replacement property manager, which resulted in a saving to the Trusts. Income from investments and properties remained as expected. There were no major property refurbishments this year, although some substantial works were required in the Rugby and Dagenham properties and we anticipate a number of major works becoming necessary in the coming years. The trusts continued to benefit 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

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Fund, for use furthering the wider charitable objects of the trusts, or invested in capital funds to generate further income for charitable purposes in the future.

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 2024 which are set out on pages 6 to 12.

Responsibilities and basis of report

As the charity trustees of the Trust 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

INDEPENDENT EXAMINER’S STATEMENT

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. 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 Reports) 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.

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.

Cobbin Floyd Limited

The Old Surgery

15a Station Road

Epping

Essex

CM16 4HG

Date

5

Income & Expenditure Account for the year ended 5th April 2024

INCOME FUND
notes
Income
Contributions from Almshouse Residents
Contributions from tenants
Missionary Home Contributions
Refunds
Rugby Tenancy
Dagenham Tenancy
ELPG 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 payments
Ministry Gifts
Almshouse Association Fee
Legal Fees
Accountancy Fees
Excess of Income over Expenditure
Add surplus at 6th April 2023
Transfer out of Income over to Capital
Income Fund at 5th April 2024
5		 61,919.84
45,712.13
2,125.00		 2024

£

109,756.97
42,847.69
152,604.66
99,420.41
23,113.89
233.75
0.00
12,500.00
407.00
0.00
366.00
136,041.05
16,563.61
264,578.60
201,127.33
80,014.88		 2023
£
57,814.97
46,880.98
1,350.00
768.34
7,200.00
6,600.00
69.08
2,363.62
25,846.65
16,336.90
2,019.50
26,804.04
8,890.00
4,427.79
4,312.60
35,519.45
1,110.13
0.00		 106,045.95
260.25
9,900.00
7,200.00
6,939.49
869.61
25,846.65
51,016.00
157,061.95
33,838.12
5,175.92
3,278.52
1,389.76
17,941.91
13,997.57
37,776.13
1,559.49
247.80
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

6

Capital Accounts for year ended 5th April 2024

Income

No Income
Transfer from Income into Capital
Expenditure
No Expenditure

Growth from investment accounts

Excess of Expenditure over Income

Add surplus at 6th April 2023

Capital Fund at 5th April 2024		 2024
£
0.00
201,127.33
16,586.57
0.00
1,177,540.21
1,395,254.11		 2023
£
0.00
-70,980.10
0.00
1,248,520.31
1,177,540.21

7

Balance Sheet 5[th] April 2024

notes
FIXED ASSETS
Freehold Properties
2
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
Routine Maintenance Funds
Other Properties Funds
Extraordinary Repair Funds
Cyclical Maintenance Funds
Routine Maintenance Funds
General Charitable Purposes
Fund
Restricted Funds
South Park Literature Fund
East London Gospel
Partnership Fund
Income Funds		 £
19,182.96
60,831.92
674,363.57		 2024
£
720,980.00		 £
10,829.62
52,621.65
657,777.00		 2023
£
720,980.00
720,980.00
754,378.45
1,475,358.45		 720,980.00
721,228.27
1,442,208.27
9,268.00
13,008.00
8,519.16
2,484.00
2,565.82
3,008.64
34,051.26
86.95
7,023.05
1,395,254.11
80,014.88		 1,177,540.21
51,717.60
72,417.42
13,814.22
23,609.93
96,082.43
86.95
6,939.50
264,668.05
1,475,268.99 1,442,208.26

The notes on pages 9 to 12 form part of these accounts.

Signed on behalf of the Trustees.

Date: 28[th] January 2025

8

Annual Financial Statements

Year to 5[th] April 2024

Notes to the Accounts

1. Accounting Policies:

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)		 2024
265,000
115,000
317,500
500
1,480
6,500
15,000
£720,980		 2023
265,000
115,000
317,500
500
1,480
6,500
15,000
£720,980

3. Capital Account for year ended 5[th] April 2024

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.

9

Summary of Funds

Income Accounts for year ended 5th April 2024

Investment Dividends
Deposit Interest (excluding Lit. Fund)
Gifts
deduct
Legal Fees
Accountancy Fees		 0.00
366.00		 2024
£
25,846.65

2,363.62
0.00
28,210.27

4,248.00
366.00
678.00
27,844.27
 2023
£
25,846.65
869.61
0.00
26,716.26
4,926.00
21,790.26

10

Property Repairs & Outgoings for year ended 5th April 2024

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:		 2024
61,919.84
1,122.00
45,712.13
7,200.00
6,600.00
768.34
2,125.00		 124,325.31 2023
57,814.97
2,682.61
46,880.98
9,900.00
7,200.00
260.25
1,350.00		 123,406.20
6,303.42
1,143.89
1,394.75
7,494.84		 5,216.78
0.00
2,682.61
25,938.73
124,325.31
16,336.90
2,019.50
864.00
25,940.04
8,890.00
4,427.79
407.00
366.00
233.75
59,484.98		 123,406.20
33,838.12
5,175.92
1,069.20
2,209.32
1,389.76
17,941.91
233.00
247.80
5.70
28,272.61
675.25
0.00
423.25
921.00		 389.93
0.00
1,062.00
3,723.99
1,207.41
2,574.88
335.50
310.00		 1,139.07
2,231.34
14,238.50
333.00
64,840.33 95,133.59

11

Literature Fund Account - year ended 5th April 2024

Balance brought forward
Allocation under Will of W.H. Knox
Bank Deposit Interest
deduct
Gifts for Literature		 2024
£
86.95
0.00
0.00
86.95
0.00
86.95		 2023
£
86.95
700.00
0.00
786.95
700.00
86.95

East London Gospel Partnership Fund Account – year ended 5[th] April 2024

Balance brought forward
Transfer
Bank Deposit Interest
deduct
Gifts for evangelism		 2024
£
6,939.50
0.00
83.55
7,023.05
0.00
7,023.05		 2023
£
0.00
6,924.65
14.85
6,939.50
0.00
6,939.50

12