## **W.H. Knox Associated Charitable Trusts** **Registered Charity Number 1092155** **Annual Financial Statements Year to 5th April 2025** **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 2025** ## **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 2 ## **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 2025** The trustees present their report with the financial statements of the charity for the year ended 5[th] April 2025. 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 totalling about £39,000, providing ministry accommodation and funding building improvements. 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, including a gift of literature for local schools. The trustees continued to undertake the full administration of the trusts’ properties 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 some refurbishment works carried out on the almshouses. 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 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. 4 ## **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 2025 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 2025** ## **INCOME FUND** ||**notes**||**2025**||**2024**| |---|---|---|---|---|---| |**Income**|||**£**||**£**| |Contributions from Almshouse Residents||61,500.32|||61,919.84| |Contributions from tenants||48,441.28|||45,712.13| |MissionaryHome Contributions||1,720.00|||2,125.00| ||||111,661.60||109,756.97| ||||||| |Refunds||0.00|||768.34| |RugbyTenancy||11,050.00|||7,200.00| |Dagenham Tenancy||7,200.00|||6,600.00| |ELPG Interest||102.98|||69.08| |Deposit interest||3,550.80|||2,363.62| |Investment Dividends||26,358.10|||25,846.65| ||||48,261.88||42,847.69| ||||159,923.48||152,604.66| |**Expenditure**|**notes**||||| |PropertyExpenditure:|||||| |Seven Kings almshouses||30,447.12|||16,336.90| |Other Seven Kings Properties||6,070.60|||2,019.50| |RugbyProperty||2,613.93|||26,804.04| |Dagenham Property||243.55|||8,890.00| |MissionaryHome||8,076.98|||4,427.79| |Payroll & Salaries: Knox||2,186.53|||4,312.60| |Salaries & Housing: South Park Chapel||39,545.98|||35,519.45| |Gardeningfor allproperties||1,149.08|||1,110.13| |Sundries||0.00|||0.00| ||||90,333.77||99,420.41| ||||||| |Literature acquisitions &gifts|||1,326.61||| |Gifts to South Park Chapel|||4,834.19||23,113.89| |Administration/Equipment|||0.00||233.75| |East London Gospel Partnershipexpenses|||240.00||0.00| |MinistryGifts|||8,500.00||12,500.00| |Almshouse Association Fee|||419.00||407.00| |Legal Fees|||0.00||0.00| |AccountancyFees|||384.00||366.00| |Projects(131 CR)|||3,000.00||0.00| ||||||| ||||109,037.57||136,041.05| |Excess of Income over Expenditure|||50,885.91||16,563.61| ||||||| ||||||| |Add surplus at 6th April 2024|||80,014.88||264,578.60| ||||||| |Transfer out of Income over to Capital|||||201,127.33| ||||||| |Income Fund at 5th April 2025|5||130,900.79||80,014.88| 6 ## **Capital Accounts for year ended 5th April 2025** ||||**2025**||**2024**| |---|---|---|---|---|---| |**Income**|||**£**||**£**| ||||||| |No Income|||0.00||0.00| ||||||| |Transfer from Income into Capital|||||201,127.33| ||||||| |**Expenditure**|||||| ||||||| |No Expenditure|||||| ||||||| |Growth from investment accounts|||-14,019.36||16,586.57| ||||||| |Excess of Expenditure over Income|||0.00||0.00| ||||||| |Add surplus at 6th April 2024|||1,395,254.11||1,177,540.21| ||||||| |Capital Fund at 5th April 2025|||1,381,234.75||1,395,254.11| ||||||| 7 ||**Balance Sheet**||||| |---|---|---|---|---|---| ||||||| ||**5.4.25**||||| ||||||| ||notes||**2025**||**2024**| |FIXED ASSETS|||**£**||**£**| |**Freehold Properties**|2||720,980.00||720,980.00| ||||720,980.00||720,980.00| ||||||| ||||||| ||||||| |CURRENT ASSETS||£||£|| |Bank Account Balances||40,073.02||19,182.96|| |Deposits with COIF - Bank||90,740.82||60,831.92|| |Deposits with COIF - Unit Trusts||660,344.21||674,363.57|| ||||791,158.05||754,378.45| ||||||| ||||**1,512,138.05**||**1,475,358.45**| ||||||| |FUNDS|||||| |**Capital Funds**|4||1,381,234.75||1,395,254.11| |_Almshouse Funds_|||||| |ExtraordinaryRepair Funds||14,084.00|||9,268.00| |Cyclical Maintenance Funds||15,066.00|||13,008.00| |Routine Maintenance Fund||13902|||8519.16| ||||||| |_Other Properties Funds_|||||| |ExtraordinaryRepair Funds||7,300.00|||2,484.00| |Cyclical Maintenance Funds||5,410.33|||2,565.82| |Routine Maintenance Fund||6951|||3008.64| ||||||| |General Charitable||61,214.48|||34,051.26| |South Park Literature Fund||86.95|||86.95| |East London Gospel||6,886.03|||7023.05| ||||||| |**Income Funds**|**5**||130,900.79||80,014.88| ||||||| ||||**1,512,135.54**||**1,475,268.99**| The notes on pages 9 to 12 form part of these accounts. Signed on behalf of the Trustees. Date: 30[th] January 2026 **==> picture [146 x 37] intentionally omitted <==** 8 ## **Annual Financial Statements** ## **Year to 5[th] April 2025** ## **Notes to the Accounts** ## **1. Accounting Policies:** - a. The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. - 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)|**2025**
265,000
115,000
317,500
500
1,480
6,500
15,000
£720,980|**2024**
265,000
115,000
317,500
500
1,480
6,500
15,000
£720,980| |---|---|---| ## **3. Capital Account for year ended 5[th] April 2025** 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** |**Summary of Funds**|**Summary of Funds**|**Summary of Funds**|**Summary of Funds**|**Summary of Funds**|**Summary of Funds**|**Summary of Funds**||| |---|---|---|---|---|---|---|---|---| |**Income Accounts foryear ended 5th April 2025**||||||||| |||||||||| |||||**2025**||||**2024**| |||||**£**||||**£**| |Investment Dividends||||26,358.10||||25,846.65| |Deposit Interest(excludingLit. Fund)||||3,550.80||||2,363.62| |Gifts||||0.00||||0.00| |||||29,908.90||||28,210.27| |||||||||| |deduct||||||||| |Legal Fees|||0.00||||0.00|| |AccountancyFees|||384.00||384.00||366.00|366.00| |||||29,524.90||||27,844.27| 10 ## **Property Repairs & Outgoings for year ended 5th April 2025** |**Property Repairs & Outgoings for year ended 5th April 2025**|**Property Repairs & Outgoings for year ended 5th April 2025**|**Property Repairs & Outgoings for year ended 5th April 2025**|||| |---|---|---|---|---|---| |||**2025**||**2024**|| |**Income**|||||| |Seven Kings Almhouses||61,500.32||61,919.84|| |_of which Garden Scheme_||||_1,122.00_|| |Other Seven Kings Properties||48,441.28||45,712.13|| |Rugbyrent||11,050.00||7,200.00|| |Dagenham rent||7,200.00||6,600.00|| |Gifts/Refunds||0.00||768.34|| |MissionaryHome contributions||1,720.00||2,125.00|| ||||129,911.60||124,325.31| ||||||| ||||129,911.60||124,325.31| |**Expenditure**|||||| |**Seven Kings almshouses**|||||| |Water & insurance||6,993.03||6,303.42|| |Council tax & Utilitybills||1,834.88||1,143.89|| |Gardens||2,459.85||1,394.75|| |Repairs||19,159.36||7,494.84|| ||||30,447.12||16,336.90| |**Other SKproperties**|||||| |Water/Insurance||614.20||675.25|| |Council tax & bills||667.63||0.00|| |Gardens||1,059.75||423.25|| |Repairs||3,729.02||921.00|| ||||6,070.60||2,019.50| |**Rugby Property**|||||| |Management Fees|||1,440.00||864.00| |Repairs and RunningCosts|||1,173.93||25,940.04| ||||||| |**Dagenham Property**|||243.55||8,890.00| ||||||| |**Missionary Home**|||||| |Council tax||1,277.15||1,207.41|| |RunningCosts 34 Water Lane||2,487.48||2,574.88|| |Repairs||3,880.10||335.50|| |Garden||432.25||310.00|| ||||8,076.98||4,427.79| |Almshouse Association Fee|||419.00||407.00| |Accountants fee|||384.00||366.00| |Administration/Equipment|||0.00||233.75| ||||48,255.18||59,484.98| ||||||| |Excess of income over expenditure:|||81,656.42||64,840.33| 11 ## **Literature Fund Account - year ended 5th April 2025** ||||**2025**||**2024**| |---|---|---|---|---|---| ||||**£**||**£**| |Balance brought forward|||86.95||86.95| |Allocation under Will of W.H. Knox|||1,326.61||0.00| |Bank Deposit Interest|||0.00||0.00| ||||1,413.56||86.95| |deduct|||||| ||||||| |Gifts for Literature|||1,326.61||0.00| ||||||| ||||86.95||86.95| **East London Gospel Partnership Fund Account – year ended 5[th] April 2025** ||||**2025**||**2024**| |---|---|---|---|---|---| ||||**£**||**£**| |Balance brought forward|||7,023.05||6,939.50| |Transfer|||0.00||0.00| |Bank Deposit Interest|||102.98||83.55| ||||7,126.03||7,023.05| |deduct|||||| ||||||| |Gifts for evangelism|||240.00||0.00| ||||||| ||||6,886.03||7,023.05| 12