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← Redeemer Worthing Ltd

2023-08-31-accounts

Redeemer Worthing Ltd

Report and Accounts Year ended 31 August 2023

==> picture [99 x 36] intentionally omitted <==

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

REDEEMER WORTHING LTD

CHARITY INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2023

Directors/Trustees

Karen Lyon Christine Goodban Ulrike Skinner Peyman Bandar Garry Bateman

Key Staff

Rodney Haggar Joel Tostevin Peter Saner

Governing Document Charity Registration Number 1096530 Company Registration Number 04664258

Memorandum and Articles of Association

Registered Office

44 Guildbourne Centre Worthing BN11 1LZ

Independent Examiner

Archie McDowall Stewardship 1 Lamb's Passage London EC1Y 8AB

Bankers

Cafbank Ltd West Malling

Contents Page
Charity Information 1
Trustees' Annual Report 2-9
Independent Examiner's Report 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Accounts 13-21
Detailed Statement of Financial Activities with Comparatives 22

Page 1

DIRECTORS REPORT 2022 - 2023

OUR PURPOSES, AIMS AND PUBLIC BENEFIT

The main areas of charitable activity of the Church are the advancement of the Christian faith and the provision of relief, education and assistance for persons in conditions of need, hardship or distress. In order to achieve this, the objects of the company are as follows:

When planning our activities for the year, the Trustees and Members (church directional team) of the charity have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. The review of activities below reflects how we have implemented this through a range of activities, which we consider to be in line with both this guidance and our objectives.

REVIEW OF THE YEAR’S ACTIVITIES (September 2022 - August 2023)

Summary

Over the last two years our Sunday morning gatherings have grown through people joining us who have moved to the area, and through people becoming part of a church for the first time. We have seen people's lives changed as they have encountered God on the Alpha Course. We have seen people connecting into family life through our groups: getting alongside one another in good times and bad, praying, reading the Bible, and sharing meals together. We have seen families and individuals loved and fed through Worthing Foodbank. We have loved coming into the presence of God, experiencing the Holy Spirit's transforming power as we have gathered for our Prayer & Worship nights. Young and old have been served and shown the love of Jesus through Redeemer Tots and Fernbank visits. We have been able to be generous with money we have been given to bless charities, people and churches in Worthing and the nations.

Page 2

Church Activities

The Church is continually looking for strategies to bring help not just to its members but also to the local town, the UK and internationally. This report reflects aspects of each of these three components. In each area of activity, the Trustees recognize, and are sincerely grateful for, the volunteers who contribute so much to all that happens in the life of the church.

Church Venue

The Church has been able to grow in-person meetings at their long-term venue of The Guildbourne Centre in central Worthing. Alongside an auditorium where the church community gathers for worship on Sunday mornings, the venue has a number of smaller rooms used for children’s activities and a tea and coffee area. The venue also houses the church offices and is used for Worthing Foodbank, Redeemer Tots pre-school group for the local community (welcoming around 50 under 5’s and their carers each week) and English language classes for beginners, all run by the Church. The venue is also used to host some church evening activities such as children/youth meetings, movie nights and prayer and worship times. For the vast majority of the time, however, the building is not used directly for church activities, but continues to add benefit to the local community by being sublet to others through the Church’s company ‘The Rooms (Worthing) Ltd’ (Company number 11750254). This provides:

During the past year ‘Rooms’ has been an important addition to the facilities available in central Worthing, and appreciated by the local community, businesses and organizations alike. We have found that the dual uses of the building to be complimentary; supporting people using Rooms to become more familiar with Redeemer Church, and church members using the co-working space and hiring function and meeting rooms.

Giving

Over the year church members have given £364,407 including recovery of tax through Gift Aid. This has been used both for the active ministries of the church and for gifts of £31,484 to other charitable causes both in the UK and internationally. We are grateful for the generous and enthusiastic support of all our church members for the work of the charity.

Church Family

All are welcome to attend our regular Sunday services. We saw an average of 145 adults attending per week (an 18% increase from last year). We have been pleased to welcome a number of new people, some of whom have connected with us through online church, others through our co-working space, Rooms, and others through church facilitated services like Worthing Foodbank or Redeemer Tots play group.

Approximately 131 children have taken part in our children’s programme on Sunday mornings over a six month period, and 21 young people are part of our youth groups. During the year 12 people were baptised, 4 Baby Thanksgiving events were celebrated and a membership course was offered for 19 new members.

Page 3

In addition to Sunday gatherings, approximately 107 church members meet midweek in small fellowship or teaching groups.

Development of Leadership

The Church Eldership team is unchanged from July 2021 and is made up of:

Children

We value highly the work with all our children on Sunday mornings, whatever their age. Fun activities based on biblical teaching for the younger children and regular teaching for our older children and teens take place. This includes:

College and Students

Foundry – for 15-18’s

Foundry youth group gives young people the opportunity to experience God, to build solid friendships in the process, and to discover God’s purpose for their lives. It also provides spiritual preparation for those who are going on to university. The group meets regularly mid-week for social activities, worship, prayer and discussion.

Overseas Mission

We have had continued involvement with the family of Regions Beyond churches around the world that we are part of. This has included ministry visits to Dubai, Mexico and South Africa to serve the churches there, and also to being received and taught in a group-visit to the Philippines. We were also privileged to welcome a church member from the Philippines to our church in Worthing, and hope to see the relationship with Grace City churches in the Philippines continue to grow over the next year as we learn from each other.

Local Mission

We have a target of planting 5 new churches over time within a one-hour drive of Worthing. These churches will be established with the help of the church but operate as autonomous, independent churches. The first of these local church plants was Trinity Church in the neighbouring town of Littlehampton. Trinity was established in September 2018 with a team of 30 people mainly originating from the Church.

Evangelism

Sharing the good news of the gospel is core to our life as a church. Through the Alpha Course, guest services and various other events, opportunity was made for many to hear the gospel. Some found a new faith and 12 people were baptised.

English Classes

Free, beginners English classes are offered for those needing to learn English, to help them better connect with our local community.

Page 4

Fernbank Residential Home

Regular visits to Fernbank to share an informal Christian service including a time of singing have been continuing for the past two years, providing 12 Sunday services, and 50 visits to chat with residents. We're reliably informed that they eagerly anticipate each visit!

Redeemer Tots

On Monday mornings during term time, we have run Redeemer Tots, a space for parents, carers, babies and toddlers to catch up and have fun! This has been a great opportunity to serve our town, welcoming up to 50 under 5s into our space each week, building relationships with parents, grandparents and carers, showing something of the love of Jesus and pointing them to other events that we have going on.

Movie Mornings

The Church has offered a number of free movie mornings and evenings for children and adult caregivers to help connect with young families in Worthing and to offer fun activities especially during school breaks. These have proven popular with the local community.

Worthing Foodbank

The church is proud to have started the Worthing Foodbank under the auspices of the Trussell Trust. Over the last year, we have supplied nearly 3,000 people with emergency food, a total of 16,146kg of food, with 119 volunteers delivering this service. As well as normal deliveries, we delivered some Christmas cheer in the form of 120 hampers for individuals and families, with crackers, toys, chocolates and other essentials for the festive period. It is a joy to be able to serve our town in this way.

PLANS FOR THE COMING YEAR

The key objectives to be addressed during the coming year (2023-2024) are:

FINANCIAL REVIEW

Incoming Resources

Total incoming resources for the year increased from £388,011 in 2022 to £447,230 in 2023

Page 5

Resources Expenditure

Total resources expended for the year decreased from £404,670 in 2022 to £364,038 in 2023. £65,606 of that decrease was costs incurred in 2022 for the Church’s new home in the Guildbourne Centre

Funds and Balance Sheet

The movement in total funds for the year is a net increase of £83,192. Loans received opening balance at £115,000 and closed at £50,000 with £65,000 loans paid back. At the year-end total funds held were £979,127 of which £820,916 are General funds being unrestricted and undesignated.

GOVERNANCE AND DIRECTORS

There have been no changes to the Directors/Trustees during the year ending 31 August 2023. They are as follows:

The Directors are regarded as the Trustees of the charity for the purpose of the Charities Act 2011. The board of directors, who meet at least four times a year, are responsible in law for implementing the strategic decisions and direction given by the Eldership/Directional Team of the Church. Directors are appointed by the Members at the Annual General Meeting. The Directors may also appoint a director to serve until the next Annual General Meeting, at which time they would cease to hold office but would be eligible for election.

In short, the role of the Directors is to ensure that:

The Directors delegate the running of the charity to the Eldership/Directional Team of the Church as listed previously. The Eldership/Directional Team oversees the achievement of the objectives of the charity, manage day-to-day operational decisions and co-ordinate and direct the church’s work. Progress is monitored regularly by the Directors. The Directors are members of the church and bring experience and expertise in business, accounting, public sector, charity sector and law. Training is provided to board members as required.

Financial and Legal

The Directors (who are also Trustees of the Church) are responsible for preparing the Directors Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Page 6

Company Law requires the Directors (Trustees) to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the year. In preparing these financial statements, the Directors are required to:

The Directors are responsible for keeping accounting records which disclose with reasonable accuracy, the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Internal control and risk management

The Directors have overall responsibility for the Church’s system of internal control. Such a system can provide only reasonable and not absolute assurance against errors or frauds. There is a clear delegation of the Directors’ authority through the Eldership/Directional Team to the rest of the charity.

The Church operates a planning and budgeting system with an annual budget approved by the board of directors. Significant changes are subject to specific approval. A financial reporting system compares results with the budget on a monthly basis.

The Directors monitor that the Church functions in compliance with all legislation designed to safeguard people and has policies covering areas such as GDPR, Health and Safety (including fire safety), safeguarding of children and vulnerable adults (including DBS checks) and a Staff handbook. Adequate insurance policies are also in place.

The Directors are satisfied that systems are in place to monitor, manage and mitigate the Church’s exposure to major risks. They also recognize that the nature of some of the Church’s work requires active acceptance and management of some risks when undertaking activities to achieve the objectives of the charity.

Reserves Policy

The charity considers it good practice to hold 3 months of operational expenses in the bank. This position is reviewed annually in light of Charity Commission guidance.

Designated funds arise from the setting aside of some general giving against the identified need to maintain a fund with which to be able to assist members of the church who have a particular need.

Restricted funds arise where gifts are received for specific purposes.

Expenditure is distributed in line with these requirements.

Page 7

Investment and Treasury Policy

In keeping with good financial management, funds are maintained to meet foreseeable recurring expenditure. It is not the charity’s general policy to commit to investments. No new investments have been made during the year to 31[st] August 2023.

EMPLOYEES

The work of Redeemer Worthing relies on the commitment and hard work of its valued staff. Communication links are maintained informally through sharing an office space as well as weekly team meetings. The full and part-time staff employed during the financial year 2022-2023 were:

In addition, the Church benefits from the voluntary services of a number of members.

Responsibilities of trustees under company law

The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:

  1. select suitable accounting policies and apply them consistently;

  2. observe the methods and principles in the Charities SORP;

  3. make judgements and estimates that are reasonable and prudent;

  4. state whether the applicable accounting standards have been followed, subject to any

material departures disclosed and explained in the financial statements; and

  1. prepare the financial statements on a going concern basis unless it is inappropriate to

presume that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 8

INDEPENDENT EXAMINER

Stewardship Services was appointed independent examiner at the Annual General Meeting on 17 April, 2023 and a resolution to re-appoint them will be proposed at the next Annual General Meeting. This was approved by the Directors and signed on their behalf by Karen Lyon.

Karen Lyon Karen Lyon (May 9, 2024 15:43 GMT+1)

Karen Lyon Director Chair of Trustees

Date: May 9, 2024

Page 9

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

REDEEMER WORTHING LTD ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2023 on pages 11 to 22 following, which have been prepared on the basis of the accounting policies set out on pages 13 to 14.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also 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 myself that the accounts of the Company 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 your charity’s accounts as 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) (b) of the 2011 Act.

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants of Scotland, which is one of the listed bodies.

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:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. 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

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance 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 report in order to enable a proper understanding of the accounts to be reached.

Archie McDowall

Archie McDowall (May 9, 2024 16:32 GMT+1)

Archie McDowall, BA CA Institute of Chartered Accountants of Scotland

Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: May 9, 2024

Page 10

REDEEMER WORTHING LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Investments
4
Other income
5
Total income and endowments
EXPENDITURE ON:
Charitable activities
6
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
15		 Unrestricted
Funds
£
288,889
1,680
50,733
341,301
293,680
293,680
-
47,622
662
48,284
811,611
859,895		 Restricted
Funds
£
105,521
-
408
105,929
70,359
70,359
-
35,571
(662)
34,909
84,324
119,233		 Total
Funds
2023
£
394,410
1,680
51,141
447,230
364,038
364,038
-
83,192
(0)
83,192
895,935
979,127		 Total
Funds
2022
£
311,863
37,822
38,326
388,011
404,670
404,670
-
(16,660)
-
(16,660)
912,595
895,935

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The statement of financial activities also complies with the requirements for an income and expenditure account required by the Companies Act 2006.

The notes on page 13-21 form part of these accounts.

Page 11

REDEEMER WORTHING LTD

BALANCE SHEET

AS AT 31 AUGUST 2023

Note
FIXED ASSETS
Tangible assets
8
Investments
9
CURRENT ASSETS
Stock
10
Debtors
11
Cash at bank and in hand
12
CREDITORS: Amounts falling
due within one year
13
Net current assets / (liabilities)
Total assets less current liabilities
CREDITORS: Amounts falling due
14
after more than one year
TOTAL NET ASSETS
FUND BALANCES
15
Unrestricted Funds
General funds
Designated funds
Restricted Funds		 Unrestricted
Funds
£
761,839
1
761,840
-
53,256
108,407
161,662
(13,608)
148,055
909,894
(50,000)
859,894
820,916
38,978
859,894
-
859,894		 Restricted
Funds
£
-
-
-
2,143
-
117,090
119,233
-
119,233
119,233
-
119,233
-
-
-
119,233
119,233		 Total
Funds
2023
£
761,839
1
761,840
2,143
53,256
225,497
280,895
(13,608)
267,287
1,029,127
(50,000)
979,127
820,916
38,978
859,894
119,233
979,127		 Total
Funds
2022
£
805,836
1
805,837
4,348
40,784
172,250
217,382
(12,284)
205,098
1,010,935
(115,000)
895,935
760,858
50,752
811,611
84,324
895,935

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006 however, in accordance with Section 145 of the Charities Act 2011, the accounts have been examined by an independent examiner and their report has been included in these financial statements.

The directors (who are the charitable company's trustees for the purposes of charity law) acknowledge their responsibilities for:

(a) ensuring that the charitable company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its net income or expenditure for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Trustees and were signed on its behalf by:

______ Karen Lyon (May 9, 2024 15:43 GMT+1)Karen Lyon Date __ May 9, 2024 Name: Karen Lyon Charity number: 1096530 Company Number 04664258

The notes on page 13-21 form part of these accounts.

Page 12

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2023

1 Statutory Information

The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain assets, which are measured at fair value through the Statement of Financial Activities.

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. In making this assessment the trustees have considered the impact of Covid-19 and have concluded that its impact on net income will not be material.

b) Income Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

When donated goods, services and facilities are distributed or consumed, an expense in respect of those items is included in the Statement of Financial Activities. At the year end any goods that have not been distributed or consumed are recognised as stock; donated fixed assets are capitalised.

The charity has taken the view that it has only one charitable activity, namely the advancement of the Christian faith, and all income from donations, legacies and charitable activities is in respect of this one activity.

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

The Charities SORP requires charities with income over £500,000 to allocate costs to the various activities undertaken by the charity. The nature of the work of the church is considered to be so integrated that the core charitable activity costs are considered to be for the one activity.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

Page 13

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2023

d) Fund accounting

e) Tangible fixed assets

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Equipment Over 3 to 10 years Furniture 20 years Fit-Out costs 20 years

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Investments

Fixed asset investments are held to generate income and for their investment potential. Investments are valued as follows:

Impairment losses and losses arising on the disposal of social investments are included in the Statement of Financial Activities under the heading 'Expenditure on charitable activities'. Gains arising on the disposal of social investments are included in the Statement of Financial Activities under the heading 'Other income'. All other gains and losses on investment assets are included in the Statement of Financial Activities under the heading 'Net gains / (losses) on investments'.

g) Stocks Stocks of donated items held for distribution to beneficiaries are measured at fair value; stocks of goods donated for the charity's own use are valued at an estimate of their value to the charity.

h) Pension scheme arrangements

The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

i) Taxation The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

j) Critical accounting estimates and areas of judgement The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

Page 14

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2023

3 Donations and legacies

General Donations
Donations in kind
Income tax recoverable
Donations in kind comprise the following:
Goods donated for:
Foodbank
4
Investment income
Bank interest
5
Other income
Newday, Fusion & Church camps
Management contribution from Rooms Worthing Ltd
VAT recovery
Other church events
Other income
6
Charitable expenditure
Core activities
£
a
Costs incurred directly on specific activities
Church activities
38,211
Staff costs
126,004
Donations in kind expensed (note 4e)
-
Grants payable (note 4f)
19,584
183,800
b
Costs incurred on support & administration
Governance costs
4,320
Administration support costs
58,784
Depreciation of tangible fixed assets
49,971
Stock wastage
-
Other
120
113,195
Total expenditure
296,995
In the previous year, charitable expenditure was as follows:
Core activities
£
c
Costs incurred directly on specific activities
Church activities
48,373
Staff costs
158,649
Donations in kind expensed (note 4e)
-
Grants payable (note 4f)
12,956
219,978
d
Costs incurred on support & administration
Governance costs
3,960
Administration support costs
68,679
Depreciation of tangible fixed assets
46,755
Stock wastage
-
Other
226
119,619
Total expenditure
339,597		 2023
£
309,799
30,003
54,607
394,410
2023
£
30,003
30,003
2023
£
1,680
1,680
2023
£
1,491
48,558
(2,464)
3,556
-
51,141
Foodbank
£
7,513
19,798
32,208
-
59,519
-
3,526
3,998
-
-
7,524
67,043
Foodbank
£
7,513
19,798
25,323
-
52,635
-
3,526
3,998
4,915
-
12,439
65,074		 2022
£
235,894
29,670
46,300
311,863
2022
£
29,670
29,670
2022
£
83
83
2022
£
21,912
37,738
13,326
680
2,409
38,326
2023
£
45,724
145,803
32,208
19,584
243,319
4,320
62,310
53,970
-
120
120,720
364,038
2022
£
55,886
178,447
25,323
12,956
272,612
3,960
72,205
50,753
4,915
226
132,058
404,670

The fee payable to the independent examiner for preparing and examining the accounts was £4,200 (2022: £3,960).

Page 15

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2023

e Donations in kind expensed in year

e
Donations in kind expensed in year
Donated goods distributed in year
f
Grants payable
Grants for UK and overseas mission
Grants for the relief of poverty
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
The charity's principal grants to institutions comprised:
Regions beyond
Catalyst Network of Churches
International Aid Trust
West Africa Mission
Xtend Global UK
Hope for Tomorrow Global
Yada UK
Grants to institutions for less than £1,000 each		 Individuals
£
13
-
13
Individuals
£
27
27		 2023
£
32,208
32,208
Institutions
£
17,076
2,394
19,471
Institutions
£
12,929
12,929
2023
£
15,876
1,394
1,000
-
-
-
1,000
200
19,471		 2022
£
25,323
25,323
2023
£
17,089
2,394
19,484
2022
£
12,956
12,956
2022
£
3,850
-
-
4,522
1,000
1,631
1,800
125
12,929

7 Analysis of staff costs, the cost of key management personnel and trustee remuneration and expenses

Gross wages, salaries & benefits in kind
Employer's National Insurance costs
Pension costs
Other pay costs
Total staff costs		 2023
£
124,989
10,088
9,746
0
144,823		 2022
£
155,009
8,522
12,013
2,532
178,076

The average monthly number of employees during the year was 6 (2022: 8). Most of the charity's activities are carried out by volunteers.

No staff received salaries at a rate of more than £60,000 per annum.

During the year key management received employment benefits totalling £75,060 (2022: £83,679).

No trustees received employment benefits in either the current or preceding year.

No expenses (2022: £nil) were paid to, or for, the trustees.

Page 16

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2023

8 Tangible fixed assets

Cost
At 1 September 2022
Additions
Disposals
At 31 August 2023
Accumulated depreciation
At 1 September 2022
Charge for the year
Eliminated on disposal
At 31 August 2023
Net book value
At 31 August 2023
At 31 August 2022		 Fixtures
fittings and
equipment
£
49,769
-
-
49,769
12,303
4,512
-
16,814
32,954
37,466		 Computer
Equipment
£
1,000
1,289
-
2,289
1,000
322
-
1,323
966
-		 Furniture
£
38,320
-
-
38,320
3,832
1,916
-
5,748
32,572
34,488		 Fit Out
Costs
£
806,539
-
-
806,539
80,654
40,327
-
120,981
685,558
725,885		 Vehicles
£
11,995
8,684
-
20,679
3,998
6,893
-
10,891
9,788
7,997		 Total
2023
£
907,623
9,973
-
917,596
51,035
53,970
-
105,004
761,839
805,836

On 13 September 2020 the Church signed a 20 year lease on 1st Floor, Guildbourne Centre, Worthing. Fit out and other costs have been capitalised and will be depreciated over the length of the 20 year lease.

9 Fixed asset investments

Cost or fair value brought forward
Cost or fair value carried forward		 Unquoted
shares
1
1		 2023
£
1
1		 2022
£
1
1

UK unquoted shares – In September 2020, a subletting company ‘The Rooms (Worthing) Ltd’ (Company number 11750254) was established to allow the Church to sublet the space to others when not in use by the church.

10 Stock

Donated goods
For distribution to beneficiaries
Debtors
Falling due within one year:
Tax recoverable
Prepayments
Other debtors
Due from group undertakings
Falling due after one year
Loans to group undertakings
Total debtors		 2023
£
2,143
2,143
2023
£
3,848
-
442
36,869
41,159
12,097
12,097
53,256		 2022
£
4,348
4,348
2022
£
3,544
1,091
5,385
18,667
28,687
12,097
12,097
40,784

11 Debtors

The church has granted a loan of £12,097 to The Rooms Worthing Ltd, a 100% owned subsidiary. The loan is interest free, unsecured and will be repaid as funds become available.

12 Cash at Bank and in Hand

h at Bank and in Hand
Cash at bank with immediate access
Petty cash		 2023
£
225,008
489
225,497		 2022
£
171,762
489
172,250

Page 17

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2023

13 Creditors: liabilities falling due within one year

Accruals
14
Creditors: amounts falling due after more than one year
Loans (note 15)
15
Funds
During the year the movements in the charity's funds were as follows:
Opening
Incoming
balance
resources
2023
2023
£
£
Designated Funds
Mission funds
-
-
Building fund
-
6,903
Foodbank Body Basics
186
500
Fit Out costs
-
16,330
Fusion and church camp
(2,084)
-
New Church fund (was Gather fund)
5,402
-
In Need Fund
377
-
Internship Fund
1,127
-
Rent - GBC rent etc
20,000
-
Roomsworthing Fund
-
-
Soup Run & Night Shelter
6,756
-
Youth Work
-
-
Burundi truck
-
-
Newday
-
4,376
Reserve for loan repayment
17,515
32,975
Bereavement support
1,473
-
Wider Church Ministries fund
-
-
50,752
61,084
General Unrestricted Funds
760,858
280,217
Total Unrestricted Funds
811,610
341,301
Restricted Funds
Special offerings
662
15,271
Foodbank
83,662
90,658
84,324
105,929
Aggregate of funds
895,935
447,230		 Outgoing
resources
2023
£
-
(2,037)
(686)
-
(1,418)
-
(400)
(1,808)
-
-
-
-
-
(6,333)
-
-
(5,693)
(18,375)
(275,304)
(293,680)
(15,271)
(55,088)
(70,359)
(364,038)		 Transfers
in the year
2023
£
-
(4,865)
-
(16,330)
3,502
-
23
681
(10,000)
-
(6,756)
-
-
1,957
(32,694)
-
10,000
(54,483)
55,145
662
(662)
-
(662)
(0)		 2023
£
13,608
13,608
2021
£
50,000
50,000
Gains and
losses
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2022
£
12,284
12,284
2020
£
115,000
115,000
Closing
balance
2023
£
-
-
-
-
(0)
5,402
(0)
0
10,000
-
-
-
-
(0)
17,796
1,473
4,307
38,978
820,916
859,894
-
119,233
119,233
979,127

Transfers

The restricted Special Offerings fund was established to ringfence donations given for specific purposes. One donaton of £662 has been used for capitalised Guildbourne centre fit out costs in accordance with the donor's wishes.

Page 18

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2023

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

Analysis of net assets by fund
The assets and liabilities of the various funds were as follows:
General
Designated
funds
funds
£
£
Tangible fixed assets
761,839
-
Investments
1
-
Stock
-
-
Debtors
53,256
-
Cash at bank and in hand
69,429
38,978
Creditors falling due within one year
(13,608)
-
Creditors falling due after more than one year
(50,000)
-
820,916
38,978
In the previous year the movements in the charity's funds were as follows:
Opening
Incoming
Outgoing
Transfers
balance
resources
resources
in the year
2022
2022
2022
2022
£
£
£
£
Designated Funds
Mission funds
-
-
-
-
Building fund
-
13,537
-
(13,537)
Foodbank Body Basics
670
-
(484)
-
Fit Out costs
-
2,420
(2,420)
-
Fusion and church camp
-
14,106
(15,542)
(648)
Gather fund
5,168
234
-
-
In Need Fund
887
-
(510)
-
Internship Fund
1,366
-
(239)
-
Rent - GBC rent etc
40,000
2,965
(22,965)
-
Roomsworthing Fund
-
256
(82)
(174)
Soup Run & Night Shelter
5,856
900
-
-
Youth Work
494
-
-
(494)
Burundi truck
-
1,631
(1,631)
-
Newday
-
8,337
(10,114)
1,777
Reserve for loan repayment
-
-
-
17,515
Bereavement support
-
-
(27)
1,500
54,442
44,386
(54,014)
5,939
General Unrestricted Funds
767,795
285,637
(286,260)
(6,315)
Total Unrestricted Funds
822,237
330,023
(340,274)
(376)
Restricted Funds
Special offerings
662
4,522
(4,522)
-
Contingency Fund
-
-
-
-
Foodbank
86,611
53,465
(56,428)
14
City Hill Fund
3,084
-
(3,446)
362
90,357
57,987
(64,397)
376
Aggregate of funds
912,594
388,011
(404,670)
-
Unrestricted Funds		 Restricted
funds
£
-
-
2,143
-
117,090
-
-
119,233
Gains and
losses
2022
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 2023
£
761,839
1
2,143
53,256
225,497
(13,608)
(50,000)
979,127
Closing
balance
2022
£
-
-
186
-
(2,084)
5,402
377
1,127
20,000
-
6,756
0
-
0
17,515
1,473
50,752
760,858
811,610
662
-
83,662
0
84,324
895,934

Page 19

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2023

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

Tangible fixed assets
Investments
Stock
Debtors
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after more than one year		 General
Designated
funds
funds
£
£
805,836
-
1
-
-
-
40,784
-
41,521
50,752
(12,284)
-
(115,000)
-
760,859
50,752
Unrestricted Funds		 Restricted
funds
£
-
-
4,348
-
79,976
-
-
84,324		 2022
£
805,836
1
4,348
40,784
172,250
(12,284)
(115,000)
895,935

Mission Fund is money set aside to help those in need, locally and internationally.

Building fund is money set aside to be used for the acquisition of a lease and development costs for the church's new premises. Foodbank Body Basics fund is to support the church's foodbank serving the local area

Fit Out Costs Fund was created to set aside funds needed to fit out the church's new building Gather fund is for donations to support church planting.

In Need Fund is for donations to support need problems that arise.

Internship Fund is for donations to support the work of interns within the church.

Rent fund GBC is an amount set aside from donations to pay for rent, service charges & insurance for the Guildbourne Centre in its early years.

Roomsworthing Fund aims to support the work of the church's subsidiary, The Rooms Worthing Ltd, in its work serving the local community.

Soup Run and Nightshelter Funds are for use for the service to the homeless.

Youth Work Fund is for the work amongst the youth of the church.

Newday fund is used for sending the children to a church camp week away.

Reserve for loan repayment is money used to pay back loans used for Guildbourne build and fit out Bereavement fund is used to support those experiencing loss

Special offerings fund is used for raising money (via donations) for specific charities Wider Church Ministries fund is used to pay for eldership support for other churches. Contingency Fund is designed to pay for any unforeseen events and could include a building project City Hall Fund is to fund the church's work in Asia

Foodbank Fund is to support the church's foodbank serving the local area

Page 20

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2023

16 Loans and finance leases

The liabilities for concessionary loans referred to in note 10 fall due for repayment as follows:

Repayable:
Within one year
Between one and five years
After five years		 Otherwise
than by
instalments
-
50,000
50,000		 By
instalments
-
-
-		 2023
2022
£
£
-
-
50,000
115,000
-
-
50,000
115,000
Concessionary loans		 2023
2022
£
£
-
-
50,000
115,000
-
-
50,000
115,000
Concessionary loans
115,000

The concessionary loans are interest free and unsecured; they are being repaid when funds become available. The latest date by which all loans must be repaid in full is 1 October 2025.

17 Operating lease commitments

The charity has an operating lease for its church building in the Guildbourne centre, Worthing. The minimum amount payable (until the next break clause and ignoring the potential effect of future rent reviews) in respect of this lease is as follows:

Within one year
Between one and five years
After five years
Payments falling due:		 2023
£
39,528
118,584
-
158,112		 2022
£
39,528
118,584
-
158,112

During the year the charity was charged £38,112 (2022: £38,112) for its operating lease.

18 Transactions with related parties

During the year the charity received donations totalling £45,540 (2022: £72,732) from related parties (which includes trustees, members of key management and anyone closely connected to them).

At the beginning of the year the charity had outstanding loans of £15,000 and £10,000 from Paul and Janet Tostevin, who are related to Joel Tostevin, a member of the charity's key management. The loans are unsecured and interest free, as decribed in note 14. These loans were repaid in full during the year.

Except as disclosed in note 5 'Analysis of staff costs', there have been no other transactions with related parties during the year.

19 Subsidiaries

Details of the church's subsidiary at 31 August 2023 are as follows:

Name of Undertaking The Rooms (Worthing) Ltd

as follows:
Class of
Registered shares % Held
Office Nature of business held direct
44 Guildbourne Property letting and Ordinary 100%
Centre, Worthing management

Page 21

REDEEMER WORTHING LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 AUGUST 2023

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Investments
Other income
Total income and endowments
EXPENDITURE ON:
Charitable activities:
6
Total Expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
15
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
15		 General
Designated
2023
2023
£
£
265,156
23,733
1,680
-
13,381
37,351
280,217
61,084
275,304
18,375
275,304
18,375
-
-
4,913
42,709
55,145
(54,483)
60,058
(11,774)
760,858
50,752
820,916
38,978
Unrestricted funds		 Restricted
2023
£
105,521
-
408
105,929
70,359
70,359
-
35,571
(662)
34,909
84,324
119,233		 Total
2023
£
394,410
1,680
51,141
447,230
364,038
364,038
-
83,192
(0)
83,192
895,935
979,127		 General
Designated
2022
2022
£
£
245,860
8,424
37,822
-
1,955
35,962
285,637
44,386
286,260
54,014
286,260
54,014
-
-
(622)
(9,628)
(6,315)
5,939
(6,938)
(3,689)
767,796
54,442
760,858
50,752
Unrestricted funds		 Restricted
2022
£
57,579
-
408
57,987
64,397
64,397
-
(6,409)
376
(6,033)
90,357
84,324		 Total
2022
£
311,863
37,822
38,326
388,011
404,670
404,670
-
(16,660)
-
(16,660)
912,595
895,935

Page 22