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REGISTERED COMPANY NUMBER: 04646479 (England and Wales)
REGISTERED CHARITY NUMBER: 1096720
Report of the Trustees and
Unaudited Financial Statements
for the Year Ended 31st March 2023
for
Swansea City Mission & Educational Trust
Ashmole & Co
Chartered Certified Accountants
Castle House
High Street
Ammanford
Carmarthenshire
SA18 2NB
Swansea City Mission & Educational Trust
Contents of the Financial Statements for the Year Ended 31st March 2023
|
Page |
Report of the Trustees |
1 to 7 |
Independent Examiner's Report |
8 to 9 |
Statement of Financial Activities |
10 |
Balance Sheet |
11 to 12 |
Notes to the Financial Statements |
13 to 21 |
Detailed Statement of Financial Activities |
22 to 23 |
Swansea City Mission & Educational Trust
Report of the Trustees for the Year Ended 31st March 2023
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,present their
reportwiththefinancialstatementsofthecharityfortheyearended31stMarch2023.Thetrustees have
adoptedtheprovisionsofAccountingandReportingbyCharities:StatementofRecommended Practice
applicableto charitiespreparingtheiraccountsin accordancewith the FinancialReportingStandard applicable
in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
Page 1
Swansea City Mission & Educational Trust
Report of the Trustees for the Year Ended 31st March 2023
OBJECTIVES AND ACTIVITIES
Objectives and aims
TheobjectiveistoadvancetheChristianfaithbythepromotionoftheGospeloftheLordJesus throughout
South Wales and to advance the education of young people throughout the City and County of Swansea.
OwnedbySwanseaCityMissionandEducationalTrust,inrecentyearsNicholastonHousebecamethe main
focusandworkofthecharity.Purchasedin1998,overtheyearsofoperationbetween1998and2022, the
Houseofferedvariousretreatsand courses,plus accommodationand spacefor churchand Christiangroups to
stay residentially or just visit for the day.
However,as has been clearlydocumentedin previousannual reports,NicholastonHouse has been in need of a
majorrefurbishments(includingthe need to addresssignificantfire safetyissues)for manyyears,with costs in
excessof£600,000tosimplymaintaintheexistingpremises(i.e.withoutanyexpansiontothespace for
meetings,ministryandbedrooms)Despitebestendeavourstoraisethenecessaryfunds,therequired funds
were not raised.
Therefore,TrusteesofSwanseaCityMission&EducationalTrustconfirmedtheclosureofNicholaston House
on Wednesday, 30 November 2022.
SpeakingtoMembersofSwanseaCityMission&EducationalTrustattheAGMon22October2022,Chair of
Trustees,MrGeoffThomas,said:"TheLordisleadingus,I believe,tobuildacentreintheheartof Swansea.
This will affordus the opportunityto be far moreaccessibleto thosein desperateneed who wouldstruggle to
access our services out on Gower and also to work in partnership with others.
"TherelocationbackintotheheartofSwansea-literally'SwanseaCityMission's:missiontoSwansea'- and
improved accessibility to those in real need, is aligning far more with the original aims of the Trust."
Havingconsideredtheoptionsverycarefullyandprayerfully,TrusteesofSwanseaCityMission& Educational
Trustcharitysincerelybelievethat puttingthe propertyup for sale is in the best interestof the charityand will
helphugelytoresourcesocialneedin and aroundSwanseaCityCentre.Theaimis tostartconversations with
potentialstrategicpartnersto help identifygaps in provisionand provideresourcesto supportexisting services
and provisions, rather than duplicate them.
ThisreroutingfromthepresentbaseonGowerandintotheheartofSwanseaseekstohelpmeeta variety of
socialneedthroughpartnershipswithothersalreadyworkinganddeliveringoutreachservices.It is estimated
thesaleoftheNicholastonHousesitewillreleasesignificantfundstoenabletheresourcingofavariety of
servicestothoseaffectedbyhomelessness,addictionandmentalhealthissues.NicholastonHouseclosed its
doors on 28 November 2022.
Trusteeshavebeenconsultinglocalrealestateandplanningexpertswitha viewtothemosteffectivesale of
the Nicholaston House site, as required by The Charities Act.
Trustees value prayer for God-given wisdom, guidance and direction as the future for the charity unfolds.
Page 2
Swansea City Mission & Educational Trust
Report of the Trustees for the Year Ended 31st March 2023
OBJECTIVES AND ACTIVITIES
Public benefit
The objectives outlined are clearly aimed at the welfare of the public, being open to all.
TheTrusteeshavereferredtotheCharityCommission'sguidanceonpublicbenefitwhenreviewing the
charity's aims and objectives and planning future activities.
Page 3
Swansea City Mission & Educational Trust
Report of the Trustees for the Year Ended 31st March 2023
ACHIEVEMENT AND PERFORMANCE
Charitable activities
Despitethecontinuedchallengespresentedfollowingtheglobalcovid-19pandemic,regularmeetings of
Trustees have taken place during the year.
AttheAGMon22October2022,JimPenberthywasre-appointedasaTrusteeforafurther3-yearterm of
office. Ian Ambrose was also appointed for a 3-year term.
Fromtheperiodofoperationbetween1Apriland28November2022thefollowingactivities were
undertaken:
16 personal retreat breaks
7 prayer and refreshing (prayer ministry) retreats
1 walking retreat (at Easter)
4 'breakfast on the beach/ retreats
25 group residential retreats and/or away days
3 quiet days
2 themed retreats
4 'prophetic art' courses and/or retreats
Multiple 'Coffee by the Bryn' coffee shop guests
Multiple 'Bryn Room' self catering guests
2 wedding receptions
1 open day
Throughoutthe reportingperiod new team membersjoined at varioustimes to supportthe smooth-running of
the Centreoperations.Ian Ambroseleft in August 2022,but kindly agreed to remainas a co-optedtrustee until
later being appointed at the AGM on 22 October 2022.
Trusteeswishtoexpresstheirheartfeltthanksandgratitudetoallthestaffandvolunteersof Nicholaston
Houseforallthathasbeenachievedduringthistime,andindeedduringthelifetimeNicholastonHouse has
beenoperationalasaChristianRetreatandConferenceCentre,despitetheexceptionalchallenges faced
through covid-19 and with an aging facility in need of a major refurbishment.
Trusteeswishtoacknowledgethecommitmentanddedicationofallthestaffwhocontinuedto work
faithfully, despite being made redundant following the closure of Nicholaston House.
FortherecordTrusteeswishtonotetheirsincerethanksforalltheworkandservicetoSwanseaCity Mission
& EducationalTrust,and its workand ministrythroughNicholastonHouseChristianCentre,faithfully exercised
bystaffandvolunteersoverthe24years-wecantakecomfortinthemanylivesthathavebeenblessed in
many ways as a result.
The following letter was communicated to volunteers on Wednesday, 7
December 2022:
OnbehalfofeveryoneinvolvedwiththeministryandworkofNicholastonHouse,Iwouldliketotake this
opportunity to say a very big 'thank you' for your service as a volunteer.
Page 4
Swansea City Mission & Educational Trust
Report of the Trustees for the Year Ended 31st March 2023
Togetherwithvolunteersfromacrosstheministryandwork,muchofwhathasbeenachievedhasonly been
madepossiblethanksto peoplelike you - yourwillingnessto serveand offeryourtime,energyand skillshas, I
am very sure, been a blessingto so many.The Trusteesof SwanseaCity Mission& EducationalTrust would like
to acknowledge and give God thanks for all you have done in His glorious service - thank you.
AsIamsureyouareaware,TrusteesofSwanseaCityMission&EducationalTrustconfirmedtheclosure of
NicholastonHouse on Wednesday,November30. The Lord is leading us, I believe,to build a centre in the heart
of Swansea.This will affordus the opportunityto be far more accessibleto those in desperateneed who would
struggletoaccessourservicesoutonGowerandalsotoworkinpartnershipwithothers.TheTrustees have
thereforeconcludedthatNicholastonHousebesoldandthefundsfromthatsaleputtogooduseby the
charitythroughmissionworkinandaroundSwansea.ThisisnottheendofSwanseaCityMission &
Educational Trust, but a very new beginning facilitating an expansion of ministry in the heart of Swansea.
As Trusteesof SwanseaCity Mission& EducationalTrust,we wouldbe delightedto stay in touchand keep you
informedaboutdevelopments-pleasevisitournewwebsitewhereyoucankeepuptodateandsignup to
receive our new e-newsletter: www.scmet.org.uk
Once again, thank you for your voluntary service - may God bless you abundantly.
FINANCIAL REVIEW
Financial position
TheHousewelcomedguestsforeightmonthsofthereportingyear,whichhashadanimpacton overall
incomeforthereportingperiod.Repairstoanoldbuilding,verymuchinneedofmajorrefurbishment, were
stillverymucha drainon financialresources,as theyhavebeen forsometimenow.Furthermore,an increase
infuel,energyandconsumablecostsalsohadanimpactonthefinancialviabilityandsustainability of
Nicholaston House. During this reporting period, redundancy payments were also made to staff.
Reserves policy
SwanseaCityMissionEducationalTrusthasmuchofitsreservestiedupinitsfreeholdproperty (Nicholaston
House) and the maintenance thereof.
Page 5
Swansea City Mission & Educational Trust
Report of the Trustees for the Year Ended 31st March 2023
FUTURE PLANS
TheTrusteeshaveconcludedthatNicholastonHousebe soldandthefundsfromthatsaleputtogooduse by
thecharitythroughmissionworkinandaroundSwansea.ThisisnottheendofSwanseaCityMission &
Educational Trust, but a very new beginning facilitating an expansion of ministry in the heart of Swansea.
Attheendof2022itbecameapparentlyobvioustoTrusteesthatGodwasbringingthemissional ministry
work of NicholastonHouse to a close after some 24 years and desiredthat SwanseaCity Mission& Educational
Trustworkcloselywithothersin theCityofSwansea.It hasbeena blessingandconfirmationtohave already
beenabletoassistothercharitableoperations,withobjectivessimilartoourown,aheadofthe anticipated
sale of Nicholaston House.
AnumberofexcitingandevidentlyGod-incidenceshavetakenplacesincetheclosureofNicholaston House.
Firstly,TrusteeswereapproachedbyAllNationsChurchinSwanseawithaviewtoassistingthem with
equipmentand furniturefor their new Swanseacentrallocationin OxfordStreet.After Trusteesmet with their
TrusteesandLeadershipitwasconcludedthatSwanseaCityMission&EducationalTrustwouldsupport their
operations as a missional church by way of loaning them coffee shop equipment and furniture.
Furthermore,itemsthatmightotherwisehavebeendisposedof as 'scrap'havebeendonatedto Rough Edges
inSwansea-thisisafundraisingcharitablearmofZac'sPlaceinSwanseathatprovidesaplaceofrefuge to
those in need.
TrusteesareveryexcitedaboutthefutureandplansthatGodappearstohaveforthenewdirection and
missionalworkofSwanseaCityMission&EducationalTrust-thereareplanstomeetwithothersin the
comingsmonthswithaviewtoestablishingastrategyforthecharityoncethesaleofNicholastonHouse has
been completed.
A new identity- a new logo and brandingfor the charitywas commissionedand completedby 'Ginger & Tall' in
Swansea(specialistsin graphicdesign,websitesanddigital,printanddistributionforcharities, not-for-profits,
and organisations). Details of the new logo can be found at https://www.scmet.org.uk/our-new-look/.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charityis controlledby its governingdocument,memorandumand articlesincorporated24 January 2003,
and constitutes a limited company limited by guarantee, as defined by the Companies Act 2006.
Organisational structure
TheTrusteeshavenoformaltrainingproceduresinplaceandrelyontheirindividualspecialities and
professionaltraining.All majordecisionsrelatingto services,staffingand policyare madeby the Trustees who
holdregularmeetingsanddiscussions.Daytodayrunningoftheestablishmentisdelegatedto The
Operations/House Manager who meet regularly with the Trustees.
Related parties
TheTrusteeprovidedthecharitywithaloantoassistwithcashflowissues,atthe31stMarch2023the loan
balance was £11,000, no interest has been paid by the charity for this loan.
During the 2022 year a trustees gave a donation of £2,000 to the charity.
Page 6
Swansea City Mission & Educational Trust
Report of the Trustees for the Year Ended 31st March 2023
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
04646479 (England and Wales)
Registered Charity number
1096720
Registered office
Nicholaston House
Penmaen
Gower
Swansea
SA3 2HL
Trustees
His Hon M R Burr
J C Penberthy
G J Thomas
J D Jones
J Probert (resigned 14.6.23)
E Fok (resigned 22.10.22)
I Ambrose (appointed 22.10.22)
Company Secretary
J D Jones
Independent Examiner
D.M.T Gould B.A (Hons), F.C.C.A
Ashmole & Co
Chartered Certified Accountants
Castle House
High Street
Ammanford
Carmarthenshire
SA18 2NB
Solicitors
Messrs Beor Wilson Lloyd, incorporating Peter Williams & Co, Swansea.
Approved by order of the board of trustees on 21st December 2023 and signed on its behalf by:
G J Thomas - Trustee
Page 7
Independent Examiner's Report to the Trustees of Swansea City Mission & Educational Trust
Independent examiner's report to the trustees of Swansea City Mission & Educational Trust ('the Company')
IreporttothecharitytrusteesonmyexaminationoftheaccountsoftheCompanyfortheyear ended
31st March 2023.
Responsibilities and basis of report
Asthecharity'strusteesoftheCompany(andalsoitsdirectorsforthepurposesofcompanylaw)you are
responsibleforthepreparationoftheaccountsinaccordancewiththerequirementsoftheCompanies Act
2006 ('the 2006 Act').
Havingsatisfiedmyselfthattheaccountsof theCompanyarenotrequiredtobe auditedunderPart16of the
2006Act and areeligibleforindependentexamination,I reportin respectof myexaminationof your charity's
accountsascarriedoutunderSection145oftheCharitiesAct2011('the2011Act').Incarryingout my
examinationIhavefollowedtheDirectionsgivenbytheCharityCommissionunderSection145(5)(b)of the
2011 Act.
Page 8
Independent Examiner's Report to the Trustees of Swansea City Mission & Educational Trust
Independent examiner's statement
I have completedmy examination.I confirmthat no mattershave come to my attentionin connectionwith 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)).
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.
D.M.T Gould B.A (Hons), F.C.C.A
The Association of Chartered Certified Accountants
Ashmole & Co
Chartered Certified Accountants
Castle House
High Street
Ammanford
Carmarthenshire
SA18 2NB
22nd December 2023
Page 9
Swansea City Mission & Educational Trust
Statement of Financial Activities
for the Year Ended 31st March 2023
31.3.23
Unrestricted
Restricted
Total
funds
funds
funds
Notes
£
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
44,713
-
44,713
Charitable activities
Christian Retreat & Ministry; B&B &
Conference Centre
142,828
-
142,828
Other trading activities
2
639
-
639
Investment income
3
8
-
8
Other income
-
-
-
Total
188,188
-
188,188
EXPENDITURE ON
Charitable activities
Christian Retreat & Ministry; B&B &
Conference Centre
184,347
-
184,347
Net gains on investments
-
1,078,284
1,078,284
NET INCOME/(EXPENDITURE)
3,841
1,078,284
1,082,125
RECONCILIATION OF FUNDS
Total funds brought forward
673,009
63,107
736,116
TOTAL FUNDS CARRIED FORWARD
676,850
1,141,391
1,818,241 |
31.3.22
Total
funds
£
93,666
121,406
751
-
16,310
232,133
261,446
-
(29,313)
765,429
736,116 |
|
|
The notes form part of these financial statements
Page 10
Swansea City Mission & Educational Trust
Balance Sheet
31st March 2023
Notes
FIXED ASSETS
Tangible assets
8
CURRENT ASSETS
Stocks
9
Debtors
10
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
12
NET ASSETS
FUNDS
15
Unrestricted funds
Restricted funds
TOTAL FUNDS |
Unrestricted
funds
£
878,663
-
2,515
-
2,515
(75,410)
(72,895)
805,768
(128,918)
676,850 |
Restricted
funds
£
1,139,181
-
2,185
25
2,210
-
2,210
1,141,391
-
1,141,391 |
31.3.23
Total
funds
£
2,017,844
-
4,700
25
4,725
(75,410)
(70,685)
1,947,159
(128,918)
1,818,241
676,850
1,141,391
1,818,241 |
31.3.22
Total
funds
£
898,877
7,120
16,725
5,163
29,008
(45,793)
(16,785)
882,092
(145,976)
736,116
673,009
63,107
736,116 |
|
|
|
|
|
Thecharitablecompanyis entitledtoexemptionfromauditunderSection477of theCompaniesAct2006 for
the year ended 31st March 2023.
The membershavenot requiredthe companyto obtainan auditof its financialstatementsfor the year ended
31st March 2023 in accordance with Section 476 of the Companies Act 2006.
The notes form part of these financial statements
continued...
Page 11
Swansea City Mission & Educational Trust
Balance Sheet - continued
31st March 2023
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that 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 surplus or deficit 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.
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable
companies subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
21st December 2023 and were signed on its behalf by:
G J Thomas - Trustee
J D Jones - Trustee
The notes form part of these financial statements
Page 12
Swansea City Mission & Educational Trust
Notes to the Financial Statements
for the Year Ended 31st March 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financialstatementsof the charitablecompany,which is a public benefitentityunder FRS 102, have
been preparedin accordancewith the CharitiesSORP(FRS 102)'Accountingand Reportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
with the FinancialReportingStandardapplicablein the UK and Republicof Ireland(FRS 102)(effective 1
January2019)',FinancialReportingStandard102'The FinancialReportingStandardapplicablein the UK
andRepublicofIreland'andtheCompaniesAct2006.Thefinancialstatementshavebeen prepared
under the historical cost convention, as modified by the revaluation of certain assets.
Income
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhas entitlementto the
funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilitiesare recognisedas expenditureas soon as there is a legal or constructiveobligation committing
thecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequired in
settlementand the amountof the obligationcan be measuredreliably.Expenditureis accountedfor on
an accrualsbasisand has been classifiedunderheadingsthataggregateall costrelatedto the category.
Wherecostscannotbedirectlyattributedtoparticularheadingstheyhavebeenallocatedto activities
on a basis consistent with the use of resources.
Stocks
Stocksare valuedat the lowerof costand net realisablevalue,aftermakingdue allowancefor obsolete
and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.
Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsofthe charity.
Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedforparticular restricted
purposes.
Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.
Hire purchase and leasing commitments
RentalspaidunderoperatingleasesarechargedtotheStatementofFinancialActivitiesona straight
line basis over the period of the lease.
continued...
Page 13
Swansea City Mission & Educational Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2023
1. ACCOUNTING POLICIES - continued
Pension costs and other post-retirement benefits
The charitablecompanyoperatesa definedcontributionpensionscheme.Contributionspayableto the
charitablecompany'spensionschemeare chargedto the Statementof FinancialActivitiesin the period
to which they relate.
2. OTHER TRADING ACTIVITIES
2. |
OTHER TRADING ACTIVITIES |
|
|
|
|
31.3.23 |
31.3.22 |
|
|
£ |
£ |
|
Shop & resource sales |
639 |
751 |
3. |
INVESTMENT INCOME |
|
|
|
|
31.3.23 |
31.3.22 |
|
|
£ |
£ |
|
Deposit account interest |
8 |
- |
4. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
|
31.3.23 |
31.3.22 |
|
£ |
£ |
Depreciation - owned assets |
1,848 |
14,416 |
Other operating leases |
450 |
1,029 |
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationor otherbenefitsfor the year ended 31st March2023nor for the
year ended 31st March 2022.
Trustees' expenses
Therewerenotrustees'expensespaidfortheyearended31stMarch2023norfortheyear ended
31st March 2022.
continued...
Page 14
Swansea City Mission & Educational Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2023
6. STAFF COSTS
The average monthly number of employees during the year was as follows:
Administrative and Management
General Assistants
Catering
General Assistants (casual)
Ministry support |
31.3.23
2
1
2
5
2
12 |
31.3.22
2
1
2
5
2
12 |
|
|
|
No employees received emoluments in excess of £60,000.
7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
93,666
Charitable activities
Christian Retreat & Ministry; B&B &
Conference Centre
121,406
Other trading activities
751
Other income
16,310
Total
232,133
EXPENDITURE ON
Charitable activities
Christian Retreat & Ministry; B&B &
Conference Centre
256,908
NET INCOME/(EXPENDITURE)
(24,775)
RECONCILIATION OF FUNDS
Total funds brought forward
697,784 |
Restricted
funds
£
-
-
-
-
-
4,538
(4,538)
67,645 |
Total
funds
£
93,666
121,406
751
16,310
232,133
261,446
(29,313)
765,429 |
|
|
|
continued...
Page 15
Swansea City Mission & Educational Trust
Notes to the Financial Statements - continued
for the Year Ended 31st March 2023
7.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
funds
£
TOTAL FUNDS CARRIED FORWARD
673,009
8.
TANGIBLE FIXED ASSETS
Improvements
Freehold
to
property
property
£
£
COST OR VALUATION
At 1st April 2022
857,836
63,881
Additions
-
-
Revaluations
1,078,284
-
At 31st March 2023
1,936,120
63,881
DEPRECIATION
At 1st April 2022
34,312
3,834
Charge for year
-
-
Revaluation adjustments
(34,312)
(3,834)
At 31st March 2023
-
-
NET BOOK VALUE
At 31st March 2023
1,936,120
63,881
At 31st March 2022
823,524
60,047
Cost or valuation at 31st March 2023 is represented by:
Improvements
Freehold
to
property
property
£
£
Valuation in 2022
1,078,284
-
Cost
857,836
63,881
1,936,120
63,881 |
7.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
funds
£
TOTAL FUNDS CARRIED FORWARD
673,009
8.
TANGIBLE FIXED ASSETS
Improvements
Freehold
to
property
property
£
£
COST OR VALUATION
At 1st April 2022
857,836
63,881
Additions
-
-
Revaluations
1,078,284
-
At 31st March 2023
1,936,120
63,881
DEPRECIATION
At 1st April 2022
34,312
3,834
Charge for year
-
-
Revaluation adjustments
(34,312)
(3,834)
At 31st March 2023
-
-
NET BOOK VALUE
At 31st March 2023
1,936,120
63,881
At 31st March 2022
823,524
60,047
Cost or valuation at 31st March 2023 is represented by:
Improvements
Freehold
to
property
property
£
£
Valuation in 2022
1,078,284
-
Cost
857,836
63,881
1,936,120
63,881 |
Restricted
funds
£
63,107
Fixtures
and
fittings
£
58,701
4,385
-
63,086
43,395
1,848
-
45,243
17,843
15,306
Fixtures
and
fittings
£
-
63,086
63,086 |
Total
funds
£
736,116
Totals
£
980,418
4,385
1,078,284
2,063,087
81,541
1,848
(38,146)
45,243
2,017,844
898,877
Totals
£
1,078,284
984,803
2,063,087 |
Total
funds
£ |
|
|
|
|
736,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The freehold property was valued on an open market basis on 1st December 2022 by Dawsons.
continued...
Page 16
Swansea City Mission & Educational Trust
Notes to the Financial Statements - continued
for the Year Ended 31st March 2023
9.
STOCKS
Stocks
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Tax & Social security
Gift aid claims
VAT
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 13)
VAT
Other creditors
Loan from Trustees
Accrued expenses |
31.3.23
£
-
31.3.23
£
2,202
2,071
427
-
4,700
31.3.23
£
57,707
437
1,266
11,000
5,000
75,410 |
31.3.22
£
7,120
31.3.22
£
2,307
559
13,296
563 |
|
|
16,725 |
|
|
31.3.22
£
20,157
-
21,205
-
4,431 |
|
|
45,793 |
continued...
Page 17
Swansea City Mission & Educational Trust
Notes to the Financial Statements - continued
for the Year Ended 31st March 2023
12.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 13)
13.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank overdrafts
Bank loans
Amounts falling due between two and five years:
Bank loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
14.
SECURED DEBTS
The following secured debts are included within creditors:
Bank loans |
31.3.23
£
128,918
31.3.23
£
39,670
18,037
57,707
60,979
67,939
31.3.23
£
146,955 |
31.3.22
£
145,976 |
31.3.22
£
145,976 |
|
|
31.3.22
£
-
20,157
20,157
76,512
69,464
31.3.22
£
166,133 |
31.3.22
£
-
20,157 |
|
|
|
20,157 |
|
|
|
76,512 |
Bank borrowings are secured by means of a charge over the charities freehold property.
continued...
Page 18
Swansea City Mission & Educational Trust
Notes to the Financial Statements - continued
for the Year Ended 31st March 2023
15. MOVEMENT IN FUNDS
At 1.4.22
£
Unrestricted funds
General fund
673,009
Restricted funds
Share capital by guarantee
850
Property Development Fund
62,257
Revaluation Reserve
-
63,107
TOTAL FUNDS
736,116
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
188,188
(184,347)
Restricted funds
Revaluation Reserve
-
-
TOTAL FUNDS
188,188
(184,347) |
Net
movement
in funds
£
3,841
-
-
1,078,284
1,078,284
1,082,125
Gains and
losses
£
-
1,078,284
1,078,284 |
At
31.3.23
£
676,850
850
62,257
1,078,284
1,141,391
1,818,241
Movement
in funds
£
3,841
1,078,284
1,082,125 |
|
|
|
continued...
Page 19
Swansea City Mission & Educational Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2023
15. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
Unrestricted funds
General fund
Restricted funds
Share capital by guarantee
Property Development Fund
TOTAL FUNDS
Comparative net movement in funds, included in the above are
Unrestricted funds
General fund
Restricted funds
Property Development Fund
TOTAL FUNDS |
At 1.4.21
£
697,784
850
66,795
67,645
765,429
as follows:
Incoming
resources
£
232,133
-
232,133 |
Net
movement
At
in funds
31.3.22
£
£
(24,775)
673,009
-
850
(4,538)
62,257
(4,538)
63,107
(29,313)
736,116
Resources
Movement
expended
in funds
£
£
(256,908)
(24,775)
(4,538)
(4,538)
(261,446)
(29,313) |
|
|
|
Designated Fund
Property Development Fund
Specified donations received towards planned property developments.
Restricted Funds
SDF Fund
Grant received for maintenance and upkeep property gardens and grounds.
Revaluation Reserves
continued...
Page 20
Swansea City Mission & Educational Trust
Notes to the Financial Statements - continued for the Year Ended 31st March 2023
15. MOVEMENT IN FUNDS - continued
A restricted fund in relation to the the revaluation of the property, Nicholston House.
16. RELATED PARTY DISCLOSURES
Duringtheperiodthreetrusteesprovidedloanstothecharitytoassistwithcashflowissues. The
balance owing owing at the period end date amounted to £11,000.These loans are interest free.
During the 2022 year a trustee made a donation of £2,000 to the charity.
17. GOING CONCERN
Thecharity'strusteesandmanagementhaveassessedtheCharity'sfinancialpositionfollowingthe last
accountingyear.TheCharityiscurrentlyofferingitspropertyforsaletogeneratedsufficientfunds to
continueitsactivitiesoverfutureperiods.TheTrustee'sbelievethatthecharityisagoingconcern and
its accounts have been prepared under this basis.
Page 21
Swansea City Mission & Educational Trust
Detailed Statement of Financial Activities |
|
|
for the Year Ended 31st March 2023 |
|
|
|
31.3.23 |
31.3.22 |
|
£ |
£ |
INCOME AND ENDOWMENTS |
|
|
Donations and legacies |
|
|
Donations & Gifts |
39,071 |
80,417 |
Gift aid |
5,642 |
13,249 |
|
44,713 |
93,666 |
Other trading activities |
|
|
Shop & resource sales |
639 |
751 |
Investment income |
|
|
Deposit account interest |
8 |
- |
Charitable activities |
|
|
Christian Retreat & Ministry;B &B Conference |
|
|
Centre Income |
142,828 |
121,406 |
Other income |
|
|
Government grant |
- |
16,310 |
Total incoming resources |
188,188 |
232,133 |
EXPENDITURE |
|
|
Charitable activities |
|
|
Wages |
104,283 |
81,595 |
Social security |
- |
718 |
Pensions |
1,964 |
3,161 |
Rates and water |
2,756 |
4,500 |
Insurance |
3,598 |
2,689 |
Light and heat |
16,076 |
14,669 |
Food & consumables |
36,736 |
29,017 |
Travelling and motor |
252 |
618 |
Speaker fees |
2,929 |
4,980 |
Repairs & maintenance |
10,197 |
41,252 |
Carried forward |
178,791 |
183,199 |
This page does not form part of the statutory financial statements
Page 22
Swansea City Mission & Educational Trust
Detailed Statement of Financial Activities
Charitable activities
Brought forward
Event costs
Staff training
Depreciation of tangible fixed assets
Bank loan interest and charges
Support costs
Management
Wages
Pensions
Telephone
Postage and stationery
Advertising
Sundries
Professional fees & IT costs
Subscriptions & licences
Finance
Other operating leases
Governance costs
Accountancy & Bookkeeping
Total resources expended
Net income/(expenditure) |
for the Year Ended 31st March 2023
31.3.23
31.3.22
£
£
178,791
183,199
1,229
691
-
1,739
(36,298)
14,416
8,523
5,882
152,245
205,927
12,533
26,220
1,170
2,612
1,895
1,808
907
1,237
1,205
1,537
115
104
6,704
13,227
1,113
1,518
25,642
48,263
450
1,029
6,010
6,227
184,347
261,446
3,841
(29,313) |
|
|
This page does not form part of the statutory financial statements
Page 23