Company Number: 4832161 Charity number: 1101446 58.12 ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024
Contents Page Directors report Auditor's report statement of Financial Activities Balance Sheet Notes to the financial statements 9-11
58.12 DIRECTORS REPORT The dlrectors prèsent a combined Trustees, and Directors. Report and Financial Statements for the year ended 31st December 2024. These comply with the Charities Act 2022, the Companies Act 2006, the company's Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recornmended practi applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102. Reference and Admlnistrative information Direotors The following served as dlrectors during the year and are also the key management personnel: James Collins Ben Quartey-Papafio Michele Bai5ey (resigned 14 May 2025) Alastair McLuckie (resigned 29 April 2024) David Colpus (resigned 14 May 2025) Heidi Allen Joanna Walker Jenny Giles (appointed 27 May 2025) Advisers Auditors: Solicltors: Bankers: Developers,. Shaw Gibbs (Audit) Limited, 264 Banbury Road, Oxford, OX2 7DY Withers LLP, 16 Old Bailey, London. EC4M 7EG (Charity Matters) HSBC Bank plc, 54 Woodcote Road. Wallington, SM6 ONJ Thornsett Group Plc, 34 Margery Street, London WC1X OJJ Structure, governance and management 58.12 was incorporated as a company limited by guarantee on 14th July 2003. It is governed by its Memorandum and Articles of Association adoFted on incorporation and amended by special resolution on 5 May 2023. The directors are the trustees of the charity. New directors are appointed by the current directors but requlre the approval of the Purley Baptist Church Leadership Team. The directors meet regularly during the year and training and induction of new directors is incorporated in these meetings. The directors continue to establish separate committees as necessary to work on various aspects of the project. The directors have considered the major risks -0 which the charity is exposed and are satisfied that systems are in place to mitigate these risks. The company is under the control of Purley B-ptist Church. a company limited by guarantee and registered with the Charity Comrnission. Objectives and actlvltles The company was established to advan the Christian faith and the worship of God in accordan with Evangelical doctrines and to promote urban regeneration specifically in Purley. The directors have had due regard to the Charity Cornmission's guidance on public benefit when considering the activities and objectives for the year. Page 1
58.12 DIRECTORS, REPORT (contlnued) Achievements and Performance During the year, the charity has continued in discussions wrth Thornsett, the developer, regarding the final plans for the new community building. There have been some changes required to the plans and designs forthe building due to the current economic climate and market conditions. The discussions with the developer are ongoing. Flnancial review Donations continue to be received sufficient to cover the expenses incurred during the year. Reserves The charity is currently building up funds to support the future development of the site. The charity had no free reserves at 31 st December 2024. Statement of directors, responsl bilities Cornpany law requires the directors to prepare financial ststements for each financial period that give a true and fair view of the state of affairs of the company and of its financial activities for that period. In preparing those financial statements, the directors are requlred to: select suitable accounting policies and apply them consistently make judgements and estimates that are reasonable and prudent prepare the financial statements on the going concern basis unless it is inappropriate to assume that the activities of the company will continue The directors are responsible for keeping proper accounting records which disclose with reasonable accuraGy at any tirne the financial position of the company. They are also responsible for safeguarding the assets of the company and hence for taking reasonab steps for the prevention and detection of fraud and other irregularities. Page 2
58.12 DIRECTORS, REPORT (continued) Dlsclosure of infomiatlon to auditors Each of the directors has confimied that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confinned that they have taken approprlate steps to identify such relevant information and establish that the auditors are aware of such information. The directors, report is prepared in accordance with special provisions of Part Vll of the Cornpanies Act 2006 relating to small companies. Approved by the directors on 21 October 2025 and signed on their behalf by: 58'.12 Banstead Road Purley Surrey CR8 3EA Joanna Walker Director Page 3
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF $8.12 Opinion We have audited the financial statements of 58.12 (the 'charitable company'> for the year ended 31 December 2024 which comprise the StatenEnt of Financial Activttie5, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting polici8s. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state 0° the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006, Basis for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilitie5 for the audit ofthe finanGial statements section of our report. We are independent of the charitable company in accordance with the ethical requiremenfs that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our othe- ethical responsibilities in accordance with these requirements. W6 believe thatthe audit evidence we have obtained 15 sufficient and appropriate to provide a basis forour opinion. Concluslons relating to going concern In auditing the financial statements, we have (x)ncluded that the directors, use of the going concern basis of accounting in the preparation of the financial statsments is appropriate. Based on Ihe work we have performed, we have nol identified any material uncertainties relating to events or condttions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least e1ve months frcm when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concem are described in the relevant sections of this report. Other Information The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon. Our oplnion on the financial statements does not cover the other information and we do not express any form of assuran conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in fhe audit or otherwise aFf)ears to be materially misstated. If. based on the work we have performed, we conclude that there is a material misslatement of this other information, we are required to report Ihat fact. We have nothing to report in this regard. Oplnlon on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent wl:,h the financlal statements., and the Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on which we are required to report bsv exception In the light of the knowledge and understsnding of the charitable company and its environment obtained in the ourse of the audit. we have not identified material misstalements in the Report of the Trustees. Page 4
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF 58.12 (continued) Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters ere the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made. or we have not reiVed all the information and explanations we require for our audit., or the trustees were not entitled to take advantsge of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Irregularities, including fraud. are instances of rK)n-compliance wilh laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecting irregularities, including fraud Is detailed below: The extent to which the audSt was consldered capablo of detecting irregularltles Includlng fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations. was as follows.. the engagement partner ensured that the engagement team collectively had the approprlate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; we identified the laws and regulations applicable to the company through discussions with directors and other management, review of the company's 'Register of Legal Requirements,, and from our commercial knowledge and experien of the sector; we focused on specific laws and regulations which we considered may have a direct material effect on the financial slatements or the operations of the company, including the Companies Act 2006. charity legislation, environmental and health and safety legtslation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting relevant corresponden. and identified laws and regulations wgre communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial ststements to material misstatement, Includlng obtalnlng an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in pla to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud Ihrough management bias and override of controls. we: performed analytical procedures to identify any unusual or unexpected relationships. tested journal entries to identify unusual transactions. assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias. and investigated the rationale behind signifi(xnt or unusual transaGtions. In response to the risk of irregularities and non-complian with laws and regulations, we designed procedures which included, but were not limited to-. agreeing financial statement disclosures to underlying supportirKJ documentation: reading the minutes of meetings of those charged with governance: obtaining an overview of the internal procedures adopted by the client to ensure continued complian with relevant laws and regulations. including a review of a sample of the reports from internal process Page 5
REPORT OF THE INDEPENDENT AUDrroR TO THE MEMBERS OF 58.12 (continued) enquiring of management as to actual and potential litigation and claims,. and reviewing correspondence with rdevant regulators where appropriate. There are Inhent limitations in our audit procedures described above. The more removed that laws and re9ulations are from financial transactions. the less likely it is that we would become awar8 of non-compliance. Auditing standards also limit the audit procedures required to identify non-complian with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. Responsibilities of trustees As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of th8 financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is neSSary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concem. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our re5ponslbilities for the audlt of the flnancial statements Our objectives are to obtsin reasonabla assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion, Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it èxists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at wM.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Independent Auditors. This report is made solely to the charitable company's mernbers. as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matterswe are required to state to them in an auditors, report and for no other purpose. To the ftjllest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work. for this report. or for the opinions we have formed. Lance Redrnan (Senior Statutory Auditor) for and on behalf of Shaw Gibbs (Audit) Limited 264 Banbury Road Oxlord OX2 7DY l October 2025 Page 6
58.12 STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST DECEMBER 2024 Note Unrestricted Restricted 2024 Unrestricted Restricted 2023 Funds Funds Total Funds Funds Total Income from: Donations I nterest contribution I nterest received Other trading activities fundraising 36,799 36,799 36,202 3,284 3,309 25,000 61.202 3,284 3.309 3,600 3,600 165 165 362 362 Total income Expenditure on: Charitable activities Finance costs Professional fees Other expenses Governance costs Total expenditure 7,961 7,961 586 586 739 739 Net Income for the year 38,228 (1.750) 36,478 32,767 23,310 56,077 Reconciliation of funds Total funds brought forward Total funds carried forward 2416899 880812 3297711 2384 132 857502 3241634 All income and expenditure relates to continuing activities. There are no recognised gains or losses other than those shown above. Page 7
58.12 BALANCE SHEEr AS AT 31ST DECEMBER 2024 2024 2023 Note Fixed assets Tangible assets 3,257,724 3,257,724 Current assets Debtors Cash at bank and in hand 25,548 151,317 14,429 178.938 176 865 193 387 Current liabilities Creditors: Amounts falling due in less than one year 100400 153 380 Net current assets Total assots less current liablllties 3,334,189 3,297,711 Credltors". Amounts falllng due In more Ihan one year Net assets Represented by Unrestricted Funds Restricted Funds Total charity funds 2.455,127 879 062 2,416,899 880 812 The accounts were prepared in accordan wlth the special provlsions within Part 15 of the Companies Act 2006 relating to small companies, were approved by the directors on 21 october 2025 and signed on their behalf by: .Q,(LLLI( J Walker Director Page 8
58.12 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Accounting policies 1.1 Accounting convention The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102, Financial Reporting Standard 102 and the Companies Act 2006. The financial statements are prepared in pound sterling rounded to the nearest pound. The charity is a company limited by guarantee with registered office at Banstead Road, Purley, Surrey, CR8 3EA and incorporated in England. It is a public benefit entity. The financial statements are prepared under the historical cost convention and on the going concern basis. 1.2 Going concern There are some outstanding loans due to members which are technically due within one year but members have indicated that they do not require repayment at the present time. If repayment is required and the charity does not have sufficient funds then Purley Baptist Church have agreed to provide support. The trustees therefore consider it is appropriata to prepare accounts on the going concern basis. 1.3 Freehold properties Freehold properties are included at cost which indudes demolition costs and some professional fees in connection with the development. Depreciation is not charged as the current realisable value of the properties is sufficiently greater than the cost to render depreciation irnmaterial. 1.4 Donationsi gifts and legacles These are accounted for when the charity Is certain of receipt and the amount can b& measured with reasonable accuracy. 1.5 Expendlture These are recognised when the expenditure is incurred. All costs have been directly attributed to one of the functional classifications in the SOFA. 1.6 Governance costs This comprises expenditure relating to compliance with constitutional and statutory requirements. 1.7 Debtors Debtors are measured at the settlernent amount due. 1.8 Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. Page 9
58.12 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Accountlng pollcies (continued) 1.9 Flnancial instrurnents The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exptIOn of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method. Net Income for the year This is stated after charging: 2024 2023 Audit fèe None of the directors received any emolurnents during the year or were reimbursed for any expenses incurred. Fixed assets TangSble Fixed assets Freehold Propertles Cost At 1st January 2024 and 31S1 December 2024 Debtors 2024 2023 Gift aid tax recoverable Due from Purley Baptist Church 25.413 135 14,429 Creditors: Amounts falling due In less than one year 2024 2023 Other loans - interest free Other creditors (due to Purley Bapttst Church) Accruals 97,000 147,000 3,180 Other loans - interest free represent unsecured bans from church members and friends. Page 10
58.12 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024 Restricted Funds Balance at Income Expenditure 1st January 2024 BalanGe at 31st December 2024 Island Site Fund Fit out Fund 855.812 1,750 854,062 The Island Site funds are restricted for use on the proposed redevelopment of the 'lsland Site" In Purley. This includes necessary expenditure on support costs such as audit and legal fees. The Fit out Fund is donations reiVed towards the eventual frt out of the new church building. Analysls of net assets betwèèn funds Fixed Assets Current Assets Llablllties Total General Fund Restricted funds 2,418,253 135,674 839 471 (98,800) 2,455,127 879 062 Members Guarantees At 31st December 2024 there were 6 mesmbers ofthe company. In the event of the company being wound up the members are liable to contribute £1 each. Ultimate controlling party The company is under the control of Purley Baptist Church. At the balance sheet date, £135 was owed to the company from Purley Baptist Church (2024: £3,180 owed by the church). which is shown under debtors in note 4. 10. Related party transactlons The interest free loan from a trustee of £50.000 was repaid during the year. There were no other related party transactions during the year. Page11