hathy rggl•tratlon nllrnr 1102396 Company r•gkntrallon numb•r4824843 (England •nd Wal••l HOUSE ON THE ROCK ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
HOUSE ON THE ROCK LEGAL AND ADMINISTRATIVE INFORMATION Tvuit• Mr PAAdefara$in MIA Oyewuml Dr C Ulam Charlty numb•r 1102396 coMnY numb•r 4824843 Prlnelp•l •ddrg•• The Rod( Tower 49 Tulnell Park Road London N7 OPS R•gl•t•r•d offl¢• Th• Rock Tower 49 Tufno11 P4rk Ro•d London N7 OPS Audltof DLee&Co 2nd Floor. PT8miw Hou 309 88llards L4n• London N128LY B•nk•r• BJrdays Bank PLC 131 Finchley Road London WJ 6HY 8olkllorn Storva Klng 39 Cloth Falr London EC1A7JQ
HOUSE ON THE ROCK CONTENTS Pag• TrusteoB' report ststement oftrust••A' rw)0Th8kn11th8 Ind•pendenl •udhof• report Stat•m•nl ol flnand41 aclvltlo• 10 Balanc• ih••l 11 Stwtement ofea8h flow• 12 Note8 lo th• fln•n¢l81 •tataments 13-24
HOUSE ON THE ROCK TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The truetg?$ present (h¢ir annual report and fi'naneial gtalemenls for the year end¢d 31 D8eernber 2023. Th• financi81 stat8ment5 have been ppared in accordance wth the awunting polirye8 sel out in note 110 th• finandal statem•nts and comply wlth the charrty's governing document, the CompAnlès Act 2006 and "Accounting ané R8POrting by Charille5". Statement ol Reeommended Pr8etic• applicab to charities pParIng their awunts In accordance with thè FinancAal Reporting Standard applic)bb in the UK and Republic of Ireland IFRS 1021 leffecbve 1 Janu8ry 20191" Obl•ctlv•• •nd aethiltl The charity's objects arè the worship ol God and the lurth•rance of the gogpel of LoTd Jesus Christ ¥nd general •dvancem8ni of the Chri51iBn faith and to relièv8 per80n6 who arn In condilions ol need or hard8hy or who 8r• sged or sick and to relieve di8tre5s eaused thereby In London and in such other p?rt¥ of th• UThlted Klredcffi or the Wcfld 8s the Trubtse8 may Irom tlmo to lim8 thlnk fil. Within these objects, thè ch8rlly 8180 maintains restricted lunda hold lor Bpe¢io1 PUse$ In ctJnn•ction wlth th• conlinu8d mainten&nce and n0VatIOn of th• freehokl property iltuated at 49 Tufnèll Pork Road, London N7 ops. Tr• ha8 been no chawe8 in ¢harllWo objed¥ or polid•8 durin9 the y•ar. Th• m•in objectives ol the charity for tho y•ar were.. 111 Thp continuous Bprtad of the ChTl8Uan tsilh. 121 Thè on9olw maintonanc4 of th• Church bulldlno at Tufnell Park, known AA Rnrk Tow•f' ITRTI. 1310gv&lopmenl ol Alternative revonue p8ner•lion Bourc4s for th• church lik• hldng out Ihe Churth buildlng at Tuln•ll Path The RodK Towerf, to external u8er8, church memb•r8, Other chariliei ¥nd the generBI wblk. 141 Developm•nl ol muttipk• Income 8lre&m• like Rock Cale, media resourc• outlet, lthng oul room4. 151 Actlv• •ng4em¥nt with the ¢ornmiinity and our surroundino borouqh•. 161 snIfIcant growth in ¥ttendanc4 01 all our È•Nlce8. 171 Buikling and dav•loping rt1ation$hip8 wlth olh•r charttle8 in Ihg Unlted Klngdorn and #round the workl and Bh9wing our 8UPPOrt through variou¥ means. 181 Review #nd reprodu aspècts ol the HOTR brand and maklng Changes to OUT onlinè pr•s8nce. 191 Rèvlew all evenl8 in line wrth our ¥traleglc 90818 and then agree evènti based on reL8van¢• to HOTR. 1101 Appointmenl. Iraining and developrnènt of new volunit•r$ In in variouB by rol•s to improv? p8888 lor handliDg departments and request.
HOUSE ON THE ROCK TRUSTEES. REPORT ICONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Th8 51ralegies employed to achlèvo thasa obltIve8 were.. 111 Ongoing monthly strategy rneetings with the Senior Managèmènt TèAm on ways lo Improve operatiots and commitment. 121 Nètworkin9 with key locals gmups wilhin the Borough o1181ington and beyond. 131 ContlTrUOU8 relationshlp building through positive Influ•ncas within thg community and partnerlng wrth local kryader8 8uch as Memb¢r of Partiament and the Mayor ol London. 141 Confr'nuous development of Venue ?gurc4¥, hiring oul the venue as 8 busine88 for wedding8, conc4rt1, me•tinG8 and making conllnuou8 improvgmnt$ to the media resourc•5 and Roth Cafe. 151 Secunng regul?r ¢IntS for ongoinG VBe ol The Rock Ttswef, i.e hiring premi8e8. 161 Monthly prayer and in5piralronal meetlng8 and Inlergctive B888ion6 held by the R•sidènt Pa810r. 171 Improvlng the HOTR brand, onllne r¢60urces and web8lt8. 181 HavSn9 mor• bu$lne88 proc888 lrnprovement8 a¢r086 the organi88tlon. 191 Continuous development ol our youth club and rn18&lon8 proSecl8. The Iru3tee8 have paid due 90rd to guidance on publlc b8Mfit iiiu•d by lh• Charity Comrn1881on In d•cldln ¥that &ctlv111•8 th• eharlly Bhould undertake. Mlnlitry Ind outreach d•partm•nt• Hou¥e On The Rock benefits the public by currently providing 8ervie•s through our varlou6 min16trb&8 whlch ar• available to members of the church and our ccmrnunlly are". Pr•-m&rilal eoun8911ing aTrd da88e8 B8re8vernent counselling Welfare and beneVOl8n support Career counselling Drop-bn eounièlling Hospilal vi8118 Career advice Telephone coun8elllng by one of thè dedicaled pastors for prayem or g•n8r¥l 811PPOrt Women's 8nd Men's ministr9 gnd events Youth and young 8dulls ministries and event8 Singlès. mini8trie8 and events Promoling religlOU5 book5 and CD'S and other malerlal through our in hDu$• Media Re80urce Centre. The trust•è$ are very grateful to the many volunt•r8 who helped by staffing our prayèr at88lonB and religlous eonferènee and e¥enl8. The charity r•li•s on voluntèers In providing a signlficènt human resource in the activitles thalare run through the year. Durin9 the year, actlvlties carried out 801ely by volunteer resource included.. weekly mullirr*dia production and projection activities. protocol sctwities. welfare and benevoknce support, outreach and evangelism, hospilAlify Icatenng lor guest to ièNiC•81. children 8 and teenage chureh volunteer8. v have ¥pproximalely 100 volunt•8ts who work in various departrnents lor an avgrage of 5 hours per week.
HOUSE ON THE ROCK TRUSTEES. REPORT (CONTINUEDIIINCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 AChI•ments and perfom)anc• Th¢ charily held a couple's event in February 2023 to improve marilal health arnongst th• couple5. A no18ble acllvity during the year was the cornmenument of the ¢harily Pop-up Food Bank Irom our PmISeS at lh• Rock Tow•r. Previovsly, parishioner5' donation8 of long-life food items We distribut611 to othar food banks wllhln Islington but in June 2023, the bold deciBion was taken lo open our doors once a month to members of our imrn8diate community - Tufnell Park, Holloway. Camden and onviron5. Frotn June 2023 to DMtser 2023, we attended to about 300 familie8. HOTR VoluThl8•rs Day wag held In July 2023. It Wa8 the firBt event of il¥ kind since Ihe end ol the pandemlc. It 8ttractod many p8rtiCiP8nts and allowed several to CoMMIt to the charity's vislon and mlssion. Ea•t?r actlvltles The charity embatked on ils annual ertlY ono day5 ts¥llng period whlth members are encouraged to partidpale In from 20th ol March 2023 lo Eaatèr Sunday on th? 9th olApril 2023. Other actlvltlg• We ¢ontinue to hold our larnily 8eNice8 every Sunday and MId-k lunch hour priy•r mteling every Wednesday. The Sunday servle¢s were held In person while th? W8dnesday $8rvices conlinue8 to be online. We have a volunteers meellng and prayèr 8e8110n On zoorn on Tue3day, Thi4r8day, Satur¢Jay an¢J Sunday mortings balore th8 Sund8y 8•Ni¢t. Youth dub - A weekly youth dub was hekl wlth diff8r•nl activitl•s iud) as garnèi, eookery, dr¥rn¥. talkj and workshop8 lor young people In Ihe comMuny. An annual Summèr youth elub project whkh ran In Augusl lor a monlh Sees youth from the eommunity h¥en the 0ge$ of &17 ye8rs old di8p18ying their talent through vanou8 prol8ct-ba8èd And outdoor act1vleS and lour$. The EDGE mini8try. which is the 8ingle8 ministry ol the Church, wa8 ragularty activa Ihroughoul tIKI year wllh regul8r monthly meetings, which moved onlin• aine thè lo¢kdown. Online cell groupB ralled Llfe Groups qre held weekly and these serve lo help keep the CL)ngr•g8tlon ¢onn•¢ted and lively. The men, wcrfnen, Singles. gnd youth minl8tr188 W& vèry 8Ctive throughout Ihe or, hoBling regular meelirvJ8 onlinè to cat*r lo Ihair spècific demographicj. Flnanelal r•vl•w The donations rocafve¢J from membèr8 for this yéar ho3 incre¥$ed by 21.66% from 2022 10 2023 The thadty Is gradallY recovtrlng from thè Impact of Covid-19. The attendance8 numbef have held 8teady bul the purchoslng power of new 8tlendee8 are less Ihgn those th81 tr8nsrtioned out. The c081 of governance of the charhy equate8 to 7.36Dh orthe total resour8 expended for the year. Th¥ nat mov•rronl in lund5 8hows 8 deficit of £51.446. 11 18 thÈ policy ol the charity that unreslncle(I lunds whtch fvave not beèn dÈsigfialÈd for a sperific v8e Bhould be m8inl8ined al a level equivalent lo between three and six month'5 eKpeThdilure. The Irustees considers thal rè$8tves al thi5 level will ensure that, in the event of a significant drop in funding, they will be ablè to eontinue thè ¢h8rily'5 current 8rJivities while consideration is given to Ways in which addItnal funds Tllay be raised. This level of re¥erve$ has not been maintained ¢ue lo the current eommitrngnt lo s•rvio gXl$ting dtrbl in tsrdtrr to bring our debts leve18 to an acceptab level. Tha laval of f••8 available lo the ¢harty as 81 31 oember 2023 was £31.802. These re8erves wèrè consvJer8d inadequate by the Trustees and the need to continually accuFnulal8 3ddiliDnal r85erv85 to ensure that largel amount is reached. It is noted that these funds will be requir8d in order 19 wntinue to run the charity. Servi our debt and ¢Yiversrfy our income StaM5.
HOUSE ON THE ROCK TRUSTEES. REPORT (CONTINUEDMINCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The thaTtty had no fvnds in d8flcbt durin9 lh¢ yèar. The princlpal fundin9 soure for the Gtyarity is donationB mad• Irom members who atlended the 3ervte$ ol the church And renlal incorne. The charity 8180 received to a 8m8lbraxt•nt IncL)m• from 8ales of variou$ inspltational and Chri81ian rnateria16 which indud• books, CD8 and DVD8. There are no signifKant event8 th81 will hA¥è • finaThclal effect. The trustees have a55858ed the major ri¥k$ lo which the tharfly 18 exp08ed, and 8alisfl•d that 8y8tem6 are In placa to mrtlgale Éxposure to the major ri8k$. A rish regi81er h8¥ b¢on e8t8bll¥hed and Is updated a8 8nd when Trew rhk8 KIenfi9d. Ther• wern no n8W major d&k6 Identifi'¢d during th• year. Plini lor th• futur• To achieve In1cht Increase In thurch Atl•nilance through Intméu¢ing •vong•ll$m and outreach pfograrnrnes. Planting new'homa b88•d' and online cll groups now called"Llle Group• H8ving more fundr818lThJ prc4eels lor the ch¥rlly. IncreaBlng 8worenes8 and community involvement In181ington •nd 8urrounding afea8. Conllnued partn•rnhlp and 8upport of I1 And Inttsrnalional ch8ntie• and partmrahlpts vlth oth•r chan118 and ehurches. Th• ¢harlty plan6 to ccntinua rn8ehlng out lo tho imrnèdi8t• community in the Tulnell Park and th¢ lderlo11ngt0n borough. Community inlti¥tNèÈ ar• t•iNJ develoF¢d with Iho Int•ntlon ol rolllng them out In Ihe lolowlng yèar. The L•rlty will prevkl• •cllvltle8 and Bervlc•s tc our communily that r•nect tho ¢hartty'8 8tst8m•nl ol belwjf. Slrueknr•, gov•rn4nc? and manag•m•nt The ¢harily w8J originally reg181ered under a Dgad ol Tru&1 In 1996. The TruBtees wer8 advi8•d lo Incorporate th• Trust as a charity and with effect from 8 July 2003, Hou8• On The Rock was re9islem¢J a# a charity and company Iimlted by guoranlgè with charitable object¥. Th¢ Iru¥tee8, who 8re a180 thè dirnctors for the purp08t of ¢ompAny law. and who sewl during the yar and up lo the dal? 018ignature ol the financial statements were.. Mr PAAdefara8in Mr A Oyewumi Dr C Ujam None of the tru8te#$ldir•ctors ha8 any benÈfieial inl8reBI in the cornpany, All of the Iru8t¢o8ldifeetors ar• mèmb8rs ol the ¢omp8ny and guarantee to contribute £1 In Ihe event ol a wnding up. The truBtees are appointed by way ol a vote and recommendats'on. It is then approyed by the board ol tru8te¢$ through a $inple majority. The TrusteeB aw ¢ligiblo to app01nl addrtional tru5te85 unrler the tem)s ol theArtideB olA¢0.0n ol the company.
HOUSE ON THE ROCK TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 A ¢hiel executive wa8 appointed by the IrusleeB to manage tha day-to-d8y operation of the eharity including decisions making on behall olthe charity. All day-to-day management is then delegated vlg the chief executi to a senior managemenl tsam who, between them rnansge tho following departments.. Worship Ministry spe81 Ministry FellDwship Ministry The Rock Tower Offlu Operations Protocol and Church Relations L•adafship & Organisalional Developmgnt Outreach & Communities Ministry The genk)r mgnagement team nsIstS of. Chief tsxgcutiv•- T T Odejlde Sènior manager- E Abebe Trea8urer-A Oyewumi emb8r¥ of th? oenior management l•am rnport lo the board regularly and are Charged wlth re8pon$lbillly f¢r p8rticular areab ol operation. The dir•ctor8 con8id•i th• board ol dir•clor6, who ar• alÈo th• IwBlee8, and Ihe 8enior rnansoomenl team compn86 the k•y mgnAfjement personnel of the chadty in charg8 of directing and Controlling. running and opefaknng th? tharrty on a day lo day basli. All directors 9ive Ih61r tlmè freely and no Iyireclor eeP¥ Mmun•r?ticn In the year. The pay of 8•nlor 8taff18 reviewed 9nnually by the directors. There IB no s¢[¢ w91nlon8 Irnpo8ed by lh• govemln9 document cOnrning lh• w8y the charity con op8rat•. In acLordAnee wllh the memorandum 8nd artl¢leg of 869oc4allon, th• tru8taèildiredor8 have th• pow•r lo mpk• 8ny Invè8lment which they See fit. There were no conn•¢t•d ¢harilies Other than Hougè On The Rock in Lagog, Nigerith. Th8r• hai been no comrnllrnent8 or gu&ranl•e8 given by the c*•rlty. The tru818•9' rèport W¥8 approved by the Board olTru$t¢eB. MrA Oy?wurnl Trust•• Dated. 9 Saptèmbèr 2024
HOUSE ON THE ROCK STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Irustees. who are 8180 the dirgctors of Hou8e On The Rock for the purpose ol company18w, are re8ponsib18 for prèparing the Tru8te8s' Report and the financ4al 8tatement$ in acLordan¢e with gpplicable law and Unlt•d Kingdorn Accounting Stsndard¥ ILlnrted 'ngdoM G8nerally ACpt• Accounting Pra1). Company Lgw ruIreS th¥ tru6te8s lo prepare hnanci816tstements lor eAch financial year whlch gNe a trug and lair vw ol the state of affairs of th¢ charrty and of thè Incoming re$ourc86 and aPpItIon of r•$oU19, indudino the Incom• and expendlture, of the thgrrtable Company lor that yeaf. In prnp4rlng the8e finjncial gtatem•nt$, th8 tnJ6tee3 are r•quired to.. select Bultabltt accoun.9 polldè8 and then Hpply them con8l¥tony". - obs•Ne Ihe method8 and prinrip*s In the Charit1è8 SORP., . mak¢ ludgernenl8 8nd •8tlmateJ IhAt 8r• re880n8bl? and prud•nt,' and prepare thè finanoal Strtlnts on the going eonchm baBty un1è18 It 18 InapprOprle to Prn8iime Ihal th¢ chartty wlll cnntinu¢ in ¢Jp8ration. Tho Iru8tee8 8r• rv8pon8ible lor k••plrvJ adequ8t• g¢eounting rerdS thst dlsclo8e wbth rg8son&ble accurJ¢y at any Ilme the financial posltion of the charrty and enb them to ensure that the finaneial 618temenl¥ comply with the Cornp•nie8 Act 2006. Th•y are also r96ponsible for saleguardlng the as8ets ol Ihe chgrity and hence lor lakln9 reaoon•bl8 8tep8 lor Ihe pr•ventlon ¥nd ¢Jet•ction ol traud Bnd oth•r irregularilies.
HOUSE ON THE ROCK INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF HOUSE ON THE ROCK Oplnlon hove audited Ihe financial stat•m¥nts of House On The Roch Ilhe 'charily'l for the year gnded 31 Dernber 2023 which comprise the stalernenl of financial activities, the balan sh8•t, th• statèment of cash flows and not&9 to the financlal statement6, ineluding Significant accountsng policles. The fin4nci81 reporting framework Ihal has been applied in their pr¢paratlOn IB applicable law and Unit8d Kingdom Accounting Standards, Including Fin8nclal R•portlng Standard 102 The Financlal R6POrting Sl8nd8r¢l applioable in the UK Republic of Ire18nd (Units lfj'ngdorn GenerallyAccEpted Aceounting Practice). In our opinion. the financi818tal8rngnl8'. giv8 8 Irug and lair view ol the slate of tho ¢h9rttab ¢omp8ny's allair6 a8 at 31 D¢trmb&r 2023 and ol 119 incoming sCur¢&8 and application of reBour¢eB, for the year then end8d, have been property prepar8d In 8ecordanee wlh United Kingdom Generally Att•plg4 Accounting practi,. and h•v• bg•n prepared In ac¢ordance wlth Ihg rnqulr•mènts of the CompaTries Act 20C6. BA#li for oplnSoD We condueled our audit in accordance with Inlernallonal SIBnd¥rd$ on Auditing IUKI IISA6 IUKII and spplicable l¥w. Our re8pon8lbililles under th0 8tand8rda are fvrther des¢nbed In the Auditors r6sponsibili11gs for Ihe 8udil ol the linancial slalem8nls 8ection of our report. We are independent of tha chaiity in arxordance wilh the ethi1 requirements that arè re18Vgnt to our audit ol the flnancial st818m•nts In tht UK. including the FRC'8 Ethical Stsnd8rd. and we have fulfi11gd our other ethic81 responsibilities in accordance wth these qUIrementS. b•lwv• that tha audll tvidencg we have oblained16 8ufndènl 8nd spproprialg to provKle a ba616 Iof our oplnk)n. Conclu•lon• r•l•llng to golng conc•m In Sudiling th? finsncial $18tement6, we h8v8 conclud•d Ihal th• truslee8' U8e ol th• goino cone•m ba61B of aecounllng In t preparallon ol the finandal 818l•m•nl818 appropriate. Based on the work w8 havè pèrformed, we have not ideniifiad any rnatsrial uncertaintle6 relallng to evenl8 or conditions Ihal, indl¥Adu8lly or collectively. may cast 8igniflc8nt doubt on lfre ¢h8rily'B ability lo eontinue 88 8 going eoncern for g period of al least 1ve months Irom thèn the financial statements are authorisgd for1s¥u¥. Our 8ponSibl11t188 and the resptyn¥ibililies of th? tru8leeB With r•s¢t to going conc8rn are de8crfbed In th relevant 6ecllon8 ol thi8 réport. oth•r 5nfomiatSon The other Inlorrnatbn eomprisÈ8 the informallon Included Sn thè annual report other than the flnarrial stot•mÈnl$ and our audrtor's report Ihereon. The Irustees ar8 we5pon8ible for the other information conlained within th? gnnual porl. Our opinion on the financial slalements doe5 not cover Ihe other inform&lion and do not expreB8 any form of 888urance conclusion theOn. Our r¢8ponsibilrty is lo read the other Information and, in doing 30, con31d•r whether the olhor inlom8tion Is materially inconsistent with the fin8ncial 8talèmenls or our knowledge obtained In the course ol th• audit, or ttthÈrwlse appearn to be materfally mi8Èto1gd. 11 we identify such material incon8islènciè$ or app8rent m8teri81 misstatement3, We required to delermine whether this gives rlse ID g m?terwl miBslatement in the linanclal stalernents tm51¥9. If, ba8ed on the work have perfomiè4, we conclude that the is rnalenal MI58talement ol thi8 0th¢r inform8lion, we are requi[1 to roport that lad. We hava nothing lo report in this regard. Matter8 on whlch we ar• r•qUIr to report by oxc•ptlon We have nothin9 to report in resp•ct of thè follt)wing rnatter6 In lAtIOn to which the CharilE3 IAccounls and Reports) Regulations 2008 require us lo report to you if, in our opinion. the information given in the financial 8tatements is inconsistent in any mat•rial rèsp¢d wrth the trustee8' report.. or sufficient 9¢¢gunting records have not boèn kept., or the financial 5tatem8n18 are not in agreement with the aceountr'ng rdS,. or we have r received all the inforniation and explanations we requi lor our au¢Jil.
HOUSE ON THE ROCK INDEPENDENT AUOITOR'S REPORT ICONTINUED TO THE TRUSTEES OF HOUSE ON THE ROCK RpOlIbIlItIe• ol tru9t••8 As explained more lully In the stalem8nt of trustees, respon$ibilrt1g$, th¢ trustees, who are also the directors ol the eharity lor the purpose of company law. are r95ponslble lor the preparalion of the financial statements and for being 8ali8fi8d that they give 8 truo and fair view, and lor such Internal control as the tru5tee8 detemiine 18 nece388ry to enabb thè prep8ration ol finan1 8tat8m8nl8 that are Ire8 Irorn Tllaterial misststem8nl, whathor due to fraud or error. In preparing the fi'n8noal Jl8temenls, the Irusteee arg w¥ponsible for a86e88ing the ¢h8rily's abillty to continue a8 ? gtsing concem. disclo8ing. as appli¢abLe, matters related lo going concern 8nd using the golng concern ba8is of accounting unless the tru5tee$ erther intend to Ilquldatè thè charltable cornpany or to e8a8e owrallons, or have no realistic alternative but to do so. Audltorfs mpon•lblllllg1 for th• audlt of the n4claI ¥t•t•m•nts We have b8en 8ppoinlèd as audilor under Sectlon 144 01 the Charrtie? Act 2011 And rèport In accordan¢ hth th8 Act And r8levant reguldiiona made or having •ff•GI thareundar. Our obloetiv•8 are lo obtsin r¢gsonibl& a68ur¥nc4 about wh•th•r Ihe financial st8tement8 g¥ a Who are free Irom m8teri81 rn15Stèlemenl, whether duè to fr&ud or error, and to i88ue an audlloes report that include8 our opinK)n. Reasongbb assufonct is a hvJh levèl ol &$8uronce bul 18 not o guarantee that an audit condueted In aecordanc wlth ISAJ IUKI wlll ath&y& detecl 8 m8terial m188tatement when il Oxists. Mis81atement6 can 8ri8e frorn fraud or •ryoi and are cgnsklered material if. indiv¢ually or in Ihe aGgre98le, thèy coukl r•a8onably be expected 19 influencè lh• •conomlc de¢lsion8 ol taken on th• bas18 ol Ihe8e hnancial it•t•Thnts. Th• •xt•nl lo which our proc8dur•8 are Cap¥b of d•t•cting irregularitieB, includlnG fraud, 16 d•tall•d below. ui) Qui. ui)derstanding of th• company and induatry In which tt ¢wretea, wo Idonlbfi¢¢J the r16k ol non- Complian wllh key law6 and regulalions which nCIUdèd CompanK88 Acl 2006 and lax legislation and we considered the extent lo which nonmplIanCe mvJhl have a mat¢rl9l gffeet In the finandol 8talemgnl¥. al80 addres8gd the thgk of fraud through managernent overrKle pf controls. W• t8Bted th• appropriation ol jC>urnal 8ntr188 and other Bdjuslmenls and e¥¥luate whether there wa8 evidene8 of pol8nllal bla8. The riek of npl detècting 8 matedal mlB8talgment due lo fraud i¥ higher than the riBk of not d8tscting on8 resulllng from error, ¥5 Iraud may invglve dellberale nCe81M8nt by, lor exemplè, lorg•ry or Intentional mi8repreBenlallons, or throu9h oIIu81011. In addllion to the Abov8, our pldreSt0 rn8pond to the riok$ Klentifd Indud•d th• following.. Reviewing flnanci81 $tstem•nts disclogur•# by t•8llng lo suppo documenlallon le 1188888 cornplianc with appllcoble18wB and rUlat)n'. Enquiry ol m#n8gemenl. those charged with govem?Th arovnd actual and potential liti9ations And dairns,. Enquiry of èniity staff Io Klenlify any instanc88 ol non compliant¢ with laws and regulaliona 8nd fr8ud., Perfoming analytical procedu8 tQ h¥entify any unusual or unexpeelèd f•lallonship6 thal indiut• rith ol Material mi85¢at8mènts due to fraud. There are inherent limatIonS in th? audit procedures described above. We are less Ilkety to becgmè awar• ol non- Complian wrth law8 and regulations thai ars not closely related lo evenl¥ and transacllons reflected in the financial tst¥ments. We cornrnunicate with th08e charged hth governance rogèrdlNJ, among other mattèr8, the planned scope and timing of the audit and significant audit findings, including 8ny nrflCnt delicienties in intemal control that we Idenlfy durin9 our oudtt. A fvrther description of our r•sponsibilitie8 is 8v?il&ble on the Financial Reportin9 Couneil's website al.. http8.'11 www.frc.org.ukJaudrtor3responsibilit*s. This derIptIon forms part ol our auditoff s report.
HOUSE ON THE ROCK INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HOUSE ON THE ROCK Thts report 18 made solely to Ihe eompany'a mtrrt)er3, 88 8 body, in acLordanee with seetion 391 01 Ihe Companies Act 2014 Our audit woth has be8n undertaken so that we might stale to th8 company's m9rnbers Iho8e matters we are required to 818la to Ih&m in an audito6 report and for no othef purpose. To the fulle8t extent permitted by law, we do not accept or a$Bume reBponsibilily to anyon8 Other than Ihe company and the company'8 m•rnb8r$ 88 0 body, for our audit work. lor th18 report, or for th? opinion¥ have formed. DL••&Co Charter•d C•rtlll•d A¢¢ountsnts stllulory Audltor 2nd Floor, Pr•mler Hou•• 309 B8llard8 Lane London N128LY D Lee & Co IS ellglble for appointment audStor of Ihe charlty by vlrtile of It8 •llglbllSty for appolntrnont aL4 4JitOr of company under 1212 of the CompanSAct 2006.
HOUSE ON THE ROCK STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unre•trl¢tsd R•*trlcted nd• fundj 2023 2023 Total Vnrn8trlcted R•8trlcted lund• fundi 2022 2022 Totsl 2023 2022 Noth• Intom• •nd endowments Irom: Don8bons and logac6 Oth?r trAding actlvbties Inve8tm6nt8 Other incom• 522,329 204 130,767 4,270 20,875 543,204 422,720 518 107,951 7,090 23,78S 446,505 516 107.951 7.090 130,767 4,270 Total Incorn• 657.570 20,875 678,445 538.277 23,765 562.062 Exp•ndltur• on.. Ra16in9 lund8 charilab Activities 27,664 66S,707 27,864 702.227 35,219 662,081 35,219 692,185 36.520 40,104 Tot•1 •xp•ndltur• 693,371 36.520 729,891 e87.30J 40,104 727.404 N•t •xp•ndltur• and mov•m•nt In fund• 135.8011 lof1,4401 1149.0231 116,3191 1185.3421 Rg¢oncl11lon of fund•: Fund bal&nces 011 J8nuary 2023 2,1,356 526,281 2,662,839 2,305.381 542,800 2,847,981 Fund balan¢•• at 31 cambgw 2023 2.120,557 510,636 2,631,193 2,156.356 528,281 2,682.639 The otatèm8nt of finanri81 Hctivili•i indud08 all goin¥ gnd1058•8 r•(y)gnised in the year. All in¢om¢ ind expendmure defve from ¢ontlnulng actlvtties. 10
HOUSE ON THE ROCK BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Flxed a•Bots Tangible assets 14 5.223.320 5.377,452 Cufr•nt 0•8ets Debtors Cash at bank 8na In hand 16 12,522 31,802 7,220 34.718 44,324 41,938 Cr•dltor•: lmounts IAlllng du• wlthln onfr y•ar 1777.2101 1768,5531 Net cuTh•nt Ilabllltl• 1732.8861 1726,8151 Totsl a•••ts IM• euvr•nt Ilabllltl•• 4,490,434 4,650,837 Cr•dltorn.' Imounts l•lllng dug aft•r more than ono y•ar i• 11,8S9,2411 11,968,198) N•t ••••ts •xcludlng p•nilon Il•blllty 2,631,193 2,682,839 N•t a•••t• 2,631,193 2,682,639 Th• fund• of th• ch•rfty Re¥lrided incorne fund8 Unrnitrict•d lund• 21 510.636 2,120,557 528,281 2,156,358 2,631,193 2.882,839 The company18 entitlod to the èxemption from the audit requlrement contained In sectlon 477 of the Comp8nie8 Aet 2006. for th• y88r ondod 31 D$¢ornber 2023, amhough an 8udlt h88 béèn carrd out under Section 144 01 tha Ch8ri1608A¢t 2011. Th¥ dirgdors acknowledge thelr regpon8ibililies for complying wlth the requlrem8ntB ol tha Comp8nle¥ Act 20C6 with re8pecl to accounlng rrford8 Jnd the preparation of financial $latem•nt8. Th8 mambèra havo not required the cornpany to obtain On audrt of rts financlal Ststernents under the requirerr1$ of the CompaniesAcl 2006, for th• y•ar in question in accordance with section 476. These flnanelil 8tat•m•nts h¥ve keen prepared in ace(Jr<l8nu with the provi8ion¥ applicable to compani88 subla to the Small companie$ regime. The fin8nrial slatem8nts were approved by the trustees on 9 Septombor 2024 MrA Oyewumi Trustee Company giStratIon number 4824843 (England and Walès)
HOUSE ON THE ROCK STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Nots• C••h flow• from op•rallng acUvltl8• Ca8h ?b$orb•d by opern¢ion8 27 124.7261 1123,7681 Inv••tlng 4ctlvltl•• Purchase ol tangible fix a898ts Invaslment incomè rèe1 12,0071 107,951 130,767 P4•t ei•h g•n•r•tsd fp)m Inv•8tlng •ctlvlllo$ 130,767 105.944 Fln•nclng etlvlll•• Repaymant ol bank lo¥n$ 1108,9571 123,1991 Not c••h uvd In Iln•nclng •etlvltl 1108.9571 123,1991 N•t d•Gr•• In e••h and c••h oqul¥al•nts 12,9161 141.0231 Co8h and L¥¥11 ¥IJUIVol¥nlg &t beglnnlng of yèar 34,718 75,741 Ca•h •nd ca•h •qulv•l•nts at •nd of yur 31.802 34,718 12.
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounng pollcleg Charlty Inl0m)a0n Hgu89 OD The Rock is a pvate company limlted by guar8ntet incorporated in England and Wal68. Th¢ registered office 18 The Roc Tower, 49 Tulnell Pa R08d. London, N7 OPS. 1,1 Accountlng conv•ntbon The financi81518temenls have been prePad In 8ccordan with the charity'B Act 2011. the Companies Act 2006 and Accnunting and Reporting by Charilie3'. Ststemenl ol Recomm•né•d Practicè applicable lo charrties preparing thgir accovnl¥ in accordance with the Finane181 Reporting Sland8rd applicable in the UK and Rèpublic of Ireland IFRS 1021 leffeclive 1 January 20191" Th• charity IB a Public Benefit Enlty as d•fin•d by FRS 102. The IiD8ncial 8tal&ment6 are prepar•d In $1gdlng, whlth 1$ the lundional curr8ncy ol thè charity. Monetsry mount8 In the8• finana81 statem?nl$ are rounded to the neare8t £. The financi81 ststèmènts have bèèn pr?re under th• histodc81 cost convéntion. The principal aAuntIng policies adopled are sel out below. 1.2 Golng conc•rn At thè timè of 8pproving the financial slatem•nt8, the truslaes havt p reg¥oTrable expectation that the chgrfty has adequ8tg resources lo Continue in op8ratlonal èxis1gnc4 for the loreBeeable future. Thu8 the tru8t••8 conllnue lo a(Jopt the going cèneem basis of 8¢counting In preparino the fin8noig1 statement¥. aceounls have been prepared on the going coneern ba$1$ 09 tho Iru&iee8 wlll arrange for a bank ovtrdraft tscllily lo cover for 8horl terrn cash flow rtsquirgment. if required. 1.3 Charltsbl• fund• Unrestricted funds arn 8V8Slable lor uaè al the dlscretKJn ol th• trust8e• In lurth•rance of their cherilabl• obieclive8. Restricted funds are subj•et lo ap•¢ifi'¢ ¢QAdition5 by donor8 as to how thay may ba usèé. The purprnes and use8 ol thè rè8trict?d fund¥ are out in Ihe notes lo the account$. Endovmi8nt fund6 ara subjèct to specific condition8 by donor8 that the eaprtal must be mainlained by the ch•nty. 1.4 Incomlng r••gurcg11 Incorne 16 recognlsed when Ihe ch8tity is legally entitled lo il after any performanGe condillons havt bn mel, Ihe arrounts can be measured reliably. and it is probable that income will be rec8ivèd. Cash donations are iecognlsed on rèeèipl Other donations are cOgnISed once the charity has bÈÈn notified of the donation, unlè88 pÈrfom18nce ¢ondilic)ns require deferral of the srnounl. In¢ome tsx recoverable in reltion to donations wceNed under GiftAid or d•8d$ ol covènant i¥ reco9ni8ed al the tirne of the dorsation. t)onations, gift and similar incoming resources are indudo(l in yèar in which they are rerEivable, which IB when the charity bec¢Nnes entitled to the resource. 1.0 R•source$ eXnd•d All expenditufe is 8CCOLrnttd for on an occruals basis and has been das&fiod undor headings that a9gregate all costs rèlatèd 10 the category. Expenditure Is recognlsed where there is a leg81 or constructive obligation to make payrnents lo third pat1ies, it is probable thal the 5eNem?nl will be required and the amount of Iha obligation Can be measured r8li8bly. 13-
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Aecountlng poll¢l•B IContlnu•dl Resources oxpended aw allocated to Ihe charil&blts tmpanY'S prinripal adivily as dlrect CO8ts where the costs ean be Identified 85 b81ng directly related to thai 8ctivily. A11 c08ts that nn0t b8 id8nli116d as relalir dirgdly to th8 Charitab company's principal activrty are e#tegonsed 88 either 6UPPOrt coat5 or govemance costs. Any costs that cannot bg Speallcally calegorijed Brè allocatéd in proportions based upon a surtable ratio applicablelg the nature ol the cost involved. Support cosls are those thal asaisl the work of the Charity but do not directly reprenI d)arttabl8 actNltle$ gnd Include offieè costs. finanrA, gov•mance c0818 and Btaff ¢o$l. Gov8mance o)8t8 Bre Ihoso mcuffed in o)nnéetion wrth admini8trolion of the th#rtty And cnmpllance ol conslrtulional and ilatutory requirgments. 1.8 T•nglbl• flx•d a•••ts Tangible limed a#s•ls are inltially m88$ured al co81 and Bub8?qu¢ntly m•89ur8d al cost or valuation, n•t ol deproaalion and any Imp8imienl108ses, Depreciation is r8cognised so aj lo wrlle off th• cost or vgluption ol 88S•t81088 their fesldual valu•$ ov•r I1r Useful live8 on the lollowlng b86e6.' Freehokl l¥nd and buildin98 Flxlur•6. filliTr91 & •quipm•nl 2% on 8tr8ight lim 25% on rediioino bnlnncn Th• galn or 1081 ari8ing on th¢ ¢Ji8pouI of an aJ8el li dèlèrn)IMd 88 the dlflereno b$tw*•n the 88 prOe& and the Carrying value ol the a8b•t, and18 rocogni89d In th¢ $1at•m•nt ol Ilnancial acliviliea. 1.7 lfflp¥lrmgnt of flx•d a•••t• Al oach r8portlng gnd dot8, the ¢harrty review8 the carrylng amounts ol IAnglbl• a85ets to deteminè whether thèrn 1$ any indic8litin that those a85ets have Jufftrèd an Impairment losB. If Èny sueh Indution exist8, thè r•eov•rabl& amounl ol the •88•t IJJ ejlimaled in ordèr to d•temiine the extent of th• imp•irmenl 1058 lif any). 1.8 Ca#h and c••h frqulvalgnt• alh and c8sh equivalonts Include cash in hand, depostt8 held at c811 wilh bAnkJ, olh•r Short-temi Iv4uid investments wilh origin81 maturrtie8 ol three rnonthg or le86, and bank overdraftB. BAnk ov8rdraft8 are Shown wilhin borrowing8 in current liabilitie8. 1.0 FlnanclJl In¥trum•nts The charity has elected to apply tho provisions of Seclion 11 '8asic FiTh8nrial In61ruments' and Sectlon 12 'Olher Financial Inslruments 188uès' of FRS 102 10 all of its fin¥n¢ial instruments. Financial instruments ara recognised in thg th&rilVs balance sheet when the charity becomes party to I contractU81 provisions of the Instrument. Financial a3$ets and 11ab1lit$ are ¢ff8•t, wNh the net amounts pws$nl8d in the financial Statemgnti, wh•n the is a legally enforceable right lo set oft the recognised amounts ?nd there Is An Intention to Bettle on a net basis or lo re8lise thè asset and 8etlle the li8biltty simultaneously. Boslc Iln•nelalass•ts Basie financial a58ets, which Indude debtor8 and cash and bank ba18nce5, ar• initK•lly measured at transaction price including transaction COBts and 8re subs8quenlly carried at amortwaed cost using the effective interest method unless th8 arrangemenl rA)n51ilutes a finanang tr8nsaclion, wherè Ihe transaction is me8$u4 ai the present value ol the fvtU receipts di5g>unlg¢ at & market rate of interest. Financial assets classified as receivable within one year a not amortiBed. 14.
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountln9 poll¢lp8 (COnnd> B861¢ fln4n¢lal Ilabllltl•s 8asic fin8nri81 li8bilitK?$. induding creditor6 and bank loans arè inihally rècogni9gd al Iran¥aclion price unle88 the arrano8ment constitutes a Iin8ncing Iran5aCtion. where the debt instrument is measured al the pSeffit value of the future payments discounte4 at g mark•1 ral8 of interest. Financial liabilities class•lied a5 payablè within on8 year are not amortiS8d. Debt instruments are 8ub8equently carried al amortlsèd eoÈt, U8ing the eff¢ctNe intere8t rate method. Trade creditors am obligations to pay fgr g¢x)ds or Beryices that have been affjuired in the ordlnary cours8 of op8ratlon8 from 8uppliers. Arnounls payable are clas8ified as current Iiabililies Ir paymenl iy due within one y•ar or le85. If not. they are presented 88 non-current liabilitiès. Tradè creditor¥ arg rgcognised initially 81 Iransaclion price 8r)d 6ub6equenlly measured at gmortl&èd eo8t u6ing th8 effedive inlere3t rnelhod. D•rncognltlon of Iln•ncl•l IhbllltleJ5 Financial liabilitie8 are derecogni88d wh•n th• charity's contractual obM9ations expire or are dlscharged or cancelled. 1.10 Employ•• bgnofbt• The cost of any unu8•d holhlay antillemgnl ig r•cogni8ed in the perfod In whlch the employee's gervirm are received. T•rrnlnallon benefits are recogni8ed lrnmediately as an 8xpènsé whan th8 ehArtty 13 demon8trpbly commrtted lo tgrrninate the employment ol an employee or to pwovide termination benelily. 1.11 R•tlr•m•nt b•n•flts Payment8 to defined cL)nliibutlon r•tlrnm•nt ban8fi1 achem¢g ere charyed as an expense a8 thay fall du•. 1.12 Fund aceountlng IIIThe Charjty's unr•stricted 9ènéral fund nlS1$ ol fund6 whlch can be u8ed in accordance wllh th• chaThlable obl•cts St the discretion of th? trustees. IIIIThg Charily's re8tricted lund8 are funds th&1 can b• u8•d for partieular restrlcled purpose6 wthin the objects of the charity. Restriction ar1 when apgcifigd by the donor of when fund6 are raised lor particular restricted purposes. 1.13 Value added tax Value added t&x ineurf¢d for th¥ ¢08t and trxpendllure ol the freehold prop•rty has b•8n claimed at fifty ¥even p8rcknl of Ihg w¥ldual cos18 01 the property costs. Crltlcal ac¢ountlng ••tlmat•8 and ludg•m•nts In the applie&tion or th# tharity'i ac£ounting policies, the trustees are requlr•d to mak8 ludgemènts, •8tim8leB and assumptions about the carrying amount ol assets and liabilities th81 a not readily app9nt from other Sourrks. The esllmates and assoeiated &ssumption$ are based on historical experiencé and o¢hèr lact¢)rs IhAI are Consider to be ralevant. Aetual re$u118 may differ frorn these estlmates. The eglimates and underlying assumptions are revl•w8d on an ongoing baBis. Revision8 to accoun e8tirn8les are recognised in the period in which Ihe e8tim8te is revised Whe the revision affects th)ly that period. or in the perio¢J of Ihe revision and future periods Whe the revision affects both current and future perlods. 15-
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 In¢om• from don•tlon• and legacl•• Unyo•trbet•d R••trbct•d fund• lunds 2023 2023 Totsl Unr•¥trlct•d R••trl¢ted fund• fund¥ 2022 2022 Totsl 2023 2022 Donatlons and glft8 522,329 20,875 543,204 422,720 23,785 446,505 Incorng frorn oth•r tr•dln9 actlvlti Unr•$trftt•d Unr••trlct•d fuTrd• lund• 2023 2022 NOr-CharabIe Iradlng a¢tivNle• 204 518 In¢om• lrnm Inv•tm•nts UnM•lrf¢t•d Unr••trlct•d fund• fund• 2023 2022 R¢n¢g1 neme Interest rer*ivabl• 130.585 182 107,933 18 130,767 107.951 Oth•r In¢om• 2023 2022 In$urance proceed$ 4,270 Exp•ndltur• on r•l•lng fvnds Unr••trlctsd Unr•Btrlctsd fund• funds 2023 2022 Fund rAl8lng Ind publlclty ¢o•t Advèrts"siro 27,664 35,219
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 8 Charftabl• ¢vItI06 R•llgltsui ctIvI$ 2023 Rellglous ctlvltlo8 2022 Staff c08t8 Dèpreciation and knpairment R6ligh)u$ •¢tivitvds 58,692 147,595 149.151 59,934 147,595 123,982 355,438 331,511 Share of 8UPPOrt coit8 (1$¢ note 101 Share of governance cobl8 Isè• nolt 101 293,059 53,730 297,832 62,842 702,227 692.185 An4ly•lo by fund Unre8trict•d fun¢J• RtriCted lund8 e85,707 38,520 852,081 40.104 702,227 692,185 For the y••r •nd•d 31 D•¢•mb•r 2022 Unr•8tri¢tod lund8 R881rlct•d fundA 852.081 40,104 892,185 Charlthbl• actlvlty Thè eharilabkg activlly CntInUal lo b? that ol rellgiou6 8clv1t0. 17-
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 8upp¢Mi eosts alloc•tsd to *etlvltl•• 2023 2022 Stsff rL)sts Depreri8tion R8te8 gnd utilrtie8 cost8 Other direct cost Bank ch¥r908 and bank icon int•r•8t Travelling TÈl8phone In8ur&n Cleaning )St• Computer exwn#•• GoYerThanu ¢08t8 104,116 e.537 50,329 868 88.227 3,849 4,258 8.503 18,830 7,542 53,730 87,082 6,717 57,191 3,116 104.563 2,577 3,471 8.899 14,891 7.745 62,842 348,789 380,674 An•ly8èd botwo•n: Charitable activit1•8 346,789 380,674 202) 2022 G¢w•rMn¢• co•ts ¢omprt••: Staff co•ts Audil foeB Ae¢ountan¢y Leg81 and prol8861onal 39,318 4,000 6,775 3,637 51.231 4,000 8,746 885 53.730 62,842 11 N•1 mov•m•nt In funil• 2023 2022 Th• n•1 movernènt in funds 18 Stsled after chargingllu•ditlngl'. Fee8 payable for the audit ol the charlly'a finaneial 8talemenl8 O¢preclallon of ownèd t8ngknle fixed a88el8 4,0 154,132 4,000 156,312 12 Th11th•• None ol tha Iru8tee9 lor any persons conrffjded with them) rKeivad any remuneration during the yaar12022.' Nonè ofthe Iru5tees had any 0xpen8 tsimbursed or paid for by the charty during the yoar12022.' £nlll. 18-
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Employ•e$ Th9 Pverpge monthly number ol employee$ durlng th yorw¥s'. 2023 Nufflbor 2022 Numb•r Rdlgious AdminiBtration Total Employm•nt eo•ts 2023 2022 Wag•s aThJ salari88 Soci8186curlty C08ts Other penslon coBio 182,878 13,961 S,289 178.876 14,157 5,194 202,128 196,227 There wer• no employee• whoi• annu•l r•mvner•tion wa¥ more than £60,000. R•mun•r*tlon ol k•y rn•npg•m•nt p•r•onn•l The rernuneration of k•y man8o8ment p•r80nnel wa• a• folbws.. 2023 2022 Aogrèyt• ¢OMpentIon 60,330 S9,934 19-
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 14 Tanglble flxod 1¥8•t• Fmhold Iwr •nd blIdn Totbl Ilttin•• & Co•t At 1 January 2023 7,379,754 661,374 8,041,128 At 31 0geemb8r 2023 7,379,7S4 861,374 8,041,128 D•pr•elatbon and Imp4lrm•nt At 1 January 2023 Deprecigtlon charged in the y•8r 2,028.451 147,595 835,225 2,663,676 8,537 154,132 At 3109m8 2023 2,178,048 641,762 2,817,808 Carrylng arnount Al 31 Decamber 2023 5,203.708 19.612 5,223,320 At 31 Dec•mb•r 2022 5,351,303 26,149 5.377,452 10 Flnin¢b•l In•trnm•nt• 202) 20ZZ C•rrylng •mount ol fln•nc141 •••• Oebl in#trumanls mea8ured at amortlged ct 10,564 5.527 Clrrylng amownt olflnancl•l Illblllll Me?8yr•d at amortiB•d colt 2.626,062 2,729,706 18 O•btor• 2023 2022 Amount• l•lllng du• wlthln on• y•ar: Trade d•btor8 Oth8r debtors Prep8yment¥ 3nd accnjed Inco 5,813 4,751 1,9S8 1.227 4.300 1.693 12,522 7,220
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Loan• ind ov•rdr•ft6 2023 2022 Bank loang 1.966.193 2,077,150 Payabb within one year Payabl¢ after one year 108.952 1.859.241 108,952 1,968.198 Amount• induded above which fall due &ft8r fiv• y•irn'. Payable by in8talmont$ 1,240.756 1,349,713 Thè bank loan 18 •ecur•d by 8 first 981 mortg80• over th? freehokl property known a$ Sl G•orge'J Theatre. 49 Tufnell Parf( Road. London, London N7 OPS. The loan 1$ ropayBble by equal inBlalmeTht over 20 yearn •nd il 1$ r•nw•bl• every 5 year•. The rale of Int•f•it 112% abov• the baje rate. 18 Cr•dltor•: amount• falllng du• wlthln on• y••r 2023 2022 Not•1 88nk loana Other taxation and 8oclal curlty Trade credltorn Oth•r ¢r¥dltor8 AcLru818 and d•f•rrod Income 17 108,952 11,389 849,589 3,3gl) 3,910 108.952 7,045 847,8t4 832 3,910 777,210 788,553 19 Credl¢or•'. •mount• falllng du• •ft•r mor• than on• y•ir 2023 2022 Bank loan¥ 17 1.859,241 1,968,198 20 R•tSr•m•nt benefit •¢h•me• 2023 2022 D•fln•d contr1btlort •eh•mo• Chatge lo profft or IOSB In respect ol deflned eontdbution schtmèB 5,289 5,194 The carily operates a deftned contribution p6n8lon sdwmo for ?11 qualifying employee8. The 86get8 of the gehem? are held 8eparately frorn those of the chArity in an independenlly administered lund. 21
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 21 R•8trlct•d lund• Thè r•8trlcted lunda ol charity comprise the unexpended balance8 of dtsnatltsns and grants held on tru81 8ubj.èct lo speeAfK condrtlgn$ by donors a8 lo how thèy may b8 u8ed. At 1 Jinuary 2023 IncomSng r••oufe•8 R••oureè$ •xp•nd•d At31 O•c•mb•r 2023 Land and buildlng 528,281 20,875 136,5201 510,838 Pr•vlou• yir: At 1 J4nuary 2022 Incomlng R9•oU•¥ 0Xnd+d At31 D•t•mb•r 2022 Land and building 542.600 23,785 140,1041 526,281 The abovg re8trfcted fund8 comprts•9 01 £508.000 tJngltyl• as$818 In relatlon to the purthaa• ol property In TLifnell Path fin•rl I nndnn N7 C)PPI And curronl ascts omounling 19 £2,636 . Th• availabb fundi wlll b• u8•d pmdominantly for ih• r•novition ol the above propèrty. 22 Unrp•trlctsd fund• Th• unrèatrtcled funds of the charity compri8e the UTrexndèd balanc•8 ol don8tion8 and or8nti which •re not subject to 8peciflc condilionB by donor8 and grantorB 88 to how thay may be u6ed, The8¢ indudg designated fund5 which have been 8el 8sld8 out of unre61rlcted funds by the Iruslees IDf 8pe¢ific purpoa•9. At 1 nUary 2023 Incornlng RMourco r••ourc•• oxp•nd•d At31 De¢•mhr 2023 Gentral fund$ 2,156,358 657,570 1693,3711 2,120,S57 Pv•vlou• y•ar: At 1 J¥nyary 2022 Incomlng •ourc•• R•*oure•• •xpended At31 December 2022 General fund8 2,305,381 538,277 1687.3001 2,15e.358
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEM8ER 2023 23 AMly•l$ ol n•t 4•••ts belw•en lundg UnM#tri¢td lunds 2023 R?•trlcted nd• 2023 Total 2023 At 31 Doc•mb•r 2023.. Tangibk asse18 Current a88elsllllobllil Long temi liabilrtles 4,715.320 1735,5221 11,859,241) 508,000 2,638 5,223,320 1732,8881 11,659,241) 2.120,557 S10,638 2,831.193 Unr••trlct•d fund• 2022 RtClO0 fund• 2022 Totsl 2022 At 31 D•e•mb•r 2022: T8ngibb a988ts Curronl 46setsllllabllltS) Long tomi liabilrtKg9 4,854,987 1730,4111 11,968,198) 522.48S 3,798 5.377,452 1726,6151 11,968.1981 2.156,358 528,281 2,682,639 24 Flnanelal ¢omrnl¢m•nl• gu•r•nto•• and ¢ontlng•nl Il•blllll•• Th•r* worts no Inancill commrtm•nts, guar8nt8¥8 or conlingenl li•bilitl88 at the yfjar 20 ¢4plt41 ¢ommllm•nl• Amount8 eontraetad for but nol provlded In the flnandal stst•menl8'. Th•r• no caplt•l commltm8nl8 8tther shol¢d by Ihe br or eA)ntract•d for ¥1 Ihe balance 6heet 20 R•lal•d p•rty tr•n••¢tlon• Th6rn wtsre no dl8d06able related party tr8nsAellon$ the year12022- none). -23-
HOUSE ON THE ROCK NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 27 C••h 9gn•rnt•d from OAllOn• 2023 2022 Defiryt lorthe year 151,4481 1185,3421 Adjuslmgnts for". Invoslment income reeognisod in statement of financlal 8Ctlvttle8 Depreciation 8Thd Impaimient ol 18ngibb fixed ag8e18 1130,7671 154,132 1107,9511 158,312 Movements in working Ca181.. Ilncreasel In debtors Incrg888lld•crea8el In ¢r¢dil¢rg 15.3021 8.657 14.1211 12.6681 C••h •b•orb•d by op•r40 124,7281 1123,7681 28 Aly•ll of ch•ngo• In n•t Id•btVfund• At 1 Janu 2023 c8•hIlo AtJ1 O•C•ml 2023 Cibh at bank and In hand 34.718 12,9161 31,802 Loana falllng due thIn on• y•ar Loan8 fallln9 du• aft•f more than one yèar 1108,9521 11,968,196) 1108.9521 11,859.2411 108.957 12.042.432) 106,041 11.938,3911 .24-