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← The Gospel Centre

2023-12-31-accounts

Charity number: 1114401

THE GOSPEL CENTRE

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

THE GOSPEL CENTRE

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 20

THE GOSPEL CENTRE

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees

M Famokunwa P Tomkins J Bernard M Okwue P Buckley

Charity registered number

1114401

Principal office

The Gospel Centre Wightman Road London N8 0LT

Accountants

Venthams Chartered Accountants Millhouse 32 - 38 East Street Rochford Essex SS4 1DB

Bankers

Santander UK plc Bridle Road Bootle Merseyside L30 4GB

Solicitors

Dixon Ward 16 The Green Richmond Surrey TW9 1QD

Page 1

THE GOSPEL CENTRE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the financial statements of the charity for the 1 January 2023 to 31 December 2023.

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Activities undertaken to achieve objectives

Throughout the year The Gospel Centre has undertaken many activities in the furtherance of its stated objectives and the trustees believe that these activities have provided public benefit to both members of the congregation and the wider community of Haringey.

c. Main activities undertaken to further the charity's purposes for the public benefit

The church provides worship, teaching and social gathering for around 100 people each Sunday morning, and for smaller groups of church members during the week, e.g. Senior Citizens on Mondays, Table Tennis Club on Monday evenings. It also benefits the wider community in Haringey by a variety of services, including a Food Bank and offering pastoral care.

July 2023 saw the retirement of the church’s long serving Pastor, Brendan Munro; much of the year was spent in seeking a replacement Pastor, and after interviews in October and November, the post was offered to Tino Kapofu with a commencement date of February 2024.

At a church meeting in December it was agreed to apply to become part of the Elim Network of churches, with the application to be submitted in the early part of 2024.

During 2023 the church updated DBS checks for those working with Young People and Vulnerable Adults, and for Trustees, and Leaders and Trustees took Training in Safeguarding.

No works other than routine maintenance and repair to the church buildings were undertaken during 2023.

The Food Bank now operates for clients on Saturday mornings only, with Tuesday evenings being for stocktaking and organisation. It continues to experience high demand for its services, reflecting the strain on household incomes for essential food items. It has received grants from Haringey Council and Hornsey Parochial Charities, as well as donations from church funds, from individual church members, and donations of money and food from local residents and residents’ groups. Local residents who are not necessarily church members assist as volunteers.

Achievements and performance

a. Key performance indicators

The charity received income of £159,184 (2022: £141,868) and incurred expenses of £119,475 (2022: £149,497) resulting in a increase in reserves of £39,709. Closing unrestricted reserves were £109,458, representing approximately 11 months of expenditure.

Page 2

THE GOSPEL CENTRE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

b. Review of activities

During the period under review, the members have given generously, enabling the church to meet its objectives.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months' expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

a. Constitution

The charity was established by a Declaration of Trust on 22 February 2006.

b. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Declaration of Trust.

c. Organisational structure and decision-making policies

The Pastor has specific responsibilities within the church, although overall responsibility for the governance and management of the church rests with the trustees.

d. Financial risk management

The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Page 3

THE GOSPEL CENTRE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management (continued)

e. Principal activities

The principal objects of the charity are:

To advance the Christian faith in accordance with the statement of beliefs appearing in the schedule in Haringey, London and in such other parts of the United Kingdom or the world as the Trustees may, from time to time, think fit and to fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the Trust.

To relieve persons who are in conditions of need or hardship or who are aged or sick and to relieve the distress caused thereby in the said location and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit.

Statement of Trustees' responsibilities

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

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Declaration of Trust. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

P Tomkins Trustee

Date: 8 July 2024

Page 4

THE GOSPEL CENTRE

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Independent examiner's report to the Trustees of The Gospel Centre ('the charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2023.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

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

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

Signed: Stuart Harrison

Dated: 9 July 2024

Venthams

Chartered Accountants Millhouse 32 - 38 East Street Rochford Essex SS4 1DB

Page 5

THE GOSPEL CENTRE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income from:
Donations and legacies
2
Investments
3
Total income
Expenditure on:
Charitable activities
5
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2023
£
108,550
29,172
137,722
100,154
100,154
37,568
71,890
37,568
109,458		 Restricted
funds
2023
£
21,462
-
21,462
19,321
19,321
2,141
7,338
2,141
9,479		 Total
funds
2023
£
130,012
29,172
159,184
119,475
119,475
39,709
79,228
39,709
118,937		 Total
funds
2022
£
118,882
22,986
141,868
149,497
149,497
(7,629)
86,857
(7,629)
79,228

Page 6

THE GOSPEL CENTRE

BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within one
year
11
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
12
Unrestricted funds
12
Total funds		 16,776
106,961
123,737
(6,197)		 2023
£
1,397
1,397
117,540
118,937
118,937
9,479
109,458
118,937		 14,682
67,346
82,028
(4,640)		 2022
£
1,840
1,840
77,388
79,228
79,228
7,338
71,890
79,228

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

P Tomkins Trustee

Date: 8 July 2024

Page 7

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Gospel Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

1.2 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the charity's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 8

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies (continued)

1.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

1.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

1.5 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

1.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 9

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. Accounting policies (continued)

1.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

1.9 Financial instruments

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 exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.10 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

1.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 10

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Income from donations and legacies

Unrestricted
funds
2023
Restricted
funds
2023
£
£
Donations
108,550
6,725
Grants
-
14,737
108,550
21,462
Unrestricted
funds
2022
Restricted
funds
2022
£
£
Donations
103,892
6,734
Grants
-
8,256
103,892
14,990
3.
Investment income
Unrestricted
funds
2023
£
Investment income - local investment properties
28,805
Investment income - local cash
367
29,172
Unrestricted
funds
2022
£
Investment income - local investment properties
22,935
Investment income - local cash
51
22,986		 Total
funds
2023
£
115,275
14,737
130,012
Total
funds
2022
£
110,626
8,256
118,882
Total
funds
2023
£
28,805
367
29,172
Total
funds
2022
£
22,935
51
22,986

Page 11

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. Analysis of grants

Grants, Church activities
Grants, Church activities		 Grants to
Institutions
2023
£
3,860
Grants to
Institutions
2022
£
4,560		 Grants to
Individuals
2023
£
3,400
Grants to
Individuals
2022
£
6,890		 Total
funds
2023
£
7,260
Total
funds
2022
£
11,450

The charity has made the following material grants to institutions during the year:

Name of institution
Harvest Community Network
N-Flame		 2023
£
3,500
360
3,860		 2022
£
4,200
360
4,560

5. Analysis of expenditure on charitable activities Summary by fund type

Unrestricted
funds
2023
£
Church activities
100,154
Unrestricted
funds
2022
£
Church activities
139,037		 Restricted
funds
2023
£
19,321
Restricted
funds
2022
£
10,460		 Total
2023
£
119,475
Total
2022
£
149,497

Page 12

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. Analysis of expenditure by activities

Church activities
Church activities		 Activities
undertaken
directly
2023
£
91,887
Activities
undertaken
directly
2022
£
117,514		 Grant
funding of
activities
2023
£
7,260
Grant
funding of
activities
2022
£
11,450		 Support
costs
2023
£
20,328
Support
costs
2022
£
20,534		 Total
funds
2023
£
119,475
Total
funds
2022
£
149,498

Analysis of direct costs

Staff costs
Depreciation
Rates and water
Insurance
Light and heat
Repairs and maintenance
Church expenses
Printing, postage and stationery
Bank charges
Foodbank expenses		 Church
activities
2023
£
37,243
563
1,785
2,807
11,882
6,971
11,040
225
50
19,321
91,887		 Total
funds
2023
£
37,243
563
1,785
2,807
11,882
6,971
11,040
225
50
19,321
91,887

Page 13

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Staff costs
Depreciation
Rates and water
Insurance
Light and heat
Repairs and maintenance
Church expenses
Printing, postage and stationery
Bank charges
Foodbank expenses
Analysis of support costs
Staff costs
Office expenses
Governance costs
Staff costs
Office expenses
Governance costs		 Church
activities
2022
£
63,411
700
1,993
3,403
10,963
19,384
8,490
431
131
8,608
117,514
Church
activities
2023
£
13,965
2,832
3,531
20,328
Church
activities
2022
£
14,233
2,896
3,405
20,534		 Total
funds
2022
£
63,411
700
1,993
3,403
10,963
19,384
8,490
431
131
8,608
117,514
Total
funds
2023
£
13,965
2,832
3,531
20,328
Total
funds
2022
£
14,233
2,896
3,405
20,534

Page 14

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £3,534 ( 2022 - £3,435 ).

8. Staff costs

Wages and salaries
Contribution to defined contribution pension schemes		 2023
£
50,924
285
51,209		 2022
£
76,776
868
77,644

The average number of persons employed by the charity during the year was as follows:

Ministers
Administration		 2023
No.
2
1
3		 2022
No.
2
1
3

No employee received remuneration amounting to more than £60,000 in either year.

9. Tangible fixed assets

Cost or valuation
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023		 Plant and
machinery
£
3,862
120
3,982
3,395
236
3,631		 Fixtures and
fittings
£
23,185
-
23,185
21,812
327
22,139		 Total
£
27,047
120
27,167
25,207
563
25,770

Page 15

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. Tangible fixed assets (continued)

Net book value
At 31 December 2023
At 31 December 2022		 Plant and
machinery
£
351
467		 Fixtures and
fittings
£
1,046
1,373		 Total
£
1,397
1,840

10. Debtors

Due after more than one year
Other debtors
Due within one year
Other debtors
Prepayments and accrued income
Tax recoverable		 2023
£
-
-
42
2,707
14,027
16,776		 2022
£
630
630
-
2,255
11,797
14,682

11. Creditors: Amounts falling due within one year

Other taxation and social security
Pension fund loan payable
Accruals and deferred income		 2023
£
22
33
6,142
6,197		 2022
£
423
166
4,051
4,640

Page 16

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted funds
Foodbank
Total of funds		 Balance at 1
January
2023
£
71,890
7,338
79,228		 Income
£
137,722
21,462
159,184		 Expenditure
£
(100,154)
(19,321)
(119,475)		 Balance at
31
December
2023
£
109,458
9,479
118,937

Page 17

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Restricted funds
Foodbank
Mission fund
Total of funds		 Balance at
1 January
2022
£
84,649
1,558
650
2,208
86,857		 Income
£
126,878
13,788
1,202
14,990
141,868		 Expenditure
£
(139,037)
(8,608)
(1,852)
(10,460)
(149,497)		 Transfers
in/out
£
(600)
600
-
600
-		 Balance at
31
December
2022
£
71,890
7,338
-
7,338
79,228

13. Summary of funds

Summary of funds - current year

General funds
Restricted funds		 Balance at 1
January
2023
£
71,890
7,338
79,228		 Income
£
137,722
21,462
159,184		 Expenditure
£
(100,154)
(19,321)
(119,475)		 Balance at
31
December
2023
£
109,458
9,479
118,937

Page 18

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Summary of funds (continued)

Summary of funds - prior year

Balance at
1 January
2022
£
Income
£
Expenditure
£
General funds
84,649
126,878
(139,037)
Restricted funds
2,208
14,990
(10,460)
86,857
141,868
(149,497)
14.
Analysis of net assets between funds
Analysis of net assets between funds - current year
Unrestricted
funds
2023
£
Tangible fixed assets
1,397
Current assets
114,258
Creditors due within one year
(6,197)
Total
109,458
Analysis of net assets between funds - prior year
Unrestricted
funds
2022
£
Tangible fixed assets
1,840
Debtors due after more than one year
630
Current assets
74,060
Creditors due within one year
(4,640)
Total
71,890		 Transfers
in/out
£
(600)
600
-
Restricted
funds
2023
£
-
9,479
-
9,479
Restricted
funds
2022
£
-
-
7,338
-
7,338		 Balance at
31
December
2022
£
71,890
7,338
79,228
Total
funds
2023
£
1,397
123,737
(6,197)
118,937
Total
funds
2022
£
1,840
630
81,398
(4,640)
79,228

Page 19

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Related party transactions

During the year the charity received donations of £12,180 (2022: £10,447) from trustees and related parties.

During the year, P Tomkins, a trustee, was reimbursed £481 (2022: £1,170) for expenses largely consisting of payments made to visiting speakers.

There have been no other related party transactions that require disclosure.

16. Controlling party

The charity was jointly controlled by the trustees in this and the preceeding year.

Page 20