Company registration number: 5865736 (England and Wales) Charity number: 1115771
GWITHIAN CHAPEL LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
Company registration number: 5865736 (England and Wales) Charity number: 1115771
GWITHIAN CHAPEL LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS
| Page | |
|---|---|
| Report of the trustees | 1 – 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 – 10 |
Company registration number: 5865736 (England and Wales) Charity number: 1115771
GWITHIAN CHAPEL LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
REPORT OF THE TRUSTEES
The Trustees, who are also the directors of the company for purposes of the Companies Act, are pleased to present their report and the accounts of the Charity for the year ended 31 December 2023, which have been prepared in accordance with the current statutory requirements and the Charity's governing document. This report and the accounts follow the reporting requirements set out in the Charities SORP Financial Reporting Standard (FRS 102).
REFERENCE AND ADMINISTRATIVE DETAILS FOR THE CHARITY, ITS TRUSTEES AND ADVISERS
Charity name: The charity is known by the name "GWITHIAN CHAPEL LIMITED"
Company Registration Number. 5865736 (England and Wales)
Charity Number. 1115771
The trustees at the date of approval of this report and those who served during the year were:
Agnes J Arnold-Forster – appointed 06/04/2023 Caroline Coleman – appointed 06/04/2023 Janet M McEwan – appointed 04/01/2023 Jill Stott – appointed 04/01/2023 Frederick JT Thomas Joseph AC Thomas
The trustees who resigned during the year were:
Lesley Donaldson – resigned 02/01/2023 Martin NC Thomas – resigned 04/01/2023
Executive officer: Frederick Thomas Principal and registered office: Ark Farm Old Wardour Tilbury Salisbury SP3 6RP
Accountants: Beverston Accountants Ltd 3 Stoke Damerel Business Centre 5 Church Street Plymouth PL3 4DT
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Company registration number: 5865736 (England and Wales) Charity number: 1115771
GWITHIAN CHAPEL LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
REPORT OF THE TRUSTEES
Status, governance and management
The charity was incorporated on 4th July 2006 and is a company limited by guarantee. The trustees continue to meet to advise, monitor and oversee the strategic development of the organisation and its financial stability. Suitable individuals are identified by the trustees based on their skills and knowledge and are invited to become trustees. New trustees are introduced to the charity’s workings by existing trustees when appointed. They are informed of their duties as trustees and are provided with information about the charity. In accordance with the Articles of Association, one third of directors shall retire at each annual general meeting. The directors to retire by rotation shall be those who have been longest in office since their last appointment. Those directors who retire are allowed to put themselves up for re-election.
No trustee has any beneficial interest in the company. All trustees are members of the company and each guarantee to contribute an amount not exceeding £10 in the event of winding up.
Objectives and activities
The charity’s objects and activities are to advance the Christian religion, particularly the Methodist branch of that religion, and to advance any other charitable purpose that the trustees from time to time determine. It was principally involved in the restoration of Gwithian Chapel in Hayle, which has since operated as a Methodist Church. The charity continues to upkeep and maintain the Grade II-listed building.
Main achievements
It has been a truly excellent year for Gwithian Chapel Ltd, with the renovation project finished and the running of the chapel in full flow.
In early 2023, the board voted in two new superb trustees, Caroline Coleman and Agnes Arnold-Foster, bringing the total number of trustees to six. Janet McEwan has taken on an operational lead role with great success.
The chapel has hosted many events and continued digitising our historical archives.
In 2023 the charity successfully secured and spent a new grant received from Cornwall Community Foundation to fund installation and provision of fibre-optic internet for five years.
Public benefit
The trustees have had due regard to the guidance published by the Charity Commission on public benefit.
Financial review
The financial results are as set out in the annexed accounts. The trustees have been able to oversee the improved financial reserve arising from a well-managed balance between traded and gifted activities.
We have successfully drawn down all our pledged grants, conducted all planned works, and paid back our Working Capital Assistance Loan, so we have no debt.
Trustee Janet McEwan has been handling small cash income during events hosting, spending some on supplies for the chapel and putting the rest in the bank account. This is accounted for. Regular income remains an issue, as we are still undercharging for using the space to build awareness. Janet McEwan and Caroline Coleman manage the building, which continues to be used regularly by arts and community groups.
A grant application to re-thatch the roof is anticipated to be required within a few years.
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Company registration number: 5865736 (England and Wales) Charity number: 1115771
GWITHIAN CHAPEL LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
REPORT OF THE TRUSTEES
Reserves policy
Reserves are needed to bridge the gap between the spending and receiving of income and to cover unplanned expenditure. On 31 December 2023, there were reserves of £1,871 compared to £7,474 last year. This is represented by the actual cash in hand at the bank at 31 December 2023 which was £1,871.
Risk Management
The trustees have assessed the major risks they have identified to which the charity is exposed and continue to aim to operate systems that mitigate its exposure.
Statement of trustees' responsibilities
The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year that give a true and fair view of the charity's financial activities during the period and its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
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Select suitable accounting policies and then apply them consistently
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Make judgements and estimates that are reasonable and prudent
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State whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements.
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity, and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with applicable law. They are also responsible for the prevention and detection of fraud and other irregularities.
Accounting Exemptions
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
Signed on behalf of the trustees
Frederick Thomas
Dated: 26/09/2024
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Company registration number: 5865736 (England and Wales) Charity number: 1115771
GWITHIAN CHAPEL LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023 as set out on pages 5 to 11.
Responsibilities and basis of report
As the charity’s trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (“the 2006 Act”). Having satisfied myself that the accounts of the Company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (“the 2011 Act”). In carrying out my examination, I have followed the Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
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the accounting records were not kept in accordance with section 130 of the Charities Act;
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the accounts did not accord with the accounting records;
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the accounts did 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 any 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.
Martin Caruana FMAAT Beverston Accountants Ltd
3 Stoke Damerel Business Centre 5 Church Street Plymouth PL3 4DT
Date: 26/09/2024
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Company registration number: 5865736 (England and Wales) Charity number: 1115771
GWITHIAN CHAPEL LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
STATEMENT OF FINANCIAL ACTIVITIES
| Note TOTAL INCOMING RESOURCES 4 RESOURCES EXPENDED Cost of charitable activities 6 Governance costs 7 TOTAL RESOUCRCES EXPENDED NET INCOME/EXPENDITURE TRANSFERS BETWEEN FUNDS NET MOVEMENT IN FUNDS RECONCILIATION OF FUNDS: FUNDS BROUGHT FORWARD FUNDS CARRIED FORWARDS |
Total 2023 |
Unrestricted funds |
Restricted funds |
Restricted funds |
Total 2022 |
|---|---|---|---|---|---|
| 38,582 | 38,582 | - | 13,172 | ||
| 44,185 - |
44,185 - |
- - |
34,512 930 |
||
| 44,185 | 44,185 | - | 35,442 | ||
| (5,603) | (5,603) | - | (22,270) | ||
| - | - | - | - | ||
| (5,603) | (5,603) | - | (22,270) | ||
| 7,474 | 7,474 | - | 29,744 | ||
| 1,871 | 1,871 | - | 7,474 |
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Company registration number: 5865736 (England and Wales) Charity number: 1115771
GWITHIAN CHAPEL LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
STATEMENT OF FINANCIAL POSITION
| Note Fixed assets Fixed assets 8 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Net assets Funds Unrestricted funds 10 Restricted funds 10 |
2023 - 1,871 - 1,871 1,871 1,871 - 1,871 |
2022 432 |
|---|---|---|
| 9,869 (2,827) |
||
| 7,042 | ||
| 7,474 | ||
| 7,474 - |
||
| 7,474 |
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities.
Approved by the Board on: 26/09/2024.
Frederick Thomas
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Company registration number: 5865736 (England and Wales) Charity number: 1115771
GWITHIAN CHAPEL LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1 - GENERAL INFORMATION
Gwithian Chapel Limited is a charity in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information page of these financial statements.
NOTE 2 - STATEMENT OF COMPLIANCE
The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Re public of Ireland (FRS 102) issued in October 2019, and with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).
Note 3 – ACCOUNTING POLICIES
3.1 BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.
3.2 FUND ACCOUNTING
General reserves 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.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
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 a particular purpose.
3.3 INCOME
Incoming resources - recognition of income
These are included in the Statement of Financial Activities (SoFA) when:
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the charity becomes entitled to the resources;
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it is more likely than not that the trustees will receive the resources;
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the monetary value can be measured with sufficient reliability.
Offsetting
There has been no offsetting of assets and liabilities or income and expenses unless required or permitted by the FRS 102 SORP or FRS 102.
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Company registration number: 5865736 (England and Wales) Charity number: 1115771
GWITHIAN CHAPEL LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
3.4 EXPENDITURE AND LIABILITIES
Liability recognition
Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources, and the amount of the obligation can be measured with reasonable certainty.
Governance and support costs
Support costs have been allocated between governance costs and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.
3.5 TANGIBLE FIXED ASSETS AND DEPRECIATION
Tangible assets are included at cost less depreciation and impairment. Depreciation is calculated to write down the cost of tangible fixed assets over their useful economic lives using the following rates:
Equipment - over 3 years35% of net book value.
Note 4 – INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
| Donations and legacies Grant income |
Total 2023 3,918 34,664 |
Unrestricted funds 3,918 34,664 |
Restricted funds - - |
Restricted funds - - |
Total 2022 172 13,000 |
|---|---|---|---|---|---|
| 38,582 | 38,582 | - | 13,172 |
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Company registration number: 5865736 (England and Wales) Charity number: 1115771
GWITHIAN CHAPEL LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
Note 5 – COSTS OF CHARITABLE ACTIVITIES
DIRECT CHARITABLE EXPENDITURE
| Refurbishment costs Grants repaid |
Total 2023 15,810 26,950 |
Unrestricted funds 15,810 26,950 |
Restricted funds - - |
Restricted funds - - |
Total 2022 32,588 - |
|---|---|---|---|---|---|
| 42,760 | 42,760 | - | 32,588 |
SUPPORT COSTS
| Administration and IT Depreciation Advertising and marketing |
Total 2023 729 432 264 |
Unrestricted funds 729 432 264 |
Restricted funds - - - |
Restricted funds - - - |
Total 2022 57 432 1,435 |
|---|---|---|---|---|---|
| 1,425 | 1,425 | - | 1,924 | ||
| 44,185 | 44,185 | - | 34,512 |
Note 6 – GOVERNANCE COSTS
| ote 6 – GOVERNANCE COSTS | ||||||
|---|---|---|---|---|---|---|
| Accountancy Accounting support Companies House late filing penalty |
Total 2023 - - - |
Unrestricted funds - - - |
Restricted funds - - - |
Total 2022 480 150 300 |
||
| - | - | - | 930 |
Note 7 – TRUSTEES REMUNERATION AND EXPENSES
The trustees neither received nor waived any emoluments or expenses during the year (2022: NIL).
Note 8 – FIXED ASSETS
| COST Brought forward Additions Carried forward DEPRECIATION Brought forward Charge for the year Carried forward NET BOOK VALUE Brought forward Carried forward |
Equipment 1,296 - |
|---|---|
| 1,296 | |
| 864 432 |
|
| 1,296 | |
| 432 | |
| - |
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Company registration number: 5865736 (England and Wales) Charity number: 1115771
GWITHIAN CHAPEL LIMITED (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
NOTES TO THE FINANCIAL STATEMENTS
Note 9 – CREDITORS DUE WITHIN ONE YEAR
| ote 9 – CREDITORS DUE WITHIN ONE YEAR | ||
|---|---|---|
| Accruals Loan from MNC Thomas |
2023 - - - |
2022 480 2,347 |
| 2,827 |
Note 10 – ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Fixed assets Cash at bank and in hand Creditors due within one year |
Unrestricted funds - 1,871 - |
Restricted funds Total - 432 - 9,869 - (7,042) |
|
|---|---|---|---|
| 1,871 | - 7,474 |
Note 11 – LIABILITY OF MEMBERS
The liability of the members is limited by guarantee, which is restricted to £1 per member.
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