GATEWAY CHURCH WREXHAM FINANCIAL STATEMENTS FOR 31 MARCH 2024 Charlty Number 1119748 FINANSURE LIMITED 2 Sheppard Street, Brymbo, Wrexh8m, LL115FF
GATEWAY CHURCH WREXHAM FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 CONTENTS PAGES Charity information Trustees. annual report 2toS Independent examiner's report to the trustees Stat8m8nt of financial activities Balance sheet Notes to the financial statements 9t013
Page 1 GATEWAY CHURCH WREXHAM CHARITY INFORMATION Trustees Dr Michael Cooke (Chair) Dr Jonathan Burrows Stephen King Correspondence address Ffynnon Farni Ffordd Las Cymau Wrexham LL115EY Independent examlner Luke Howson MAAT Finansure Limited 2 Sheppard Street Brymbo Wrexham LL115FF Bankers Barclays Bank plc Wrexham Branch 4041 High Street Wrexham LL13 8LF
Pag• 2 GATEWAY CHURCH WREXHAM TRUSTEES, ANNUAL REPORT YEAR ENDED 31 MARCH 2024 The trustees have pleasure in presenting their report and the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities (revised 2019)° in preparing the annual report and financial statements of the charity. GENERAL INFORMATION The charity is an unincorporated association, govemed by a declaration of trust dated 12 November 2006. It commenced operations on 1 January 2007. Trustees The trustees who served the charity during the year were: Michael Cooke Jonathan Burrows Stephen King OBJECTIVES. ORGANISATION AND ACTivrriES Objedives (a) To advance the Christian faith in Wrexham, North Wales, and in such other parts of the Unlted 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. (b) To relieve persons who are in conditions of need or hardship or who are aged or slck and to relieve the stress caused thereby in the said location and in such other parts of the United Kingdom or the world as the trustees may from lime to time think fit. Organlsatlon Th8 trustees meet periodically, several times a year, to oversee the work of the charity. The trustees have the pow6r to inv8st the resources of the organisation in such assets as they see fit, New trustees are appointed by the trustees in accordance with the statement of beliefs outlined in the trust deed. Publlc benoflt The charity trustees have complied the duty in section 4 of the 2006 Charities Act to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.
Page 3 GATEWAY CHURCH WREXHAM TRUSTEES. ANNUAL REPORT (CONTINUED) YEAR ENDED 31 MARCH 2024 Reserves policy The trustees aim to retain a18vel of unrestricted reserves that equates to 3 months, running costs (approximately £1,500). At the end of this financial year the unrestricted reserves were £29.712. Rlsk Management Th8 trustees have considered the key operational, financial. and strategic risks that have a bearing on the charity. Suitable management inforniation is available to the trustees on a regular basis to Monitor these risks, and allow any mitigating action to be taken to address them. HIGHLIGHTS OF ACTIVITIES IN THE YEAR Overall, the year from April 2023 to March 2024 has been one of stabilisation for Gateway Church Wrexham. Having a voluntsry, part-time Lead Elder has been a success, and we have added a second voluntary, part-time Elder to support him. Moving our location to the Community Centre in Cymau has also been Successful, and we are benefitting from steady improvements to facilities at the Centre. Church attendance has stabilised, too. In fact, we have seen some growth. Those people who started to attend last year have remained with us, and we occasionally have new visitors who we hope will choose to stay with us. We changed our bank in the year. It proved difficult to remove church ex-members frorn the list of those who had access to, or visibility of, our original church account. The solution was to move to a new charity account at a different bank. We are pleased with the outcome. Only those who need account access or visibility now have it. The visibility of account transactions is much improved, and we are earning a useful amount of interest (£0.6k over five months) for the first time. Our principal source of income is voluntary donations from church members. Total income has dropped 43 % (£42.6k to £25.4k) compared to the previous tax year. This is because we lost some high givers either late in the 2022 23 tax year or early in this 2023 24 tax year. We also contacted some ex-members who left years ago and suggested they might want to direct their giving elsewhere. However, we hav8 no paid staff, so our support costs have dropped dramatically (from £33.8k in 2022_23 to £5.9k in 2023 24). This has funded a more than fivefold increase in giving to other Christian charities (£5.Ok in 2022 23 to £27.8k in 2023 24), such as Foodbank and Mobilise Global. We helped a new church in York by transferring music and PA equipment we no longer needed to them for a nominal sum. One objective for the next financial year is to deal with the remaining restricted 'Maesgwyn' fund (£4.2k) now that we no longer serve meals in the Maesgwyn Community Centre.
Pagè 4 GATEWAY CHURCH WREXHAM TRUSTEES, ANNUAL REPORT (CONTINUED) YEAR ENDED 31 MARCH 2024 One of our core values is seeing people be 'the best they can be,. Discipleship training ran throughout the year, with weekly online and face-to-face sessions. Weekly prayer meetings continued and had a solid core of participants. Building and maintsining the church community is another of our central values. To this end. we organised several social events where we cooked, or walked, and ate meals together. Guests were always welcome. Sharing our faith with others matters to us. We completed our Alpha course early in 2024. and those finishing the course joined our discipleship programme. We have a heart for the local community. which means intentionally serving others. With the help of a local brass band, we supported Cymau's Coronation Celebration in May 23, and we organised and ran Cymau's 'Carols at Christmas. in December 23. Church members were involved in Community Money Advice, which provides free debt counselling, Foodbank and Community First Responders. We support several local churches wthout full-time ministers by taking services and offering friendship. Our focus for 2024_25 is to continue building the church community. That means growing together as a church, inviting others in to 'tsste and see,, and serving in new communities. REVIEW OF FINANCIAL ACTIVITIES AND AFFAIRS Total income for the year was £25,369 (2023 - £42,611). The charity's main sourc6 of income is donations received which totalled £21.572. representing 850/0 of income (2023 £36,857,. 860/0). Tax reclaimed from HM Revenue & Customs contributed a further £2.677 (110/0) to income (2023 - £5,704. 13 % ). Total expendlture for the year was £33,748 (2023 - £38,910). £27,864 (830/0) of this was missionslgiving r81ated and £5,884 (17%) was church running costs.
Page 5 GATEWAY CHURCH WREXHAM TRUSTEES, ANNUAL REPORT (CONTINUED) YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILrriES Charity law requires the trustees to prepare financial statements for each financial year. which give a true and fair view of the state of affairs of the charity and of its financial activities for that year. In preparing those financial statements the trustees are required to: select suitable accounting policies and apply them consistently. b) make judgments and estimates that are reasonable and prudent., state whether the policies adopted are in accordance with the Statement of Recommended Practice, 'Accounting and Reporting by Charities (revised 2019)" and with applicable accounting standards, subject to any material departures disclosed and explained in the financial statements; d) prepare the financial staternents on the going concem basis unless it is inappropriate to assume the charity will continue operating. The trust8es are responsible for keeping Proper accounting records which disclose with reasonable accuracy at any time the financial posits'on of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. This report was approved by the trustees on . behalf by: and is signed on their M Cooke Chair of Trustees
Page 6 GATEWAY CHURCH WREXHAM INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES YEAR ENDED 31 MARCH 2024 I report on the financial statements of the charity for the year ended 31 March 2024, which are set out on pages 7 to 13. Resp8Ctlve responslbllltles of trustees and examlner The chariWs trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the Charities Act; to follow the procedures laid dovm in the general Directions given bythe Charity Commisslon under section 145(5){b) of the Charities Act. and to state whether particular matters have come to my attention. Basls of Independent examlnerfs rèport My examlnation was carr5ed out in accordance wrth the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual Items or disclosures in the accounts, and seeking explanatlons from you as trustees concerning any such matters. The procedures undertaken do not provide all the evid8nc8 that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent examlnevs ststement In connection with my examination, no matter has come to my attention.. which gives me reasonable cause to believe that in any material respect the requirements". to keep accounting CordS in accordance with section 130 of the Charities Act; and to prepare accounts which accord with the accounting records and Gomply wilh the accounting requiremenls of the Charities Act have not been met; or 2. to which, in my opinion, attention should be dravm in order to enable a proper understanding of the accounts to be reached. Dated . L M Howson MAAT Independent Examiner Finansure Limited, 2 Sheppard Street. Brymbo, wXharn, LL11 5FF
Page 7 GATEWAY CHURCH WREXHAM STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 unstrICted Restricted Totals Funds Funds 2024 Totals 2023 Note INCOMING RESOURCES Donations received Investment income Other income 24.249 611 509 24,249 611 42,561 50 TOTAL INCOMING RESOURCES 25,369 25,369 42.611 RESOURCES EXPENDED Charitable activities 34 33.748 33,748 38,910 TOTAL RESOURCES EXPENDED 33.748 33,748 38,910 NET INCOMINGI{OUTGOING) RESOURCES BEFORE TRANSFERS (8,379) (8,379) 3,701 Transfers between funds Net movement in funds (8,379) {8,379) 3.701 8818nces brought forward 38.091 4,223 42.314 38.613 Balances carrled foNiard 29.712 4,223 33,935 42,314 The charity has no r8cognised gains or losses other than the results for the year as set out above. All of the activitles of the charity are classed as continuing. The notes on pages 9 to 13 forni part of these financlal statements.
Page 8 GATEWAY CHURCH WREXHAM BALANCE SHEET 31 MARCH 2024 Note 2024 2023 FIXED ASSETS Tangible assets 1.059 CURRENT ASSErs Cash at bank and in hand Debtors 32,364 40,183 1.572 33,849 41,755 CREDITORS: Amounts falllng due wlthln one year (51HI) (5001 NET CURRENT ASSErs 33,349 41,255 NET ASSETS 10 33,935 42.314 RESERVES Unrestricted funds Restricted funds 11 11 29,712 4.223 38,091 4.223 TOTAL RESERVES 33,935 42,314 These financial statements were approved by the trustees on and are signed on their behalf by: M Cooke Chair of Trustees The notes on pages 9 to 13 form part of these financial ststements.
Page 9 GATEWAY CHURCH WREXHAM NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basls of preparatlon The financial statements have been prepared under the historical cost convention, and in accordance with the Charities Act, the Statement of Recommended Praclice Accountlng and Reporting by Charities (SORP), FRS 102 effective January 2019 and applicable accounting standards. Fund accountlng Unrestricled funds are general funds which are available for use at the discretion of the trustees in fijrtherance 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 cost of raising and administering such funds are charged against the specific fund. Investment income and gains are allocated to the appropriate fund. Incomlng rgsourcos All incoming resources are included in the statement of financial activities when the charity is18gally entitled to the income and the amount can be quantified with reasonable accuracy. No amounts are included in the financi81 statements for services donated by volunteers. Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of th8 charitable activities. Govemance costs are those incurred in connection with administration of the charity and compliance with constitutional and slatutory requirements. Tanglble flxed assets Tangible fixed assets are stated at cost less depreclatlon. Assets are capitalised if they have a useful life greater than one year and have a value of £100 or more. Depreciation is provided at the following annual rates in order to write off the value of each asset over its expected useful life- All fixed assets 25% straight line
Page 10 GATEWAY CHURCH WREXHAM NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 DONATIONS RECEIVED 2024 2023 Donations and gifts: Unrestricted Income tax recoverable Unrestricted 21,572 36,857 2,677 5,704 24,249 42.561 COSTS OF ACTivrriES IN FURTHERANCE OF THE CHARITYS OBJECTS Actlviti8S undertaken directy Grant funding of aclivitias SupFQrt costs (note 5) Activity or project Total 2024 Total 2023 Church running costs 27,800 27800 1 4,637 33,748 38,910 GRANT FUNDING OF ACTivrriES 2024 2023 Charitsble org8nis8tlons (UK) Mobilise Global Wrexham Foodbank Regions Beyond Individuals 20,000 5,000 2,800 4,800 246 27,800 5,046
Page 11 GATEWAY CHURCH WREXHAM NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 SUPPORT COSTS 2024 2023 Pastorfs salary Travel expenses Prinling, postsge and stationery Publicity and website Insurance Light & heat Subscriptions and licences Equipment expenses Depreciation Accountancy & payroll Independent Examiner's fee Current year Previous year Other expenses 28,099 836 474 187 312 410 527 25 445 350 2.211 300 26 473 73 500 (100) 75 4,637 32,140 TRANSACTIONS WITH TRUSTEES No trustees received any remuneration or reimbursed expenses during the year. The total aggregate donations made to the charity by the trustees during the year was £7,031 (2023 - £12,387).
Pag• 12 GATEWAY CHURCH WREXHAM NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 FIXED ASSErs Office EquIpt Fumilure & Fixtures Equipment Total Cost or valuation As at 1 April 2023 Addltions As at 31 March 2024 918 11.457 1.892 14.267 918 11.457 1,892 14,267 Depreclatlon As at 1 April 2023 Charge for the year As at 31 March 2024 918 11.457 833 473 1,306 13,208 473 918 11,457 Not book valu•s At 31 March 2024 586 At 1 April 2023 1,059 DEBTORS 2024 2023 Tax recoverable Prepayments 1,200 285 1.231 341 1,485 1.572 CREDITORS: Amounts falling due within one year 2024 2023 Accruals 500 500
Page 13 GATEWAY CHURCH WREXHAM NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 10. ANALYSIS OF NEf ASSETS BY FUND General Fund Restricted Funds Totsl Funds balances at 31 March 2024 represented by: Tangible fixed assets Current assets Current liabilities $86 29,626 {500) 586 33,849 (500) 4.223 29.712 4,223 33,935 11. STATEMENT OF FUNDS Al 1 Aprfl 2023 At31 M8rth 2024 Incoff Expendthre Trdnsfers Unrestrfcted funds: General reserve 38,091 25.369 (33,748) 29,712 Restrlcted funds: Maesgwyn fund Building fund 4.215 4,215 Totsl restricted funds 4.223 4,223 Total funds 42,314 25.369 (33,748) 33,935 The Maesgwyn fijnd represents donations given towards local misslon events at the Maesgwyn Hall. The Building fund represents donations towards buwng a building for the charity to operat8 from.