ANNUAL REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
REVELATION CHURCH - LONDON (A COMPANY LIMITED BY GUARANTEE)
CHARITY REGISTRATION No: 1120790 COMPANY REGISTRATION No: 06266029
Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF
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| REVELATION CHURCH - LONDON | |
|---|---|
| (A COMPANY LIMITED BY GUARANTEE) | |
| CONTENTS | |
| Page 3 | Legal & Administrative Information |
| Pages 4 to 7 | Directors' Annual Report |
| Page 8 | Statement of Financial Activities |
| Page 9 | Balance Sheet |
| Pages 10 to 21 | Notes to the Financial Statements |
| Page 22 | Statement of Cashflows |
| Page 23 | Independent Examiner's Report |
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REVELATION CHURCH - LONDON (A COMPANY LIMITED BY GUARANTEE)
LEGAL AND ADMINISTRATIVE INFORMATION
CHARITY NUMBER 1120790 COMPANY REGISTRATION NUMBER 06266029 DATE OF INCORPORATION 1st June 2007 START OF FINANCIAL YEAR 1st April 2023 END OF FINANCIAL YEAR 31st March 2024 DIRECTORS THAT SERVED DURING Rebecca Rundell (resigned 8th October 2023) THE YEAR TO 31ST MARCH 2024 Malcolm Kyte (ALSO TRUSTEES UNDER CHARITY LAW) Douglas Hogg Jane Oluwatobi Oluwatosin Adu (appointed 21st May 2023) GOVERNING DOCUMENT Memorandum and Articles of Association Dated 1st June 2007 OBJECTS 1 . The advancement of the Christian faith worldwide; and 2 . The furtherance of the charitable work of the charity by the advancement of such other charitable purposes as the trustees shall from time to time decide. REGISTERED ADDRESS Revelation Church The Busworks, 39-41 North Road, London, N7 9DP BANKERS HSBC Plc. 176 Camden High Street, London, NW1 8QL SAFEGUARDING PARTNER thirtyone:eight PO Box 133, Swanley, Kent, BR8 7UQ INSURANCE Policy Number: CHF 2196290 Ansvar Insurance, Ansvar House, St Leonards Road, Eastbourne, East Sussex, BN21 3UR TRUST ADVICE MEMBERSHIP Trust Advice, Unit 2, The Broadbridge Business Centre, Delling Lane, Bosham, West Sussex, PO18 8NF MEMBER OF THE EVANGELICAL ALLIANCE Membership number: 221868 WEBSITE www.revelationchurch.org.uk INDEPENDENT EXAMINER Independent Examiners Ltd Unit 2 The Broadbridge Business Centre, Delling Lane Bosham, West Sussex, PO18 8NF
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REVELATION CHURCH - LONDON (A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' ANNUAL REPORT FOR THE YEAR ENDED 31ST MARCH 2024
The Trustees are pleased to present the Annual Report for the financial year ending 31st March 2024.
Charitable Activity
There have been a range of encouraging developments across the charity in the past year which are outlined below. Overall, the activities of the charity have been buoyant and very positive. However, as a local church we continue to feel the challenge of the high turnover of people, which is typical of many city centre churches. This reflects the fact that the church is made up of a younger demographic (who are less settled at this stage of their lives) coupled with the high cost of living in London. This continues to impact our financial position so we have worked hard to stick to tight budgets and find keep our income levels under constant review. Despite this challenge there is much to be encouraged by in the church community.
There are currently 145 active adults connected through the Revelation Church database who make up our core community. Rev News, our weekly church news email has an average open and reads figure of 125 people every week, indicative of high engagement in the community.
Sunday Services
We continue to have a steady stream of visitors to our Sunday services. Newcomers regularly sign up on our Connect forms and attend the occasional Intro Rev sessions where they can find out more about the history and vision of the church. For those who want to make a fuller commitment to church life we have introduced the Discipleship Course which has run on Sundays.
One of the elders (and staff member) retired last summer and has been replaced on the staff team by an existing elder and is employed full time. In addition to this, two new 'exploring' elders were publicly recognised with a view to becoming elders later in 2024. They are carrying more responsibilities on Sundays and at other events alongside the existing elders.
The Sunday sermons are available to watch or listen to online. Since 1st April 2023 we’ve had 4,362 podcast listens and 491 hours of Rev YouTube video content watched.
Other Church Activities
Five people were baptised in April 2023 at The Church in Bassett Street, Kentish Town. This church belongs to the same network of churches (Relational Mission) and we are working increasingly closely with the church e.g. joint prayer meetings and youth events.
Around 100 people attend the small groups we run weekly and 3 new groups have been added during the year. Church members are also served through various courses e.g. Freedom in Christ course, CAP Money course and a Parenting course. We also ran sessions on financial budgeting as part of our Hot Topics programme.
A new initiative are the occasional Raw Testimonies evenings where remarkable stories of God’s transforming power are shared. Also popular are the worship nights roughly once a month at St. Luke’s, Kentish Town where church members join others from local churches.
Our youth work has been more firmly established over the last couple of years. We ran a youth conference for approximately 40 young people from different North London churches and we organised and ran the site for 35 youth at Newday on behalf of the three Relational Mission London churches (Revelation Church, The Church in Bassett Street and Hope Church, Tottenham)
One of our members is a bible translator working on a project for the Burushaski speaking community in Pakistan. We have been able to support her by hosting and housing digital outreach to the community through our Meta account.
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REVELATION CHURCH - LONDON (A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
Community Initiatives
We appointed a new Foodbank manager early in the year. Now that the Foodbank distribution is well established at Kentish Town Congregational Church, in the heart of Kentish Town, we have re-branded it Kentish Town Foodbank (formerly Chalk Farm Foodbank). After a two year break we were able to run the Foodbank and CAP Christmas meal again. Some of the team also supported the Diversity show at the London Palladium to raise donations in January 2024.
The CAP (Christians Against Poverty) Debt centre is now supported by regular contributions from Revelation Church, The Church in Bassett Street and Hope Church, Tottenham, in a view to becoming more self-sufficient. We employed a new Debt Coach to increase the number of clients we can provide service to thanks to a grant from the Hampstead, Wells & Campden Trust. The debt centre continues to work with around 30 clients at any point in time, and four clients became completely debt free during the financial year.
Relational Mission / Church Plants
All the training programmes continue to thrive. Intentional Discipleship (ID) had record number of students (51) and took on extra staff to support the course. LEAD had 46 new 1st year students (88 in total). Shepherd and Urban Planting (UP) due to launch in Autumn 2024 alongside these two existing courses. UP was delayed from March 2024 to allow more time for recruitment.
Hope Church Tottenham launched public Sunday services in March 2024 and will initially be running them once a month. A number of people from Revelation Church and other local churches attend the meetings to support them.
Relational Mission organised a leadership conference in Ipswich in which a number of Revelation Church leaders attended. From January 2024 church members have joined others from The Church in Bassett Street and Hope Church, Tottenham to pray for London each month.
Structure, Governance and Management
The trustees and church elders operate in a consultative way when it comes to major strategic decisions. There is high level of communication between the two teams and a good partnership has developed. The elders’ main responsibility is for the spiritual and pastoral oversight of the church and the trustees focus on compliance with current legislation, policies, the annual budget, recruitment and safeguarding.
The local church has a fairly flat structure with two elders equally responsible for leading the church, supported by two exploring elders, the staff and large number of volunteers from across the church. Each of the other activities (e.g. Relational Mission ‘RM’ training, Foodbank, CAP) mostly have a key staff member supported by other paid staff and volunteers.
Decision making in the various RM training programmes, Foodbank, CAP and the Tottenham church plant is generally delegated out to the relevant leaders unless there are decisions to be made about recruitment or budgets. Revelation Church staff members make decisions about their own areas of employment as appropriate within the parameters of the budgets for each department.
Trustees are responsible for setting salary levels with reference to salary levels in other similar churches or charities. These decisions are always made by volunteer trustees alone. This is done on an annual basis as a minimum.
All new trustees complete an enhanced DBS, are sent our internal documents about role requirements of a trustee and requested to complete a training course called Charity Governance for Trustees offered by Trust Advice. The Strategy & Operations Manager ensures that new trustees are fully registered with Companies House and the Charity Commission.
Key Staff and Organisation
The charity now employs 18 staff members (mostly part-time) and has 3 contractors who serve the Charity in a variety of ways. The majority are based in central north London but our UK-wide RM training programmes are run by team members working remotely in East Anglia, Kent and East Sussex.
The elders and trustees are supported in their roles and in the day-to-day running of the charity by the Strategy & Operations Manager, Andy Crawley.
In addition to the above leaders we have a team of deacons who lead in key areas of church life
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REVELATION CHURCH - LONDON (A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
Finances
Overall the charity’s reserves have been healthy and fall within the reserves policy, but donations continue to remain below the target budget for the central church activities.
To help remedy the situation, we regularly inform the church about any monthly shortfall, finance updates are given at Family Meetings, and conversations take place with the church community about giving regularly. In July 2023 we published a Giving Review leaflet to set out our financial position and encourage church members to review their giving. The finances remain under continuous review.
At 31st March the Rev Central Account had £58,444.13 and the BACS reserve had £30,648.76, giving a combined reserve for Rev Central of £89,092.89. This is within our reserves policy to have 3-4 months’ worth of general expenditure in reserves (£75k-100k). Unrestricted donations to the Rev Central fund for the year were £266,984 including gift aid, and general costs were £305,383. This excludes the costs for RM training courses which are also unrestricted but covered by the course fees, not donations.
The RM training course budgets are designed to be financially self-sustaining and are on track to finish the academic year within budget. Foodbank continues to thrive financially and finished the year with general reserves of £127,368 of which £118,732 was cash. This allows scope for growth and investment over the coming years. The CAP debt centre operated out of its own account for the first time this year in a first step to becoming more self-sufficient. The debt centre ended the year with reserves of £10,229 which is a solid foundation to build upon. The Tottenham Church fund ended the year with £23,784 in reserves, enabling the church community to increase the frequency of public meetings and gatherings into the coming financial year, with the long term aim to establish itself as its own charity.
Special offerings were taken up for the Lighthouse Community (May 2023), a building project in the Middle East (Nov 2023) and for World Central Kitchen – Gaza support (March 2024). A total of £33,934 was raised for these projects.
Looking Ahead
Revelation Church will continue to meet on Sundays and mid-week, serving a growing number of local people. In addition to this, our plans for the coming year to further our charity objectives also include:
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Launching the new training course – Urban Planting – in autumn 2024.
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Re-launching the Shepherd course in autumn 2024
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Two new elders are due to be appointed in the autumn
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Hope Church Tottenham to begin meeting more frequently in a public venue on Sundays
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∙ Launching additional fundraising initiatives for the CAP debt centre
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REVELATION CHURCH - LONDON
(A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31ST MARCH 2024
Statement of Directors' Responsibilities:
The Charities Act and the Companies Act require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-
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a) select suitable accounting policies and then apply them consistently;
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b) make judgements and estimates that are reasonable and prudent;
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c) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business;
d) state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.
The Directors are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. 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.
The Directors are also responsible for the contents of the Directors' report, and the responsibility of the independent examiner in relation to the Directors' report is limited to examining the report and ensuring that on the face of the report there are no inconsistencies with the figures disclosed in the financial statements.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
I approve the attached statement of financial activities and balance sheet for the year ended 31st March 2024 and confirm that I have made available all information necessary for its preparation.
Approved by the Directors on the: 11/07/2024
Signed on their behalf by:
Printed Name: M KYTE, DIRECTOR
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REVELATION CHURCH - LONDON
(A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31ST MARCH 2024
| Notes INCOME AND ENDOWMENTS FROM: Donations & Legacies 2a Investment Income 2b Charitable Activities 2c Donated Goods 17 TOTAL INCOME EXPENDITURE ON: Charitable Activities 3a Governance Costs 3b Donated Goods 17 TOTAL EXPENDITURE NET INCOME/(EXPENDITURE) Transfer Between Funds 4 OTHER RECOGNISED GAINS/(LOSSES) Gains and losses on revaluation of stocks 17 held for distribution to beneficiaries Total Funds Brought Forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2023/24 2022/23 £ £ £ £ 267,126 201,437 468,563 499,972 527 7,312 7,839 3,298 176,262 3,564 179,826 105,320 - 44,039 44,039 28,211 443,915 256,352 700,267 636,801 423,272 267,668 690,940 588,925 1,920 - 1,920 1,890 - 54,273 54,273 31,512 425,192 321,941 747,133 622,327 18,723 (65,589) (46,866) 14,474 (115) 115 - - - 3,695 3,695 5,928 189,219 486,241 675,460 655,058 207,827 424,462 632,289 675,460 |
|---|---|
Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.
The notes on pages 10 to 21 form part of these financial statements.
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REVELATION CHURCH - LONDON (A COMPANY LIMITED BY GUARANTEE)
BALANCE SHEET AS AT 31ST MARCH 2024
| Company number: 06266029 | Company number: 06266029 | Company number: 06266029 | |||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Total | Total | ||
| Funds | Funds | 31-Mar-24 | 31-Mar-23 | ||
| Note | £ | £ | £ | £ | |
| Current Assets | |||||
| Cash at Bank and in Hand | 6 | 196,355 | 416,317 | 612,672 | 658,765 |
| Debtors & Prepayments | 7 | 23,768 | 5,646 | 29,414 | 23,255 |
| Stock | 17 | - | 4,077 | 4,077 | 10,616 |
| Total Current Assets | 220,123 | 426,040 | 646,163 | 692,636 | |
| Creditors:Amounts Due within One Year | 8 | 12,296 | 1,578 | 13,874 | 17,176 |
| NET CURRENT ASSETS | 207,827 | 424,462 | 632,289 | 675,460 | |
| TOTAL ASSETSless current liabilities | 207,827 | 424,462 | 632,289 | 675,460 | |
| Long Term Liabilities | 9 | - | - | - | - |
| NET ASSETS | 207,827 | 424,462 | 632,289 | 675,460 | |
| Funds of the Charity | |||||
| General Unrestricted Funds | 10 | 69,916 | - | 69,916 | 89,609 |
| General Designated Funds | 5,10 | 137,911 | 137,911 | 99,610 | |
| Restricted Funds | 4,10 | - | 424,462 | 424,462 | 486,241 |
| Total Funds | 207,827 | 424,462 | 632,289 | 675,460 |
Directors' Responsibilities
For the financial year ended 31st March 2024, the company was entitled to exemption under 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year ended 31st March 2024 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act with respect the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
Approved by the Directors on the: 11/07/2024 Signed on their behalf by: VAMey Printed Name: M KYTE, DIRECTOR
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REVELATION CHURCH - LONDON (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
1. ACCOUNTING POLICIES
Basis of Preparation & Assessment of Going Concern
Basis of Preparation
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements 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 Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
The functional currency of the charity is sterling (£).
Advantage has been taken of Section 396(5) of The Companies Act 2006 to allow the format of the financial statements to be adapted to reflect the special nature of the charity's operation and in order to comply with the requirements of the SORP.
The charity has opted to prepare its accounts using natural categories.
Assessment of Going Concern
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
Changes to accounting estimates
No changes to accounting estimates have occurred in the reporting period.
Material prior period errors
No material prior year errors have been identified in the reporting period.
INCOME
Recognition of Income
These are included in the Statement of Financial Activities (SOFA) when:
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the charity becomes entitled to the income;
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it is more likely than not that the trustees will receive the resources; and
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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.
Grants and Donations
Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS 102 SORP).
Tax Reclaims on Donations and Gifts
Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.
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REVELATION CHURCH - LONDON (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
Contractual Income and Performance Related Grants
This is only included in the SoFA once the charity has provided the related goods or services or met the performance related conditions.
Gifts in Kind
Gifts in kind for use by the charity are included in the SoFA as income from donations when receivable.
Legacies
Legacies are included in the SOFA when receipt is probable, that is, when there has been grant of probate, the executors have established that there are sufficient assets in the estate and any conditions attached to the legacy are either within the control of the charity or have been met.
Government Grants
The charity has not received government grants in the reporting period.
Volunteer Help
The value of any voluntary help received is not included in the accounts but is described in the trustees' annual report.
Investment Income
This is included in the accounts when receivable.
Donated goods
Donated goods are measured at fair value (the amount for which the asset could be exchanged) unless impractical to do so.
The cost of any stock of goods donated for distribution to beneficiaries is deemed to be the fair value of those gifts at the time of their receipt and they are recognised on receipt. In the reporting period in which the stocks are distributed, they are recognised as an expense at the carrying amount of the stocks at distribution.
EXPENDITURE
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 represent the cost of central functions, for example governance costs, payroll administration, information technology. Governance costs are those support costs which relate to public accountability of the charity and its compliance with regulation and good practice.
Employee benefits
Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.
Redundancy cost
The charity made no redundancy payments during the reporting period.
Pensions
The charity operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.
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REVELATION CHURCH - LONDON (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024
1. ACCOUNTING POLICIES (Continued)
ASSETS AND LIABILITIES
Deferred income
No material item of deferred income has been included in the accounts.
Creditors
The charity has creditors which are measured at settlement amounts less any trade discounts.
Legal Status of the Charity
The charity is a company limited by guarantee and has no share capital. 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.
Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
There has been no change to the accounting policies (Valuation rules and methods of accounting) since last year.
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REVELATION CHURCH - LONDON (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024
2. INCOME AND ENDOWMENTS
| Note a) Donations & Legacies Gifts, Donations & Offerings Gift Aid Tax Recoverable Grants b) Investment Income Bank Interest c) Charitable Activities Event Income Training Income Sale of Books & Equipment |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2023/24 2022/23 £ £ £ £ 224,357 151,361 375,718 419,370 42,769 13,042 55,811 57,502 - 37,034 37,034 23,100 267,126 201,437 468,563 499,972 527 7,312 7,839 3,298 527 7,312 7,839 3,298 2,848 2,255 5,103 7,330 172,723 - 172,723 93,909 691 1,309 2,000 4,081 176,262 3,564 179,826 105,320 |
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REVELATION CHURCH - LONDON
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31ST MARCH 2024
3. EXPENDITURE
| a) Charitable Activities Note Bank Charges Christians Against Poverty (CAP) Debt Centre Church Courses Church House Conferences DBS & Safeguarding Events Foodbank Gifts & Donations Insurance Kids & Youth Legal & Professional Fees Music & Media Office Equipment & IT Office Hire Printing, Postage & Stationery Salaries & Wages 12 Staff & Leader Meetings Staff & Leader Training Student Subscriptions Sunday Services Sundry Expenses Training Course Costs Travel & Subsistence b) Governance Costs Independent Examiner's Fee |
Unrestricted Restricted TOTAL TOTAL Funds Funds 2023/24 2022/23 £ £ £ £ 148 123 271 260 9,972 8,854 18,826 7,584 917 - 917 631 32,500 - 32,500 28,965 1,080 1,561 2,641 1,505 875 - 875 546 3,293 6,372 9,665 10,704 - 53,210 53,210 24,509 33,053 52,545 85,598 61,359 988 700 1,688 1,480 12,678 - 12,678 13,152 1,769 - 1,769 1,475 1,665 - 1,665 1,487 4,287 136 4,423 3,823 20,173 - 20,173 20,339 483 78 561 577 197,740 125,426 323,166 304,496 3,504 871 4,375 5,003 1,742 320 2,062 4,111 196 - 196 79 736 736 292 62,593 966 63,559 57,889 - - - 6 32,499 2,322 34,821 25,962 381 14,184 14,565 12,691 423,272 267,668 690,940 588,925 1,920 - 1,920 1,890 1,920 - 1,920 1,890 |
|---|---|
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REVELATION CHURCH - LONDON (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued)
FOR THE YEAR ENDED 31ST MARCH 2024
4. RESTRICTED FUNDS
RESTRICTED FUNDS - CURRENT FINANCIAL YEAR
| Building Fund Church Plant Fund Foodbank Fund London Church Plant Fund Tottenham Church Plant Fund 2:45 Fund Base Fund Liverpool CAP Debt Centre Special Offering |
Balance Stock Balance 01-Apr-23 Revaluation Income Expenditure Transfers 31-Mar-24 £ £ £ £ £ £ 180,519 - 6,813 - (3) 187,329 6,376 - 95 (2,322) - 4,149 172,588 3,695 97,208 (146,245) 122 127,368 6,970 - 122 - (1) 7,091 26,479 - 13,752 (16,447) - 23,784 2,503 - 43 - 1 2,547 64,714 - 72,827 (90,749) (16) 46,776 11,915 - 4,147 (889) 16 15,189 14,177 - 27,411 (31,356) (3) 10,229 - - 33,934 (33,933) (1) - 486,241 3,695 256,352 (321,941) 115 424,462 |
|---|---|
The transfers between funds in 2023/24 represent:
| Restricted Building Fund Restricted Foodbank Fund Restricted London Church Plant Restricted 2:45 Fund Restricted CAP Debt Centre Restricted Special Offering General General Fund |
£ £ (3) Small roundings as pence not shown 122 Top up shortfall from general funds (1) Small roundings as pence not shown 1 Top up shortfall from general funds (3) Small roundings as pence not shown (1) Small roundings as pence not shown (115) - (115) 115 |
|---|---|
There were also transfers between individual Restricted Funds in 2023/24 representing:
| Liverpool Fund Base Fund Building Fund Church Plant Fund Foodbank Fund London Church Plant Fund Tottenham Church Plant Fund 2:45 Fund Base Fund Liverpool CAP Debt Centre Special Offering |
Balance 01-Apr-22 £ 159,091 18,388 157,419 6,942 21,122 1,417 55,056 9,470 - - 428,905 |
- 16 Spend of £16.75 paid from Base fund (16) - (16) 16 Stock Balance Revaluation Income Expenditure Transfer 31-Mar-23 £ £ £ £ £ - - 21,428 - - 180,519 - 91 (10,542) 1,561 - 6,376 5,928 108,507 (99,373) 107 172,588 - 28 - - 6,970 - 18,143 (9,811) (2,975) 26,479 - 1,566 (480) - 2,503 - 80,908 (68,847) (2,403) 64,714 - 3,775 (1,295) (35) 11,915 - 14,177 - - 14,177 - 10,471 10,471 - - 0 5,928 259,094 (200,819) (6,867) 486,241 RESTRICTED FUNDS - PREVIOUS FINANCIAL YEAR |
|---|---|---|
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REVELATION CHURCH - LONDON
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024
4. RESTRICTED FUNDS
Restricted funds are represented by:
==> picture [313 x 76] intentionally omitted <==
----- Start of picture text -----
31-Mar-24 31-Mar-23
£ £
Cash at bank and in hand 416,317 471,198
Stock (donated goods) 4,077 10,616
Assets (debtors) 5,646 6,392
Liabilities (creditors) (1,578) (1,965)
TOTAL 424,462 486,241
----- End of picture text -----
5. DESIGNATED FUNDS
The Charity has internal ringfenced funds, which are considered to be a part of general funds and are used for internal reporting purposes only.
These funds are as follows:
The BACS Reserve fund.
This is an enforced account set out by HSBC where the Charity must hold a minimum of £30k in reserves. The money in this account is from general reserves, but it is temporarily ringfenced while the Charity holds a BACS payment facility. A registered charge is filed at Companies House entitling HSBC Bank Plc to security over cash deposits. The charge is dated 30th May 2021.
The RM Training Fund
This fund is used to manage and run the training courses. Any surplus of funds in this account is re-invested into growing and developing the RM Training courses further.
Movement on designated funds during this and the previous financial year were:
| BACS Reserve RM Training BACS Reserve RM Training |
Balance Balance 01-Apr-23 Adjustment Income Expenditure Transfer 31-Mar-24 £ £ £ £ £ £ 30,122 - 527 - - 30,649 69,488 - 161,783 (124,021) 12 107,262 99,610 - 162,310 (124,021) 12 137,911 Balance Balance 01-Apr-22 Adjustment Income Expenditure Transfer 31-Mar-23 £ £ £ £ £ £ 30,003 - 119 - - 30,122 85,145 - 95,953 (56,958) (54,652) 69,488 115,148 - 96,072 (56,958) (54,652) 99,610 DESIGNATED FUNDS - PREVIOUS FINANCIAL YEAR DESIGNATED FUNDS - CURRENT FINANCIAL YEAR |
|---|---|
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REVELATION CHURCH - LONDON (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024
5. DESIGNATED FUNDS
Designated funds are represented by:
==> picture [313 x 43] intentionally omitted <==
----- Start of picture text -----
31-Mar-24 31-Mar-23
£ £
Cash at bank and in hand 137,911 99,610
TOTAL 137,911 99,610
----- End of picture text -----
6. CASH AT BANK AND IN HAND
| Cash at Bank and in Hand | Unrestricted Restricted Total Total Fund Fund 31-Mar-24 31-Mar-23 £ £ £ £ 196,355 416,317 612,672 658,765 196,355 416,317 612,672 658,765 |
|---|---|
7. DEBTORS AND PREPAYMENTS
| Gift Aid Tax Recoverable Sundry Debtors |
Unrestricted Restricted Total Total Fund Fund 31-Mar-24 31-Mar-23 £ £ £ £ 3,397 914 4,311 8,075 20,371 4,732 25,103 15,180 23,768 5,646 29,414 23,255 |
|---|---|
8. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Independent Examiner's Fee Payroll and Pension Costs Sundry Creditors |
Unrestricted Restricted Total Total Fund Fund 31-Mar-24 31-Mar-23 £ £ £ £ 1,920 - 1,920 1,890 3,870 - 3,870 7,411 6,506 1,578 8,084 7,875 12,296 1,578 13,874 17,176 |
|---|---|
9. CREDITORS AND ACCRUALS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR
The Charity held no long term liabilities during this or the previous financial year.
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REVELATION CHURCH - LONDON (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024
10. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible Fixed Assets Net Current Assets Long Term Liabilities Tangible Fixed Assets Net Current Assets Long Term Liabilities |
Unrestricted Restricted TOTAL Funds Funds 2023/24 £ £ £ - - - 207,827 424,462 632,289 - - - 207,827 424,462 632,289 Unrestricted Restricted TOTAL Funds Funds 2022/23 £ £ £ - - - 189,219 486,241 675,460 - - - 189,219 486,241 675,460 CURRENT FINANCIAL YEAR PREVIOUS FINANCIAL YEAR |
|---|---|
11. RECONCILIATION OF MOVEMENT ON CAPITAL AND RESERVES
The Company is Limited by Guarantee (06266029) and is a Charity registered with the Charity Commission (1120790). The Company does not have a Share Capital and has no income subject to Corporation Tax.
| Net Income/(Expenditure) Other Recognised Gains Balance Brought Forward Closing Funds at 31st March 2024/(2023) |
2023/24 £ (46,866) 3,695 (43,171) 675,460 632,289 |
2022/23 £ 14,474 5,928 20,402 655,058 675,460 |
|---|---|---|
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REVELATION CHURCH - LONDON (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024
12. STAFF COSTS AND NUMBERS
| Gross Wages & Salaries Self Employed Consultants Employer's National Insurance Costs (after allowance) SMP/SPP/OPP Recovered Pension Contributions |
TOTAL 2023/24 £ 282,025 16,067 14,926 (2,799) 12,947 323,166 |
TOTAL 2022/23 £ 253,283 23,730 15,060 - 12,423 304,496 |
|---|---|---|
Total average number of employees (includes full and part time staff members) who were engaged in the following activities:
| Charitable Activities | TOTAL 2023/24 17 17 |
TOTAL 2022/23 15 15 |
|---|---|---|
The Charity operates a PAYE Scheme to pay all employed members of staff and no employees received emoluments in excess of £60,000 (2022/23:None)
The Charity also utilised the services of three self employed consultants during the year. The total amount paid was £15,347 (2022/23: £23,730).
The Charity had 2 full time staff and 12 part time staff at the start of the year, and 2 full time staff and 16 part time staff at the end of the year.
A defined contribution automatic enrolment workplace pension scheme is available and eligible employees were enrolled with the option of opting out if they so wish. The church currently pays pension contributions on behalf of 16 employees.
The key management personnel of the charity comprise the Trustees/Directors and the Pastoral and Teaching Manager. One Trustee is remunerated for their role as Pastoral Co-Ordinator. The total employee benefits (including employer national insurance, employer pension contributions and the provision of accommodation) of the key management personnel of the charity was £91,333 (2022/23: £117,020)
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REVELATION CHURCH - LONDON
(A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024
13. TRUSTEES/DIRECTORS AND OTHER RELATED PARTY TRANSACTIONS
In this financial year the charity has paid trustees remuneration and benefits (including Employer NI and Employer Pension) for their role as Pastoral Co-Ordinator as follows:
| Name M Kyte |
Legal authority Governing document |
Remuneration Employer NI TOTAL TOTAL & Pension 2023/24 2022/23 £ £ £ £ 9,346 1,234 10,580 36,969 9,346 1,234 10,580 36,969 Amounts paid or benefit value |
|---|---|---|
The only other payments made to directors or any persons connected with them during the financial year related to general reimbursements of expenses incurred in furtherance of the Charity's objects. These were paid to 2 related parties and totalled £93 in 2023/24. No other material transaction took place between the charity and a director or any person connected with them.
The Directors collectively donated a total of £24,898 (2022/23: £15,400) to the Charity during the financial year and there were no conditions attached to these donations in furthering the Charity's objects.
14. RISK ASSESSMENT
The Directors actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Directors have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
15. RESERVES POLICY
The Directors have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The Directors aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The directors will endeavour not to set aside funds unnecessarily.
16. PUBLIC BENEFIT
The Charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Directors report. The Directors confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
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REVELATION CHURCH - LONDON (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31ST MARCH 2024
17. DONATED GOODS
The Statement of Financial Activities includes the estimated value of food that has been donated and subsequently distributed by the Foodbank.
| Stocks of Food at start of year Revaluation of opening stock Donated Food Purchased Food Distributed Food Transferred to Euston Foodbank Disposed as waste Revaluation of closing stock Stocks of Food at end of year |
2023/24 £ 10,616 - 44,039 9,035 (60,333) (1,152) (1,823) 3,695 4,077 |
2022/23 £ 7,989 2,245 28,211 3,310 (29,434) (2,602) (2,786) 3,683 10,616 |
|---|---|---|
The estimated cost of food in 2023/24 was calculated by weight at an average cost as calculated by the Trussell Trust for London foodbanks of £2.37 per kg. The total weight of food donated and purchased during this financial year was 23,953kg (2022/23: 14,854kg). The total weight of food distributed in this financial year was 25,457kg (2022/23: 12,420kg). The Charity held food stocks of 1,720kg as at the 31st March 2024 (at 31st March 2023: 4,479kg).
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REVELATION CHURCH - LONDON (A COMPANY LIMITED BY GUARANTEE)
STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31ST MARCH 2024
| Cash used in operating activities (a) Cash used from investing activities Interest income Cash provided by (used in) investing activities Cash flows from financing activities Financing activities Cash used in financing activities Increase/(decrease) in cash and cash equivalents in the year Cash and cash equivalents at the start of the year TOTAL cash and cash equivalents at the end of the year (b) |
2023/24 2022/23 £ £ (53,932) 8,191 7,839 3,298 7,839 3,298 - - - - (46,093) 11,489 658,765 647,276 612,672 658,765 |
|---|---|
(a) Reconciliation of net movement in funds to net cash flow from operating activities
| Net movement in funds Deduct interest income shown in investing activities Decrease/(increase) in stocks Decrease/(increase) in debtors Increase/(decrease) in creditors Gain on revaluation of stock Net cash used in operating activities (b) Analysis of cash and cash equivalents Cash at bank and in hand Total cash and cash equivalents |
2023/24 2022/23 £ £ (46,866) 14,474 (7,839) (3,298) 6,539 (2,627) (6,159) (13,466) (3,302) 7,180 3,695 5,928 (53,932) 8,191 2023/24 2022/23 £ £ 612,672 658,765 612,672 658,765 |
|---|---|
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INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS
I report to the trustees on my examination of the accounts of Revelation Church London for the year ended 31st March 2024.
Responsibilities and basis of report
As the charity’s trustees of Revelation Church - London, (and also its directors 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 Revelation Church - London are not required to be audited 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
The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a fellow member of the Association of Charity Independent Examiners.
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:
-
accounting records were not kept in respect of Revelation Church - London as required by section 386 of the 2006 Act; or
-
the accounts did not accord with the accounting records; or
-
the accounts did not comply with section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
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.
Date: 11th July 2024 pa J Irvinesmith FCIE Independent Examiners Ltd Unit 2 The Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF
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