REGISTERED COMPANY NUMBER: 06449771 (England and Wales) REGISTERED CHARITY NUMBER: 1123227
THE CHRISTIAN COMMUNITY IN LONDON LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Shaw Gibbs Audit Ltd 264 Banbury Road Oxford Oxfordshire OX2 7DY
THE CHRISTIAN COMMUNITY IN LONDON LTD
CONTENTS OF THE FINANCIAL STATEMENTS for the year ended 31 March 2024
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 5 |
| Report of the Independent Auditor | 6 | to | 9 |
| Statement of Financial Activities | 10 | ||
| Balance Sheet | 11 | ||
| Notes to the Financial Statements | 12 | to | 22 |
| Detailed Statement of Financial Activities | 23 | to | 24 |
THE CHRISTIAN COMMUNITY IN LONDON LTD
REPORT OF THE TRUSTEES for the year ended 31 March 2024
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The aim of The Christian Community, Movement for Religious Renewal is to further the religious and spiritual life, based on the celebration of the seven sacraments in a renewed form, from which flow pastoral care, spiritual direction and an active community life.
The Church needs to provide buildings for these celebrations and activities. We fundraise for the costs associated with running the church, notably the maintenance of a priest and the costs of maintaining and running the church. Temple Lodge Club, the wholly owned subsidiary trading company, raises funds to maintain our building and site, and provides a human setting for our work.
The regular services along with the pastoral and educational work of the priest form the basis of the church's activity, along with its outreach work of regular talks, lectures, gospel study and working groups. The church is host to concerts and other artistic events.
Regular church and committee meetings of the church in London and the broader Christian Community in Great Britain with its Synod and executive committee meetings have taken place in our venue again during the year. Regular courses, conferences and study sessions for members, friends and enquirers, which help in understanding and the significance of Christianity and The Christian Community, feature in our programme of activities.
The conversion and partial rebuilding of Sir Frank Brangwyn's former studio to create the church for The Christian Community in London has served to provide a single centre in London for its services and activities. The mezzanine floor with its 'northern light' windows was retained and continues to be let to The Gate Vegetarian Restaurant, which as our long-term tenants provide useful income as well as human support.
The Temple Lodge Club Guesthouse continues to provide accommodation to visitors to London, as well as spaces for conferences/meetings of other organisations.
We are tackling the backlog of major repairs, some of which were delayed by the uncertainties of the Covid time. We are confident that these repairs and upgrades will put us in a better position going into the future, with less ongoing repair costs.
Our management structure, with a Guesthouse Manager (not a priest) a clear delineation of responsibilities within the church and Guesthouse continues to aid our operation. The church Treasurer is managing donations from members and income from church activities. The directors are confident that these changes will mean that the Charity will return at least to a break-even position in the short to medium term.
Public benefit
Services and activities of The Christian Community are open to all. Priestly pastoral care provides a sense of purpose and meaning in life which has demonstrable benefits for those who receive it. Our pastoral practice extends far beyond regular church attenders. The sense of community fostered by our activities brings succour and help to many people who would otherwise be turning to social services and includes the safeguarding of children and vulnerable adults.
Temple Lodge Club provides quiet, comfortable and relaxing accommodation for the many visitors to London. All our activities derive from the ethos of the church and are compatible fund-raising for the support and maintenance of the church building. Without them it would be unable to fulfil its tasks, pastoral and spiritual, which are dependent on the celebration of the sacraments. Likewise the letting of rooms for meetings in Temple Lodge performs a service to both the local and wider national community
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THE CHRISTIAN COMMUNITY IN LONDON LTD
REPORT OF THE TRUSTEES
for the year ended 31 March 2024
ACHIEVEMENT AND PERFORMANCE
Monthly donations from members of the congregation have remained quite steady over the year, with some new donors coming on board in the last few months. While these donations do not fully cover our priest's expenses, we do have sporadic additional income from sacramental donations (e.g. for funerals). The other activities of the Charity raise enough revenue to support our priest.
FINANCIAL REVIEW
The charity continues with its strong and professionally established administrative procedures.
This year the charity is reporting net expenditure of £597,614 as shown in the Statement of Financial Activities, however, after excluding exceptional items, the charity is reporting net expenditure of £97,614. This compares with net expenditure of £99,993 in the previous year. The decrease in the level of net expenditure reflects the impact of the increased total income with good cost management.
Further details of exceptional items are found in Note 8.
Reserves Policy
The policy for reserves is to set aside one of the investment properties with an estimated value of £800,000 and an extra £100,000 to cover the immediate costs of the charity.
At the balance sheet date total funds amounted £7,961,040, all of which were unrestricted. Of this total £5,713,526 is represented by freehold properties & their contents, £1,650,000 by residential and investment properties and £41,000 by the net investment in its subsidiary, being a total of £7,404,526. This leaves net funds of £556,514 which can be considered to represent the unrestricted general funds of the charity, separate to the investment property noted above. These funds are held primarily in the form of cash and other short term debtors and creditors.
FUTURE PLANS
The Charity continues to focus on its spiritual ministry activities, primarily through the church. The major repairs to the building will help to ensure a more predictable level of spending for the upkeep of the building.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
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THE CHRISTIAN COMMUNITY IN LONDON LTD
REPORT OF THE TRUSTEES for the year ended 31 March 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The trustees consider that the principal risks faced by the charity relate to the operational management of its trading subsidiary and the general financial management and position of the charity. The trustees have sought to mitigate these risks through the following principal measures:
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The day to day management of the trading activity is delegated to the Guesthouse Manager. All major policy and financial decisions are take in consultation with one of the Trustees, the Chair of the Board of Directors. The Board of Directors meets quarterly to a set policy, make decisions, and monitor performance.
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Annual budgets are prepared in conjunction with the company's external accountants and periodic management accounts are prepared to compare actual and budgeted results.
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The trading activities are subject to normal health and safety and employment law regulations and compliance with these areas is monitored periodically by the board.
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The charity has sufficient funds and cash balances to meet foreseeable short term deficits but has been actively considering ways to reduce its annual shortfalls, focussing mainly on increasing its level of trading income from the construction of new accommodation.
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As with its trading subsidiary annual budgets are prepared and monitored against actual performance via the management accounts.
The Christian Community was founded in 1922 in Central Europe and has worked since then as an autonomous Movement for the Renewal of the Religious Life. It is concerned with the advancement of religion by working toward a renewal of Christianity by building free congregations and uniting people who wish to become Christians in a form suitable to our time.
The Christian Community in London Limited is established with a memorandum and articles of association as a charitable company, registered with The Charity Commission under the registration number 1123227, and a Company registration number 06449771. The effective starting date was 1st April 2008. Its intention is to foster the renewal of the religious life in particular in London. It is administered by a board of directors and is affiliated with The Christian Community in Great Britain (Reg. Charity No. 210029) working in close cooperation with their representatives in terms of the objectives of the church. Decisions taken by them are incorporated into the activities of the Christian Community in London.
It is administered by a board of trustees, 6 to 9 in number, appointed from the ordained priests and lay members of The Christian Community in the British region, who meet regularly during the year. At least one of the priests, a lay member and the treasurer have to be from the greater London area. Resignations and appointments are made at the Annual General Meeting.
The administration of the Church and its buildings is the responsibility of the resident priest and his fellow directors who meet 2 - 3 times a year. The priest also meets regularly with a church council drawn from amongst its members to discuss the ongoing affairs of the church and its development. A small team including an administrator, a housekeeper and other staff takes on management of the day-to-day affairs of the church and its associated activities including those of the Temple Lodge Club Ltd., which is the fund-raising subsidiary of The Christian Community.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
06449771 (England and Wales)
Registered Charity number
1123227
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THE CHRISTIAN COMMUNITY IN LONDON LTD
REPORT OF THE TRUSTEES
for the year ended 31 March 2024
Registered office
Temple Lodge 51 Queen Caroline Street Hammersmith LONDON W6 9QL
Trustees
The Rev T O Ravetz Mrs B Johnstone Mrs L M Sofair Mrs C V Saftoiu (resigned 24.5.23) Mr G Saftoiu (resigned 30.5.23) Rev N I T Lumsden Minister of Religion
Company Secretary
Mrs L M Sofair
Auditor
Shaw Gibbs Audit Ltd 264 Banbury Road Oxford Oxfordshire OX2 7DY
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of The Christian Community in London Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditor is unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
AUDITOR
The auditors, Shaw Gibbs Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.
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THE CHRISTIAN COMMUNITY IN LONDON LTD
REPORT OF THE TRUSTEES for the year ended 31 March 2024
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 20 February 2025 and signed on its behalf by:
The Rev T O Ravetz - Trustee
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REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE CHRISTIAN COMMUNITY IN LONDON LTD
Opinion
We have audited the financial statements of The Christian Community in London Ltd (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditor thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE CHRISTIAN COMMUNITY IN LONDON LTD
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of directors' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic
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Report or in preparing the Report of the Trustees..
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE CHRISTIAN COMMUNITY IN LONDON LTD
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditor that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
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we identified those laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;
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we focused on specific significant laws and regulations which we considered were more likely to have a direct material effect on the financial statements or the operations of the company, notably the Companies Act 2006, taxation, data protection and employment legislation;
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting the accounting records and legal correspondence; and
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identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships;
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tested journal entries to identify unusual transactions:
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
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investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation:
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reading the minutes of meetings of those charged with governance;
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enquiring of management as to actual and potential litigation and claims; and
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reviewing correspondence with HMRC, relevant regulators where applicable, and the company's legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF THE CHRISTIAN COMMUNITY IN LONDON LTD
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditor.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Lance Redman (Senior Statutory Auditor) for and on behalf of Shaw Gibbs Audit Ltd 264 Banbury Road Oxford Oxfordshire OX2 7DY
20 February 2025
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THE CHRISTIAN COMMUNITY IN LONDON LTD
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 March 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities 3 Church Retreat centre Investment income 2 Total EXPENDITURE ON Raising funds Investment management costs 4 Charitable activities 5 Church Retreat centre Support Other 8 Total NET INCOME/(EXPENDITURE) Other recognised gains/(losses) Gains on revaluation of fixed assets Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 22,425 2,508 33,256 109,614 167,803 48,675 48,675 78,930 219 137,593 500,000 765,417 (597,614) 88,000 (509,614) 8,470,654 7,961,040 |
Restricted fund £ - - - - - - - - - - - - - - - - - |
2024 Total funds £ 22,425 2,508 33,256 109,614 167,803 48,675 48,675 78,930 219 137,593 500,000 765,417 (597,614) 88,000 (509,614) 8,470,654 7,961,040 |
2023 Total funds £ 24,668 2,641 41,656 69,688 138,653 7,517 7,517 111,349 1,311 118,469 - 238,646 (99,993) - (99,993) 8,570,647 8,470,654 |
|---|---|---|---|---|
The notes form part of these financial statements
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THE CHRISTIAN COMMUNITY IN LONDON LTD
BALANCE SHEET
31 March 2024
| Notes FIXED ASSETS Tangible assets 12 Investments Investments 13 Residential Properties 14 CURRENT ASSETS Debtors 15 Cash at bank CREDITORS Amounts falling due within one year 16 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 17 Unrestricted funds TOTAL FUNDS |
Unrestricted Restricted fund fund £ £ 5,713,526 - 41,000 - 1,650,000 - 7,404,526 - 338,499 - 243,444 - 581,943 - (25,429) - 556,514 - 7,961,040 - 7,961,040 - |
2024 Total funds £ 5,713,526 41,000 1,650,000 7,404,526 338,499 243,444 581,943 (25,429) 556,514 7,961,040 7,961,040 7,961,040 7,961,040 |
2023 Total funds £ 5,759,840 41,000 1,562,000 7,362,840 876,810 250,392 1,127,202 (19,388) 1,107,814 8,470,654 8,470,654 8,470,654 8,470,654 |
|---|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 20 February 2025 and were signed on its behalf by:
T O Ravetz - Trustee
The notes form part of these financial statements
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THE CHRISTIAN COMMUNITY IN LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Raising funds
This represents costs relating to the management of the investment properties.
Charitable activities
This is represented by the costs of running the church including it's associated activities, and the retreat centre.
Governance costs
These costs include legal, accountancy and audit fees.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost Improvements to property - 2% on cost Fixtures and fittings - 20% on reducing balance Computer equipment - 20% on reducing balance
Residential properties
Residential properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
continued...
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THE CHRISTIAN COMMUNITY IN LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
1. ACCOUNTING POLICIES - continued
Fund accounting
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. INVESTMENT INCOME
| Rents receivable Rents received from subsidiary Interest on subsidiary loan Deposit account interest 3. INCOME FROM CHARITABLE ACTIVITIES Activity Room hire Church Sundry income Church Rents & services Retreat centre Room hire Retreat centre Sundry income Retreat centre 4. INVESTMENT MANAGEMENT COSTS Property maint & repair costs Maintenance charges |
2024 £ 33,719 24,000 48,364 3,531 109,614 2024 £ 704 1,804 22,653 10,293 310 35,764 2024 £ 42,810 5,865 48,675 |
2023 £ 17,400 24,000 27,351 937 |
|
|---|---|---|---|
| 69,688 | |||
| 2023 £ 898 1,743 33,173 8,031 452 |
|||
| 44,297 | |||
| 2023 £ 7,517 - |
|||
| 7,517 |
continued...
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THE CHRISTIAN COMMUNITY IN LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
5. CHARITABLE ACTIVITIES COSTS
| Church Retreat centre Support GRANTS PAYABLE Church The total grants paid to institutions during the year Christian Community in Great Britain |
Grant funding of activities Direct (see note Costs 6) £ £ 71,440 7,490 219 - 20,664 - 92,323 7,490 was as follows: |
Support costs (see note 7) £ - - 116,929 116,929 2024 £ 7,490 2024 £ 7,490 |
Totals £ 78,930 219 137,593 |
|---|---|---|---|
| 216,742 | |||
| 2023 £ 7,203 2023 £ 7,203 |
6. GRANTS PAYABLE
All the grants payable are to an institution, Christian Community in Great Britain.
Christian Community in Great Britain shares similar objectives as the charitable company but is not under common control.
Further information regarding Christian Community in Great Britain, can be found in the Related Party Note.
7. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Management | costs | Totals | |
| £ | £ | £ | |
| Support | 79,885 | 37,044 | 116,929 |
Support costs can be apportioned equally between each activity.
continued...
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THE CHRISTIAN COMMUNITY IN LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
7. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
Management
| Management | ||
|---|---|---|
| 2024 | 2023 | |
| Total | ||
| Support | activities | |
| £ | £ | |
| Wages | 136,280 | 105,950 |
| Social security | 4,272 | 1,091 |
| Pensions | 8,677 | 1,175 |
| Rates and water | 1,886 | 1,773 |
| Light and heat | 24,721 | 19,513 |
| Bad debts | (1,219) | - |
| Cleaning | 19,429 | 25,489 |
| Travel & subsistence | - | 10,460 |
| Shared salary adjustments | (149,680) | (116,629) |
| Depreciation of tangible and heritage assets | 33,923 | 31,061 |
| Bank interest | 1,596 | 2,552 |
| 79,885 | 82,435 | |
| Governance costs | ||
| 2024 | 2023 | |
| Total | ||
| Support | activities | |
| £ | £ | |
| Auditors' remuneration | 8,580 | 8,100 |
| Auditors' remuneration for non audit work | 13,121 | 9,498 |
| Accountancy and legal fees | 15,343 | 8,389 |
| 37,044 | 25,987 |
8. OTHER
The amounts owed by group undertakings relate to a loan provided to its subsidiary, Temple Lodge Cub Ltd (TLC). This loan was made to enable TLC to undertake major improvements to the property to facilitate the Bed and Breakfast business.This arrangement has increased the value of the Charity's interest in the property, but the magnitude of the loan has proven to be in excess of the subsidiary's capacity to repay within the initial lease term. The charity trustees believe that an estimated provision of £500,000 is required to arrive at a balance that the subsidiary will realistically be able to repay. The amounts owed to the charity more than one year, is made up of £795,677 (2023: £810,677) less a provision of irrecoverable amounts of £500,000 (2023: NIL). The charity has treated the irrecoverable amount as an exceptional item shown as other in the Statement of Financial Activities.
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THE CHRISTIAN COMMUNITY IN LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
9. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Auditors' remuneration Auditors' remuneration for non audit work Depreciation - owned assets TRUSTEES' REMUNERATION AND BENEFITS |
2024 £ 8,580 13,121 63,923 |
2023 £ 8,100 9,498 61,061 |
|---|---|---|
| 2024 | 2023 | |
| £ |
£ | |
| Priest's/Trustee's stipend | 10,800 | 35,800 |
| Priest's/Trustee's pension contributions to defined benefit schemes | 9,393 | 3,300 |
| Other remuneration (see below) | 940 | 15,872 |
| 21,133 | 54,972 | |
10. TRUSTEES' REMUNERATION AND BENEFITS
Trustees' expenses
The day to day management of the retreat centre and the subsidiary's (Temple Lodge Club Ltd) bed & breakfast activity has now been delegated to the Guesthouse Manager. Whereas in the previous accounting period, a former trustee was responsible for this role as well as acting as the priest.
At the end of the financial year, one trustee was acting as the priest at the end of the financial period. In this role, they also received reimbursement for various expenses. These are included in "Other remuneration" above to the extent that they do not relate to their work for the company or its subsidiary. For the financial year, they comprised of personal costs £940 (2023: £5,412), and car running costs for the former priest £NIL (2023: £10,460).
In the prior financial period, the former trustee/priest had an outstanding interest free loan with the charitable company of £27,058 which has now fully been received as of the date of the balance sheet.
11. STAFF COSTS
| Wages and salaries Social security costs Other pension costs |
2024 £ 147,080 4,272 10,837 162,189 |
2023 £ 141,750 1,091 4,475 |
|---|---|---|
| 147,316 |
The average monthly number of employees during the year was as follows:
| Retreat Centre and B&B Management Cleaning and catering staff |
2024 1 12 13 |
2023 1 4 |
|---|---|---|
| 5 |
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THE CHRISTIAN COMMUNITY IN LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
11. STAFF COSTS - continued
No employees received emoluments in excess of £60,000.
The staff costs stated above, include the priest's stipend and also the costs which were recharged to Temple Lodge Club Ltd for the running of the bed and breakfast. The total recharged in the year was £ 149,680 (2023: £116,629).
The Trustee and Rev N Lumsden is the only Key Management. Details of his remuneration are given in note 9.
12. TANGIBLE FIXED ASSETS
| COST At 1 April 2023 Additions At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 COST At 1 April 2023 Additions At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for year At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
Freehold property £ 5,000,000 - 5,000,000 450,000 30,000 480,000 4,520,000 4,550,000 Fixtures and fittings £ 19,721 509 20,230 15,281 906 16,187 4,043 4,440 |
Altar painting £ 2,000 - 2,000 - - - 2,000 2,000 Computer equipment £ 3,347 17,100 20,447 2,092 3,101 5,193 15,254 1,255 |
Improvements to property £ 1,495,769 - 1,495,769 293,624 29,916 323,540 1,172,229 1,202,145 Totals £ 6,520,837 17,609 6,538,446 760,997 63,923 824,920 5,713,526 5,759,840 |
|---|---|---|---|
continued...
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THE CHRISTIAN COMMUNITY IN LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
12. TANGIBLE FIXED ASSETS - continued
Included in the cost of Freehold property above, is freehold land with an estimated value of £3,500,000, which has not been depreciated.
13. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Capital | |
| Investment | |
| £ | |
| MARKET VALUE | |
| At 1 April 2023 and 31 March 2024 | 41,000 |
| NET BOOK VALUE | |
| At 31 March 2024 | 41,000 |
| At 31 March 2023 | 41,000 |
There were no investment assets outside the UK.
The charity received restricted donations to assist with the building of the Garden rooms which was undertaken by The Temple Lodge Club Ltd. Therefore, sums raised together with gift aid, have been passed over to the subsidiary in the form of a capital investment in that company. This is shown as a long term investment.
14. RESIDENTIAL PROPERTIES
| RESIDENTIAL PROPERTIES | |
|---|---|
| FAIR VALUE At 1 April 2023 Revaluation At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 |
£ 1,562,000 88,000 |
| 1,650,000 | |
| 1,650,000 | |
| 1,562,000 |
These properties are held for the primary purpose of providing accommodation for priests, but when not required for this purpose the properties may be rented out.
During the financial year only one of the properties, which is a freehold was not occupied by a priest and has been rented out. It's market value included in the total above, is £1,000,000.
All properties are held in the UK.
continued...
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THE CHRISTIAN COMMUNITY IN LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
14. RESIDENTIAL PROPERTIES - continued
Fair value at 31 March 2024 is represented by:
| Fair value at 31 March 2024 is represented by: | ||
|---|---|---|
| £ | ||
| Valuation in 2014 | 173,188 | |
| Valuation in 2016 | 45,000 | |
| Valuation in 2019 | 200,000 | |
| Valuation in 2022 | 312,000 | |
| Valuation in 2024 | 88,000 | |
| Cost | 831,812 | |
| 1,650,000 | ||
| DEBTORS | ||
| 2024 | 2023 | |
| £ | £ | |
| Amounts falling due within one year: | ||
| Trade debtors | 2,106 | 1,911 |
| Amounts owed by group undertakings | 32,573 | 35,930 |
| Other debtors | 6,873 | 27,093 |
| Prepayments and accrued income | 1,270 | 1,199 |
| 42,822 | 66,133 | |
| Amounts falling due after more than one year: | ||
| Amounts owed by group undertakings | 295,677 | 810,677 |
| Aggregate amounts | 338,499 | 876,810 |
15. DEBTORS
The amounts owed by group undertakings, are repayable on demand. They mainly include a loan which is accruing interest at 1% above the Bank of England official bank rate. However as it is not expected to be repaid in one year, the amount has been split to show only the expected repayments as debtors falling due within one year, and the rest shown as falling due after more than one year.
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THE CHRISTIAN COMMUNITY IN LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade creditors Social security and other taxes Other creditors Accruals and deferred income MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are a Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
s follows: Incoming resources £ 167,803 167,803 |
At 1.4.23 £ 8,470,654 8,470,654 Resources expended £ (765,417) (765,417) At 1.4.22 £ 8,570,647 8,570,647 |
2024 £ 10,242 2,163 319 12,705 25,429 Net movement in funds £ (509,614) (509,614) Gains and losses £ 88,000 88,000 Net movement in funds £ (99,993) (99,993) |
2023 £ 3,758 1,432 250 13,948 19,388 At 31.3.24 £ 7,961,040 7,961,040 Movement in funds £ (509,614) (509,614) At 31.3.23 £ 8,470,654 8,470,654 |
|
|---|---|---|---|---|---|
17. MOVEMENT IN FUNDS
continued...
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THE CHRISTIAN COMMUNITY IN LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
17. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 138,653 138,653 |
Resources Movement expended in funds £ £ (238,646) (99,993) (238,646) (99,993) |
|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund TOTAL FUNDS |
At 1.4.22 £ 8,570,647 8,570,647 |
Net movement in funds £ (609,607) (609,607) |
At 31.3.24 £ 7,961,040 |
|---|---|---|---|
| 7,961,040 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming Resources resources expended £ £ 306,456 (1,004,063) 306,456 (1,004,063) |
Gains and Movement losses in funds £ £ 88,000 (609,607) 88,000 (609,607) |
|---|---|---|
18. RELATED PARTY DISCLOSURES
Temple Lodge Club Ltd
Temple Lodge Club Ltd is a wholly owned subsidiary of the company. The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
Christian Community in Great Britain
At the year end the director Reverend T Ravetz was also a director of The Christian Community in Great Britain.
The charitable company makes an annual contribution to Christian Community in Great Britain which amounted to £7,490 (2023: £7,203).
Pension payments
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THE CHRISTIAN COMMUNITY IN LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS - continued for the year ended 31 March 2024
18. RELATED PARTY DISCLOSURES - continued
During the year the company made contributions towards the pension of a former minister, who was also a trustee of the charity, totalling £7,233.
19. INVESTMENT IN SUBSIDIARIES
The charitable company is the sole member of Temple Lodge Club Ltd, a limited company registered in England and Wales, which provides bed and breakfast accommodation. As at 31st March 2024, the subsidiary had aggregate net liabilities of £122,332 (2023: net liabilities £70,505), and a loss for the year of £ 51,827 (2023: loss of £8,398).
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