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REGISTERED COMPANY NUMBER: (England and Wales) REGISTERED CHARITY NUMBER: 1132037
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 July 2022
for
THE GATE READING
Avalon Accounting Limited 12 Park Lane Tilehurst Reading Berkshire RG31 5DL
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THE GATE READING
Contents of the Financial Statements for the Year Ended 31 July 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | to | 6 |
| Notes to the Financial Statements | 7 | to | 12 |
| Detailed Statement of Financial Activities | 13 | to | 14 |
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THE GATE READING
Report of the Trustees for the Year Ended 31 July 2022
The Gate continued to focus on delivering its vision, 'Renewed by the Fathers presence, we are an apostolic church, redeeming people, communities and culture'.
The year was one of beginning to understand the world post covid, and how we as a church needed to respond to the pressures left by this very challenging time both within the church and more widely in the community.
As the hub coordinator for Readings 'Love your Neighbour', a nationwide initiative responding to the direct impact of Covid including food poverty and financial hardship, Love your Community our social action umbrella was able to work in partnership with other charities in Reading to support some of the most vulnerable families in Reading and benefitted from extra funding from the DCMS to enable this.
In March 2022 we left our building in Tilehurst and moved our Sunday services to a local school as the redevelopment of the site for a three-floor new church centre began. The Church continued to function and thrive through this change. By summer 2022 the old building had been knocked down and new foundations put in place for the new building. The building was scheduled to be finished by December 2022 but a few months delay is anticipated. The membership of the church have generously given above and beyond their regular giving to the church to enable this to happen.
The impact of Covid had meant that we were not able to begin our renewal of a church community in Sindlesham, Wokingham until September 2021. We were encouraged that on the launch day we had more than 100 people in attendance and the community by the end of the financial year had grown to a sustained Sunday attendance of more than 120 with weekly activities including youth work, a toddler group, and small groups meeting. We have been encouraged in being able to welcome a significant number of Hong Kong families to the church community and this has very much enhanced the life of that community.
We maintained our missional links through our continued support of partners overseas and through Barnabas Fellowship of Churches supporting projects and churches in Africa and the Middle East and especially through The Turning, an evangelistic initiative having an impact in several nations across Europe.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The charity is controlled by its governing document and a deed of trust, as defined by Charities Act,2011
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
(England and Wales)
Registered Charity number
1132037
Registered office
384 The Meadway Tilehurst Reading Berkshire RG30 4NX
Trustees
Alastair Mitchell Baker Mrs. Janet Barfoot (resigned 31.7.22) Mr. Gareth Owen Yinka Oyekan Mary Lewis
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THE GATE READING
Report of the Trustees for the Year Ended 31 July 2022
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Avalon Accounting Limited 12 Park Lane Tilehurst Reading Berkshire RG31 5DL
EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements. 21 April 2023 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ Yinka Oyekan - Trustee
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Independent Examiner's Report to the Trustees of THE GATE READING
Independent examiner's report to the trustees of THE GATE READING ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (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 the Company 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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the ERROR - relevant professional body must be completed, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of 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
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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.
Sanjay Kumar Swarup- ACA, MBA
Avalon Accounting Limited 12 Park Lane Tilehurst Reading Berkshire RG31 5DL Date: .............................................
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THE GATE READING
Statement of Financial Activities for the Year Ended 31 July 2022
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Raising funds Charitable activities Charity Total NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 151,588 - 254,748 254,748 (103,160) 1,769,635 1,666,475 |
Restricted fund £ 334,314 - 40,146 40,146 294,168 1,105,650 1,399,818 |
2022 Total funds £ 485,902 - 294,894 294,894 191,008 2,875,285 3,066,293 |
2021 Total funds £ 447,407 |
|---|---|---|---|---|
| 53,337 175,037 |
||||
| 228,374 | ||||
| 219,033 2,656,252 |
||||
| 2,875,285 |
The notes form part of these financial statements
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THE GATE READING
Balance Sheet 31 July 2022
| Notes FIXED ASSETS Tangible assets 6 CURRENT ASSETS Debtors 7 Investments 8 Cash at bank CREDITORS Amounts falling due within one year 9 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CREDITORS Amounts falling due after more than one year 10 PROVISIONS FOR LIABILITIES NET ASSETS FUNDS 12 Unrestricted funds Restricted funds TOTAL FUNDS |
Unrestricted fund £ 2,321,397 801,170 25,000 72,513 898,683 (2,308) 896,375 3,217,772 - (1,551,297 ) 1,666,475 |
Restricted fund £ 1,230 - - 35,487 35,487 (24,348) 11,139 12,369 (163,848) 1,551,297 1,399,818 |
2022 Total funds £ 2,322,627 801,170 25,000 108,000 934,170 (26,656) 907,514 3,230,141 (163,848) - 3,066,293 1,666,475 1,399,818 3,066,293 |
2021 Total funds £ 2,099,209 51,121 25,000 913,352 989,473 (25,361) 964,112 3,063,321 (188,036) - 2,875,285 1,769,635 1,105,650 2,875,285 |
|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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THE GATE READING
Balance Sheet - continued 31 July 2022
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 ............................................. and were signed on its behalf by: 21 April 2023
............................................. Yinka Oyekan - Trustee
The notes form part of these financial statements
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THE GATE READING
Notes to the Financial Statements for the Year Ended 31 July 2022
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.
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.
TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 20% on reducing balance
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.
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.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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.
continued...
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THE GATE READING
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
2. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 308 | 385 |
3. TRUSTEES' REMUNERATION AND BENEFITS
Mr. Yinka Oyekan received a salary of £45,244 (2021- £43,926) and Mr. Gareth Owen received a salary of £30,298 (2021- £29,417)
Janet Barfoot received a retainer of £16,323 in 2022 (2021- £15,848)
TRUSTEES' EXPENSES
Trustees who are employees are reimbursed expenses in their role as employees. No Trustee received and payment of Expenses in their role as trustees (2021- NIL).
4. STAFF COSTS
The average monthly number of employees during the year was as follows:
| Trustees & Employees No employees received emoluments in excess of £60,000. COMPARATIVES FOR THE STATEMENT OF FINANCIAL INCOME AND ENDOWMENTS FROM Donations and legacies EXPENDITURE ON Raising funds Charitable activities Charity Total NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
ACTIVITIES Unrestricted fund £ 251,840 40,726 173,759 214,485 37,355 1,732,280 1,769,635 |
|
|---|---|---|
5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
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THE GATE READING
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
6. TANGIBLE FIXED ASSETS
| Freehold property £ COST At 1 August 2021 2,097,671 Additions 223,726 At 31 July 2022 2,321,397 DEPRECIATION At 1 August 2021 - Charge for year - At 31 July 2022 - NET BOOK VALUE At 31 July 2022 2,321,397 At 31 July 2021 2,097,671 7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Prepayments and accrued income Other Debtors Other Deposits 8. CURRENT ASSET INVESTMENTS Loans & Receivables 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other loans (see note 11) Social security and other taxes Net Wages Accrued expenses |
Motor vehicles £ 3,755 - 3,755 2,217 308 2,525 1,230 1,538 2022 £ 1,170 - 800,000 801,170 2022 £ 25,000 2022 £ 24,348 1,096 - 1,212 26,656 |
Totals £ 2,101,426 223,726 2,325,152 2,217 308 2,525 2,322,627 2,099,209 2021 £ 1,121 50,000 - 51,121 2021 £ 25,000 2021 £ 23,689 1,039 (87) 720 25,361 |
Totals £ 2,101,426 223,726 2,325,152 2,217 308 2,525 2,322,627 2,099,209 2021 £ 1,121 50,000 - 51,121 2021 £ 25,000 2021 £ 23,689 1,039 (87) 720 25,361 |
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THE GATE READING
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
| Other loans (see note 11) 11. LOANS An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Baptist Union Loan- due within 1 year Loan Payable-SCBA Loan- Restricted Amounts falling between one and two years: Baptist Union Loan- due after one year Loan Payable - SCBA loan - Restricted-Current 12. MOVEMENT IN FUNDS Unrestricted funds General fund Restricted funds Restricted Fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund Restricted funds Restricted Fund TOTAL FUNDS |
At 1.8.21 £ 1,769,635 1,105,650 2,875,285 Incoming resources £ 151,588 334,314 485,902 |
2022 £ 163,848 2022 £ 20,348 4,000 24,348 147,848 16,000 163,848 Net movement in funds £ (103,160) 294,168 191,008 Resources expended £ (254,748) (40,146) (294,894) |
2021 £ 188,036 2021 £ 19,689 4,000 23,689 168,036 20,000 188,036 At 31.7.22 £ 1,666,475 1,399,818 3,066,293 Movement in funds £ (103,160) 294,168 191,008 |
|
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THE GATE READING
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.8.20 £ Unrestricted funds General fund 1,732,280 Restricted funds Restricted Fund 923,972 TOTAL FUNDS 2,656,252 Comparative net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 251,840 Restricted funds Restricted Fund 195,567 TOTAL FUNDS 447,407 A current year 12 months and prior year 12 months combined position is as follows: At 1.8.20 £ Unrestricted funds General fund 1,732,280 Restricted funds Restricted Fund 923,972 TOTAL FUNDS 2,656,252 |
Net movement in funds £ 37,355 181,678 219,033 Resources expended £ (214,485) (13,889) (228,374) Net movement in funds £ (65,805) 475,846 410,041 |
At 31.7.21 £ 1,769,635 1,105,650 2,875,285 Movement in funds £ 37,355 181,678 219,033 At 31.7.22 £ 1,666,475 1,399,818 3,066,293 |
|
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continued...
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THE GATE READING
Notes to the Financial Statements - continued for the Year Ended 31 July 2022
12. MOVEMENT IN FUNDS - continued
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 Restricted funds Restricted Fund TOTAL FUNDS |
Incoming resources £ 403,428 529,881 933,309 |
Resources Movement expended in funds £ £ (469,233) (65,805) (54,035) 475,846 (523,268) 410,041 |
|---|---|---|
13. RELATED PARTY DISCLOSURES
The Gate Reading church is associated with The Gate Building Development Company Ltd (company number: 12272715) with a common director.
The church has contracted with the company in relation to the redevelopment of its site in Reading. The church has also provided a loan for the company. The value of the outstanding loan as at 31 July 2022 is £25,000.
The church is associated with The Baptist Union Great Britain (charity number: 1125912) with a common trustee. The church paid grants to The Baptist Union Great Britain of £5,000 in the year and £676.2 in subscription fees.
The church is associated with Love Your Community (charity number:1172625) with a common trustee. Love Your Community paid rent and services of £24,000 to the church during the year.
The church support the Emmaus Project registered as an Amuta in Israel in the sum of £3,000 per annum. Gareth Owen is an Amuta member.
14. EVENTS AFTER THE REPORTING DATE
In the next financial year The Gate plans to begin the redevelopment of the Gate Central site. Having secured planning permission and having a costed building design. We expect a fully equipped building to cost in the region of 4.3 million pounds. Having already raised £750,000 through the sale of the Oxford Road and Wilson Road sites and through member pledges and gifts, we have raised just over 1 million pounds.The Baptist Union Corporation has agreed a loan of 1.75 million pounds that means phase 1 of the project (A fully watertight shell and a fully equipped ground floor) to be completed. We will continue fundraising activities including further member giving and approaching charitable trusts, so that we can complete Phase 2 of the building (fully equipping the first and second floors).
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THE GATE READING
Detailed Statement of Financial Activities for the Year Ended 31 July 2022
| INCOME AND ENDOWMENTS Donations and legacies Special appeals & gifts -Restricted Weekly offerings, direct credits and allocated and other gifts Gift aid tax recovery - Unrestricted Donation-Restricted Grants Charitable- Property rental Other interest receivable Total incoming resources EXPENDITURE Charitable activities Salaries- Unrestricted Social security Pensions Youth Work- Unrestricted Catering & Events- Unrestricted Messy Church, Families & Children- Unrestricted Retainer-Unrestricted Staff Expenses- Unrestricted Minibus & Travel- Unrestricted Depreciation of tangible fixed assets Grants to institutions Grants to individuals Support costs Finance Bank charges Interest on PAYE Loan Interest- Restricted Information technology IT software & equipment- Unrestricted Other Maintenance, Alterations & Cleaning- Unrestricted Carried forward |
2022 £ 328 353,884 (32,260) 6,000 107,200 50,642 108 485,902 485,902 120,082 5,619 3,728 9,368 307 1,728 16,323 9,117 2,143 308 68,417 323 237,463 369 8 6,437 6,814 4,936 14,993 14,993 |
2021 £ 46,443 265,744 54,007 42,000 3,150 36,000 63 |
|---|---|---|
| 447,407 | ||
| 447,407 110,380 4,795 3,667 2,153 513 1,583 15,848 4,194 1,165 385 29,036 1,318 |
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| 175,037 - - 6,928 |
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| 6,928 2,285 8,327 8,327 |
This page does not form part of the statutory financial statements
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THE GATE READING
| Detailed Statement of Financial Activities for the Year Ended 31 July 2022 Other Brought forward Insurance Utilities & Telephone Printing, Postage and Stationery- unrestricted Sundry Expenses- Unrestricted Other 2 Subscriptions- Unrestricted Storage- Restricted Governance costs Accountancy and Independent Examination-Unrestricted Legal & Professional and Consultancy- Unrestricted Total resources expended Net income |
2022 £ 14,993 1,993 11,925 11,260 167 40,338 2,170 1,781 3,951 1,392 - 1,392 294,894 191,008 |
2021 £ 8,327 3,500 13,523 11,332 458 |
|---|---|---|
| 37,140 2,389 1,026 |
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| 3,415 2,426 1,143 |
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| 3,569 | ||
| 228,374 | ||
| 219,033 |
This page does not form part of the statutory financial statements
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