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← The Gate Reading

2024-07-31-accounts

Charity registration number 1132037

THE GATE READING

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

THE GATE READING

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Y Oyekan
G Owen
M Lewis
A Mitchell-Baker
R C Baker
G J Bowden
R Silley
Charity number 1132037
Auditor Bruton Charles - Chartered Accountants
The Coachhouse
Greys Green business Centre
Henley-on-Thames
Oxfordshire
RG9 4QG
RG9 4QG

THE GATE READING

CONTENTS

Page
Trustees' report 1 - 2
Statement of trustees' responsibilities 3
Independent auditor's report 4 - 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 22

THE GATE READING

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 JULY 2024

The trustees present their annual report and financial statements for the year ended 31 July 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the 's [governing document], the Charities Act 2011 and "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

The main objectives of the church are:

  1. the advancement of the Christian faith according to the principles of the Baptist denomination in the United Kingdom and/or other parts of the world as the charity trustees think fit;

  2. the advancement of education in the United Kingdom and/or other parts of the world as the charity trustees think fit; and

  3. the relief of those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage in the United Kingdom and/or other parts of the world as the charity trustees think fit.

The trustees have read the Charity Commission guidance on public benefit, and are satisfied that the activities in this report clearly demonstrate that the charity is providing a benefit to the public.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the should undertake.

Achievements and performance

Significant activities and achievements against objectives

The Gate has continued to work to its vision, 'Renewed by the Fathers presence, we are an apostolic church, redeeming people, communities and culture’.

Our Sindlesham community in Wokingham has continued to see significant growth including a large number of Hong Kongers. many newly settled in the country.

Work completed on the redevelopment of the 'Gate Central' site with completion in August 2023, though the final account has yet to be completed.

The pioneering of our new community in Didcot has been progressing well.

Our social action arm Love Your Community, including Acorns Nursery School has continued to thrive and in September 2023, we successfully opened a second Nursery School, Conkers, which is located at our Sindlesham site.

The leadership team and trustees are grateful to the staff for supporting the work of the church throughout the year. We also would like to thank everyone who faithfully gave time and money to serve the church across all of its ministries.

The Gate maintained its missional links mainly through working with churches involved in the Turning and Barnabas Fellowship of Churches. We also continued to support a number of Baptist churches in revitalisation and pioneering.

Financial review

Details of the charities income, costs, net income/(expenditure) and financial position for the year can be found on pages 7 and 8 and the supporting notes.

THE GATE READING

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity's current activities while consideration is given to ways in which additional funds may be raised This level of reserves was not maintained continuously throughout the year due to cash-flow pressures from the building project, however they are beginning to recover.

Major risks

The trustees have assessed the major risks to which the church is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

Structure, governance and management

The Gate Reading (formerly Reading Community Church) is affiliated to the Baptist Union. The church's premises are held in trust by the Baptist Union Corporation Limited. The church's constitution was adopted on 1 July 2009 as amended by special resolution on 23 August 2009. The church became a registered charity with the Charity Commission England and Wales on 7 October 2009 (charity number: 1132037).

The trustees who served during the year and up to the date of signature of the financial statements were: Y Oyekan

G Owen M Lewis A Mitchell-Baker R C Baker G J Bowden R Silley

The trustees' report was approved by the Board of Trustees.

Y Oyekan Trustee

14 May 2025

THE GATE READING

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 JULY 2024

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales 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 and of the incoming resources and application of resources of the for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE GATE READING

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE GATE READING

Opinion

We have audited the financial statements of THE GATE READING (the ‘’) for the year ended 31 July 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the 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 ’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

THE GATE READING

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GATE READING

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees 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 ’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 cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 an auditor's report 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 our procedures are capable of detecting irregularities, including fraud, is detailed below.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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)" (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

THE GATE READING

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GATE READING

Neil Major (Senior Statutory Auditor) for and on behalf of Bruton Charles

14 May 2025

Chartered Accountants Statutory Auditor

The Coach House Greys Green Business Centre Henley-on-Thames Oxfordshire RG9 4QG

Bruton Charles is eligible for appointment as auditor of the by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE GATE READING

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income and endowments from:
Donations and
legacies
2
339,478
260,945
Charitable activities
3
8,033
-
Investments
4
800
16
Assets received on
amalgamation of
Sindlesham Church
5
-
-
Total income
348,311
260,961
Expenditure on:
Raising funds
6
-
2,435
Charitable activities
7
311,022
198,201
Total expenditure
311,022
200,636
Net incoming resources
before transfers
37,289
60,325
Gross transfers
between funds
445,931
(445,931)
Net income/(expenditure)
for the year/
Net movement in funds
483,220
(385,606)
Fund balances at 1 August
2023
3,389,924
1,256,883
Fund balances at 31 July
2024
3,873,144
871,277		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
600,423
336,663
584,763
8,033
8,062
-
816
841
61
-
1,075,346
-
609,272
1,420,912
584,824
2,435
-
7,897
509,223
288,247
129,078
511,658
288,247
136,975
97,614
1,132,665
447,849
-
827,683
(827,683)
97,614
1,960,348
(379,834)
4,646,807
1,429,576
1,636,717
4,744,421
3,389,924
1,256,883		 Total
2023
£
921,426
8,062
902
1,075,346
Donations and
legacies
2
Charitable activities
3
Investments
4
Assets received on
amalgamation of
Sindlesham Church
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net incoming resources
before transfers
Gross transfers
between funds
Net income/(expenditure)
for the year/
Net movement in funds
Fund balances at 1 August
2023
Fund balances at 31 July
2024
2,005,736
7,897
417,325
425,222
1,580,514
-
1,580,514
3,066,293
4,646,807

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE GATE READING

BALANCE SHEET

AS AT 31 JULY 2024

Notes
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
16
Net assets excluding pension liability
Net assets
The funds of the
Restricted income funds
18
Unrestricted funds
19		 2024
£
£
7,137,654
78,177
62,498
140,675
(83,263)
57,412
7,195,066
(2,450,645)
4,744,421
4,744,421
871,277
3,873,144
4,744,421		 2023
£
£
6,677,757
461,535
87,087
548,622
(148,415)
400,207
7,077,964
(2,431,157)
4,646,807
4,646,807
1,256,883
3,389,924
4,646,807

The financial statements were approved by the trustees on 14 May 2025

Y Oyekan Trustee

THE GATE READING

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

Notes
Cash flows from operating activities
Cash generated from operations
22
Investing activities
Purchase of tangible fixed assets
Fair value of property received on
amalgamation
Proceeds from disposal of other investments
Investment income received
Net cash used in investing activities
Financing activities
Bank funds received on amalgamation
Cash inflow/ (outflow) from borrowings
Loan interest paid
Net cash (used in)/generated from
financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
2023
£
£
£
£
634,174
1,005,147
(523,224)
(4,355,376)
1,025,000
-
25,000
816
902
(522,408)
(3,304,474)
50,346
17,311
2,322,051
(153,666)
(93,983)
(136,355)
2,278,414
(24,589)
(20,913)
87,087
108,000
62,498
87,087

THE GATE READING

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with the 's [governing document], the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the . Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the .

1.4 Income

Income is recognised when the is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE GATE READING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Not depreciated, see note 12 commentary Motor vehicles 20% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the 's balance sheet when the becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE GATE READING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

THE GATE READING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

2 Donations and legacies

Unrestricted
Restricted
funds
funds
general
2024
2024
£
£
Donations and gifts
260,897
163,759
Gift aid tax recovery
77,466
19,086
Grants
-
15,702
Charitable - Property rental
-
62,307
Other interest receivable
-
-
Donation - Restricted
-
-
Other donations and legacies
1,115
91
339,478
260,945		 Total
Unrestricted
Restricted
funds
funds
general
2024
2023
2023
£
£
£
424,656
211,490
435,405
96,552
123,159
49,222
15,702
-
43,945
62,307
-
50,987
-
-
84
-
-
120
1,206
2,014
5,000
600,423
336,663
584,763		 Total
2023
£
646,895
172,381
43,945
50,987
84
120
7,014
921,426

THE GATE READING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

3 Charitable activities

2024
£
Ministry income: Youth activities
8,033
Income from investments
Unrestricted
Restricted
Total
Unrestricted
Restricted
funds
funds
funds
funds
2024
2024
2024
2023
2023
£
£
£
£
£
Interest receivable
800
16
816
841
61		 2023
£
8,062
Total
2023
£
902

4 Income from investments

5 Assets received on amalgamation of Sindlesham Church

**Total ** Unrestricted
funds
general
2024 2023
£ £
Property received on amalgamation 1,025,000
Bank accounts funds received on amalgamation 50,346
- 1,075,346
Raising funds
Restricted Restricted
funds funds
2024 2023
£ £
Fundraising and publicity
Building project fundraising costs 2,435 7,897
2,435 7,897

6 Raising funds

THE GATE READING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

7 Charitable activities

Unrestricted
Charitable
Expenditure
Restricted
Charitable
Expenditure
Total
2024
Unrestricted
Charitable
Expenditure
Restricted
Charitable
Expenditure
2024
2024
2023
2023
£
£
£
£
£
Staff costs
195,300
-
195,300
167,619
-
Depreciation of tangible
fixed assets
-
197
197
-
246
Building project
expenses
-
18,077
18,077
1,704
Youth work
7,093
-
7,093
6,985
-
Catering & Events
3,796
2,236
6,032
2,081
-
Families & Children
3,409
-
3,409
2,487
-
Premises expenses
64,503
18,663
83,166
57,496
26,501
Minibus & Travel
3,882
-
3,882
5,943
-
Grants to institutions
17,430
2,562
19,992
26,147
200
Grants to individuals
300
2,606
2,906
-
6,134
Legal fees
4,320
4,320
5,329
IT costs
1,175
-
1,175
3,884
-
Bank charges
890
194
1,084
793
310
Interest payable
-
153,666
153,666
-
93,983
Subscriptions
2,761
-
2,761
3,453
Audit and accountancy
5,576
-
5,576
5,553
Sundry expenses
587
-
587
477
-
311,022
198,201
509,223
288,247
129,078
Support costs as part of
above charitable costs
IT costs
1,175
1,175
3,884
Premises expenses
64,503
18,663
83,166
57,496
1,501
Bank charges
890
194
1,084
793
310
Interest payable
-
153,666
153,666
-
93,983
Subscriptions
2,761
-
2,761
3,453
Audit and accountancy
5,576
5,576
5,553
Sundry expenses
587
587
477
75,492
172,523
248,015
71,656
95,794
8
Net movement in funds
2024
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
197		 Total
2023
£
167,619
246
1,704
6,985
2,081
2,487
83,997
5,943
26,347
6,134
5,329
3,884
1,103
93,983
3,453
5,553
477
417,325
3,884
58,997
1,103
93,983
3,453
5,553
477
167,450
2023
£
246

THE GATE READING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

9 Trustees' Remuneration and Benefits

Mr Yinka Oyekan received a salary of £45,244 (2023 - £45,244) and Mr Gareth Owen received a salary of £30,298 (2023 - £30,298).

Trustees who are employees are reimbursed minor amounts of expenses in their role as employees.

10 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2024
Number
7
2024
£
177,826
9,459
8,015
195,300		 2023
Number
6
2023
£
151,267
7,810
8,542
167,619

There were no employees whose annual remuneration was more than £60,000.

11 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

12 Transfers between funds

When fixed assets are purchased, where fund raising for these is classed as a restricted activity, transfers are made from restricted to unrestricted funds for the value of this expenditure when it is paid and no longer funded by loan finance. Other transfers may be made by the trustees between funds, for example where the need to finance a deficit on a restricted fund arises, restricted funds have been lawfully released and residue funds can be transferred to unrestricted funds or where the donor or charity law permits funds that have been restricted to be used for unrestricted purposes.

THE GATE READING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

13 Tangible fixed assets

Freehold land
and buildings
Motor vehicles
£
£
Cost
At 1 August 2023
6,613,643
3,755
Additions
523,224
-
At 31 July 2024
7,136,867
3,755
Depreciation and impairment
At 1 August 2023
-
2,771
Depreciation charged in the year
-
197
At 31 July 2024
-
2,968
Carrying amount
At 31 July 2024
7,136,867
787
At 31 July 2023
6,676,773
984		 Total
£
6,617,398
523,224
7,140,622
2,771
197
2,968
7,137,654
6,677,757

Included within the Freehold Land and Buildings above are the following properties and their net book values: The Gate - Central: £5,336,867, (2023: £4,813,643); The Gate - Empress Road: £775,000,(2023:£775,000); The Gate - Sindlesham:£1,025,000,(2023:£1,025,000).

No depreciation is provided on the Freehold Properties as the charity has in place a comprehensive programme of property maintenance and repairs for the properties and the market value of the properties is deemed to be not below the carrying value shown within these accounts.

14 Debtors

14 Debtors
2024 2023
Amounts falling due within one year: £ £
Other debtors 76,978 459,582
Prepayments and accrued income 1,199 1,953
78,177 461,535
15 Creditors: amounts falling due within one year
Creditors: amounts falling due within one year
2024 2023
£ £
Borrowings 76,913 79,090
Other taxation and social security - 1,096
Accruals and deferred income 6,350 68,229
83,263 148,415

THE GATE READING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

16 Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 2,450,645 2,431,157

The above long term creditors as at 31 July 2024 include:

A loan due to the Baptist Union amounting to £1,984,558 in total; £1,911,645 is disclosed within the long term creditors and £72,913 is disclosed within short term creditors. Interest only is being paid on this loan as at the year end and interest was being charged between 7.5% to 7.75% during the year, ending in 7.75% as at 31 July 2024.

Many interest free loans from the congregation totalling £525,000 with no set repayment dates or terms. These include a loans from Trustees - Yinka Oyekan £5,000; A Mitchell Baker £22,000; M Lewis £1,000.

A loan due to the Southern Counties Baptist Association amounting to £18,000 in total, £14,000 is disclosed within long term creditors and £4,000 is disclosed within short term creditors. This loan is interest free and the repayment terms are that £4,000 per annum is to be repaid.

17 Retirement benefit schemes

Retirement benefit schemes
2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 8,015 8,542

The operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the in an independently administered fund.

18 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 August
2023
Incoming
resources
Resources
expended
£
£
£
1,256,883
260,961
(200,636)
Previous year:
At 1 August
2022
Incoming
resources
Resources
expended
£
£
£
1,636,717
584,824
(136,975)		 Transfers
At 31 July
2024
£
£
(445,931)
871,277
Transfers
At 31 July
2023
£
£
(827,683)
1,256,883

THE GATE READING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024

19 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 August
2023
Incoming
resources
Resources
expended
£
£
£
Designated - Sindlesham Bank
activity
21,050
13,573
(14,079)
General funds
3,368,874
334,738
(296,943)
3,389,924
348,311
(311,022)
Previous year:
At 1 August
2022
Incoming
resources
Resources
expended
£
£
£
Sindlesham Bank activity
-
67,879
(46,829)
General funds
1,429,576
1,353,033
(241,418)
1,429,576
1,420,912
(288,247)		 Transfers
At 31 July
2024
£
£
(20,000)
544
465,931
3,872,600
445,931
3,873,144
Transfers
At 31 July
2023
£
£
-
21,050
827,683
3,368,874
827,683
3,389,924

The designated fund above represents bank accounts of Sindlesham Church and the activity for the year in respect of properties rented out at that site. During the year £20,000 was transferred from this fund to the central buildings fund.

20 Analysis of net assets between funds

Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
At 31 July 2024:
Tangible assets 3,834,309 3,303,345 7,137,654
Current assets/(liabilities) 38,836 18,576 57,412
Long term liabilities (1) (2,450,644) (2,450,645)
3,873,144 871,277 4,744,421

THE GATE READING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

20 Analysis of net assets between funds (Continued)
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
At 31 July 2023:
Tangible assets 3,328,398 3,349,359 6,677,757
Current assets/(liabilities) 61,526 338,681 400,207
Long term liabilities - (2,431,157) (2,431,157)
3,389,924 1,256,883 4,646,807

As part of the above unrestricted current assets/ liabilities funds £544 relates to designated funds held in respect of the Sindlesham bank accounts (2023: £21,050).

21 Related party transactions

Transactions with related parties

During the year the entered into the following transactions with related parties:

THE GATE READING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

21 Related party transactions

(Continued)

The church is associated with Barnabas Fellowship of Churches, to which it donated £19,992 during the year, (2023 £24,466). Gareth Owen is a trustee and 4 staff members received retainers form BFOC for their work.

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. Payments made to TGBDC during the year amounted to £128,868 (2023: £3,330,375). The value of the outstanding invoices owed to TGBDC as at 31 July 2024 is £Nil, (2023: £Nil). Amounts accrued as owing to TGBDC are £Nil as at the year end and are included in the payments figure above (2023: £63,129).

. The church is associated with Love Your Community (company limited by guarantee and charity number:1172625) of which they are the controlling member, and there is also common trustee. Love Your Community paid rent and services of £24,000 to the church during the year (2023: £24,000).

The church support the Emmaus Project registered as an Amuta in Israel and the amount donated during the year was £1,000 (2023: £1,625). Gareth Owen is an Amuta member.

During the year a number of trustees loaned funds to the charity in respect of its building project, for more details refer to note 16.

THE GATE READING

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2024

22
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Loan interest paid
Gain in respect of property received on amalgamation
Bank funds received on amalgamation
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in debtors
Increase in creditors
Cash generated from operations
23
Analysis of changes in net (debt)/funds
At 1 August 2023
£
Cash at bank and in hand
87,087
Loans due
(2,510,247)
(2,423,160)		 2024
2023
£
£
97,614
1,580,514
(816)
(902)
153,666
93,983
(1,025,000)
(50,346)
197
246
383,358
339,635
155
67,017
634,174
1,005,147
Cash flows
At 31 July 2024
£
£
(24,589)
62,498
(17,311)
(2,527,558)
(41,900)
(2,465,060)