**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.
- 1 -
## **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
- 2 -
## **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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
- 3 -
## **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:
- give a true and fair view of the state of the charity’s affairs as at 31 July 2024 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 information given in the financial statements is inconsistent in any material respect with the trustees' report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
- 4 -
## **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.
- 5 -
## **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.
- 6 -
## **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.
- 7 -
## **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**
- 8 -
## **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|
|---|---|
- 9 -
## **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.
- 10 -
## **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.
- 11 -
## **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.
- 12 -
## **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|
- 13 -
## **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**
- 14 -
## **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|
- 15 -
## **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.
- 16 -
## **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|
- 17 -
## **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|
|---|---|
- 18 -
## **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|
- 19 -
## **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:
- 20 -
## **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.
- 21 -
## **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)|
|---|---|
- 22 -