Charlty reglstratlon nUmr 1132037 IEngland and Wal&sl THE GATE READING ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
THE GATE READING LEGAL AND ADMINISTRATIVE INFORMATION Trustèes Y Oyekan G Owen M Lews A Mil¢hell-Baker R C Baker G J Bowden WLee (Appointed 22 October 20251 Charlty number 1132037 Audltor Brulon Chades- Chartered Accounlanls The Coachhouse Gieys Green business Centre Henley-on-Thames Oxfordshire RG9 40G RG9 4QG
THE GATE READING CONTENTS Page Trustees, report Statement of trustees, responsibilities Independent auditor's report Statement of financial activities Balance sheet Slalement of cash flows Notes to the financial slalemenls 10-22
THE GATE READING TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY2025 The Iruslees present their annual report and financial ststemenls for the year ended 31 July 2025. The financial statements have been prepared in accordance wth the accounting policies Set out in note 1 to the financial slalemenls and comply with the church's governing document, the Charities Act 2011, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Stslemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" Oblectlves and actlvltles The main objectives of the church are.. 1. the advanment of the Christian faith according lo the principles of the Baptist denomination in the United Kingdom andlor other parts of the worfd as the charity Iruslees think fil", 2. the advancement of education in the United Kingdom andlor other parts of the world as the charity trustees think fil", an 3. the relief of those in need by reason of youth, age, ill-heallh, disability, financial hardship or other disadvantage in the United Kingdom andlor other parts of the world as the charty trustees think fit. The trustees have read the Charity Commission guidance on public benefit, and are satisfied that the activities in this report dearly demonstrate that the charity is providing a benefit to the public. Public benefit The Iruslees have paid due regard to guidance issued by the Charity Commission in deciding what activities the church should undertake. Achievements and perforniance Significant activities and achievements against objectives The Gate has continued to work to its vision, 'Renewed by the Fathers presence, we are an apostolic chLJrch, redeeming people, communities and culture,. Our Sindlesham community in Wokingham has eontinued lo see significant growth including a number of refugees from the middle east. Work lo rectrfy defects on the redevelopment of the 'Gale Central, sile remained oulslanding by August 2025 so the final account has still yet to be completed. To help fund oulstsnding loans on the Gale Central building, we sold Empress Rd church site and part of the car park to a Romain Orthodox Church. These assets were surplus lo requirements following the closure of the Reading TLG Centre in 2023. The pioneering of our new community in Didcol has continued lo progress well. Our social action atm Love Your Community, including Acorns Nursery School has continued lo thrive and our second Nursery School, Conkers, which Is located al our Sindlesham has gone from strength 10 51renglh. The leadership team and trustees are grateful lo the staff for supporting the work of the church throughout the year. We also would like lo thank everyone who faithfully gave lime and money lo serve the church across all of r(s ministries. The Gate maintained ils missional links mainly through working with churches involved in the Turning and Bamabas Fellowship of Churches. We also continued to support a number of Baptist churches in revitalisalion and pioneering. Financial review Details of the charities income, costs, net incomellexpèndilurel and financial position for the year can be found on pages 7 and 8 and the supporting notes.
THE GATE READING TRUSTEES. REPORT ICONTINUED FOR THE YEAR ENDED 31 JULY2025 Reserve$ 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 al this level will ensure that, in the event of a significant drop in funding, they will be able lo continue the charity's current activities while consideration is given lo 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 lo recover. Major risks Thè trustees have assessed thè major risks to which the ¢hur¢h is exposed, and are Satisfied that systems arg in place to mitigate exposure to the major risks. Structure, governance and management The Gale Reading Iformerfy 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 Icharity number.. 11320371. The Iruslees who served during the year and up to the dale of signature of the financial slalements were". Y Oyekan G Owen M Lewis A Mitchell-Baker R C Baker G J Bowden R Silley WLee (Resigned 22 September 20241 (Appointed 22 October 20251 The Iruslees, report was approved by the Board of Trustees. Y Oyekan Trustee 7 May 2026
THE GATE READING STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY2025 The ITuslees are responsible for preparing the TTUStees' Report and the financial stslemenls in accordance with 8ppli¢able law and United Kingdom A¢¢ounling Standards (United Kingdom Generally A¢¢epled A¢¢ounling Praclicel. The law applicable lo charities in England and Wales requires the trustees to prepare financial slalements for each financial year which give a true and fair view of the stsle of affairs of the church and of the incoming resources and application of resources of the church for that year. In preparing these financial slalements, the trustees are required lo.. select suitsble 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 lo any material departures disclosed and explained in the financial slatemenls., and prepare the financial statements on the going concem basis unless il is inappropriate lo presume that the charty will continue in operation. The trustees are responsible for keeping sufticient accounting records that disclose with reasonable accuracy al any lime the financial position of the church and enable them to ensure that the financial slalements comply with the charib.es Act 2011, the charity (Accounts and Reportsl Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevenb'on 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 Ithe 'church'l for the year ended 31 July 2025 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 stalemenls.. give a true and fair view of the slate of the charity's affairs as at 31 July 2025 and of ils incoming resources and application of resoLJrces, for the year then ended., have been properfy prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorts sponSIbl111eS for the audit of the financial statements section of our report. We are independent of the church 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 wth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slalements, we have concluded that the Iruslees, use of the going concern basis of accounting in the preparation of the financial stslemenls is appropriate. Based on the work we have performed, we have not identified any material Ljncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the church's ability to continue as a going concern for a period of at least he1ve months from when the financial slalements are authorised for issue. Our re5ponsibililies and the responsibilities of the trustees wlh respect lo going concem are deribed in the relevant sections of this report. other inforrnation 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 slalements does not cover the other infomialion and we do not express any fomi of assuran condusion Ihereon. Our responsibility is to read the other informatlon and, in doing so, consider whether the other infomiation is materially inconsistent wlh the financial statements or our knoedge obtained in the course of the audit, or otherwise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether this gives rise to a material misslalemenl in the financi81 statements themselves. If, based on the work we have performed, we conclude that there Is a material misslatemenl of this other information, we are required lo 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 lo which the Charities (Accounts and RepDrtsl Regulations 2008 requires us lo report lo you if, in our Dpinion.. the Information givèn in the financial slalements is ineonsislenl in any material respect with the trustees. report", or sufficient awunting records have not been kept.. or the financial statements are not in agreement with the accounting records., or we have not received all the infomation and explanations we require for our audit.
THE GATE READING INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GATE READING Responsibilities of tru$tee$ 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 Iruslees determine is essary lo enable the preparation of financial statements that are free from material misslatemenl, whether due to fraud or error. In preparing the financial statements, the Iruslees are responsible for assessing the church's ability lo continue as a going concern, disdosing, as applicable, matters related lo going concein and using the going concern basis of accounting unless the tiuslees either intend lo cease operations, or have no realistic alternative bul to do so. Auditorfs responsibilities for the audit of the financial statements We have been appointed as auditor undèr section 144 of the Charities Act 2011 and report in accordance wth the Act and relevant regulations made or having effect thereunder. Our objertives 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 IUKI will always delect a material misstalemenl 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 deusions of users taken on the basis of these financial slatemenls. 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 Reporb'ng Council's website at.. https.'Il www.trc.org.uklauditorsresponsibililies. This description forms part of our auditor's report. Other matters Your attention is drawn lo the fa¢t that the charity has prepared financial slalements in accordance with "A¢¢ounling and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporb"ng Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended) in preference lo the Accounting and Reporting by Charities.. Statement of Recommended Practice Issued on 1 April 2005 which Is referred to in the extant regulations bul has now been withdrawn. This has been done in order for the financial slalements lo provide a true and fair view in accordance with current Generally Accepted Accounting Practice. Use of our report This report is made solely lo 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 lo state to them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility lo 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. Neil Major (Senior Statutory Auditor) For and on behalf of Bruton Charles, Stslulory Auditor Chartered Accountsnts The Coach House Greys Green Business Centre Henley-on-Thames Oxfordshire RG9 4QG 7 May 2026
THE GATE READING INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE GATE READING Btuton Chades is eligible for appointment as auditor of the ehureh by virtue of its eligibility for appointment 88 8udilor 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 JULY2025 Unre$trlct9d Rg$trlcted funds funds 2025 2025 Totsl Unrestrlcted Restrlcted funds funds 2024 2024 Totsl 2025 2024 Notes Income from: Donations and legacies Charitsble activities Investments 355,482 4,227 271,345 626,827 4,227 340,598 8,033 800 259,825 600,423 8,033 816 16 Total Income 359,714 271,345 631,059 349,431 259.841 609,272 enditure on- Raising funds 2,435 2,435 Charitable activities 302,497 141,484 443,981 312,583 196,640 509,223 Total expendlturg 302,497 141,484 443,981 312,583 199.075 511,658 Profil on disposal of fixed assets 10 268,771 268,771 Net incoming resources before transfers 57,217 398,632 455,849 36,848 60,766 97,614 Gross transfers between funds 930,403 1930,4031 446,372 1446,3721 Net incomellexpenditurel for the yearl Net movement In fund$ 987,620 1531,7711 455,849 483,220 1385,6061 97,614 Fund balances at 1 August 2024 3,873,144 871,277 4,744,421 3,389,924 1.256.883 4,646,807 Fund balances at 31 July 2025 4,860,764 339,506 5,200,270 3,873,144 871,277 4,744,421 The slalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from conts"nuing aclivilie5.
THE GATE READING BALANCE SHEET AS AT31 JULY2025 2025 2024 Notes Fixed asset5 Tangible assets 13 6,612,544 7,137,654 Current assets Debtors Cash al bank and in hand 14 64,794 105,620 78.177 62,498 170,414 140,675 Creditors- amounts falling due within one year 15 148,5541 183,2631 Net current assets 121,860 57,412 Total assets less current liabilities 6,734,404 7,195,068 Creditors: amounts falllng duo after more than one year 16 11,534,134) 12,450,645) Nat assets oxcluding pgnsion liabilty 5,200,270 4,744,421 Net assets 5,200,270 4,744,421 The funds of the church Restricted income funds Unrestricted funds 18 19 339,506 4,860.784 871,277 3,873,144 5,200,270 4,744,421 The financial statements were approved by the trustees on 7 May 2026 Y Oyekan Trustee
THE GATE READING STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY2025 2025 2024 Notes Cash flows from operatlng actlvlt19$ Cash generated from operations 22 319,914 634,174 Investing activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Investment Income received 122,5471 1523,2241 816,271 816 Net cash generated fromllused in) investing activities 793,729 1522,4081 Financing activities Cash Inflowl loufflowl from borrowings Loan interest paid 1950,1201 1120,4011 17,311 1153,6661 Net cash used In flnanclng actlvltles 11,070,521) 1136,3551 Net increaselldecreasel in cash and cash equivalents 43,122 124,5891 Cash and cash equivalents at beginning of year 62,498 87,087 Cash and ¢a$h gqulvalents at 9nd of ygar 105.620 62,498
THE GATE READING NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2025 Accounting policies 1.1 Accounting convention The financial statements have been prepared in accordance with the church's goveming document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 IFRS 1021 The church 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 lo provide a true and fair view. This departure has involved following the Slalement of Recommended Practice for charities applying FRS 102 rather than the version of the Slalement of Recommended Practice which Is referred to in the Regulations bul which has since been wrthdrawn. The financial statements are prepared in sterling, which is the functional currency of the church. Monetary amounts In these financial slalements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention, Imodified to indude the revaluation of freehold properb.es and to include investment properties and certain financial instruments al fair valuel. The principal accounting policies adopted are sel out below. 1.2 Going concern At the time of approving the financial slalements, the trustees have a reasonable expectslion that the church has adequate resources to continue in operational existen 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 al 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 finanaal slalements. 1.4 In¢ome Income is recognised when the church is legally entitled lo il 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 church has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the lime of the donation. Legacies are recognised on reIpl or otherwise if the church 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 JULY2025 Accountlng poll¢l&s Icontlnugd) 1.5 Expenditure Expendrture is recognised once there is a legal or constructive obligation lo transfer economic benefit lo third party, il is probable that a transfer of economic benefits wll be required in selllemenl, and the arnounl of the obligation can be measured reliably. Expend(ture is classified by aclivily. The costs of each activity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs attributsble lo a single activity are allocated directly to that activity. Shared Costs which contribute to more than one activity and support costs which are not attributsble to a single activity are apportioned bebNeen those activities on a basis consistent with the use of resources. Central stsff costs are allocated on the basis of lime spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tanglble flxed 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 Motor vehicles Not depreciated, see note 13 commentary 20°A 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 slalement of finanaal adivibes. 1.7 Impaimient of fixad assots At each reporting end dale, the church reviews the carrying amounts of ils tangible assets lo determine whether there is any indication that those a55et5 have suffered an Impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order lo detemiine the extent of the impairment loss lif any). 1.8 Cash and cash gqulvalents Cash and cash equivalents include cash in hand, deposits held at call wth banks, other short-lerm liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within botrowing5 In current liabilities. 1.9 Financial instruments The church has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its finanaal instrLJments. Financial instruments are recognised in the church's balan sheet when the church becomes paty to the contractual provisions of the instrument. Financial assets and liabilib.es are offset, with the net amounts presented in the financial slatemenls, when the is a legally enforceable right lo sel off the recognised amounts and there is an intention to settle on a nel basis or to realise the asset and settle the liability SIMU8neOU$Iy. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at am0Sed cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured al the present value of the future receipts discounted al a market rate of interest. Financial assets classified as receivable within one year are not amortssed.
THE GATE READING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Accountlng poll¢l&s Icontlnugd) Basic financial liabilities Basic financial Iiabililies, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt Instrument is measured al 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 al amortised cost, using the effective interest rale 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 dassilied as current liabilities If payment is due wlhin one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are recognised initially al transaction price and subsequently measured al amortised cost using the effective interest method. 1.10 Employee benefits The cost of any unused holiday enlillement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the church is demonstrably committed to temiinate the employment of an employee or to provide termination benefits. 1.11 Rgtlrement bgngfits Payments lo defined contribution retirement benefit schemes are charged as an expense as they fall due. 12-
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THE GATE READING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Charitable activities 2025 2024 Ministry income 4,227 8,033 Income from Investments Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Interest receivable 800 16 816 Ralslng funds Total Restricted funds 2025 2024 Fundraisin and ublicil Building project fundraising costs 2,435 2,435 14-
THE GATE READING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Charitable activities Unrestricted Restricted Charitable Charitable Expenditure Expenditure 2025 2025 Total 2025 Unrestricted Restricted Charitable Charitable Expenditure Expenditure 2024 2024 Total 2024 Staff costs Depreciation of tangible fixed assets Building project expenses Other staff costs Youth work Catering & Events Families & Children Premises expenses Minibus & Travel Grants lo institutions Grants lo Individuals Legal lees IT costs Bank charges Interest payable Subscriptions Audit and accountancy Sundry expenses 156,197 156,197 190,276 190,276 158 158 197 197 19,457 19,457 9,864 4.467 5,065 2,590 90,959 2,425 15,814 18,077 18,077 5,024 7,093 6,033 3,409 83,166 3,882 19,992 2,906 4,320 1,175 1,084 153,668 2,761 5,578 9,864 4,467 4,983 2,590 90,959 2,425 15.814 5,024 7.093 5,358 3.409 64,503 3,882 17.430 300 4,320 1,175 890 82 675 18,863 2,562 2,606 1,200 1,200 3,058 1,068 120,401 4,148 5,764 1,348 3,058 882 186 120,401 194 153,666 4,148 5,764 1,346 2,761 5,576 586 302,497 141,484 443,981 312,583 196,640 509,223 Support costs a$ part of above charitable costs IT costs Premises expenses Bank charges Interest payable Subscriptions Audit and accountancy Sundry expenses 3.058 90,959 882 3.058 90,959 1,068 120,401 4,148 5,764 1,346 1.175 64,503 890 1,175 83,166 1,084 153,666 2,761 5,576 18,663 194 153,666 186 120,401 4,148 5,764 1,346 2,761 5.576 586 106,157 120,587 228,744 75,491 172,523 248,014 Net movement In funds 202S 2024 The net movement in funds is slated after chargingllcredilingl". Fees payable for the audit of the charity's financial slalements Depreciation of owned tangible fixed assets 5,250 158 5,100 197 15-
THE GATE READING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Trustees. Remuneration and Benefits Mr Yinka Oyekan received a salary of £45,244 12024 - £45,244} and Mr Garelh Owen received 8 salary of £30,29812024 - £30,298). Trustees who are employees are reimbursed minor amounts of expenses in their role as employees. Employees The average monthly number of employees during the year was.. 2025 Number 2024 Number Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 141,165 8,562 6,470 172,802 9,459 8,015 156,197 190,276 There were no employees whose annual remuneratlon was more than £60,000. 10 Profit on disposals of fixed assots Restrlcted funds 2025 Restrlcted funds 2024 Gainslllossesl arising on.. Part disposal of properties 268,771 11 Taxation The charity is exempl from lax on income and gains falling within section 505 of the Taxes A¢t 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo ils charitable objects. 16-
THE GATE READING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 12 Transfers between funds When fixed asset5 are purchased, where fund raising for these is classed as a reslricled aclivily, Ir8nsfers are made from reslricled lo unreslricled funds for the value of this expenditu when il is paid and no longer funded by loan finance. Other transfers may be made by the trustees between funds, for example where the need lo finance a deficit on a reslricled fund arises, reslrided funds have been lawfully released and residue funds can be transferred lo unrestricted funds or where the donor or charity law permits funds that have been restricted to be used for unreslricled purposes. 13 Tanglble flxed assets Fréèhold land Motor vehlcl8S and bulldlngs Totsl Cost At 1 August 2024 Additions Disposals 7,136,868 22,547 1547,5001 3,755 7,140,623 22,547 1547,5001 At 31 July 2025 6,611,915 3,755 6,615,670 Depreciation and impaimient At 1 August 2024 Depreciation charged in the year 2,968 158 2,968 158 At 31 July 2025 3,126 3,126 Carrylng amount At 31 July 2025 6,611,915 629 6,612,544 At 31 July 2024 7,136,867 787 7,137,654 Included within the Freehold Land and Buildings above are the following properties and their net book values.. The Gale - Central.. £5,359,415, 12024.. £5,336,867)., The Gate - Empress Road.. £227,500,12024'.£775,0001,' The Gale- Sindlesham'.£1,025,000,12024'.£1,025,0001. No depreciation is provided on the Freehold Properties 85 the charty has in Pla a comprehensive programme of propety maintenance and repairs for the properties and the market value of the properties is deemed lo be not below the carrying value shown within these a¢¢ounls. 14 Debtors 202S 2024 Amounts falling due within one year: other debtors Prepayments and accrueil income 63,258 1,536 76,978 1,199 64,794 78,177 17-
THE GATE READING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 15 Creditors.. amounts falling due within one year 2025 2024 Borrowings Accruals and deferred income 43,304 5,250 76,913 6,350 48,554 83,263 16 Credltors.. amounts falllng due after more than one year 202S 2024 other creditors 1,534,134 2,450,645 The above long term creditors as at 31 July 2025 include.. A loan due lo the Baptist Union amounting to £1,273,438 in lolal., £1,234,134 is disclosed within the long temi creditors and £39,304 is disclosed within short temi creditors. Interest only is being paid on this loan as al the year end and interest was being charged between 5.250kn 10 7.000kn during the year. ending in 5.25% as at 31 July 2025. Many interest free loans from the congregation tolalling £292,000 with no set repayment dates or terms. These include a loans from Trustees- Yinka Oyekan £5,000 and A Mitchell Baker £22,000. A loan due lo the Southern Counties Baptist Association amounting lo £12,000 in lolal, £8,000 is disclosed within long term creditors and £4,000 is disclosed wlhin short term creditors. This loan is interest free and the repayment temis are that £4,000 per annum is lo be repaid. 17 Retlrement beneflt schemes 202S 2024 Defined contribution schemes Charge to profil or loss in respect of defined contribution schemes 6,470 8,015 The church operates a defined conlributs.on pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the church in an independently administered fund. 18 Restricted funds The reslricled 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 2024 Incoming resources Resources expended Transfers Gains and losses At 31 July 2025 871,277 271,345 1141,4841 1930,4031 268,771 339,50S 18-
THE GATE READING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 18 R9StrIed funds Icontlnugd) Previous year: At 1 August 2023 Incoming resources Resources expended Transfers Gains and losses At31 July 2024 1,256,883 259,841 1199,0751 1446,3721 871,277 19 Unrgstricted 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 l August 2024 Incomlng resources Resources expended Transfers At31 July 2025 Designated - Sindlesham Bank activity General funds 544 3.872.600 10,438 349,276 17,3241 1295,1731 3,658 4,857,106 930.403 3,873,144 359,714 1302,4971 930,403 4,860,764 Prevlous year: At 1 August 2023 Incoming resources Resources expended Transfers At 31 July 2024 Designated - Sindlesham Bank activity General funds 21,050 3,368,874 13,573 335,858 114,0791 1298,5041 12Q,0001 466,372 544 3,872,600 3.389,924 349,431 1312,5831 446.372 3,873,144 The designated fund above represents a bank account of Sindlesham Church and the activity for the year in respect of properties rented out al that sile. 20 Analysis of net assets between funds Unrestricted funds 2025 Restricted funds 2025 Total 2025 At 31 July 2025: Tangible assets Current asselsllliabilitiesl Long term liabilities 4,806,976 53,788 1,805,568 6,612,544 68.072 121,860 11,534,134) 11,534,134) 4,860,764 339,506 5,200,270 19-
THE GATE READING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 20 Analysls of net assets b&tween funds Icontlnugd) Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 July 2024- Tangible assets Current assets]Iliabilitiesl Long term liabilities 3,834,309 3,303,345 7,137,654 38,836 18,576 57,412 111 12,450,6441 12,450,645) 3,873,144 871,277 4,744,421 As part of the above unrestricted current assetsl liabilities funds £3,658 relates to designated funds held in resped of the Sindlesham bank accounls12024'. £5441. 21 Related party transactions Transactions with related parties During the year the church entered into the following transactions with related parties.. -20-
THE GATE READING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 21 Rglated party transaOn5 Icontlnugd) The church is associated rith Barnabas Fellowship of Churches, to which it donated £11.880 during the year, 12024 £19,992). Garelh Owen is a trustee and 4 staff members received retainers form BFOC for their work. The Gale Reading church is assoaaled with The Gale Building Development Company Ltd Icompany number.. 122727151 wth a common director. The church has contracted with the company in relation to the redevelopment of its sile in Reading. Payments madè lo TGBDC during the year amounted lo £22,54712024". £128,868). The value of the outstanding invoices owed to TGBDC as 8131 July 2025 is £5,812 12024". £NIll. Amounts acctued as owing to TGBDC are £Nil as at the year end and are included in the payments figure above12024.' £Nill. The church is associated with Love Your Community (company limited by guarantee and charity number.'11726251 of which they are the controlling member, and there is also common trustee. Love Your Community paid rent and services of £25,000 to the church during the year12024.' £24,0001. The church support the Emmaus Project registered as an Amula in Israel and the amount donated during the year was £3,33412024." £1,000). Garelh Owen is an Amula member. During the year a number of trustees loaned funds lo the charity in respect of ils building project, for more detsils refer lo note 16. 22 Cash generated from operatlons 2025 2024 Surplus for the year 455.849 97,614 Adjustments for.. Investment income recognised in statement of financial activf(ies Loan interest paid Gain on disposal of tangible fixed assets Depreciation and impairment of tangible fixed assets 151 120,401 1268.7711 158 18161 153,668 197 Movements in working capital.. Decrease in debtors (Decreasellincrease in creditors 13,382 11,1001 383,358 155 Cash generated from operations 319,914 634,174 21
THE GATE READING NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 23 Analysi$ of changes in net Idebtlmunds At 1 August 2024 Cash flows At 31 July 2025 Cash at bank and in hand 62,498 43,122 105,620 Loans due 12,527,558) 950,120 11,577,438) 12,465,060) 993,242 11,471,818) -22-