2022-08-31-accounts

Reports	Reports	Reports
Reference and administrative			information	1
Trustees' report
Independent auditor's	report		on the
financial statements
Financial statements
Consolidated statement		offinancial
activities				12
Consolidated balance	sheet			13
Trust balance sheet				14
Consolidated statement		ofcash flows		15
Principal accounting	policies			16
Notes to the consolidated		financial
statements				20

	Trustees	Rev Nigel Cowgill (Chair)	Rev Nigel Cowgill (Chair)
		Bala Gnanapragasam	(Secretary)
		Mr Nevil Tomlinson	(Treasurer)
		Mrs Ama Ackah-Yensu
		Mr KojoAmoah-Arko
		Mr Joseph Anoom
		Ms Ruby Beech
		Mr Michael Davies
		Mr Alan Eccles
		Mr Wesley Gibbs
		Mr Martin Lougher
		Rev Anthony Miles
		Rev Lansford Penn-Timity
		Dr Joanna Williamson
Executive	Directors	Sarah Ainsworth
		Sarah Franczak
		Gary Savage
	Auditor	Buzzacott LLP
		130Wood Street
		London
		EC2V 6DL
	Bankers	HSBC Bank PLC
		The Peak
		333Vauxhall Bridge	Road
		London
		SW1V1EJ
	Solicitors	Pothecary Witham Weld
		70St George's Square
		London
		SW1V3RD

he current Trustees and those who served in t fsignature ofthis report are as follows: Trustee	he current Trustees and those who served in t fsignature ofthis report are as follows: Trustee	he current Trustees and those who served in t fsignature ofthis report are as follows: Trustee	he year to 31 August 20	22 and up to the date
Rev Nigel Cowgill (Chair) (from 1 September 2021)			Mr Alan Eccles
Mr Nevil Tomlinson	(Treasurer)		Rev Lansford Penn-Tirnity	(from 1 September 2021)
Bala Gnanapragasarn	(appointed	1 July 2022)	Mr Martin Lougher
Mrs Ama Ackah-Yensu			Rev Anthony Miles
Mr Kojo Amoah-Arko			Ms Genevieve Patnelli (to	31 August 2022)
Mr Joseph Anoom			Mr Wesley Gibbs (from 1	September 2021)
Ms Ruby Beech			Dr Joanna Williamson
Mr Michael Device

			Unrestricted	Endowment	Total	Unrestricted	Endowment	Total
			funds	funds	funds	funds	funds	funds
		Note	2022	2022	2022	2021	2021	2021f
Income from:
Trading activities
.Lsttings snd hiring			4,166,237		4,166,237	437,844		437,844
.Catering			1,353,251		1,353,251	201		201
Investment income from	bank
deposits			2,176		2,176
Other income
.Insurance claims			275,960		275,960
.Other			81,396		81,396	494,348		494,348
Total income			5,879,020		5,879,020	932,394		932,394
Expenditure
Expenditure on raising funds:
.Letting snd hiring		3	4,415,979		4,415,979	2,289,908		2,289,908
.Catering		3	1,249,083		1,249,083	240,928		240,928
Expenditure on charitable	activities	3	471,199	6,575	477,774	516,545	6,575	523,120
Interest payable			112,538		112,538	51,808		51,808
Total expenditure			6,248,799	6,575	6,255,374	3,079,189	6,575	3,085,784
Nst expenditure		2	(369,779)	(6,575)	(376,354)	(2,146,795)	(6,575) (2,153,370)
Taxation		9				42,208	—	42,208
			(369,779)	(6,575)	(376,354)	(2,104,587)	(6,575) (2,111,182)
Funds brought forward	at 1
September 2021			6,555,585	184,108	6,739,693	8660,172	190683	8,850855
Fund carried forward at 31
August 2022			6,185,806	177,533	6,363,339	6,555,585	184,108	8,739,693

				2022	2022	2021	2021
			Notes	8	8	5
Fixed assets
Tangible fixed assets					10,249,801		10,431,533
Equity share in menses					220,325		220,325
					10,470,126		10,651,858
Current assets
Debtors			10	1,049,506		1,410,865
Cash on deposit at the Central
Finance Board				7,251		5,076
Cash at bank and	in hand			55,817		51,293
				1,112,574		1,467,234
Liabilities
Creditors: amounts	falling due
within one year			11	(3,260,773)		(2,949,814)
Net current liabilities					(2,148,199)		(1,482,580)
Total assets less	current
Ilabelties					8,321,927		9,169,278
Creditors: amounts	falling due in
aRer one year			12		(1,958,588)		(2,429,585)
Total nst assets					6,363,339		6,739,693
Represented by:
Income funds —Unrestricted		funds	1e		e,186,806		6,555,585
Capital funds —Endowment		funds	16		177,533		184,108
Totelfunde					6,363,339		6,739,693

				Notes	2022t	2022t	2021 t	2021 t
Fixed assets
Tangible fixed assets						10,001,640		10,167,845
Equity share in mansss						220,325		220,325
Investment in trading		subsidiary				500,000		500,000
						10,721,965		10,887,970
Current asseis
Debtors				10	506,615		293,968
Cash on deposit at	the Central
Finance Boaid					4,855		4,831
Cash at bank and in hand					54,710		50,343
					566,180		349,142
Liabilities
Creditors: amounts	falling due
within one year				11	(1,373,337)		(545,159)
Net current liabilities						(807,157)		(197,017
Total assets less curmnt
liabilities								10,890,953
Creditors: amounts	falling dus aRer
more than one year				12		(1,558,584)		(1,929,585)
Total net assets						8,356,224		8,761,368
Represented by:
Income funds —Unrestricted			funds	16		8,178,691		8,577,260
Capital funds —Endowment			funds	16		177,533		184,108
Total funds						8,356,224		8,761,368

											2022	2021
									Notes		E	E
	Cash flows from operating		activities:
	Net cash provided by operating			activities					A		489,811	(1,760,177)
	Cash flows from investing		activities:
	Investment income and interest			received							2,151	1
	Purchase oftangible fixed assets										(180,180)	(108,319)
	Nst cash used in investing		activities								(158,029)	(108,318)
	Cash flows from financing		activities:
	Repayments ofamounts borrowed										(257,004)	(185,736)
	Cash inflowe from new borrowing											2,000,000
	Net cash (used in) provided	by financing				activities					(257,004)	1,814,264
	Change in cash and cash	equivalents				in the year					74,578	(54,231)
	Cash and cash equivalents		at	1September 2021						8	(654,709)	(600,478)
	Cash and cash equivalents		at	31August			2022			B	(580,131)	(654,709)
A	Reconciliation ofnet movement				in	funds		to net	cash used	in	operating activities
											2022	2021
											E	E
	Net movement in funds (as		per the statement					of
	financial activities)										(376,354)	(2,111,162)
	Adjustments for:
	Depreciation charge										341,912	344,234
	Investment income and interest			receivable							(2,151)	(1)
	Decrease (increase) in debtors										361,359	(195,917)
	Increase in creditors										164,845	202,669
	Net cash (used in) provided		by operating				activities				489,611	(1,760,177)
8	Analysis ofcash and cash			equivalents
											2022	2021
											E	E
	Cash at bank and in hand										55,817	51,293
	Short term deposits										7,251	5,076
	Bank cverdrafi										(643,199)	(711,078)
	Total cash and cash equivalents										(580,131)	(654,709)
C	Analysis ofchanges in	net		debt
									At	1		At 31
									September		Cash	August
									2021		flows	2022
									E		E	E
	Cash at bank								56,369		6,699	63,068
	Bank overdraft								(711,078)		67,879	(643,199)
									(654,709)		74,578	(580,131)
	RBSloan								(693,408)		175,581	(517,827)
	HSBC loans								(2,000,000)		81,423	(1,918,577)
									(2,693,408)		257,004	(2,436,404)
	Total net debt								(3,348,117)		331,582	(3,016,535)

Its trading r	esults, extracted from its audited accounts	were as follows:
		2022	2021
		8	f.
Turnover		5,451,488	438,045
Cost ofsales		(4,592,215)	(1,749,121)
Gross profit	(loss)	859,272	(1,311,076)
Administrative	expenses	(1,277,131)	(1,273,413)
Operating loss		(417,859)	(2,584,489)
Interest receivable		2,151	1
Interest payable		(43,398)	(29,398)
Other income		487,893	523,418
Profit (loss)	before Gift Aid snd Taxation	28,787	(2,090,468)
Taxation			42,208
Retained profit (loss) for the year		28,787	(2,048,260)

6275,690(2021:633,089)and Coronavirus Job Re 6310,454).	tention Scheme income of67	,691(2021
	2022	2021
Net (liabilities) oftrading subsidiary		5
Total assets	1,915,282	1,625,882
Total liabilities	(3,408,157)	(3,147,554)
Net liabilities	(1)492885)	(1 521672)

Net expenditure is sta	te	d after	charging:
				2022	2021
Operating lease rentals				7,620	15,421
Depreciation —owned assets				341,192	344,234
Auditor's remuneration
.current year (group)				18,150	17,600
.other services				6,245	5,484
Total expenditure
				2022	2021
Expenditure on raising	funds			E
Letting and hiring costs
Hiring expenses and commissions				524,863	154,923
Wages and salaries (note		5)		1,584,321	1,242,278
Advertising and publicity				17,718	9,057
Maintenance, insurance,		heating	and lighting	1,096,660	593,425
Office and administration		costs		80,550	39,139
Legal and professional				144,358	52,021
Depreciation				61,661	65,952
Bad debts				(1,885)	(20,397)
Other costs				907,733	133,510
				4,415,979	2,269,908
				2022	2021
Expenditure on raising funds
Catering costs
Subcontracted catering	costs			1,249,083	240,928
				2022	2021
Charitable activities				5
Grants to the church				130,000	130,154
Depreciation ofthe building				280,251	278,282
Wages and salaries (note 5)				43,543	45,054
Legal and professional	fees (note 4)			5,830	52,020
Auditor's remuneration	—current		year (note 4)	18,150	17,600
				477,774	523,120

			Cos1s of
			raising	Charitable	Total
			funds	activities	2022
2022			E	E	E
Auditor's	remuneration	—current year		18,150	18,150
Legal and	professional	fees	144,358	5,830	150,188
			144,358	23,924	168,338
			Costs of
			raising	Charitable	Total
			funds	actwities	2021
2021			E	F	E
Auditor's	remuneration	—current year		17,600	17,600
Legal and	professional	fees	52,021	52,020	104041
			52,021	69,620	121,641

			2022	2021
			No.	No.
Hirings and	lettings		36	25
Support services			1	1
			37	26
Cost for these employees		was:
			2022	2021
			E	E
Wages and	salaries		1,369,270	1,087,990
Social security costs			143,523	107,186
Pension costs			96,819	92,156
Temporary	staff		18,252
			1,627,864	1,267,332

Tangible fixed assets
	Freehold		Computer
	buildings and	Fixtures and	and oNce
Group	improvements	riNings 6	equipment 2	Total 8
Cost
At 1 September 2021	14,081,664	924,862	23,837	15,030,363
Additions	114,247		45,933	160,180
At 31August 2022	14,195,911	924,862	69,770	15,190,543
Oepmciation
At 1 September 2021	3,914,019	671,689	13,122	4,598,830
Charge for the year	280,251	56,464	5,197	341,912
At 31 August 2022	4,194,270	728,153	18,319	4,$40,742
Net book vat lie
At 31August 2022	10,001,641	196,709	51,451	10,24$,801
At 31August 2021	10,167,645	253,173	10,715	10,431,533

	Freehold
	buildings and
	improvements	Total
Trust	E	6
Coat
At 1 September 2021	14,081,864	14,081,664
Additions	114,246	114,246
At 31 August 2022	14,195,910	14,195,910
Depreciation
At 1 September 2021	3,914,019	3,914,019
Charge for the year	280,251	280,251
At 31 August 2022	4,194,270	4,194,270
Net book value
At 31 August 2022	10,001,640	10,001,640
At 31 August 2021	10 167645	10,167,645

7	Equity share	Equity share	in	manses
								Leasehold
	Grou and Trust							properties 5
	Cost
	At 1 Se tember		2021 and 31 Au		ust 2022			220,325
8	Investment	in	trading subsidiary
							2022	2021
	Trust							5
	Share capital						500,000	500,000
	The summarised			balance sheet ofthe subsidiary		company	is as follows:
							2022 6	2021f
	Fixed assets						248,161	253,888
	Current assets						1,667,121	1,351,994
	Liabilities						(3,408,167)	(3,147,554)
	Net funds						(1,492,885)	(1,521,572)

Debtors
			2022	2021
Grou			6
Trade debtors			461,038	811,494
Other debtors			345,341	423,349
Prepayments	and accrued income		243,127	129,814
Taxation debtor				45,208
			1,04$,506	1,410,865
Trust			2022f	2021f
Amounts due	from subsidiary	undertaking	222,450
Other debtors			271,841	271,841
Prepayments			12,324	22,127
			506,615	293,968

Group				2022f	2021f
Bank overdraft				643,199	711,078
Royal Bank ofScotland loan	(note	12)		182,400	182,400
HSBC loans (note 12)				295,416	81,423
Trade creditors				461,321	127,578
Deferred income (see below)				1,233,374	1,507,861
Other taxes and social security					42,501
Other creditors end accruals				171,601	167,999
VAT payable				273,462	128,974
				3,260,773	2,949,814
Ti'ust				2022f	2021f
Royal Bank ofScotland loan	(note	12)		182,400	182,400
HSBC loan (note 12)				195,420	81,423
Trade creditors				140,914	110,070
Amounts owed to subsidiary	undertaking		(note 1)	620,000	53,972
Income in advance from subsidiary		undertaking		185,374	92,587
Other creditors and accruals				45,648	9,021
VAT payable				3,581	16,585
				173735337	545 159

				Brought	Invoiced	Released	Carried
2022				forward f	in the year f	in the year f	forwardf
Letting	deposits	in	advance	1,557861	6~15783	~8668288	1.23337
				Brought	Invoiced	Released	Carried
2021				forward f	in the year f	in the year f	forward
Letting	deposits	in	advance	1,296,531	731,003	(519,673)	1,507,851

Credit	ors:	amounts	falling due after more th	an one year
Group				2022f	2021
Royal	Bank	ofScotland	loan	335,427	511,008
HSBC	loan			1,623,161	1,918,577
				1,958,588	2,429,585

Credi	tors:	a	mounts	falling due after more th	an one year (continued)
					2022	2021
Trust					6	E
Royal	Bank	of	Scotland	loan	336,427	511,008
HSBC	loan				1,223,157	1,418,577
					1,558,584	1,929585

						Oflice	equipment
						2022	2021
						6	6
Within	1	year				7,620	15,241
Between		two	snd	five	years		7,620
						7,620	22,861

Analysis ofnet as	sets between funds
		Unrestricted	Endowment	Total
		funds	funds	2022
Group - 2022		6	6	5
Tangible fixed assets		10,072,268	177,533	10,249,801
Equity share in menses		220,325		220,325
Net current liabilities		(2,148,199)		(2,148,199)
Long term liabilities		(1,958,588)		(1,958,588)
		6,185,806	177,533	6,363,339
		Unrestricted	Endowment	Total
		funds	funds	2021
Group —2021		6		5
Tangible fixed assets		10,247,425	184,108	10,431,533
Equity share in menses		220,325		220,325
Net current liabilities		(1,482,580)		(1,482,580)
Long term liabilities		(2,429,585)	—	(2,429,585)
		6,555,585	184,108	6,739,693
		Unrestricted	Endowment	Total
		funds	funds	2022
Trust —2022		6	5	6
Tangible fixed assets		9,824,107	177,533	10,001,640
Equity share in menses		220,325		220,325
Investment in trading	subsidiary	500,000		500,000
Net current liabilities		(807,157)		(807,157)
Long term liabilities		(1,558,584)		(1,558,584)
		8,178,691	177,533	8,356,224

Analysis o	f net as	sets between funds	(continued)
			Unrestricted	Endowment	Total
			funds	funds	2021
Trust —2021			8	8	8
Tangible lixed assets			9,983,537	184,108	10,167,645
Equity share	in manses		220,325		220,325
Investment	in trading	subsidiary	500,000		500,000
Net current	liabilities		(197,017)		(197,017)
Long term liabilities			(1,929,585)		(1,929,585)
			8,577,260	184,108	8,761,368