|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|