2021-12-31-accounts - Duke Street Church (Richmond-Upon-Thames)

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Trustees		John Samuel (Chair)	John Samuel (Chair)
		John Taylor
		Paul Chambers
		Ivan Baird
		David Shafik
		Lisa Coleridge
		Ali Azzopardi
		Gareth Batten
		Tim Totton
		Siobhan Temple
		Stephen Pryor		(Appointed	20 May 2021)
		Chuck Bateman		(Appointed	25 March
				2021)
Charity number		1134492
Company	number	07118491
Registered	office	Duke Street
		Richmond
		Surrey
		TW9 1DH
Auditor		Jacob Cavenagh	8 Skeet
		5 Robin Hood Lane
		Sutton
		Surrey
		SM12SW
Bankers		Barclays Bank pic

		Page
Trustees' report		1-5
Independent auditor"s	report	6-8
Statement offinancial	activities
Balance sheet		10
Statement ofcash flows
Notes to the financial	statements	12-24

				Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
				funds	funds		funds	funds
			Notes	2021 6	2021 6	2021f	2020 6	2020	2020 6
Ittgggt61~om:
Donations and	legacies			515,988	413,300	929,288	526,149	578,831	1,104,980
Charitable activities				54,910		54,910	31,371		31,371
Investments				30,990	66	31,056	36,845	436	37,281
Other income				172		172	2,639		2,639
Total income				602,060	413,366	1,015,426	597,004	579,267	1,176,271
E&~en i~lure	0
i'i iir i Nil	iii
Ongoing			6	545,097	105,004	650,101	527,655	78,825	606,480
Loss on property
refurbishment				451,469		451,469
Total charitable		expenditure		996,566	105,004	1,101,570	527,655	78,825	606,480
Net gains/(losses)			on
investments			10	(400,000)		(400,000)
Net (expenditure)l
income before
transfers				(794,506)	308,362	(486,144)	69,349	500,442	569,791
Gross transfers
between funds			19	566,882	(566,882)		30,852	(30,852)
Net (expenditure)/income
for the year/
Net movement	in		funds	(227,624)	(258,520)	(486,144)	100,201	469,590	569,791
Reconciliation	of		funds
Fund balances	at	1
January 2021				6,562,029	557,173	7,119,202	6,461,828	87,583	6,549,411
Fund balances	at		31
December 2021				6,334,405	298,653	6,633,058	6,562,029	557,173	7,119,202

				2021	2020
			Notes	6	6
Fixed assets
Tangible assets Investment properties			13 14	4,639,227 1,750,000	4,540,995 2,150,000
Current assets				6,389,227	6,690,995
Debtors Cash at bank and in	hand		15	65,799 966,303	168,563 1,055,740
Creditors: amounts	falling due within			1,032,102	1,224,303
one year			16	(156,040)	(108,485)
Net current assets				876,062	1,115,818
Total assets less current liabilities				7,265,289	7,806,813
Creditors: amounts	falling due after
more than one year			18	(632,231)	(687,611)
Net assets				6,633,058	7,119,202
Income funds
Restricted funds Unrestricted funds			19	298,653 6,334,405	557,173 6,562,029
				6,633,058	7,119,202
The financial statements		were approved	by the Trustees	on ......................... 20 3btrte.Z022

						2021		2020
					Notes	6
Cash flows from operating		activities
Cash generated from operations					24		466,899		569,226
Investing	activities
Purchase	oftangible fixed assets					(532,823)		(29,884)
Proceeds	on disposal oftangible			fixed
assets						2,115
Interest and rent from properties						31,056		37,281
Net cash	(used in)/generated		from
investing	activities						(499,652)		7,397
Financing	activities
Repayment	of bank loans					(56,684)		(83,976)
Net cash	used In financing	activities					(56,684)		(83,976)
Net (decrease)/increase in		cash		and	cash
equivalents							(89,437)		492,647
Cash and	cash equivalents	at beginning			ofyear		1,055,740		563,093
Cash and	cash equivalents	at	end of		year		966,303		1,055,740

	2021	2020
	6	E
Book &CD income	413	198
Hire of premises	50,397	22,327
Events	1,700	1,646
Rent	2,400	7,200
	54,910	31,371

		Unrestricted	Restricted	Total	Unrestricted	Restricted	Total
		funds	funds		funds	funds
		2021	2021	2021	2020	2020	2020
			6	6	8	6	f
Rental	income	30,977		30,977	36,724		36,724
Interest	receivable	13	66	79	121	436	557
		30,990	66	31,056	36,845	436	37,281

	Unrestricted	Missionary	Auditorium	Other	Total	Total
		supportf	f restrictedf		2021	2020 f
Employee costs	235,126				235,126	217,568
Other staff related costs	28,534				28,534	50,054
Direct costs	22,992			474	23,466	13,559
	286,652			474	287,126	281,181
Grant funding of
activities (see note 9)	3,185	96,509			99,694	75,237
Share of support costs
(see note 7)	249,698	30	7,991		257,719	244,635
Share ofgovernance
costs (see note 7)	5,562				5,562	5,427
	545,097	96,539	7,991	474	650,101	606,480
Analysis by fund
Unrestricted funds	545,097				545,097
Restricted funds		96,539	7,991	474	105,004
	545,097	96,539	7,991	474	650,101
Support costs
			Support	Governance	2021	2020
			costs	costs
				f
Depreciation			113331		113,331	123,837
Admin costs			89,379		89,379	58,098
Premises costs			55,009		55,009	62,700
Audit fees				5,562	5,562	5,427
			257,719	5,562	263,281	250,062
Analysed between
Charitable activities			257,719	5,562	263,281	250,062

						Unrestricted	Missionary	Other	Total	Total
							support	restricted	2021	2020
							6	6	6	5
	Grants to institutions:
	Predica Fiel						9,100		9,100	8,125
	Overseas Missionary			Fellowship			18,652		18,652	14,695
	London City	Mission					6,887		6,887	6,535
	Insight						6,000		6,000	6,000
	UFM						21,272		21,272	16,320
	Pacific Trust						9,768		9,768	9,797
	Proclamation	Institute		Zambia			8,000		8,000	6,000
	Slovakia Bretheren		Church				8,000		8,000	6,000
	Other						5,830		5,830	840
							93,509		93,509	74,312
	Grants to individuals					3,185	3,000		6,185	925
						3,185	96,509		99,694	75,237
10	Net gains/(losses)		on investments
									Unrestricted	Total
									funds
									2021f	2020 F
	Revaluation	ofinvestment			properties				(400,000)

The average monthly number ofemployees during t	he year was:
	2021	2020
	Number	Number
Employment costs	2021	2020
	6	8
Wages and salaries	198,867	183,546
Social security costs	16,398	14,460
Other pension costs	19,861	19,562
	235,126	217,568

Tangible fixed assets	Tangible fixed assets	Tangible fixed assets
			Freehold	Fixtures,	Total
			buildings	fittings &
				equipment
Cost
At 1 January	2021		5,456,527	102,262	5,558,789
Additions			635,347	29,800	665,147
Disposals			(615,209)	(2,420)	(617,629)
At 31 December 2021			5,476,665	129,642	5,606,307
Depreciation	and impairment
At 1 January	2021		950,143	67,651	1,017,794
Depreciation	charged	in the year	95,586	18,958	114,544
Eliminated in	respect ofdisposals		(163,740)	(1,518)	(165,258)
At 31 December 2021			881,989	85,091	967,080
Carrying amount
At 31 December 2021			4,594,676	44,551	4,639,227
At 31 December 2020			4,506,384	34,611	4,540,995

	Land and bu	ildings with a c	arrying value ofE3,199,573are pledged as se	curity for bank borrowings.
14	Investment	property
				2021
				6
	Fair value
	At 1 January	2021		2,150,000
	Net gains or	losses through	fair value adjustments	(400,000)
	At 31 December 2021			1,750,000

15	Debtors
							2021	2020
	Amounts falling due	within	one	year:			6	6
	Other debtors						53,620	52,269
	Prepayments and accrued income						12,179	116,294
							65,799	168,563
16	Creditors: amounts	falling due within one year
							2021	2020
					Notes			6
	Loans and overdrafts				17		57,368	58,672
	Other taxation and social security						4,690	4,631
	Other creditors						16,490	16,082
	Accruals and deferred	income					77,492	29,100
						156,040		108,485
17	Loans and overdrafts
							2021	2020
							8	6
	Bank loans					689,599		746,283
	Payable within one year						57,368	58,672
	Payable after one year					632,231		687,611
	Amounts included above which fall			due after five years:
	Payable by instalments					391,403		451,258
	The long-term loans are secured by a first legal charge Quadrant Road. Repayment is over 20 years and interest				over the freehold property is charged at 2.8%above		on Duke Street and Barclays Base Rate.

Credi	tors: amounts falling due after	more than one year
			2021	2020
		Notes	E	6
Bank	loans	17	632,231	687,611

				Movement	Movement	in funds
			Balance at 1	Income	Expenditure		Transfers	Balance at 31
			January					December
			2021					2021
			6				6	6
Missionary	support			28,548	(96,539)		67,991
Fellowship Predica Fiel (formerly		known as	2,367					2,367
Equipo Impacto)			1,034	2,045				3,079
Auditorium	Fund		553,772	382,773		(7,991)	(635,347)	293,207
Manna House						(424)	424
Christmas						(50)	50
Other restricted funds			557,173	384,818	(8,465)		(634,873)	298,653
			557,173	413,366	(105,004)		(566,882)	298,653

						Movement	Movement	in funds
					Balance at 1	Income	Expenditure		Transfers	Balance at 31
					January					December
					2020					2020
						8		6	6	6
Missionary		support				2,264	(71,969)		69,705
Fellowship					2,367					2,367
Ministry	Support		Fund					(500)	500
Predica	Fiel (formerly			known as
Equipo	impacto)					2,902		(1,868)		1,034
Auditortium		Fund			85,216	574,038		(3,282)	(102,200)	553,772
Manna House Christmas						63		(352) (854)	352 791
Other restricted			funds		87,583	577,003		(6,856)	(100,557)	557,173
					87,583	579,267	(78,825)		(30,852)	557,173

20	Analysis ofnet assets	Analysis ofnet assets	Analysis ofnet assets	Analysis ofnet assets	between funds	between funds
					Unrestricted	Restricted		Total	Unrestricted	Restricted	Total
					funds	funds			funds	funds
					2021		2021	2021	2020	2020	2020
					6		6	6	f	f	f
	Fund balances at 31
	December	2021 are
	represented	by:
	Tangible assets				4,639,227			4,639,227	4,540,995		4,540,995
	Investment	properties			1,750,000			1,750,000	2,150,000		2,150,000
	Current assets/
	(liabilities)				577,409	298,653		876,062	558,645	557,173	1,115,818
	Long term	liabilities			(632,231)			(632,231)	(687,611)		(687,611)
					6,334,405	298,653		6,633,058	6,562,029	557,173	7,119,202
21	Related party transactions
	Remuneration		of	key management personnel
	The remuneration			of key	management	personnel	is as	follows.
										2021	2020
										6	6
	Aggregate	compensation								116,416	97,460

	2021	2020
	6	6
Within one year	5,658	6,096
Between two and five years	14,679	15,416
In over five years		4,921
	20,337	26,433

	The auditorium project is continuing. contractors 5987,972.	At	31 December	committed	to pay the
24	Cash generated from operations			2021	2020
				6	6
	(Deficit)/surpus for the year			(486,144)	569,791
	Adjustments for:
	Investment income recognised in statement		offinancial activities	(31,056)	(37,281)
	Gain on disposal oftangible fixed assets			(1,213)
	Fair value gains and losses on investment		properties	400,000
	Depreciation and impairment oftangible	fixed assets		566,013	123,837
	Movements in working capital:
	Decrease/(increase) in debtors			28,480	(87,947)
	(Decrease)/increase in creditors			(9,181)	826
	Cash generated from operations			466,899	569,226

Analysis ofchanges	in net funds
		At 1January	Cash flows	At 31December
		2021		2021
			6	8
Cash at bank and in hand		1,055,740	(89,437)	966,303
Loans falling due within	one year	(58,672)	1,304	(57,368)
Loans falling due after	more than one year	(687,611)	55,380	(632,231)
		309,457	(32,753)	276,704