Charity reglstratlon number 1134492 Company règl$tratlon numbèr 07118491 (England and Wales) DUKE STREET CHURCH {RICHMOND-UPON-THAMES) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) LEGAL AND ADMINISTRATIVE INFORMATION Trustses Ivan Balrd Chuck Baternan Jonathan BOr$Y Paul Chambgrs IAGtiry Chalr from July 20231 Laurfe Hunter PhSllp Long James Muldoon Stephen Pryor John Taylor Ang8la Vincent (Apprynled 29 June 2023) (Appointed 21 March 2024) (Appointed 15 April 20241 Charlty number 1134492 Company numbof 07116491 Registered office Duke Street Richmond Surrey TW9 1DH Auditor Jacob Cavenagh & Skeet 5 Robin Hwd Lane Sutton Surrey SM12SW Bankers Bar¢kys Bank plc
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) CONTENTS Page Truslee$' report Indyndont au¢Jitorfs report Statement of financial activibes Balance sheet 1D Statement of cash flows 11 Notes lo the financial slalements 12-24
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees psent their report and finanaal stslements for the year ended 31 De¢¢mbor 2023. The financlal statements have been prepared in accordance wrth the accounting policies sel out in noto 2 to th8 financial statsmenls and comply with the Church's Memorandum & Articles ofAssociation, the Companies Act 2006 and 'Accounling and Reporting by Charities-. Statement of Recommended Practice appli¢abl¢ to charilios pr¢paring their accounts in accordance wth the Financial Reporting Standard applicabk in the UK and Reputlic of IToland IFRS 1021 (effective 1 January 20191" Obj•¢tiVos and activitie5 The Church's mission is lo glorify by making dlsciples from all nations. To achieve this. our strategy Is to 'Reach-Build-Send" This m8an8 that we reach out with the message to those who have not yet heard or understood the great news of rescue through the Lord Jesus Chrt5t.' build up b8lievers in their lrfe of tnJsting and obeying Ihe Lord Jesus Christ,. and send out people who will tske the message of this great news to LoThJon and to the 'ends of the earth.. Our values reflect the kind of Church we want to be. To pursue our strategy and a¢hifj our vlsion.. we seek God's help lo be prayerful. Bible4riven. 'growng more like Jesus,. 'loving and generous., 'passionate to share the good news,. and 'looking to the luture,. The Iruslees have paid due regard to publK banefit guidanc8 issued by Ihe Charity Commi$sion in deciding wh8t activities the church should undertake. It 1$ part of the responslbllity of the Church CourKil lo make donations to individuals or charitable oTganisalions wlth activities which are sympalhelic lo those of the Church or are for w8lfare purposes. During the period grants tolalling £73,63712022- £76,S711 were made and detail$ are shown in note 7 to the accounts. Athlevements and perfannanee As a church wo are constantly dependent on God for evgrything and lake confenee in knowing that all that hapwns is within his providential care. We are Committed to delivering w$ek-by-w$gk pr$aching of thg bib, whether through on-line ministry. or in person. In July 2023. John Samu81. who had bgon S8nior Minisl8r sinco 2012, r8lir8d and left th8 staff team. Simon P8thicK our Associate Minister. assurned the role of Acting Senior Minister for the remainder of the period. We are enomiously grateful lo John for his dedicated Service lo the church during his lime us. and for SirrK)n in providin9 us with Godly leadership in the transition. In October 2023 the Church agreed to appoint James MuldoL as John's permanent successor and he is due to formally stsrt wilh us in April 2024. Wè remain fully committed to outreach in the local area and further afield and many of the activities of the church contain strong 'feach our elemgnts. W8 hav& met IhroLJghoul thè y8ar each weak for our Iwo Sunday services. whiGh we have also conUnLted online streaming to enable memtsrs and guests to join remotely. We hosted a S8ri8s of 8vents during the year designed to introduce people lo the Christian failh, which included Dur annual carol Seices, the Mark Drama, a music event with Michael Tinker, Tnonthly lunch and talk designed for Seniors and evening meal for those living on the margins of SOGiety. We continued our weekly ministries for a number of mother and child groups, various bible study group5 and fellowship group meetings. During the year we have also started a new ministry called "Connect", whl¢h fo¢uses wel¢oming intemationals into the church and providing a plac8 to foster new lriendships. We continue to make our building available to 10¢81 businesses and societies and we regulady host groups from the ¢ommunily. Duke Stro01 Church has a long history ol supporting mission work and this continued unaffecled through 2023. We remain committed to our vision lo be a sendiro church and are involvod in cross-cultural mission in the UK and around the worfd. During the period. we continued lo support the work of Mission Partners serving in different countries through various sgnding agenoes. In addition, we have also supported projeds in Cuba, Zambia and Slovakia as well as a lo¢al %hool's outreach project in Richmond. We are reglstered as Duke Street Church. a charitable company and an Indèpendènt charity. This provides full mpliance with the regulations from the Charity Commission and retains the church's charitable slatus for Gift Aid and tax purposes. The transfer of assets to the new company wa8 substantially ¢ompletod in 2012.
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) TRUSTEES, REPORT ICONTINUED}(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Finan¢lal r•vi•w As at 31 D8C8mb8r 2023 the Church rèported net as88ts of £6.3m (2022: £6.6ml. primarily comprising fixed assets of £7.3m12022.' £7.6ml which ¢ompTIsg the 8u¢Jitorium and associated property on Duke Street, Richmond and the Church Manse. The church also has cash balances of £0.41 m 12022.. £0.14ml and borrowings of £1.3m 12022.. £0.9ml. £0.6m of thts relatès to a mortgage taken out in 2008 to partly finance a redevelopment of the ¢hur¢h buildings and £0.7m relates to new drawings during the year whlch partly flnanced the audltorlum renovation. In April 2024 these loans were consolidaled into on8 singl8 loan of £1.2m for a Contractual period of fiv8 years. Duk8 Streel is financialy dependent on wnembers and friends of the church and is grateful lo God for their SaCrclaI giving. Income from donations In 2023 was £0.57m12022: £0.65m>, and total income w8s £0.67m12022'. £0.75ml. £0.64m of this was unrestricted (2022.. £0.58ml. The Church Seeks to manage its costs carefijlly and is particularfy aware of the difficult ecoTh)mi¢ circumstances faced by many people and the increased ¢¢$t of Servicing the debt due lo increases to the Bank of England base rale ovèr the last 3 years. Costs In 2023 wer8 £0.78m12022.. £0.65ml. The Church spends much of ils income on the slaff il employs, both ministerial and adminislralive.. the cost of maintaining its premises. including interest costs on the mortgagé and on financial support for Mission Partners. During the year the church mernb8rs agrood to sptnd up to £100k of reserve5 on making necessary repairs and improvemènts to the chur¢h mansg. By the end of the year, £52k had been spent, which included upgrading the windows Io tk)uble glazing and decorating the exlerlor of the bu11. 11 is the Church's policy lo maintain OpBrating Cash Rg$erves of bgtween three an¢J six months of annual expenditure. For these purposes Operational Cash Reserves Includes all bank balances, other than Ik)se held separately for reslrt¢ted funds (such as the hAlssion and R8development Funds) and balanGes sel aside by the ChurGh Council for other specific purposes. Annu81 expgndlttjre is based on the annual budget for the Church. as approved by the members of th¢ Church. Al the end of 2023. total cash reserves of £0.41m12022'. £0.14m) are entirely unreslri¢t¥d. As a resull. w8 held th• equivalent of 6.3 months of budgeted operating expenses. The church was temporarily in breach ol its r8s8rv8s policy betsveen De¢gmber 2022 and January 2023. due to a decislon lo delay the final drawdown on the mortgage facilty. The risk of a temporary policy ba¢h w8$ deemed aeptab given that the low general fund cash balance was a consequence of the general fund being used lo settle certain St$ rglaling to the fenovatlon project on behalf of the Auditorium Project Fund- and that the loan facility was avadablo to us to draw down at short notice if ntrces5ary. We drew £0.35m on the loan in January 2023. which recovered the Operating Cash Reserv8s position. Thg Church manages Its finances through a General Fund and. wher8 r818vant. through restricted funds, which are astablished for specific purp¢)ses. In ro¢enl years members have been erwuragad lo give to the General Fund so Ihal the Church Council may have flgxibility in how Church income is allocated, whi18 always r8maining answerable to members and the Lord. (Members main free lo giv8 to a Teslricted fund rfthis is their preferen). FUndraIn9 Duke Str8at Church èngagèd in lundraTsing in the form of receiving freg-will offerfngs and donallons, some of which were grfl-aided, from members and regular attenders of the fellowship. We did not contract the Servi of any professional fundraisers as defined by section 58 of the Charities Act 1992. Cmjr practice before govemmont reslriclions relating to COVID was to publidy invlle an offering al every seryice. Other than this we do not engage in persistent fundraising or intrusive fundraising pra¢li¢es 1th any of our OrS, including vulnerable people. and we nevèi hav$ private or coerc4ve discussic*ns with individuals about thgir giving. Our lundraising practices are ethical and in accordance with Biblical prlnclples. No complaints were received about our fundr8ising pr8Cté¢es.
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Risks and Risk Management Plan From lime lo time the Trustees considers the risks and uncertainties that might provenl thg thurch ffom a¢hieviny Its charitable goals. The risk areas. and approa¢h for managing the risk area can be summarised as follow$= Finan¢ial Risk.. our regular and one-off giving declln88.' we face a significant increase in the interest charged on our oulslanding mortgage; we factr an uninsurgd liabilty,. ther9 is a significant reduction in external hirer income. Risk Managgmont Approach: we prepare monthly management accounts., we manage an Operational Cash ReseNes policy of between three and six months, expenses,. we ensure that insUrare pg1icEs are upt¢>dale and include Employer'$ liabilty of £10 million. Public Liability of £5 million and Property Owner's Liability of £5 million. Security & Safeguarding Rlsk.. there is a major Security. SafeguardThJ. or Health & Safety incident Rlsk Managemènt Approach: we conduct a thorough Sècurity & SafeguardiThJ Review.. we impthent buildirw zoning plans that ensure that chIldn and vulnerablè adults Can be secured from other more publlc parts of the building when required,. we ensure compliance with our Building Terffls of Use for all extemal hirers- we ensure that Insurance policies are up-to-dale and Gover us for vjenlified risks- we maintsin up40-date Service Incident logs and Risk Logs., we ensure that all major identrfied risks a reported lo the Council and a risk management plan identified (Act%pt, Mitigate or Avoid). knkewise, when we have hired alternative venues. we have adopted the pollcies of the venues themselves. Plan$ f¢rthe Futuie The Church will corblinue to utilise the funds that are provided by members and friends through Ihe generous provision of the Lord to support the vislon and objectives that were hlghlighted in the sections above. In addition to the ongoin9 and regular 8¢livilies Ihal this entails, the church has a numbei of specifi¢ plans for the future.. The church plan5 to continue the necessary maintenance woth on the manse. We cognIse the important part that debt has played in enabling us lo cary out ¢ru¢ial works lo our buildings in support of our ministry. Iv)wever the Church would prefer not to be in debt. We will Continue to repay our outstanding loans and the Church Counal wll consider over-paying our conlradual amounts where it does not impede other ministry objectives.
DUKE STREET CHURCH {RICHMOND-UPON-THAMES) TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Stru¢tur•. govemance and rnanagement Tha church is a regist8r8d ¢harity number 1134492 and an incorporated company number 07118491.lts registered name is Dukè Str8gt Church IRi¢hmond-UW)n-Thamesl but il operates under the name Duke Street Church. Th8 charity was incorporated on 7 January 2010 and is governed by its Memorandum and Artlcles of Assoclatlon. New Iruslees are appointed by the church members at thg members, meetings. They receNe training wthin trustee mè8liNJs. The Irus188s. who are also the directors for the purpose of company law. and who s8N8d during the year 8nd up to the d81e of signature of the financial slalements were= Ivan Bair(I Chuck Bateman Garelh Batten Jonalhan Borsley Paul Chambers (Acting Chair from July 20231 Laurie Hunter Philip Long James Muhjoon Stephen Pryor John Samuel (Chair until July 20231 John Taylor Siobh8n Temple Tim Totton Angela Vincent Ali Azzopardi {Resigned 21 March 20241 {Appointed 29 June 20231 {Apptsinted 21 March 20241 {Appolnted 15 Aprll 20241 {Resigned 1 August 2023) {Resigned 21 March 20241 {Resigned 29 June 20241 {Reslgned 29 June 20231 Trustees serve for a term of four years, after which they may stsnd for re*lection. The Elders and th8 Coun¢il consider carefully whether an individual remains appmpriat8 for office throughout their term and at the point of nomlnallon for re-election against the standards set out in Ihe Bible. We do not set a maximum numbèr of ye8rs that a trustee may serve for bul do factor tenure in to those considerations. We note sever81 of our Irust8es have 88rved for longer than 9 y8ars. The Church's actlviues are managed by Elders (who have particular responsibility for the spiritual direction and oversight of the Church) and Core Group Leaders (who are responsible for different a8Cts of the Church's lifel. Elders and Core Group Leade act as trustees, and together they comprise the Church Council. The Church Council is responsible for the overall condu¢t of the Charity and ensuriThJ compliance with the Memorandum and Articles ofAssodalien. All trustees are appointad by the Church members. The key managemgnl personnel of the Church are the trusle6s and Matt Bailey. Head of Ministy Support. They are in charge of directing. controlling. running and operating the charity on a day-to4ay basis. Apart from the Senior Minister. the trustees give of their lime freely and did not receive any remuneration in tha yèar. Details of related party trar)sactions are disclosed In Note 24 to the financial stslements. The pay of senlor stsff 1$ reviewed nUallY and normally Increased In accordance th average earnings. Members of staff received a salary increase in 2023 to ensure that salaries r8main in line with other ¢omp8rable roles. We will continue trj benthmark staff benefrts aga$1 staff pthrming similar roles in similar charities. Thè trustges of the main churth building are The Baptist Union Corporation Lttl IBUCLI, Nicholas Forresl and Sir Paul Coleridge. BUCL is sole trustee of the manse153 Old Deer Park Gardens. Rlchmondl. The Church is assoualed with the Evangellcal Alllance. Affinity. ihe London Gospel Partnership and the Fellowshlp of Independent Evangelical Churche5.
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) TRUSTEES. REPORT (CONTINUED){INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 Statement of trustees. re$ponslbllltle$ The truslees, who ale also the dirgclors of Duke Slregt Church for tho purpos& of company law, a rosponsiblo for pparing the Trustees, Rgport and the financlal statements In accordance with appllcable law and United Kingdom Accounting Stsn¢Jards (Unitod lQngdom Generally Accepted Accounting Practhcel. Company Law requires Ihe trustees to prepare financial statements for each financial year which give a true and fair viow of the Slate of affairs of the church and of the incoming resources and application of resources, including the income and expenditure. of the eharitsble company for that year. In preparing thgse finan¢ial 6talgmgnl$. the trustees are required to.. sdect Suitab accounting poliGie3 and then apply them con3istently', observe Ihe methods and prfncipl8s In the ChariUes SORP; make judgements and estimates that are reasonable and prudent- state whelher applicable UK Accounting Standards have been followed. subject lo any materlal departures disclosed and explained in the financial stalemen15' and prepare the financial staternents on the wing concem basis unless it is inapprcfjriale to presume that the church will continue in Operation. The trustees are responsible for keeping adequate a¢untIng records that are sufficient to show Bnd explain thè charitable companys transactions and disclose with reasonable accuracy al any time the financial position of the church and enable them to ensure that the financl81 statements comply with thg Companies Act 2006. They are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the provenlion and detection of fraud and othpr iiregularities. Auditor In accor(lan¢e with the MpanS articles, a resolution proposing that Jacob Cavenagh & Skeet be reappointed as audllor of th8 ¢ompany will be pul at a General Meeting. DIsGlosuro of Informatlon to audltor Each of the trustees has confimed that there is no information of which they are aware which Is relevant lo the audit, but of which the audttor is unaware. They have further confirmed that they hav& tsken apprwate steps to idenufy Such relevant information and to establlsh that the auditor is aware of such infomi8ti0n. The trustses. report was prepared in accordance with the spacial provish)ns rélaliro lo small companies and approvad by the Board of Trustees. Paul Chambers Trustee
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUKE STREET CHURCH Opinion We have audited the financial statemonls of Duke Street Church {the 'church') for the year end 31 Dember 2023 which comprise the statement of financial activities, the balance sheet. tho statement of ¢ash flows and the notes to the fin8n¢i81 ststements, including a summary of significant accounting policies. The finanual reporting framework that has been applied in Ihgir Preparation is applicab law and United Kingdom Accounting Standards. Including Financial Reporting Stsnd8rd 102 Th& Financial R&porting Standard applicable in the UK and R?publAC of Ireland (United Kingdom Gen$rallyA¢¢epled A¢counting Praclicel. In our opinSon. the financial slalements.. giv¥ a tru$ and fair view of Ihe stste of the charitable o)mpany's affairs as at 31 Decembar 2023 and of its incoming resources and appli¢alK)n of resource5, including its income and expenditure, for the year then ended.. have been properly prepared in accordance with Unilod Kingdom Generally Accepted Ac¢ounting Pracli¢e,' a1 hav& bèen prepared in a¢¢ordance wilh the requirements of the Companies Act 2006. Basi¥ for opinion We condu¢ted our audit in accordance Yllh InlemalioTral Standards on Auditing (UK) IISA5 IUKII and appKcabl8 law. Our responsibilities under those standards are further described in the Auditorfs responsibilits'es for the audit of th8 financial sfotemenls section of our report. We are independent of the church in accordance wth the ethical roquiremgnts Ihal are relevant lo r audll of the financial statements in the UK. Including the FRC'S Ethical Standard, and we hav8 fulfilled our other ethical responsibilities in accordance with these requirements. We believ that the audit evidence we have obtained is sufficiènt and appropriate to provide a basis for our opinion. Concluslon5 relatlng to goSng concom In auditing the financial statements, we have concluded that the trustees, use of the going concern basls of a¢counling in the preparation of th8 finanLial slalemenls is appropriate. Based on th8 work have performed, we have not identified any material unc*rtaintigs relathng to events or conditions that, indimdually or collectively, may cast significant doubl on the church's ability lo continu8 as a going concern for a perii)d of at least ts¥ee months from when the financial stslements are authorised for issue. Our responsibilitles and responsibiliknes of tha truslges wllh respect lo going concem are described in Ihe relevant sections of this report. Othèr infomiation The other infonmation comprises th& iifomation induded in the annual report other than the financial statements and our auditorfs report thereon. The trustees are responslble for the other infom)ation contsined wllhln the annual report. Our opinion on the financial statements does not cover the other infomiation and, exeept lo the extent olhermse explicilly stat8d in our report, we do not express any form of a$suran¢g conclusion thereon. Our rèsponsibllity is to read the other InfomialSon antj. Sn doing so. consider whether the other infomiauon 1$ materially inconsislenl with the financial stat8ment$ or our knowledge obtained in the course of Ihe autlil, or otherwise app8ars lo be materially misslaled. If we identify such malgrfal in¢onsisten¢ies or apparent malarial misslat8rnents. wè are required to determine whether this gives riso to a material mis5tatemenl in the financial statements themselves. If, based on the work we have perfOrnd, we conclude that thero is a material mi55talemenl of this other information, we are required to report that fact. We have nothing to report in this regaril. Oplnlons on othor matters pr•s¢rlbod by the Companles Act 2006 In our oplnSon, based on thè work undertaken in Ihe course of our audit.. th8 inlormation given in the tfusleès, report for the financial year for whlch the finandal statements are prepared, which includes the directors, report pfypwed for the purposes of company law. is conslslent wilh the rinancial statements. and the directors. report included thin tho trustees, report has b88n wepared in a¢cordan¢& wth appIlbIg Iggal requirements.
DUKE STREET CHURCH {RICHMOND-UPON-THAMES) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF DUKE STREET CHURCH Mattars on whieh wo are roqulrnd to r8port by 4Xp11¢n In the light of thg knowledge and understanding of the ¢hurch and lis envlronment obtalned In the course of the audit. w8 have not id8ntifi8d material misstatements in th8 dire¢tors' reixt included within the trusteas. report. We have nothlng to report In respect of the followlng matters in relation to which the Companies Aet 2006 requires us to report lo you rf. in our opinion.. adequate accounting records have not been kept, w retums alequate for our audit have not b$8n recelved from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns- or certain disclosure5 of Iruslees, remuneration specified by law are not made- or we have not received 1 the infomalion and explanations we requlre for our audit,. or the trustees were not entiued to prepare the financial statements in accordancè with th8 small comp8ni8s regime and take advantage of thg small companios. 8xemptions in preparing the Irustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As oxplained more fully in the Statement of trusleos, responsibilili8s, tho trusletrs, who are also tho directors of the church for thtr purpose of (x)mpany law, aTè responsible lor the prtrp8r¥lion of the financlal Statements and for being satisfied that they gSve a true and faSr vSew. and for such Intemal control as the trustees detem)ine is necessary to gnab19 the preparation of financial statements that are free from material missialement, whelher due to fraud or érror. In preparing th8 financial statem8nts, the Iruste8s aré responsible for assessiro th8 church's ability to continue as a going concem, disclosing, as applicable. mattels related to going concem and using the going concem basis of accountin9 unless the trustees either intend to liquidate the charitable company or lo se operations, or have no realistic allemalive but lo do $0. Auditorfs r•sponsibiliti•s lor the audit of the financial statem•nts Our objectsves are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an audilorfs report that includes our oplnlon. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted In a¢¢ordance with ISAS IUKI will aayS detect a material misslalemenl when il exis15. Misslatemenls can arise from fraud or e0[ and are considered fftalerial if, individually or in the aggregate, they could reasonably be expectsd to influence the economic decisions of users taken on the basis of these financial slalements. The extent to whKh cJr procedures am Capable of deteth'ng irregularities, iluding fraud, is detailed below. Based on our understanding of the charity, we identified that the principal risks of non-compliance with laws and regulations related to company, employment and financlal reporting legi¥l8llon 8nd wg consiéemd Ihg èxtent to which Tr)n<omplianee m¥Jht have a material effect on the financial slalements. We also considered those laws and regulations that have a dilect impac* on the preparats'on of the financial slatemgnts a$ the Companies Act 2006 and Charllies Act 2011. We assessed the $usceptJbllity of the charrty's financial statemènts to material misstatement, including obtaining an understanding of how fraud might occur, by making enquirias of management. considerlng the intemal controls In place and dlscussion anngst the engagement team. W8 detemiined Ihal the principal risks were related to estimates of useful ewnomic life, m8nagement blas In accounllrKJ eslimales, valualion of property. presentation of separately disclosed items and management overri(le of controls. In response lo thè iisks Identifd we designed procedures which included. but were not limited to discussing realiSC useful economlc lives with management. challenging significant accounting estimatos such as valuation tsf property, agreeing finanual statement disclosures lo underfying supporting documentation. idenltfying and testing joumal entries, reviewng trust8&s meeting minutes and evaluating the charty. inlèmal controls.
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF DUKE STREET CHURCH There are inherent limitations in the audit procedures described above. The MO removed thal laws and regulations are from financial transactions, th8 18ss likely il 15 that we would become aware of non-¢omplian¢8. hnalerial misstatements that arise due to fraud can be harder lo detect than those that arise from error as they may involve deliberate concealment or collusion. A lurther description of our responsibililies is available on the Financial RertIng Coun¢il's website aL https'.11 www.fr¢.org.uklaudllorsresponsibilities. This description fom)s part of our 8udilo¢s report. of our r•port This report is made so18ty to the charitable crmpanys members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2IK)6. Our audit work has been undertaken so that we might stale lo the charTtable company's members those matters we are require¢J to slate lo them in an auditorfs report and lor no olhtrr purpose. To the fullest exlenl permitted by law. we do not ap¢ or assume Te5pon5ibilty to anyone other than thg charitable company and the charitable company's members as o bcwjy, lor our audit work. for thi$ report, OT for the opinions we hav8 form8d. Mlrlam Hlekson FCA (Sonlor Statutory Audltor) lor and on b•half of Ja¢ob Cav•nagh & Sk•tt Chartered Accountants Stalutory Audltor S Robin Hoo(l Lano Sutton Surrey SM1 2SW
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unr8stricted R•stricted funds fvnds 2023 2023 Total Unrèstrlcted Re$trl¢ted funds fund$ 2022 2022 Total 2023 2022 N¢)tss Incomo and *ndowm•nts from: Donations and legacies Charrtable actsvittes Investments Other Income 536,228 71.452 30,058 721 37.562 S73.790 71.452 30,107 721 481,044 67,782 27,805 1.804 170.844 651,888 67,782 27.875 1,804 70 Total incom 638,459 37,611 676.070 578.435 170,914 749,349 Expenditure on: Charitabb 8clwities 783.979 76.086 860.1)65 645,293 96.795 742,088 Total expondltyrg 783.979 76.086 860,065 645.293 96.795 742.088 Net gainslllosse5) on investments 10 1167.000 {167,0001 Ngt incom?l{oxp8nditurg) 1312,5201 (38,4751 {350,9951 166,858) 74,119 7,261 Transfers beknn fvnds {38.682) 38,682 370,705 1370.7051 Net MnMent in funds {351.202) 207 1350,995) 303,847 1296,5861 7,261 R•conciliation of fund$: Fund balances al 1 January 2023 6,638,252 2,067 6,640,319 6,334,405 298,653 6.633,058 Fund balan¢¢$ at 31 Dgcombor 2023 6.287.050 2.274 6289.324 6,638,252 2,067 6,640,319 The slalement of financial adivilies includes all gains and losses rtrcognised in the year. Al in¢ome and expgnditure derive from continuing activities.
DUKE STREET CHURCH (RICHMOND-UPON.THAMES) BALANCE SHEET AS Af 31 DECEMBER 2023 2023 2022 Not Flx•d ass•ts Tangible assets Investment propety 12 13 5.677.848 1.583.000 5.922,397 1,750,000 7.260.848 7.672,397 Current assets Debtors Cash al bank and in hand 14 62.442 408.430 59,059 113,970 470.872 173,029 Crodltors: amoun1$ f•lllng du• wlthln ong year 15 (188.5621 1613.695) Not ¢urront a$sotsllllabllltlo$1 282.310 1440.6661 Total •$s¢ts less ¢urrent liabilities 7.543.158 7,231.731 Crèdltors: amounts falllng duo aftèr mor• than on• y•ar 16 (1,253,834) 1591.4121 Net assets 6.289.324 6.640,319 The funds of the church Restrieted income fvnds Unrgstricted funds 19 18 2.274 6.287.050 2,067 6.638.252 6.289,324 6.640.319 The finan(yal ststemerts were appToved by the trustees on . phen Pry Trustee Company registration number 07118491 (England and Walft$} 10-
DUKE STREET CHURCH {RICHMOND-UPON-THAMES) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activiti•s Cash {absorbed byygeneraled from operations 25 {32.062 144,676 Investing activities Purchase of tsngitle fixed assets Proceeds fiom disposal of tangible fixed assets Investment income rKeived ($4.219) 11.301.494) 554 27,875 30.107 Net cash used in investing activities 23,7721 11,273.0651 Flnanc5ng activitles Proceeds from new bank loans Repayment of bank k)an$ 388,375 {38,0811 319,472 {43,416) Net cash gen*T•t from flnan¢lng a¢tiviti•$ 350294 276.056 Not increaselldecTeasel in tssh •nd ¢ash equlval•nts 294A60 1852,333} Cash and cash equNalents at beginning of year 113.970 966,3Q3 Cash and cash •qulval•nts at end of year 408.430 113,970
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) STATEMENT OF CASH FLOWS (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Crltical accounting estimates and ludgements In the application of the chur¢h's accounting policies. the Iruslees are required to rnake judgements, eslimalès and assumptions aboul the carying amount of assots and liabili119s Ihal are not readily apparent from other Sou8$. The gstimalos and asso¢iated as$umplions aro based on historical experience and other factors that are considered to b8 relevant. Actual results may differ from these estimates. The estimates and underlwng assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only Ihal period, or in the period of the revision and future periods where the revision affects both eurrent and future pericKIs. Aecountlng polkl*s Comwny Inforniatlon Duke Street Church is a private company limit8d by guarantee incorporated in England and Wales. Th registered office is Duke Street, Richmond, Surrey, TW9 1 DH. 2.1 A¢¢ountlng convontlon The financial statements hav¢ been prepared in accordance with Ihg church's Memorandum & Articles of Association. Ihe Companies Act 2006 and 'Accounling and Reportlng by Charilles.. Statement of Recommended Practice applicabl8 to charities preparing their accounts in 3ccordanc8 with the Financial Raporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {gff8¢tivo 1 January 20191" Tha church is a Public Benefit Entity as defined by FRS 102. The financigl statements are prepared In sterling. whlch Is the functional currency of the church. Monetsry amounts in these financial statements are rounded to the nearest £. Th# financial statements have betsn prepared on the historical cost convention mOdifd to include investment prope8$ at fair value. The prlncipal 8¢¢ounUng p¢Aicies adopted are set out beknw. 12 Golng nCern At period end the Church has a net asset position of £8.3m. a net current asset positson of £282k and ¢ash on hand of £408k, which is equivalenl to 6.3 months of budgg18d 0rational expenditure. Al the time of approving the financial slalemgnts, the trustees have a aSOnable expeclallon that the church has adequate resources lo conlinue in operational &xistenc8 for th8 for8S88able futur8. There ar8 no material uncertainities affecting the church's ability lo continue its operations. Thus the trustees continue to adopt the going COnM basls o18c¢ounting in preparing the financial statements. 2.3 Charitable funds UnstrICted fvnds are available for use at the discretion of the trustèes in furtherance ol their charitable obitiVeS unloss the funds have On designated for other purposes. R&stricted funds- these are funds that can only b& uséd for particular reslricled purposes within the objects of the charity. Restrictions arise when specffied by a donor or when fun(Is are raised for particular r88trid8d purposes. 2A In¢omg Incom8 is recognised vthen the church is legally entitled lo it after any perfonman¢8 conditions hav81)een mel, the anUnts can be mea5UTed reliably, and it is wobab18 that income wlll bg rgcglvgd. Cash donations a recognised on re¢eipt. Other donations arè recognised On the church has been notified of the donation. unless perfomianco condltlons require (Seferral of the amoLFnt. Income lax recoverable in relation to donations received under Gift is recognisad al the time of the donation. Legacies are recogni5ed when the amount can be measured and r8c8iPt is probablg. 12-
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies {Contlnu•d} 2.5 Expondltur• Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third paty, il Is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is dlgeounted to present value f¢X longer temi liabilities. All expenditure is accounted for on an accruals basis. Grants payable are paymènts made lo third parti8s in the furth8ranc8 of the charitable obj8Cts of th8 charity. In the case of an unconditional grant offer this 15 accrued On the recipient has been notifted of the grant award. The rbolthcalion gives the recipient a asOnable expectation that they will receive the one or mulli year grant. 2.6 Tanglble flxod a$$ets Tangible fixed assets are initially measurod at cost and Subsoquenuy measured at St. net of depreciation and any impairment losses. Freehold land is not deprecialgd. Depreciation is recognised as to write off the cost of assets less their residual values over their useful lives on the following bas88: Freehold land & buildings Fixtures, fitbngs & equipment 2% on cost 25-33Va on cost The gain or l¢)ss ariging on the disposal of an asset is determined as the difference between the sale proceeds and the Garrying valu• of thts asset, and is recognised in tho slalement of financial activities. 2.7 InStment prop•rti•s Investment property, whith 15 propeTty held to earn renta15 andlor for capitsl appreciation, 15 initially re¢ognised at ¢ost, whi¢h includes the purchasè cost and any diredy attn"but8ble 8XpditUre. Subsequently il is measured at fair value at the reporting end date. The surplus or defiut on revaluation is re¢iyJnised in net incomeJ{expendilurel for the yeor. 2.8 Imp•lrn)•nt of flxod a$sets At each reporting end date, the thurch revi&ws the carrying amounts of its tangiile and Intangl8 assets to delarmine whether there is any indication that thosg a$s91$ havg suffered an Impaimiont loss. If any such indication exists. thg recoverablg amount of the asset 1$ estimated in order to determine the extent of the impairn)@nt loss Ilf any}. 2.9 Cash and cash èqulvaThts Cash and cash equivalents include sh In hand, deposits held at call with banks and other Short-temi &quid nveslments with original maluritie$ of three months or le$s. 2.10 Financial in•trum•nt$ Finan¢ial instruments are recognised when the church be¢(¥ng$ party lo the ¢ontractual provisions of th& instrument. Fir)anGial assets are offsgt. wSlh the nal amounts pr8s8nl8d in thè financial slalemenls when there is a legally enforEeable right to set off the recognised amounts and there is an intention to settle on a nel basis or to raalise th8 asset and settle the liability simultan8ously. 13-
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 8asl¢ flnanclal assats BÈsic financial assets, which include debtors and sh and bank balances. are initially meB$ured at transaction price including transaction costs and are subsequenly carried at amortised cost using the 8ffeclive interest method unless the arrangeTngnl nStItuteS a financing transaction, whera the transacllon Is measured at the present value of the frJture receipts disccsunt8d at a market ral8 of in18r8st. Financial assets classified as receivable within one year are not amortlsed. Baslc financlal Ilablllues B8$1¢ fln8nclal liabiliUes. including trade and other payables. are initially recogrised al transaction price unless the arrangement conslttule5 a fin8ncing transaction. where the ¢Jebl instrument is measured al the present value of the future receipts dlscounled al 8 market rate of interest. Debt Instruments a subsequently carrted at amortlS8d cost, using lh8 effective interest r8te method. Trade payables are obligations to pay for good$ c servl¢e$ Ihat have been acqulred In Ihe ordlnary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year cf les5. If not. they afe PTe5enled as non-CUTr¢nl liabilili8s. Trade payables are rgGognised inilially at transactb)n prrce and subsequentty measured at amortrsod cost using the effectyve interest melhod. Creditors and provisions are recogntsed where the chaTty has a wesent obligallon arfsing from a pasl event that will probably result in the transfer of funds to a third party and the amount tjue to settle Ihe obligation can be measu or estimated reliably. Creditors and provisions are r8cogni$8d al thgir $8tttem8nt amount. DerecogniTtion of financial liabilities Financial li8bilrties are derecognised when the church's ccntractual obligations &xpir8 ty arg dIharged or canc8llad. 2.11 Retirement benefits Paym8nts to d8fin8d c£)ntribLrfion retirement benefit sdme8 arn charged as an expense as they fall due. Donatlons and1•ga¢i•$ Unrestrfeted Restrieted funds funds Total 2023 Total 2022 Donations and grfts Legades recelvable 531,228 5,000 37.562 588,790 5.000 651,888 536,228 37,562 573,790 651,888 14-
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Charitable actlvhles 2023 2022 Book & CD incomo Hire of premises Events 625 59.677 11,150 29 38.536 29.217 71A52 67.782 Income from Investments Unrestricted Rostricted fund$ tund$ 2023 2023 Total Unr•strlct•d R•strlct•d funds fund$ 2022 2022 Total 2023 2022 Rental incorne Interest recelvable 26,214 26,214 3.893 27.683 122 27,683 192 49 70 30.058 30,107 27,805 70 27,875 Ch8ritabl• actlvltles Unr•strlct•d Missionary Auditorium 5UPPOrt Other Total 2023 restricted Total 2022 Employee c0515 0th8r staff r81ated costs Direct ttJsIs 2S9.927 30,977 38.439 259.927 30.977 42.824 266,002 24,615 60,745 4385 329,343 4.385 333.728 351,362 Grant funding of act6vltles (see note 71 Share of support costs (see note 81 Share of governance costs (see nota 81 2,254 46,153 25,230 73,637 76,571 444,129 318 444,447 306.187 8,253 8,253 7,968 783.979 46,153 318 29,615 860,065 742.088 Analysis by lund Unrestricted fund$ Restricted funds 783.979 783.979 76.086 46,153 318 29,615 783.979 46,153 318 29.615 860.065 15-
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payablo Unrestrict•d Missionary support Oth•rTotal 2023Total restri¢ted 2022 Grants to InstltutSons'. Prédica Fiel Oversg8s Missionary Fellowship Insight UFM Proclamation Institute Zambia Slovakia Brelheron Church IFES 10,480 10,480 15,385 6.OOQ 7,412 7,1tX 14.750 10.256 8.120 15,244 6,000 8.658 6.240 19,146 10,163 15.385 6.OQO 7,412 7.100 14.750 10.256 46.153 25.230 71.383 73.571 Grants lo indfviduals 2,254 2.254 3,000 2,254 46.153 25.230 73,637 76.571 Support ¢Mts Support Gov•rnan¢• costs costs 2023 2022 Depreciation Admin Costs Premis&s ¢o$ts 197.214 141,175 106,058 197,214 154.508 141.175 91,524 106,058 60.155 Audit fees 8253 8.253 7.968 444,447 8253 452.700 314,1 $5 Analysed beiween Charitable activities 444.447 8253 452,700 314,155 Employ••s The average monthty number of employees during the year was: 2023 Number 2022 Number 16-
DUKE STREET CHURCH {RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Employe•s {Contlnued Employmont ¢osts 2023 2022 Wage9 and sal8rtes Social socurily ¢ost$ other nSIOn Gosts 222,041 15,766 22,120 225.910 17.579 22,513 259,927 266.002 There were no empbyee5 whose annual remuneration was more than £60,000. Romuneratlon of key managomont p•r#onn•l Th& remunoration of key management personnel 1$ as follows. 2023 2022 Aggragale conwensatlon 106.215 131,396 10 Galns and 10ssg$ on Invgstments Unr•strl¢t•d Unrestrlct•d fund$ fund$ 2023 2022 Goinslllosses) arising on= Revaluation of investment properknes {167,0001 11 R•tirem•nt bgn•flt sch•mos 2023 2022 Defined contribution #chemes Charge to profft or loss in respect of defined contribution Sche5 22.120 22,513 The church op8rales a defined contribution pansion schgme for all qualifying employees. The assets of the $¢heme are held separately from thos8 of the church in an iThJ8pand8ntty administer&d fund. 17-
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 12 Tangible fixed a5sels FthOl land & buildings Fi¥lure fittiftgs & •qulpm•nt Totsl Cost Al 1 January 2023 Addilons Disposa 6,588,579 158.016) 453,836 7,042,415 (46.9681 {4551 1455) At 31 DemLr 2023 6,530,563 464N29 6,994,992 Depreclatlon and lrnpalmient Al 1 January 2023 Depreciation charged in the year Ellminated in rospect of disposals 1.001.527 142,988 118,491 1.120.018 54,226 197,214 188) {881 At 31 December 2023 1,144,515 172,629 1,317,144 Carylng amount At 31 Deeember 2023 5.386.048 291,800 5.677.848 At 31 De(mb&r 2022 5.587.052 335.345 5.922.397 Land and buildlngs are included at valuation al date of transfer from Ihe uninwrporated charity with subs0qnI additions inGluded at cosL Land and buiklings with a carying value of £2,498,286 are pl8dg8d as $6curfty for bank borrowings. 13 Ins1)I]ent propwty 2023 Falr valug At 1 January 2023 Net gains or lossès through fair value adlustments 1.750.000 {167.0001 At 31 Decgmb8r 2023 1,583,000 Investment property comprises freehold propety of the flats locateij on the main Church sile. The trusl8es have valued the propgrties al fair value al the balance sheet date. The valuation lakes Into account the overall level of price5 for cornparable properties in Richmond. 18-
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 D•blors 2023 2022 Amounts falllng due wlthin onè y•ar: Other debtors Prepayments and accrued income 45.292 17.150 42,812 16,247 62.442 59,059 15 Cr•ditors: amounts falling du• within on• year 2023 2022 Notes Bank loar Other taxation and social security Othèr ¢xeditors Accruals and deferred income 17 62.115 6,069 61,995 58,383 374,243 5.480 171.015 62,957 188,562 613,695 16 Crodltors: amounts falllng du• after morn than year 2023 2022 Notes Bank loans 17 1,253,834 591.412 17 Loans and overdrafts 2023 2022 8ank loans 1,315,949 965.655 Payable within one year Payable after one year 62.115 1,253.834 374.243 591,412 Amounts indudeil abovè which fall du8 aft8r five years.. Payablg by instalments 831.868 592,091 19-
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 17 Loans and overdrafts (Contlnued) The first long-term loan is se¢ured by a first legal charge over th6 freehold prop8rty on Duke Street and Olradrant Road. Repayment is over 20 years and interest is ¢haiged at 2.8% above the Bank of England Base Rate. The secorKI long4erm loan is a development loan which of which £319.472 was drawrt th*wn in 2022 and £350,000 in 2023 to fund the auditorium refurbishment. The slated intention of the bank in the development an agreement and the Inlenllon of the Trustees is lo eonvert the development losn into a stsndard loan at the date the d&velopmenl loan rnalures. The loan was interest only for the first 12 months, after that rèpaymènts arè du8 over 15 yoars. Intgrgst b dTrarggd at 2.5% atove ts Bank of England Basg Rate. In April 2024 the two loans were combined into cffie new loan. Interest is charged al 2.5Yo above the Bank of England Base Rale and the loan is repayable In monthly instslments wilh a lump sum payment due in 5 years. 18 UnrgstrIGtod fvnd$ The unrestricted funds of the charity Comprise the une4xnde(J balances of donatlons and 9rants which are not subject to specffic conditions by donors and grantors as to how they may be used. These includ8 designated funds whl¢h have begn sgt aslde out of unreslricled furnls by the twslees for specthc purposes. At 1 January 2023 Income Expondlture Transfers Galns and losses At31 D•comb8r 2023 General funds 6.638,252 638.459 1783,9791 138,fj821 {167,000) 6,287,050 Previou$ year: At 1 January 2022 Incom? Exp•nditure Transfers Galns and l¢ss•s At31 Do¢èmhr 2022 General funds 6,334.405 578.435 1645,293) 370,705 6,638,252 -20-
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 Restrlctod fund$ The restri(knd funds of the charity comprise the unexpended balances of donations and grants held on trust subject to S¢IfiC condibons by donots as to how they may be u9ed. At 1 January 2023 Incomg Expenditure Transfors At31 Decomb•r 2023 Mlsslonary support Fellowship Prédi¢# Fiel Audrtorium Fund Manna House Stuart Cashman Cirkev Bratska 6,657 900 2,750 15,056 {46,1531 16931 {10,4801 {3181 (8941 12,7981 {14.7501 39.496 2.067 2,274 7.730 {14.738} 894 2,798 9.450 5,300 2,067 37,611 176,086} 38,682 2,274 Pr•vious y•ar: At 1 January 2022 Incom• Exp•nditur• TransfoT• At31 December 2022 Missionary support Fellowship Prédica F1 Auditorium Fun¢J Manna House Clrkev Bratska 7.238 157.8051 13001 18.1201 118.6801 {1,2441 110.6461 50,567 2.367 3.079 293.207 2.067 1.563 151.749 3,478 {426,2761 1,244 282 10.364 298,653 170.914 96,7951 1370.705} 2.067 The Mlsslonary Fund provides financlal support for chh members and others sent out as Mission Partners, and lo overs¥as Christian organisations lo whom we provide financial support. Funds were received for tsyo spècific partners - Predica Fiel and Cirkev Bratska so these are shown in separate fvnds. The Fellowship Fund provides for members of the (x)ngrg9ation who need support $pg¢ific finanaal needs. The Auditorium Fund supports tho r8dev8k)pm8nt of th8 audltorfum. The transfer in 2022 represents the capital expenditure in the year while the transfer in 2023 is in respect of the capital expenditure made in prfrvious y8ars. The Manna House Fund supports the Manna House outreach initiative of the Church. The Cirkev Bralska fund supports the work of the Slovakia Bretheren Church and a p8rti¢ular appeal was held for funds to support refugees during the year. The Stuart Cashman fijnd supports the family of the late Stuart Cgshman, a f¢)mier minist9r of thg Church. Transfers were made from the general fund to Ver the expenditure when it was in excess of the balance in thefund. 21
DUKE STREET CHURCH {RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Anatysls of n•t ass•ts b•lw••n funds Unr8strlct•d funds 2023 R•stricted funds 2023 Totsl 2023 At 31 D•c•mr 2023: Tangible assets Investment properbes Current assetsllli8bilitiesl Long terni liabilities 5.677.848 1.583.000 280.036 (1,253,834) 5,677,848 1,583,000 282,310 11,253,834) 2.274 6.287.050 2.274 6,289.324 Unrestrlcted fund$ 2022 Restrl¢ted fund8 2022 Totsl 2022 t 31 December 2022: Tangible assets Invgstmenl propgrties Cuent assetsllliabilthes) Long temi liabilities 5.922.397 1.750,000 1442,7331 1591.412} 5.922.397 1,750,000 1440.666) 1591.4121 2,067 6.638,252 2,067 6.640.319 21 Capltal commltments Amounts contracted for but not provid8d in th8 ffinanual statements: There were no capltsl commitments al 310ecember 2023 or at 31 Decèmbèr 2022. 22 Opgratlng l•as• commltmonts At the reporting end dale the church had outstanding commitments for future mlnimum lease payments un(Jer non4an¢ellable opeTaling leases, thich fall due a5 follows.. 2023 2022 Within one year Beeen ttvo and five years 18A84 17.080 25.179 16.329 35,564 41.508 23 Trustees Reimbursements of £732 for travel, conference, phon8 and subsistence expenses were made lo 1 trusleg during the year12022.. £740 10 1 twst9el. -22-
DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEAIBER 2023 23 Trusteos {Continued} The senior minister, John Samuel, was also a trustee until 0110812023 and received remuneration of £29,078 12022: £49,608) durfng the year. Pension contributions 01 £2.894 12022= £4.961} were made on his behalf. National Insurance Employers contributions of £3.281 12022.. £5.9031 were made on his behalf. These payments are permitted under the lem)s of the Memorandum &Arts"eles ofA8soclalS¢)n. During the year a total of £138,640 unrestricted donations and reslriGted donations of indNidually l(w4 value were made by TNslees to Ihe church (2022-. £170,659). -23-
DUKE STREET CHURCH {RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONnNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 24 R•ld party transactions Transactlon$ wlth r•latsd partl•s During the year the church entered Into Ihe followng traThsactions with related parties.. Family members of trustees r8c8ived remuneralion (which includes gross salary and émployers pension conlrilxjlions) of £6,498 {2022'. £6,107) during thg year. 25 Cash general fr¢m oper¥tkn$ 2023 2022 IDeficllllsurws for the year 1350,9951 7.261 Adlustmenls for. Investment income CogniSed in slalement of finarrial actilieS Lossl{gainl on Llisposal of tsnglble fixed assets Fair value gains and losses on investment properbes Depreciation and impaimient of iangible fixed assets 130.107) 27 167,000 197,214 {27,875} {554} 154,508 Movements in working capital: Ilncreaseydecrease in debtors {D8creasellineJeas& in cradilrKs (3.3831 111,8181 6,740 4.596 Cash labsoTbtd byygenerated from 0ratiOnS {32.062 144,676 26 Analy$i$ of ¢hang•s in not Idebt}Ifunds At 1 January 2023 Cashllows Oth¢r nonrycatsh Al 31 D¢¢emb•r ¢hanq•$ 2023 Cash al bank and in hand 113,970 294,460 408.430 Loans falling due within one year Loans falling duo after more than one y8ar 1374.243) 1591.412) 312.128 <62,115) 1312.128) 11.253.834> {350,294) 1851.6851 155,834) {907.519) -24-