Charity registration number 1134492 (England and Walas) Company reglstratlon number 07118491 DUKE STREET CHURCH (RICHMOND-UPON-THAMES) (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 DUKE STREET CHURCH (RICHMOND-UPON-THAMES) LEGALAND ADMINISTRATIVE INFORMATION Trustees Ivan Baird {Chalr from June 2024) Chuck Bateman Jonathan Borsley Paul Chambers (Acting Chair untill June 2024) Laurie Hunter Philip Long James Muldoon Stephen Pryor John Taylor Angela Vincent Barbara McLeish (Appointed 21 March 2024) {Appointed 15 April 2024) (Appointed 27 March 2025) Charity number (England and Wales) 1134492 Company number 07118491 Registered office Duk8 Street Richmond Surrey TW9 1DH Auditor Xeinadin Audit Limited 5 Robin Hood Lane Sutton Surrey SM12SW Bankers Barclays Bank plc DUKE STREET CHURCH (RICHMOND-UPON-THAMES) CONTENTS Page Trustees, report Independent audltorfs report ststement of financial activities Balance sheet 10 Statement of cash flows 11 Notes to the financial statements 12-23 DUKE STREET CHURCH (RICHMOND-UPON-THAMES) TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the Church's Memorandum & Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effeGtive 1 January 2019).. Objectivos and adivitios The Church's mission is to glorify God by making disciples from all nations. To achieve this. our strategy is to "Reach-BuilikSend". This means Ihat we reach out with the message to those who have not yet heard or understood the great news of rescu8 through the Lord Jesus Christ,. build up believers in their lrfe of trusting and obeying the Lord Jesus Christ. and send out people who will take the message of this great news to London and to the "ends of the earth". Our values reflect the kind of Church we want to be. To pursue our strategy and achieve our vision.. we seek with God's help to be prayerful, Bible-driven, 'growing more like Jesus,. 'loving and generous,. 'passionate to share the good news,, and 'looking to the future,. Th8 trustees have paid due regard to public benefit guidance issued by the Charity Commission in deciding )Nhat activities the church should undertake. It is part of the responsibility of the Church Council to make donations to individuals or charitable organisations with activities which are symp£thetic to those of the Church or are for welfare purposes. During the period grants totalling £74,404 {2023.' £73.637) w8re made and details a￿ shown in not8 7 to th8 accounts. Achi•vements and perforniance As a church we are constsntly dependent on God for everything and take confidence in knowing that all Ihat happens is within his providential Care. We are committed to delivering w88k-by-w8ek preaching of th& bible, whether through on-line ministry, or in person. James Muldoon joined the staff team as our Senior Minlster in April 2024 and has been working to help the church determine its strategy and focus for the coming years. We are enormously grateful to our Associate Minister, Simon Pethick. who assumed the role of Acting Senior Minister for the period until James Muldoon was appointed, and to Assistant Minister Adam Goddard and Head of Ministry Support. Matt Bailey for their support. Their godly leadership helped ensure the smooth continuing of the church activities and the failhful preaching of the gospel. We remain fully committed to outreach in the local area and further afield and many of the activities of the church contain strong "reach out" elements. We have met throughout the year each week for our two Sunday services. which we have also continued online streaming to enable members and guests to join remotely. We hosted a series of events during the year designed to introduce people to the Christian faith. which included our annual carol services. our monthly lunch and talk designed for Seniors, our monthly èvening meal for those living on the margins of society and periodic events designed to welcome those from other cultures and providing a place for them to foster new friendships. We continue to make our building available to local businesses and societies and we regularly host groups from the community. Duk8 Street Church has a long history of supporting mission work and this continued unaffected through 2024. W remain committed to our vision to be a sending church and are involved in cross-cultural mission in the UK and around the world. During the period, we continued to support the work of Mission Partners serving in different countries through various sending agencies. In addition, we have also supported projects in Cuba. Zambia and Slovakia as well as a local school's outreach project in Richmond and a ministy focussed on supporting personnel serving in the UK'S armed forces. We are regISte￿d as Duke Street Church. a charitsble company and an independent charity. This provides full compliance with the regulations from the Charity Commission and retains the church's charitable status for Gift Aid and tax purposes. The transfer of assets to the new company was substantially completed in 2012. DUKE STREET CHURCH (RICHMOND-UPON-THAMES) TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial rovlew As at 31 December 2024 the Church ￿Ported net assets of £6.1 m (2023: £6.3m), primarily comprising fixed assets of £7.1m (2023.. £7.3ml which comprise the auditorium and associated property on Duke Street, Richmond and the Church Manse. The church also has cash balances of £0.24m <2023: £0.41m) and borrowings of £1.2m (2023." £1.3m>. At the start of the period the church held hyo loans. including a mortgage of £0.6 million taken out in 2008 to partly finance a redevelopment of the church buildings and a development loan of £0.7 million, drawn down through 2022 and 2023 which were used lo contribute to the financing of a renovation of the church auditorium. During the period we consolidated these loans into one facility of £1.2 million. Duke Street is financially dependent on members and friends of the church and is grateful to God for their sacrificial giving. Income from donations in 2024 was £0.61m {2023: £0.57ml. and total income was £0.72m (2023: £0.67m). £0.70m of this was unrestricted (2023: £0.64m}. The Church seeks to manage its costs carefully and is particularly aware of the difficult economic circumstances faced by many people and the increased cost of servicing the debt due to increase5 to the Bank of England base rate over the last 3 years. Costs in 2024 were £0.90m {2023- £0.86m). The Church spends much of its income on the staff it employs, both ministerial and administrative- the cost of maintaining its premises, including interest costs on the mortgage and on financial support for Mlsslon Partners. During 2023 the church members agr88d to make use of reserves to effect necessary repairs and irnprovements to the church manse whilst it was vacant before our new Senior Mininster was in post. By the end of 2023, £52k had been spent. Afurther £70k was spent in 2024, of which £3k has been capitalised and £67k expensed. It is the Church's policy to maintain Operating Cash Reserves of between three and six months of annual exp8nditure. For these purposes Operational Cash Reserves includes all bank balances, other than those held separately for restricted fvnds (such as the Mission and Redevelopment Funds) and balances set aside by the Church Council for other specifi¢ purposes. Annual expenditure is based on the annual budget for the Church, as approved by the members of the Church. At the end of 2024, total cash reserves of £0.24m (2023: £0.41 m) are entirely unrestricted. As a result. we held the equivalent of 3.9 months of budgeted operating expenses. The Church manages its finances throu9h a General Fund and, vthere relevant, through restricted funds, which are established for specific purposes. In recent years members have been encouraged to give to the General Fund so that the Church Council may have flexibility in how Church income is allocated, while always remaining answerable to members and the Lord. (Members remain free to give lo a restricted fund if this is their preference). Fundraising Duke Street Church engaged in fundraising in the form of receiving free-will offerings and donations, some of which were gift-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. Our practice before government restrictions relating to COVID was to publicly invite an offering at every service. Other than this we do not engage in persislent fundraising or intrusive fundraising practI￿S with any of our donors, including vulnerable people. and we never have private or Goercive discussions with individuals about their giving. Our fundraising praCtI￿S are ethical and in a¢cordan¢e with Biblical principles. No complaints were re￿iVed about our fundraising pradices. DUKE STREET CHURCH (RICHMOND-UPON-THAMES) TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Rlsks and Risk Management Plan From tim8 lo lime the Trustees considers the risks and uncertainties that might prevent the church from achieving its charitable goals. The risk areas, and our approach for managing the risk area can be summarised as foll0v￿". Finanual Rlsk: our regular and one-off giving declines; we face a significant increase in the interest Charged on our outstanding mortgage., we face an uninsured liability,. there is a significant reduction in ext8rnal hirer income. Risk Manag•mont Approach: we prepare Monthly management accounts: we manage an Operational Cash ReseNes policy of between three and six months. expenses. we ensure that insurance policies are uptfrdate and include Employer's liability of £10 million. Public Liability of £5 million and Propety Owner's Liability of £5 million Security & Safeguarding Risk: there is a major Security, Safeguarding, or Health & Safety incident Risk Management Approach: we conduct a thorough Securlty & Safeguarding Review. we implement building zoning plans that ensure that children and vulnerable adulls can be secured from other more public parts of the building when required., we ensure compliance with our Building Terms of Use for all external hirers,. we ensure that insurance policies are up-to-date and cover us for identified risks- we maintain up-to4ate Service Incident logs and Risk Logs; we ensure that all major identified risks are reported to the Council and a risk management plan identified (Accept, Mitigate or Avoid). Likewise, when we have hired alternative venues, we have adopted the policies of the venues themselves. Plans for Ihe Future The Church will continue to utilise the funds that are provided by members and friends through the generous provision of the Lord to support the vision and objectives that were highlighted in the sections above. In addition to the ongoing and regular activities that this entails, the church has a number of specific plans for the future- The chuKh buildings are a signtficant enabler of the vmrk that we do. There is a need to establish a more fixed building's maintenance budget. We re¢ognise the important part that debt has played in enablin9 US to carry out crucial works to our buildings in support of our ministry. however the Church would pref8r not to be in debt. We will continu8 to repay our outstandlng loans and the Church Council will consider over-paying our contractual amounts vlhere 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 2024 Structure. governanc• and management The church is a registered charity number 1134492 and an incorporated company number 07118491. Its registered name is Duke Street Church {Richmond-upon-Thames) but it operate5 under the name Duke Street Church. The charity was incorporated on 7 January 2010 and is governed by it5 Memorandum and Articles of Association. New trustees are appointed by the church members 8t the members. meetings. They receive training within trustee meetings. The trustees. who are also the directors for Ihe purpose of company law, and who served during the year and up to the date of signature of the financial statements were- Ivan Baird {Chair from June 2024) Chuck Bateman Gareth Batten Jonathan Borsley Paul Chambers (Actlng Chalr untlll June 2024) Lauri8 Hunter Philip Long James Muldoon Stephen Pryor John Taylor Siobhan Temple rim Totton Angela Vincent Barbara McLeish (Resigned 21 March 2024) (Appointed 21 March 2024) (Appointed 15 April 2024) (Resigned 21 March 2024) (Resigned 29 June 2024) (Appointed 27 March 20251 Trustees serve for a t8rm of four y8ars, after which they may stsnd for reelectlon. The Elders and the Council consider carefully whether an individual remains appropriate for office throughout their temi and at the point of nomination for re-elaction against the standards set out in the Bible. We do not set a maximum number of years that a trustee may serve for but do factor tenure in to those considerations. We note several of our trustees have served for longer than 9 years. The Church's activilies 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 aspects of the Church's life}. Elders and Core Group Leaders act as trustees. and together they comprise the Church Council. The Church Council is responsible for the overall conduct of the Charity and ensuring compliance with the Memorandum and Articles of Association. All trustees are appointed by the Church members. The key management personnel of the Church are the trustees and Matt Bailey, Head of Ministry 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 time freely and did not receive any remuneration in the year. Details of ￿lated party transactions are disclosed in Note 24 to the financial statements. The pay of senior staff is reviewed annually and normally increased in accordance with average eamings. Members of staff received a salary increase in 2024 to ensure that salaries remain in line with other comparable roles. We will Continue to benchmark staff benefits against staff perfom)ing similar roles in Similar charities. The trustees of the main church building are The Baptist Union Corporation Ltd (BUCLI, Nicholas Forrest and Sir Paul Coleridge. BUCL is sole trustee of the manse (53 Old Deer Park Gardens, Richmond). The church is associated with the Evangelical Alliance. Affinity. th8 London Gospel Partnership and the Fell0v￿hIp of Independent Evangelical Churches. DUKE STREET CHURCH (RICHMOND-UPON-THAMES) TRUSTEES. REPORT (CONTINUED){INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Statement of trustees. responslbllltles The trustees, who are also the directors of Duke Street Church for the purpose of company law. are responsible for preparing the Trustees, R8POrt and the financial statements in accordance with applicabl@ law and Unit8d Kingdom A¢￿UntIng Standards (United Kingdom Generally Accepted Accounting Praclice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the church and of the incoming resources and application of resources, including the income and expenditure, of the charltable company for that year. In preparing these financial statements, the trustees are required to- select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have b88n followed, Subje￿ to any material departures disclosed and explained in the financial statements: and prepare the financial ststements on the going concern basis unless It Is inappropriate to presume that the church will continue in operation. The trustees are responsible for keeplng adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the ¢hur¢h and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Audltor In accordance with the company's articles. a resolution proposing that Xeinadin Audit Limited be reappointed as auditor of the company will be put at a G8neral Meetlng. Dls¢losure of Information to auditor Each of the trustees has ¢onfimied thal there is no information of which they are aware which is relevant to the audit, but of which th8 audilor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant infomiation and to establish that the auditor is aware of such information. The truste8s' report was pr8pared in a¢¢ordan¢e wlth the special provisions relatlng to small companies and approved by the Board of Trustees. Ivan Balrd Trustee Dated.. 31 August 2025 DUKE STREET CHURCH (RICHMOND-UPON-THAMES) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DUKE STREET CHURCH Opinion W8 have audited the financial statements of Duke Street Church (the 'church') for th8 year ended 31 December 2024 which comprise the statement of financial activities. the balance sheet, the statement of Gash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Repothng Standard applicable in the UK and Republic of Ireland {Uniled Kingdom Generally Accepted A¢counting Pra¢ti¢e). In our opinion. the financial statements= give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources. induding its In￿Me and expenditure. for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accourrting Practi￿. and have been prepared in accordance with thg requirements of the Companies Act 2006. Basis for opinion We conducted our audlt In aecordance wlth Intematlonal Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial stat8m8nts section of our report. We ar8 independent of the church in a¢¢ordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethl¢al Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng ¢on¢em In auditing the finan¢lal ststements, we have concluded that the trustees, use of the going concem basis of accounting in th8 preparation of the financial statements is approprrate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individualty or co118CtiV8ly, may cast significant doubt on the ¢hur¢h's abilty to continue as a going concem for a period of at least Iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitl8s of th8 trustees with resped to going concern are desrJib8d in the relevant sections of this report. Other information The other infomiation comprises the information included in the annual report other than the financial statements and our auditorfs report thereon. The trustees are ￿sponsible for the other inforniation contained within the annual report. Our opinion on the financial statements does not cover the olher infomiation and, except to the extent otherwise expliciily staled in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial siatements or our knowledge obtained in Iha course of th8 audit. or otherwise appears to be materially misstated. If we identify such material inGon51StenGies or apparent material misstatements, we are required to detemiine whether this gsves rise lo a material misstatement in the financial ststements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbod by the Companlès Act 2006 In our opinion, based on Ihe work undertaken in the course of our audit.. the infomiation given in the trustees, report for the financial year for which the financial statements are prepared. which includes the director5, report prepared for the purposes of Company law, Is ¢onsist8nt with th8 financial statements" and the directors, report included within the twstees. report has been prepared in accordance with applicable legal requirements. DUKE STREET CHURCH (RICHMOND-UPON-THAMES) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF DUKE STREET CHURCH Matters on whlch we are required to report by exception In the light of the knowledge and understanding of the thurch and its environment obtained in the Course of the audit. we have not identified material misstatements in the directors. report included within th8 trusteas, report. We have nothing to report in respect of the following matters in ￿latiOn to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us: or the financial statements are not in agreement with the accounting records and retums: or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not entided to prepare the financial ststements in accordan￿ with the small companies regime and take advantage of the small companies, 8X8mplions in preparing the trust@8s' report and from the requirement to prepare a strategic report. Responsibiliti•s of trustees As explained more fully in the statement of trust8es' responsibilities, the trustees, who are also the directors of the church for the purpose of company law. are responsible for the preparation of the financial stat8rnents and for being satisfied that they give a twe and fair vlew. and for such internal control as the trustees determine 15 necessary to enable the preparation of financial statements that are free from material misstat8m8nt, whether du8 to fraud or error. In preparing the financlal statements, the trustees are responsible for assessing the church's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using ihe going concern basis of accounting unless the Iwstees either intend to liquidate the charitab18 company or to C8ase operations. or have no realistic altemative but to do so. Audllofs responslbllltles for the audlt of th• financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatement, whether due to fraud or error, and to issue an auditorfs report thal includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will alway5 detect a material misstatement when it exists. Misstatements can arise from fraud or error and ar8 considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud. is detailed beli)w. Based on our understanding of the charily, we identified that the principal risks of non-compliance with laws and regulations related to company, employment and financial reporting legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also Gonsidered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Charities Act 2011. We assessed the susceptibility of the Gharity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur. by making enquiries of management, considering the intemal controls in place and discussion amongst th8 engagement team. We determined that the principal risks were related to estimates of useful 8conomic lif8, management bias in accounting estimates, valuation of property. presentstlon of separately disclosed items and management override of controls. In response to the risks identified we designed procedures which included, but were not limited to discussing realistic useful 8conomi¢ lives wilh managemént, challenging signlflcant accounting estimates such as valuatlon of property, agreeing financi81 statement disclosures to underlying supporting documentation, identifying and testing joumal entries, reviewing trustees meeting minutes and evaluating the charity, int8rnal 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 more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Material misstatements that arise due lo fraud can be harder to detect than those that arise from error as they may involve deliberate Concealment or collusion. A further description of our responsibilities is available on the Financial Reporting Council's website aL" https:11 www.frc.org.ukjauditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This r8POrt is made solely to the charitable company's members. as a body, in apKordan¢8 Wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibilty to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Mlrfam Hlckson FCA CTA {Senlor Stalutory Audltor) For and on behalf of Xeinadin Audit Limited. Statutory Auditor Chartered Accountants 5 Robin Hood Lane Sutton Surr8y SM12SW Date: .4...S4(4￿￿￿ ￿ zs DUKE STREET CHURCH (RICHMOND-UPON-THAMES) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrastrlct8d Re$tri¢ted funds funds 2024 2024 Total Unrestrlcted Restrlcted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and18gacies Charitable activities Investrnents Other income 587,958 77,537 32,471 210 23.587 611,545 77,537 32,471 210 536,228 71,452 30,058 721 37,562 573,790 71,452 30,107 721 49 Total income 698,176 23,587 721,763 638,459 37.611 676.070 Expenditure on: Charitable activities 809,419 86,903 896,322 783,979 76,086 860,065 Total expenditure 809,419 86,903 896,322 783,979 76,086 860,065 Net losses on investments 11 (167,000) (167.000) Net expenditure (111,243 (63,316) {174,559) (312,5201 (38,475) {350.995) Transfers between funds 21 (63,016 63,016 (38,6821 38,682 Net movement In funds {174,259) (300) (174.559 (351,2021 207 {350,995) Reconclllatlon of funds: Fund balances at 1 January 2024 6.287,050 2,274 6.289,324 6,638,252 2,067 6.640,319 Fund balances at 31 December 2024 6,112.791 1,974 6.114,765 6,287,050 2,274 6,289,324 The statement of financial activities Includes all galns and losses recognised in the year. All income and expenditure deriv8 from continuing activities. DUKE STREET CHURCH (RICHMOND-UPON-THAMES) BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assets Investment property 12 13 5.494.759 1.583.000 5,677,848 1.583.000 7,077,759 7,260.848 Current as5els Debtors Cash at bank and in hand 14 47,305 236,625 62.442 408,430 283,930 470.872 Credltors: amounts falllng due wlthln one year 16 (136,613) (188,562) Net current assets 147,317 282,310 Total assets less current liabilitigs 7.225.076 7,543.158 Creditors= amounts falling due after more than one year 17 (1.110.311) (1.253.834) Net assets 20 6,114.765 6.289.324 The funds of the church Restricted income funds Unrestricted funds 21 19 1.974 6,112,791 2,274 6,287,050 6,114,765 6,289,324 These financial statements have been prepar8d in accordance with th8 provisions applicab18 to companies subject to the small companies regime. The financial statements were approved by the trustees on 31 August 2025 Stephen Pryor Trustee Company registration number 07118491 (England and Wales) 10 DUKE STREET CHURCH (RICHMOND-UPON-THAMES) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notss Cash flows from operating actlvllles Cash absorfoed by operations 25 (63.056) (32.062) Investlng activities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Investment income received 18,178) (54.219) 340 30.107 32,471 Net cash generated froml{used In) Invgstlng a¢llvitles 24.293 {23,772) Financing actlvltles Proceeds from new bank loans Repayment of bank loans 1,190,000 11,323,042) 388.375 (38.081) Net cash (used inllgenerated from financing activities (133,042) 350,294 Net (decrease)lincrease in cash and cash equivalenls (171.805) 294,460 Cash and cash equivalents at beginning of year 408,430 113,970 Cash and Cash equlvalent$ at end of year 236,625 408,430 11 DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles Company Infomiatlon Duke Str86t Church is a private company limited by guarantee incorporated in England and Wales. The registered office is Duke Slreet, Richmond. Surrey. TW9 1 DH. 1.1 A¢¢ounllfig eonventlon The finanGial statements have been prèpared In accordance with thg church's Memorandum & Articles of Assoclation, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of R8commended Practice appllcable to charities preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland (FRS 102) {effe¢tlve 1 January 2019)" The church is a Public Benefit Entity as defined by FRS 102. The financlal statements are prepared in sleding, which is Ihe fvn¢tional currency of the church. Monetsry amounts In these financial ststements are rounded to the nearest £. The financial statements hav8 b88n prepared on the historical cost convention modlfiad to include investm8nt properties at fair value. Tha principal accounting policlés adopted are set out below. 1.2 Going concern At period end tha Church has a net asset posltion of £6.1m, a net Gu￿ent as58t position of £147k and cash on hand of £237k, which is equivalent to approximately 4 months of budgeted operational expenditure. At the time of approving the financial slatements, the trustees have a reasonable expectation that the church has adequate resources to continue In operational existenr£ for the foreseeable future. There are no matersal uncertainties affectlng the church's ability to eontlnu8 Its operation5. Thus th8 trustees continue to adopt the going con¢8m basis of accounting in preparing th8 financial statemènts. 1.3 Charltable funds UnrestriGled funds are available for usa at th8 discretion of the trusiees in furtheranGe of their charitsble objecllves unless the funds have been designated for other purpos8S. RestriGted funds - these are funds that can only be used for particular restricted purposes within the objects of thè charity. Reslrictions arise when sp8cified by a donor or whan funds are raised for partlcular restrirted purposes. 1.4 Income Income is recognised wh9n the church is legally entilled to it aft8r any performance conditions have been met. the amounts can be m8asur8d reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations ar8 recognised once the church has been notSfied of the donation, unlèss p8rformance conditions requlre deferral of Ihe amount. Income tax recoverabl8 in relation to donations received under Gift Aid is r8cognised at the time of th8 donation. Legacies are reeognlsed when the amount can b8 measured and receipt is probable. 1.5 Expenditure Expenditure is racognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be mea5ur8d reliably. Expenditure is discounted to present value for longer term liabilities. All expenditura is accounted for on an accruals basis. Grants payablg ar8 payments made to third parties in the fvrtherance of the charitable objects of the charity. In the cas8 of an unconditional granl offer this is accrued once th8 r8cipient has b9en notified of the grant award. The notification gives th8 recipient a reasonable exp8ctats.on that they will raceive the one or multi year grant. 12- DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policie8 {Contlnued) 1.6 Tanglble flxed assets Tangible fixed assets are inltially measured at cost and subsequenuy measured al cost, net of depreciation and any impaimient losses. Freehold land is not depreciated. Depreciation is recognised so as lo write off the cost of assets less their residual values over th8ir useful lives on the following bases: Freghold land & buildings Fixtures, ftttings & equiprnent 2% on cost 25-330/9 on cost The galn or loss arising on the disposal of an asset Is det8miin8d as the difference be￿een thè sale proceeds and the carying valuè of th8 ass8t, and Is r8cognlsed in the statement of financial actlvlties. 1.7 Invoslment propertles Investment property. which is property held to garn r8ntals andlor for capital appreciation, is initially recognised at cost. which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reportrng end dats. The surplus or deficit on revaluation is recognised in net incomel(expenditure) for the year. 1.8 Impairnient of fixed assets At each reporting end date. the church reviews the carrying amounts of its tangible and intangible assets to determine whether Ihere is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimatsd in or(Jer to determine the extent of the Impaim8nt loss (if any). 1.9 Cash and cash equivalents Cash and ¢ash equivalents Include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or18SS. 1.10 Flnanclal instruments Financial Instruments ar8 racognlsed wh8n the church becomes party to the contractual provlsions of the instrument. Financial assets are offset. with the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and Ihere is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financlal assets Basic financial assets. which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method un195S the arrangement ¢onstitutes a financing transaction. where the transadion is measured at the present value of the future recelpts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 13- DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting polleles (Continued} Baslc financial liabillues Basic financial liabllllles, including trade and other payables, are Initially recognised at transaction pri¢a unless the arrangement constitutés a financing transadion. where the debt instrument is measuréd al the pr8sent value of the future r8C8iPts discounted at a market rate of interest. D8bt inslruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or seNlces that have been acquired in the ordlnary course of OP8rations from suppllers. Accounts payable aré classified as current liabllitles if payment is due within ona year or less. If nol, th8y are presented as non-current liabilities. Trade payables are r8cognised inltially at transaction price and subsequently measured at amortised cost using the effective int8rest metht)d. Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in thè transfer of funds to a third paty and tha amount due to settle th8 obligation can be measured or estimatéd reliably. Creditors and provisions are recognised at their settlement amount. Derecognition of financlal Ilablllties Financial liabilities are derecognised when the church's contractual obligations expire or are discharged or can￿lled. 1.11 Rotirement b•nefits Paymènts to defined contribulion retirement benefft schemes are charged as an expense as they fall due. Crltlcal accountlng estimates and Judgèments In the appllcatlon of Ihe chur¢h's accounting policies, the trustees are requlred to make judgements, estimates and assumptions about the carying amount of assels and liabilities that are not readlly apparent from other sources. The estimates and associated assumptions are based on historical experien¢8 and other factors that are considered to be relevant. Actual results may differ from those estimates. The estimates and underlylng assumptions are revlewed on an ongoing basis. Revislons to accounting estlmates are recognised In the period in which th8 estimate is r8vised where the revlslon affects only that P8riod, or in the period of the revision and future peri¢)ds where the revision aff8cts both current and future periods. Donations and legacles Unrestriclod Restrleted funds funds Total 2024 Total 2023 Donations and gifts Legacies receiv8bl6 587,958 23,587 611,$45 568,790 5,000 587,958 23,587 611,545 573,790 14- DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable activities 2024 2023 Book & CD income Hirè of premlses Events 415 68,631 8,491 625 59,677 11.150 77.537 71,452 Incom6 from investmenls Unrestrlcted Restrlcted funds funds 2024 2024 Total Unre$trictgd Restrict•d funds funds 2023 2023 Total 2024 2023 Rental incom8 Interest receivabl8 27.618 4.853 27,618 4,853 26.214 3,844 26,214 3,893 49 32,471 32,471 30.058 49 30,107 Charltablo activities Unrestrlcted Mlsslonary Audltorlum support Other Total 2024 restrlcted Total 2023 Employee costs other slaff related costs Direct costs 287,660 34,839 34,729 287,660 34,839 35,029 259.927 30.977 42.824 300 357,228 300 357,528 333,728 Grant funding of activities (see note 7) Shar8 of support costs (see note g) Share of govemance costs {see note 9) 2,577 54,576 17,251 74,404 73.637 440,854 14.776 455,630 444,447 8,760 8,760 8,253 809,419 54,576 14,776 17,551 896,322 860,065 Analysis by fund Unrestricted funds Restricted funds 809,419 809,419 86,903 54,576 14,776 17.551 809,419 54.576 14,776 17.551 896.322 15- DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable Unrestricted Mlssionary support Other restrlcted Total 2024 Total 2023 Grants to institutlons: Prédica Fiel Ov8rseas Missionary Fellowship Insight UFM Proclamation Institute Zambia Slovakia Bretheren Church IFES SASRA 6.564 6,564 16,550 6.000 7,295 5,000 10,687 11,035 6,000 10.480 15,385 6,000 7,412 7,100 14.750 10.256 16.550 6,000 7,295 5,000 10.687 11,035 6.000 51,880 17.251 69,131 71,383 Grants to individuals 2,577 2,696 5.273 2,254 2,577 54,576 17.251 74,404 73,637 Trustees Reimbursements of £100 for travel, conferen￿. phone and Subsisten￿ expenses were made to 1 trustee during th8 year (2023: £732 to 1 trustee). The senior minister. James Muldoon was a trustee from 1510412024 and received remuneration of £37.226 during the year and pension contributions of £3,705 were made on his behalf. In the previous year, the fomier senior mlnlster, John Samuel, was a trustee until 0110812023 and r8¢8ived remuneration of £29,078 during the year and pension contributions of £2,894 were mad8 on his behalf. These payments are permitted under the terms of the Memorandum & Articles of Association. During the year £120,217 unrestricted donations and £588 restricted donations w8r8 made by Trustees to the church (2023: £138.640). 16- DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs Support Governance costs costs 2024 2023 Depreciation Admin costs Premises costs 191,267 116.219 148,144 191.267 197.214 116,219 141.175 148,144 106,058 Audit fees 8,760 8,760 8,253 455.630 8.760 464,390 452,700 Analysed be￿een Charitable activities 455,630 8,760 464,390 452,700 10 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Employmenl Costs 2024 2023 Wages and salaries Social security costs Other pension costs 244,598 18,602 24,460 222.041 15,766 22,120 287,660 259,927 There was one employee whose annual remuneration was in the range £60,000-£70.000 <2023:nll). Remuneration of key management personnel The remuneration of key management personnel is as follows. 2024 2023 A99regate compensation 118.895 106,215 17- DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Gains and losses on investments Unrestricted Unrestrictèd funds funds 2024 2023 Gainsl(losses) arising on.. Revaluation of inveslment properties {167,000} 12 Tanglbla fixed assots Freehold land & buildings Flxtures, fittings & èquipment Total Cost Al 1 January 2024 Additions 6,530,563 464,429 6,994,992 8,178 8,178 At 31 December 2024 6,530,563 472,607 7,003,170 Depreclatlon and impairment At 1 January 2024 Depreciation charged in the year 1,144,515 141,675 172.629 1,317.144 49,592 191,267 At 31 December 2024 1.286.190 222,221 1,508,411 Carrylng amount At 31 December 2024 5.244,373 250,386 5,494.759 At 31 De¢ember 2023 5,386,048 291,800 5,677,848 Land and buildings are included at valuation at date of transfer from the unincorporated charity with subsequent additions included at cost. Land and buildings with a Carrying value of £2,498.286 are pledged as security for bank borrowings. 13 Investment property 2024 Fair value At 1 January 2024 and 31 DecEmber 2024 1.583.000 Investment property comprises freehold property of the flats located on the main church site. The trustees have valued the properties at fair value at the balance sheet date. The valuation takes into account the overall level of prices for comparable properties in Richmond. 18- DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Debtors 2024 2023 Amounts falllng due wlthln ono year: Other debtors Prepayments and accrued income 21,028 26,277 45,292 17,150 47,305 62.442 15 Loans and overdrafts 2024 2023 Bank loans 1.160,509 1,315,949 Payable within one year Payable after one year 50,198 1,110,311 62,115 1,253,834 Amounts induded above which fall due after five years: Payable by instalments 831.868 At the start of the period there were two loans. The first long-term loan is secured by a first18gal charg8 OV8r the freehold property on Duke Street and Quadrant Road. Repayment is over 20 years and interest is charged at 2.8°/o above the Bank of England Base Rate. The second long-term loan is a development loan which of which £319,472 was drawn down In 2022 and £350,000 in 2023 to fund the auditorium refurbishment. The stated intention of the bank in the development loan agreement and the intention of the Trustees is to convert the development loan into a standard loan at the date the development loan matures. The loan was interest only for the first 12 months. after that r8payments are due over 15 years. Interest is charged at 2.5Yo above the Bank of England Base Rate. In April 2024 the two loans were combined into one new loan. Interest is Gharged at 2.50/0 above the Bank of England Base Rate and Ihe loan is repayable in monthly instalments with a lump sum payment due in 5 years. 16 Creditors: amounts falling due within ono yoar 2024 2023 Notes Bank loans Other taxation and so¢ial security Other creditors Accruals and deferred income 15 50,198 6.074 19,799 60.542 62.115 6,069 61.995 58.383 136,613 188.562 19- DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Cr•ditors: amounts falling due after more than one year 2024 2023 Notes Bank loans 15 1,110,311 1.253,834 18 Retirnment benefit s¢hemès 2024 2023 Defined contrlbutlon schemes Charge to profrt or loss in respect of defined contrlbutlon schemes 24,460 22.120 The chur¢h operates a defined Contribution pension scheme for all qualifying employees. The assets of the SGheme are held separately from those of the church in an independently administered fund. 19 Unrestrfcted funds The unr8strict8d funds of th8 charity comprise the unexpended balances of donations and grants which ar8 not subject to specific conditions by donors and grantors as to how they may be used. These include d8signated funds which have be8n set asida Olrt of unrestricted funds by Ihe tNstees for specific purposes. At 1 January 2024 Incomo Expendlture Transfers Galns and los$es At31 December 2024 General funds 6,287,050 698.176 (809,419} 163,016} 6,112.791 Previous year: At 1 January 2023 Income Expendlture Transfers Galns and losses At31 December 2023 General ￿ndS 6,638,252 638.459 (783.979) (38,682) {167.000) 6.287,050 20 Analysls of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 December 2024: Tangible assets Investment properties Current assetsl{liabilities} Long term liabilities 5,494.759 1,583.000 145,343 {1,110.3111 5,494.759 1,583,000 147,317 (1,110,311) 1.974 6,112,791 1,974 6,114,765 -20- DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Analysls of net assels between funds (Continuad) Unrestrlcted funds 2023 Restrleted funds 2023 Totsl 2023 At 31 D•comber 2023: Tangible assets Investment properties Current assetsl(liabilities) Long term liabilities 5,677,848 1,583,000 280,036 <1.253,834} 5.677,848 1,583,000 282,310 (1.253,834) 2,274 6.287,050 2,274 6,289,324 21 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subjed to specific conditions by donors as to how they may be used. At 1 January 2024 Income Expenditure Transfers At31 December 2024 Missionary support Fellowship Prédica Fiel Cirkev Bratska Manse 4,597 ($4,576) {300> (6,564) (10,687) (14,776) 49.979 2,274 1,974 464 3,750 14,776 6.100 6.937 2,274 23.587 (86,903) 63,016 1,974 Previous year: At 1 January 2023 Income Expendlture Transfers At31 December 2023 Missionary support Fellowshlp Prédica Fiel Auditorium Fund Manna House Stuart Cashman Citkev Bratska 6,657 900 2,750 15,056 (46,1531 {6931 (10,4801 {3181 {8941 (2,7981 (14,7501 39.496 2.067 2,274 7.730 {14.738) 894 2,798 9,450 6,300 2.067 37,611 (76.0861 38,682 2,274 -21 DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Restricted funds (Continued The Missionary Fund provid8s financial support for Church members and others sent out as Mission Partners. and to overseas Christian organisations to whom we provide financial support. Funds were received for two specific partners - Predica Fiel and Cirkev Bratska so these are shown in separate funds. The Fellowship Fund provides for members of the congregation who need support with specrfic financial needs. The Audilorium Fund supports the redevelopment of the auditorium. The transfer in 2023 is in respect of the pital expenditure made in previous years. The Manna House Fund 5UPPOrts the Manna House outreach initiative ofthe Church. The Cirkev 8ratska fund supports the work of the Slovakia Bretheren Church and a particular appeal was held for fvnds to support refugees during the year. Th8 Stuart Cashman fund supports the family ofth8 lat8 Stuart Cashman, a form8r minister of the Church. Transfers were made from the general fund to cover the expenditure when it was in 8XC8ss of the balance in the fund. 22 Capltal ¢ommllments Amounts contracted for but not provided in the financial statements: There were no caprtal commitinents at 31 December 2024 or at 31 December 2023. 23 Operating lease commitments At the reporting end date the church had outstanding commitments for futur8 minimum lease payments under nOn￿an￿lIable operating leases, which fall due as follows: 2024 2023 Within one year Between two and five years 5.650 11.414 18.484 17.080 17,064 35,564 -22- DUKE STREET CHURCH (RICHMOND-UPON-THAMES) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 24 Related party transactlons Tran$a¢tlons with related parties During the year the church entered into the following transadions with related parties: Family members of trustees received remuneration (which includes gross salary and employers pension contributions) of £6.297 {2023: £6.498) during the year. 25 Cash absorbed by operations 2024 2023 Deficil for the year {174,559) {350.995) Adjustmenls for: Investment income recognised in statement of financial activities (Gainyloss on disposal of tangible fixed assets Falr value gains and losses on investment properties Depreciation and impairment of tangible fixed assets (32.471) (30.107) 27 167,000 197,214 191,267 Movements in working capital: Decreasel(increasel in debtors (Decrease} in creditors 15,137 (62,430) (3.383} {11.818) Cash absorbed by operations (63,056) (32,062} 26 Analysis of changes in net (debt)Ifunds At 1 January 2024 Cash Ilows 0th8r non