## CHELSEA METHODIST CHURCH AND PASTORAL CENTRE 

REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 



> CHELSEA METHODIST CHURCH AND PASTORAL CENTRE 

|CONTENTS|||
|---|---|---|
|ADMINISTRATIVE DETAILS|oo. ccccecccccceseenaneesaaesceeneeneeeaa tesa sensaseceuceseusstensanaesevaueeesesaueuseueeaeneananeraaees 3||
|REPORT OF THE TRUSTEES|FOR THE YEAR ENDED 31 AUGUST<br>2023.....ccccecccuccecsesscuceessusuereneuseraanenes|4|
|INDEPENDENT AUDITOR’S|REPORT TO THE TRUSTEES OF CHELSEA METHODIST CHURCH<br>AND||
|PASTORAL<br>CENTRE<br>ueecceccsseueentnseenssensenaeanensaeceetenseeeenereeeeaseueessaueneasasseeesasarengasetseeeseaaaaueenunsensanseres||7|
|STATEMENT<br>OF<br>FINANCIAL|ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023<br>.....cccccsscneceeneeeeeaees|10|
|BALANCE SHEET AS AT 31|AUGUST 2023<br>coeccccsssecceeccereseeeeeesaeceeecsuseeseseseuncuenausaasneueevenersauetaeaneers|11|
|NOTES TO THE<br>FINANCIAL|STATEMENTS<br>FOR THE YEAR ENDED 31 AUGUST<br>2023......ccccecescneecesunere|12|





> CHELSEA METHODIST CHURCH AND PASTORAL CENTRE 

## ADMINISTRATIVE DETAILS 

|Charity registration number|1140225||
|---|---|---|
|Principal address|155a King’s Road, Chelsea, London SW3 5TX||
|Bankers|HSBC plc,||
||8 Victoria Street, London|SW1H<br>ONJ|
||Central Finance Board,||
||9 Bonhill Street, London|EC2A 4PE|
|Auditors|Banks & Co,||
||1 Carnegie Road, Newbury, Berkshire, RG14 5D]||
|Solicitors|Pothecary Witham Weld|Solicitors,|
||70 St, George Square, London SWiV 3RD||





> CHELSEA METHODIST CHURCH AND PASTORAL CENTRE 

## REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2023 

## TRUSTEES 

Minister Rev. Faith Nyota (appointed October 2022) Rev. Mark Davenport (resigned August 2022) 

> Church Treasurer Alan Mills 

> Church Trustees Alan Millis David Tamby-Raja (appointed September 2022 Colmeta Thorpe Marilyn Neufville (appointed September 2022) 

> Noemi Vila Mercy[A] Egyri (appointed September 2022) Jean Roncal (appointed September 2022) 

> Alvin Roncal (appointed September 2022) 

## STRUCTURE, GOVERNANCE and MANAGEMENT 

The Chelsea Methodist Church is managed by a Leadership Team drawn from the above officials and the Church Council, who are the Church Trustees, constituted as above. The Church also employs, normally, five staff and uses several volunteers to manage our homelessness project. Our volunteers are all suitably DBS checked as are our full-time staff. Training is given to any new volunteers and is arranged by the Resourcing Mission Executive Officer who has oversight of the daily running of the entire premises. Trustees are drawn from the Church congregation, usually on a voluntary basis unless a specific area of expertise which is unavailable in the Church is needed, in which case outside help from the wider Methodist community is enlisted. 

The Trustees for Methodist Church Purposes (TMCP) own all land and buildings on behalf of the Methodist Church and local Trustees, the Church Council in this case, manage the assets on behalf of TMCP. Sale or purchase[of] these assets must be agreed with TMCP in Manchester before any local activity can take place. There is a centralised computer system, the Methodist Consent System, for controlling and approving any development, renovation, sale or purchase of the Methodist Church assets. The Methodist Church in the UK is governed by Deed of Union (1932) and the Methodist Church Act (1976). These govern[all] Methodist Churchesatlocal, Circuit, District and National levels and a copy of this Deed is available in C.P.D. (the Constitutiona! Practice and Discipline) of the Methodist Church. 

## OBJECTIVES and ACTIVITIES 

The objectives of the Church are: 

- To provide Christian worship and pastoral care for members of the Church, adherents and members of the wider community 

   - To conduct mission and outreach for the wider Church community 

   - To receive and manage income from our owned shops 

VVVWV 

- To encourage and develop use of the premises for church activities To maintain and care for the premises 



> CHELSEA METHODIST CHURCH AND PASTORAL CENTRE 

## FINANCIAL REVIEW 

Our main income is from the four shops in King’s Road which have been fully occupied from December 2020. We still have an ongoing rental debt from one of our shops. Our attendance at Church has declined post Covid and hence our income from collections also suffered. The suite of offices on the second floor were vacated and have remained empty for mostof this last financial year. 

Our Circuit assessment has continued at a reduced rate due to Circuit policy and is now £20166.68 p.a. ; 6.98%of our total income. The assessment is reviewed annually by Chelsea, Hammersmith and Fulham Circuit and is based on the requirements to present a balanced Circuit budget. 

## INCOME 

Church income is derived potentially from four shop lets, room bookings, office space rents, church offerings and occasional donations. 

Chelsea Methodist Church is one of five churches in the Chelsea, Hammersmith and Fulham Methodist Circuit (Registered Charity No. 1133940) and retains control of Chelsea Surplus Funds (Trust No. 18632) and now the Ruby Edwards legacy (22595). Both are held by TMCP and interest derived from both Fundsis / will be transferred into the Church current account for distribution as necessary. There is also a Trust Fund, held within Circuit accounts, which is ring fenced for use by Chelsea Methodist Church (Trust Fund 21747), also held within TMCP. 

> At the direction of Church Council management and rent collection of our four shop premises will be transferred to an authorised agent[who] will liaise with our Solicitors on any new lease agreements. Rent collection from the rental premises has been managed in housethis year. 

Rental deposits for the shops are held in a designated ring fenced account and interest on the account will be repaid to tenants at the end of their term. This account is a restricted account. 

## RISK ANALYSIS 

> The Trustees make every effort to ensure that potential financial and operational risks are reduced to the minimum by maintaining strict oversight through regular financial reports to the Church Council and Leadership Team. Church[Council] meetings are usually held at least twice per year. The Church strives to maintain at least six months reserves to cover normal running expenses; this year our outgoings totalled £291,456 and our liquid unrestricted balances £207,280, representing 71.11%of a normal 

> year’s expenses. 

## STATEMENT TRUSTEES’ RESPONSIBILITIES of 

> Under the supervision of the Treasurer and the oversight of the auditors, the Trustees are required to approve[the] prepared[financial] statements every year[which] give a true and fair view of the financial activities of the Church and ofits financial position at the end of the year. In preparing those statements, the Trustees are required to : 

- >» Select suitable accounting policies and apply them consistently 

- Make judgements and estimates that are reasonable and prudent 

- State whether the policies adopted are in accordance with the Charities Act 1993 and with applicable accounting standards and statements of recommended practice; subject to any material departures disclosed and explained in the financial statements 

- >» Prepare the financial statement on a “going concern” basis unlessit is inappropriate to assume that the Church will continue to operate. 

> The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy[at] any time,[the][financial] position[of] the Church and enable them to ensure that the financial statements comply with the Charities Act 1993. They are responsible for safeguarding the assets of the Church and hencefor taking reasonable steps to prevent and detect fraud and any other irregular activities. 



## CHELSEA METHODIST CHURCH AND PASTORAL CENTRE 

## POST BALANCE EVENTS 

> Two of our staff were made redundant during the period after 31% August 2023 and this has resulted in redundancy payments and,[in] one case, a potential[tribunal] hearing which has also resulted[in] compensation being paid.[The] full[financial] impacts[of] these events[will] be shown[in] the 2024 accounts, 

## APPROVAL 

> This report was approved by the Trustees on Yard Nyote..:. and signed on their behalf by : Reverend Faith Nyota........}' het Titans Pi sevesereseerseatennees Superintendent Minister * 

Rann 7 



> CHELSEA METHODIST CHURCH AND[PASTORAL] CENTRE 

## INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF[CHELSEA] METHODIST[CHURCH][AND] PASTORAL CENTRE 

## Opinion 

> We have audited the financial statements of Chelsea Methodist Church and Pastoral Centre (the ‘charity’) 

> for the year ended 31 August 2023 which comprise a statement offinancial activity, balance sheet and notes to the financial statements, including 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 Reporting Standard applicable in the 

> UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

> In our opinion the financial statements: 

- e give a true and fair view of the state[of] the charity's affairs as at[31] August 2023, and ofits incoming resources and application of resources,[for] the year[then] ended; 

- e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- e have been prepared in accordance with the requirements of the Charities Act 2011. 

## Basis for opinion 

> We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report.[We] are independentof the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have 

> obtainedis sufficient and appropriate to provide a basis for our opinion. 

## Conclusion relating to going concern 

> In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis 

> of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## Other information 

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon.[The] trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated 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 statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent[material] misstatements, we are required[to][determine] whether this gives rise to a material misstatement[in] the financial statements 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. 



> CHELSEA METHODIST CHURCH AND PASTORAL CENTRE 

## Matters on which weare required to report by exception 

> We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you in our opinion: if, 

- e the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or 

- e the charity has not kept adequate accounting records; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- e we have not received[all] the information and explanations we require for our audit. 

## Responsibilities of trustees 

> As explained more fully in the trustees’ responsibilities statement set out on pages 5 & 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

> In preparing the financial statements, the trustees are responsible for assessing the charity‘s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis[of] accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

## Auditor responsibilities for the audit of the financial statements 

> We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance 

> with regulations made under section 154 of that Act. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that 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 always detect a material misstatement whenit exists. Misstatements can arise from fraud or error and are 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. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud[is] detailed below: 

- e Enquiry[of] management and those charged with governance around actual and potential litigation claims; 

- ¢ Enquiry of Trustees[in] compliance functions to identify any instances of non-compliance with laws and regulations; 

- e Reviewing financial statements disclosure and testing to supporting documentation to assess compliance with applicable laws and regulations; 

- e Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non- compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

> A further description of our responsibilities for the audit of the financial statements is located on the 

> Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part[of] our[auditor’s] report. 



> CHELSEA METHODIST CHURCH AND PASTORAL CENTRE 

## Use of our report 

> This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state 

> to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To[the] fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

## Cones 

- 

Banks & Co Ltd, Statutory Auditor Chartered Certified Accountants 1 Carnegie Road Newbury Berkshire RG1i4 5DI 

Banks & Co Ltd is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor[of] a company under section 1212 of the Companies Act 2006. Date: “1. O- 2025 



> CHELSEA METHODIST CHURCH AND PASTORAL CENTRE 

## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2023 

|||Notes|Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|---|
||||funds|funds|funds|funds|
||||||2023|2022|
||||£|£|£|£|
|INCOME|||||||
|Offerings|||4,639|-|4,639|5,323|
|Donations|||885|-|885|56,935|
|Gift Aid|||91|-|91|558|
|Investment income||2|283,124|-|283,124|291,123|
|TOTAL INCOME|||288,739|-|288,739|353,939|
|EXPENDITURE|||||||
|Expenditure on investment income|||1,110|-|1,110|1,200|
|Expenditure on charitable activities||3|146,328|150|146,478|207,859|
|Administrative expenses|||61,594|-|61,594|46,165|
|Premises expenses|||35,440|-|35,440|47,198|
|Bad Debts|||-||-|-|
|Governance costs -|audit fee|4|4,000|-|4,000|4,000|
|Depreciation|||42,834|-|42,834|42,834|
|TOTAL EXPENDITURE|||291,306|150|291,456|349,256|
|Net gain/(deficit) before|||||||
|investment and revaluation<br>gains/(losses)|||(2,567)|(150)|(2,717)|4,683|
|Net gain on investments|||2,658|-|2,658|2,558,810|
|NET INCOME/ (DEFICIT) FOR THE||YEAR|91|(150)|(59)|2,563,493|
|BALANCE<br>BROUGHT|FORWARD||9,818,227|3,759|9,821,986|7,258,493|
|BALANCE CARRIED|FORWARD||9,818,318|3,609|9,821,927|9,821,986|



> All activities are derived from continuing operations 

> There are no further recognised gains /(losses) other than the surplus/deficit for the financial year 

> The notes on pages 11 to 16 form part of these financial statements 



## CHELSEA METHODIST CHURCH AND PASTORAL CENTRE 

## BALANCE SHEET AS AT 31 AUGUST 2023 

||||Unrestricted|Restricted|||||
|---|---|---|---|---|---|---|---|---|
|||Notes|funds|funds|2023|||2022|
||||E|£|£|||£|
|FIXED ASSETS|||||||||
|Tangible assets||6|9,594,126|-|9,594,126|||9,636,960|
||||||||rl||
|CURRENT ASSETS|||||||||
|Investments||7|95,269|-|95,269|-||93,013|
|Debtors||8|91,497|-|91,497|||109,705|
|Bank and Cash Balance||9|136,075|3,609|139,684|||93,899|
||||322,841|3,609|326,450|||296,617|
|CREDITORS: Amounts falling due<br>within one year||0|24,064|-|24,064|||39,468|
|TOTAL NET CURRENT ASSETS|||298,777|3,609|302,386|||257,149|
|TOTAL ASSETS LESS CURRENT<br>LIABILITIES|||9,892,903|3,609|9,896,512|||9,894,109|
|CREDITORS: Amounts falling due<br>after one year||"|74,585|-|74,585|||72,123|
|TOTAL ASSETS|||9,818,318|3,609|9,821,927|||9,821,986|
|FUNDS||2|||||||
|Restricted||||3,609|3,609|||3,759|
|Unrestricted|.||9,818,318||9,818,318|||9,818,227|
|TOTAL FUNDS|||9,818,318|3,609|9,821,927|||9,821,986|



Approved by the Circuit Trustees on [enjcy 2025 and signed on their behalf by: 

Pet _— ALAN MILLS Treasurer 

REV. FAITH NYOTA Superintendent Minister 

> The notes on pages 12 to 17 form an integral part of these financial statements. 

Page[11] 



> CHELSEA METHODIST CHURCH AND PASTORAL CENTRE 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 

## i. ACCOUNTING POLICIES 

## a) Basis for preparing the financial statements 

These financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or in the notes to the financial statements. 

They have also been prepared in compliance with FRS 102, ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’, the Charities Statement of Recommended Practice issued in October 2019 and the Charities Act 2011. 

Chelsea Methodist Church and Pastoral Centre is a public benefit entity, as defined by FRS 102. 

> The financial statements are presented in Pounds Sterling, rounded to the nearest pound. 

> The Trustees consider that there are no material uncertainties about the entity’s ability to continue as a going concern. 

## b) Fund accounting 

Unrestricted funds represent the funds of the Church that are not subject to any restrictions regarding their use and are available for application in the furtherance of the general objectives of the Church. 

Restricted funds which are held for specific use in accordance with the specific restrictions imposed by donors. 

The financial statements only include transactions, assets and liabilities for which the Church can be held responsible. They[do] not include the financial statements of church groups that owe an affiliation to another body nor those of informal gatherings of church members. 

## c) Income recognition 

> All incoming resources are included within the Statement of Financial Activities (SOFA) when the Church 

> is legally entitled to the income after any performance conditions have been met, the amount can be reliably measured and it is probable that the income will be received. 

> No amount is included in the financial statements for volunteer time in line with the SORP. 

The charity receives grants from the government in respect of the covid pandemic. These grants are recognised at fair value when the Church has entitlement after any performance conditions have been met,[it][is] probable that the[income] will be received and the amount can be measured reliably. 

Investment[income] is earned through holding certain assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where the management costs can be identified with reasonable accuracy, these are included. Interest incomeis recognised using the effective interest method and dividend and rent incomeis recognised as the Church’s right to receive payment is established. 

## d) Expenditure 

Expenditure is recognised on an accruals basis when a liability is incurred or a constructive obligation arises that results in the payment being unavoidable. Liabilities are recognised as soon as an outflow of economic benefit is considered morelikely than not under the legal or constructive obligation committing the Church to pay out resources. 

## e) Grants and donations 

Grants and donations made by the Church from its own funds are recognised in full at the time of the agreement or[when] the[Church] accepts that there[is] a legal or operational obligation to make the payment. 



> CHELSEA METHODIST CHURCH AND PASTORAL CENTRE 

## Notes to the financial statements for the year ended 31 August 2023 continued 

## f) Tangible fixed assets 

The investment properties and Church building disclosed[in] the Accounts are legally owned by the Trustees for Methodist Church Purposes in its capacity as trustee or custodian Trustee. The freehold property[is] shown[in] the Accounts at its deemed historical cost under FRS102 represented byits fairinsurablevalue valueof the inbuilding,2017. Noin itsdepreciationpresent condition,is providedto bebecausenot lessthethantrusteesits historicalconsidercost.the current residual / All fixed assets with a cost in excess of £1,000 are capitalised. Otherwise, such costs are written off in the year of expenditure. 

Depreciation[is] provided on tangible[fixed] assets at rates calculated to write off the cost, less estimated residual value, over its expected useful life as follows: 

Church organ — 10%on a straight line basis. 

Equipment20% on the net book value 

## g) Investment properties 

Investment properties which comprise four retail shops are shownin the Accounts at their deemed historical cost under FRS102. 

## h) Investments 

The Church's investments are monetary assets classified as financial instruments under FRS102 and are held by the Trustees for Methodist Purposes (TMCP) as custodian trustees. The valuations, at market value, are those provided by TMCP. The unrealised gains/(losses) arising on investments at the end of the year are shownin the SOFA, 

## i) Taxation 

Chelsea Methodist Church is recognised as exempt fram income and Corporation tax on income derived from its charitable activities because of its charitable status. Since the Church is not VAT registered, all input[VAT] borne[is] charged[with] the expenses to[which] it refers. 

## i) Reserves policy 

Chelsea Methodist Church holds sufficient balances in the general fund to meet at least 6 month’s expenditure at the current level and a small balance to meet unanticipated expenditure and programmed works[which] cannot be funded from a single year’s budget. 

## j) Going concern 

> At the time of approving the financial statements, the trustees have a reasonable expectation that the Church has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees have therefore continued to adopt the going concern basis in preparing the Church's financial statements. 

## k) Financial instruments 

> Financial assets and liabilities are recognised when the Church becomes party to the contractual provisions of the instrument. 

## Basic financial assets 

> Basic financial assets, which include debtors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only[when] the contractual rights to the cash flows of the asset expire or are settled, or when the Church transfers the financial asset and substantially all the risks and rewards of ownership to[another] entity. 

## Basic financial liabilities 

Basic financial liabilities, including trade and[other] creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective rate of interest. Financial liabilities are 



> CHELSEA METHODIST CHURCH AND PASTORAL CENTRE 

## Notes to the financial statements for the year ended 31 August 2023 continued 

derecognised when, and only when, the[Church’s][contractual] obligations are discharged, cancelled, or they expire. 

|2.<br>INVESTMENT INCOME|2.<br>INVESTMENT INCOME|||
|---|---|---|---|
|||2023|2022|
|||£|£|
|Shop rent and insurance||251,509|240,750|
|Other rental income||26,267|49,928|
|Other church activities||3,520|398|
|TMCPinterest||-|-|
|Central Finance Board interest||1,828|47|
|Otherinterest||-|-|
|||283,124|291,123|
|3.<br>EXPENDITURE ON|CHARITABLE ACTIVITIES|||
|||2023|2022|
|||£|£|
|Circuit assessment||20,167|60,500|
|Donations||56|699|
|Salaries, employer's national insurance and pension, net||||
|of government grants||119,408|141,038|
|Worship expenses||6,231|4,667|
|Church Activities||466|955|
|Staff costs||-|-|
|||146,328|207,859|



There were no employees who received total employee benefits of more than £60,000 during the year. 

## 4, GOVERNANCE COSTS 

|4,|GOVERNANCE COSTS|||
|---|---|---|---|
|||2023|2022|
|||£|£|
|Audit|Fee|4,000|4,000|
|5.|SALARIES, NIC and PENSION COSTS|||
|||2023|2022|
|||£|£|
|Salaries and wages||111,022|131,879|
|Employer's national insurance contribution||6,014|3,807|
|Employer's pension contribution||2,372|5,352|
|||119,408|141,038|



Salary costs[of] £11,094 (2022: £18,678) were incurred during the year representing the Church’s total cost of fundraising. 

The average number of staff employed by the Church during the year was 5 (2022: 8). 



> CHELSEA METHODIST CHURCH AND PASTORAL CENTRE 

## Notes to the financial statements for the year ended[31] August[2023][continued] 

## 6. TANGIBLE ASSETS 

Freehold land and building 

||Investment<br>Properties|Church<br>Buillding|Organ|.<br>Equipment|Total|
|---|---|---|---|---|---|
||£|£|£|£|£|
|Cost/valuation at 1 September 2022|4,050,000|5,332,720|414,502|8,306|9,805,528|
|Revaluation during the year||||||
|Cost/valuation at 31 August 2023|4,050,000|5,332,720|414,502|8,306|9,805,528|
|Accumulated depreciation||||||
|At 1 September 2022|-|-|165,800|2,768|168,568|
|Charge forthe year|-|-|41,450|1,384|42,834|
|At 31 August 2023|-|-|207,250|4,152|211,402|
|Net book value at 31 August 2023|4,050,000|5,332,720|207,252|4,154|9,594,126|
|Net book value at 31 August 2022|4,050,000|5,332,720|248,702|5,538|9,636,960|



## 7s INVESTMENTS 

General surplus funds are held by TMCP within their Trustees Interest and[CFB] Management Equity Funds. These funds are available to the Church as and when required. 

## 8. DEBTORS 

|||2023|2022|
|---|---|---|---|
|Rent||48,333|58,006|
|Other debtors||B44|2,402|
|Amount due from Chelsea, Hammersmith|& Fulham circuit||599|
|Amount due from other Methodist Church||40,310|47,183|
|Prepayments||2,010|1,515|
|||91,497|109,705|





CHELSEA METHODIST CHURCH[AND][PASTORAL][CENTRE] 

> Notes to the financial statements[for] the year[ended][31][August][2023][continued] 

## 9. CASH AT BANK 

||||2023|2022|
|---|---|---|---|---|
||£|£|£|£|
||Unrestriced|Restricted|Total|Total|
|Current account|37,754|3,609|41,363|11,697|
|Methodist Central Finance Board|98,321|-|98,321|82,202|
||136,075|3,609|139,684|93,899|



## 10. CREDITORS: AMOUNTS[DUE] WITHIN[12][MONTHS] 

||2023|2022|
|---|---|---|
||£|£|
|Rent paid in advance|-|17,465|
|Othercreditors|14,235|525|
|Accruals|9,829|21,478|
||24,064|39,468|



## il. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR 

The creditors falling due after one year relate to rent deposits[of] £74,585 (2022[-] £72,123),[which][are] held in a separate bank account and the interest earned[is] for the[benefit][of] the tenants. 

## 12. FUNDS 

|12.<br>FUNDS||||||
|---|---|---|---|---|---|
||Unrestricted|||||
||funds||Restricted Funds||Total|
||Generalfund|External|Benevolent|Internal||
|||Organ|fund|organisations||
||£||£|£|£|
|Balance at 1 September 2022|9,818,227|196|314|3,249|9,821,986|
|Movement during the year|91||(150)||(59)|
|Balance at 31 August 2023|9,818,318|196|164|3,249|9,821,927|



## 13. TRUSTEES 

> One Trustee received a total of £1,000 during the year for services[rendered] (2022: £730). There was a total of £65 paid to two other Trustees for reimbursement[of] expenses (2022: £588). 



> CHELSEA METHODIST CHURCH AND PASTORAL[CENTRE] 

## Notesto the financial statements for the year ended[31] August 2023 continued 

## 14, COMMITMENTS UNDER OPERATING LEASES 

> The Church had the following operating lease commitments: 

|The Church had the following operatin|g lease commitments:||
|---|---|---|
||2023|2022|
|Within 12 months|E|£|
|Switchboard||1,482|
|Photocopier|2,520|2,520|
||2,520|4,002|
|2-5 years|||
|Switchboard|-|-|
|Photocopier|4,410|6,930|
||4,410|6,930|



## 15. CAPITAL COMMITMENTS 

There were no capital commitments at the year end (2022: nil} 

## 16. VOLUNTEER CONTRIBUTION 

Every wing[of] the Methodist Church (Local Churches, Circuits, Districts, Connexion) in the United Kingdom[is] heavily reliant on volunteers[who][contribute] their skills, time, money[and][their] resources in the furtherance of the work of the church. Principally, this contribution[is] by serving on committees of the Church that deal with mission, finances, policy, grants, training developments. The contribution of volunteers[is] not included[within] the income[of] the Church. 

> The Trustees are grateful to[all] of the volunteers for their[held] and commitment. 

## 17, POST YEAR END EVENTS 

> The Trustees held a meeting on 14 April 2024 and it was decided to write off the outstanding debt of £40,310, dating back to the[Covid] era,[due] to[Chelsea] Methodist[Church][from][Fulham][Methodist][Church.]