OpenCharities

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

2022-12-31-accounts

COMPANY REGISTRATION NUMBER: 07738949 (England & Wales) CHARITY REGISTRATION NUMBER: 01143499

Swanfield Chapel Company Limited by Guarantee

Financial Statements For The Year Ended 31 December 2022

Swanfield Chapel Company Limited by Guarantee

Financial Statements

Year Ended 31 December 2022

Pages
Trustees' annual report (incorporating the directors’ report) 1 to 6
Independent examiner’s report 7
Statement of financial activities (including income and
expenditure account) 8
Balance Sheet 9
Notes to the financial statements 10 to 16

Swanfield Chapel Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report)

Year Ended 31 December 2022

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 December 2022.

Reference and administrative details

Company registration number 07738949
Charity registration number 01143499
Website www.swanfieldchapel.org.uk
Facebook @swanfieldchapelchi.
Registered office 117 Swanfield Drive
Chichester
West Sussex
PO19 6TD
Pastor Steve Davies
Trustees Anthony Fisher
Trevor James
Lee Jerromes
Euan Menzies
David Thurlow
David Wakeford
Rob Wakeford (Chairman)
Company secretary David Thurlow
Elders Steve Davies
Trevor James
Jon Taylor
David Thurlow (Retired 16 May 2022)
Deacons Jon Bull
Tom Strivens
Independent Examiner James Tickell BSc FCA
21 Southdown Road
Waterlooville
Hants
PO8 0ET
Bankers CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ

Swanfield Chapel Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report)

Year Ended 31 December 2022

Structure, governance and management

Company and Charity Status

Swanfield Chapel (“the Charity”) is a company limited by guarantee and is governed by its Articles of Association. It was incorporated on 12 August 2011 and was registered with the Charity Commission in England and Wales on 23 August 2011. The trustees are the members of the Charity. They have no shareholdings but in the event of a winding up each has undertaken to contribute to the payment of liabilities such an amount as may be required not exceeding a total of £10.

Structure

Swanfield Chapel is an evangelical church that from 1938 to 1972 met in Chapel Street, Chichester and from 1972 onwards in Swanfield Drive, Chichester. It was governed by a trust deed dated 12 January 1938 (the “Old Charity”). On 12 August 2011 the Trustees registered a charitable company limited by guarantee (the “New Charity”). On 1 January 2012 the activities of the Old Charity and its assets and liabilities, with the exception of the church building, were transferred to the New Charity. The church building remains in the Old Charity because the 1938 trust does not contain the power to transfer this asset. The New Charity has been granted an informal licence to occupy the building and has taken responsibility for its repair and insurance. In October 2017 the New Charity was appointed the sole trustee of the Old Charity. In this report the words “Chapel” and “Charity” are used to describe the occupying and operating entity.

Recruitment, Appointment and Training of Trustees

Trustees are recruited from those who share the Charity's aims and aspirations and who, in accordance with the Charity's Articles, sign up to, abide by and live in accordance with the Charity's statement of faith. They must also have won the confidence of the members of the Chapel through their commitment and conduct and must be able to bring a breadth and depth of experience and skills to the trustee body. Prior to appointment Trustees are briefed on the Charity's activities and complete Fit and Proper Person forms and Declarations of Interests. They take seriously the obligation to maintain their knowledge.

Risk Management

The Trustees have identified the major risks to which they believe the Charity is exposed and systems have been established to minimise those risks. The risks are formally reviewed at each trustees' meeting. The principal risks relate to the building and to the activities carried out in the building. In May 2019 the Trustees received safeguarding training to ensure they understood their responsibilities in this area. A Covid-19 risk assessment carried out in 2020 continued to guide the operations and activities in 2022.

Governance

The overall responsibility for the Chapel rests with the Trustees who met once during the year to receive reports on the Chapel's activities. The day to day operating decisions rest with the Elders who meet formally once each month and who informally are in constant communication with each other. Deacons, who are responsible for practical matters, support the Elders and meet with them each quarter.

David Thurlow who had served as an Elder for many years retired from that office on 16 May 2022. He continues as a Trustee and an active member of the Chapel. The members of the Chapel and the Trustees are truly grateful to him for many years of dedicated and faithful service as an Elder.

The Bible gives clear guidance that Christians should be above reproach in all they do. Seeking to apply this Biblical imperative the Trustees endeavour to apply the Charity Governance Code and the Nolan principles (selflessness, integrity, objectivity, accountability, openness, honesty and leadership). Furthermore believing that corruption, bribery and unfair actions hamper development and impede progress they insist on integrity in all of the Charity's activities.

Swanfield Chapel Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report)

Year Ended 31 December 2022

Objectives and activities

The Chapel seeks to honour God and demonstrate the Christian faith in action by acting as a church in the community and through support for missionary work both in the United Kingdom and overseas. This is achieved by:

Public benefit

The trustees have paid due regard to the Charity Commission's guidance on public benefit.

They strongly believe in the public benefit of services for the worship of God, and the public benefit of activities which promote the Word of God and lead people to faith in the Lord Jesus Christ as their Saviour.

Individuals are taught to be responsible, to contribute to the welfare of society, to respect the authorities in society, and to show genuine care for their neighbours and the environment. The practical benefit comes through promoting happy marriages and homes where children experience love and care and grow up to become good citizens and in the provision of support to those in need.

Achievements and performance

the easing and effective removal of Covid-19 restrictions allowed the gradual opening up of the Chapel's activities which during the year included:

Swanfield Chapel Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report)

Year Ended 31 December 2022

With Christians from other Chichester churches members of the Chapel participated in joint activities including the Chichester District Foodbank and the Chichester Cathedral Bell Tower Youth Drop-In.

All meetings are open to the public and to ensure no one is prevented from attending the Chapel does not charge for any activity.

Church Attendance

Approximately 40 adults and children attended the Chapel’s Sunday services regularly. It is estimated that during the year a total of 150 people were present at an activity either in the building or on Zoom.

Pastoral support

The Pastor Steve Davies and the Elders and Deacons together with other members of the Chapel endeavoured to provide pastoral support throughout the year.

Volunteers

The majority of the activities of the Chapel are undertaken by volunteers. No record is kept of the time given on a voluntary basis but without this contribution to the Chapel it would not function.

A young lady from France, Vanessa Bazile, worked with the Chapel as a volunteer between April and July.

Financial review

The Chapel’s policy for many years has been that the only collection taken up should be at the weekly 10.30am Sunday morning service. There are no fundraising activities and no charges are made for any of the Chapel’s activities. Since the onset of Covid in 2020 regular support for missionary and similar activities has been by making a gift each month from the Chapel’s unrestricted funds and added to this are any sums designated for that purpose by a donor. The intended recipient of each designated collection is announced in advance and all funds collected are remitted without deduction to the recipient. Since the funds are income of the Chapel and the intended recipient is determined by the Elders the income is designated rather than restricted and therefore the tax recovered under Gift Aid is unrestricted income. The funds from this source, together with the weekly collections and one off gifts from members of the Chapel are used for the operational costs of the Chapel.

In November the Chapel received a £5,000 grant from the Sussex Community Foundation to assist churches with additional costs resulting from opening during the winter months as warm hubs. Although held in the Chapel’s bank account at 31 December 2022 the funds have not been recognised as income of the Chapel because they were being held as bare trustee for the churches in Chichester.

During the previous year the Chapel was advised that it was the beneficiary of a £50,000 specific legacy and a share of the residue of the estate of a Chapel member. The deceased's executors paid £40,000 to the Chapel during 2022 and have advised that the balance of the specific legacy will probably be paid during 2023. The nature of the estate means that the Chapel's share of any residue cannot be estimated and therefore in accordance with the Charities SORP while the £10,000 balance of the £50,000 specific legacy has been recognised as receivable at 31 December 2022 any possible residue has not been recognised.

Excluding the legacy and investment losses there was a £29,729 deficit for the year. (2021 deficit £19,116 excluding legacies and investment gains) .

Reserves policy

The appointment of a Pastor materially changed the Chapel’s contractual liabilities. Previously on the basis that the Chapel had no material liabilities, the Chapel’s buildings were in good order, and experience had shown that when a specific need had arisen Chapel members had provided financial support to meet the

Swanfield Chapel Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report)

Year Ended 31 December 2022

need, the reserves policy was that there was no need to hold substantial free reserves. This policy is being reviewed.

Pay policy and procedures

The Pastor’s salary was set by benchmarking against pay for individuals undertaking similar work in a church context and is reviewed annually. In the light of the impact of inflation the 2023 annual review was brought forward to September 2022. Visiting speakers who are engaged in full time Christian work are paid a fee based on the nature of the service rendered. The appropriate level of each fee is determined by the Chapel’s treasurer and reported by him to the Elders.

Trustees do not receive any payment or benefits for their work either as trustees or as volunteers. Those who are members of the Chapel contribute financially to the work of the Chapel.

Investment policy

Funds not required for current needs may be invested in investments of any kind at the absolute discretion of the Trustees. £40,000 of a £50,000 legacy, which was recognised in the financial statements for the year to 31 December 2021, was received in 2022. It was decided to invest £30,000 of these funds with Cambridge and Counties Bank for a term of two years. This investment was in progress at the year end,

Fundraising

As a matter of policy the Chapel does not undertake any fundraising activities.

Plans for future periods

Along with other Christians, the members of the Chapel sense both the imperative of worship and the urgency to fulfil the command to go into all the world and make disciples of all nations. These two themes will continue to direct the Chapel's activities and future developments.

The Elders who include the Pastor are considering plans for the future and envisage any changes will address the age and health issues of the members which are leading to a reduced number of people able to play an active part in the Chapel’s life and a reduced number of people able to lead.

Independent Examiner

James Tickell has signified his willingness to continue in office as independent examiner.

Swanfield Chapel Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Directors’ Report)

Year Ended 31 December 2022

Trustees' responsibilities statement

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included in the charity's website.

Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 30 September 2023 and signed on behalf of the board of trustees by:

Trevor James Trustee

Swanfield Chapel Company Limited by Guarantee

Independent examiner’s report to the trustees of Swanfield Chapel

Year Ended 31 December 2022

I report to the charity trustees on my examination of the accounts of Swanfield Chapel for the year ended 31 December 2022.

Responsibility and basis of report

As the charity's trustees and also its directors for the purposes of company law, you are responsible for the preparation of the accounts in accordance with the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of Swanfield Chapel are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required under section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with accounting requirements under section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of my independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

James Tickell BSc FCA 21 Southdown Road Waterlooville Hants PO8 0ET

Date .30 September 2023

Swanfield Chapel Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year Ended 31 December 2022

Unrestricted Designated Total Funds Total Funds
funds funds 2022 2021
Note £ £ £
Income
Donations and grants 5 27,018 14,,957 41,975 30,942
Legacies 6 0 0 0 50,000
Other income 7 1,953 0 1,953 1,210
----------------------------------------- -------------------------------- ----------------------------------------- -----------------------------------------
Total income 28,971 14,957 43,928 82,152
================== ============== ================= =================
Expenditure
Raising funds 0 0 0 0
Expenditure on charitable activities 8 54,570 660 55,230 45,808
Missionary and similar gifts 9 3,600 14,827 18,427 5,460
----------------------------------------- -------------------------------- ----------------------------------------- -----------------------------------------
Total expenditure 58,170 15,487 73,657 51,268
================= ============== ================== =================
Income/(expenditure) before
other gains/(losses) (29,199) (530) (29,729) 30,884
Other recognised gains/(losses)
Unrealised gain/(loss) on investment
assets 14 (3,186) 0 (3,186) 3,978
----------------------------------------- -------------------------------- ----------------------------------------- -----------------------------------------
Net income/(expenditure) and net
movement in funds (32,385) (530) (32,915) 34,862
================== ============= =============== =================
Reconciliation of funds
Total funds brought forward 494,312 550 494,862 460,000
----------------------------------------- -------------------------------- ----------------------------------------- -----------------------------------------
Total funds carried forward 461,927 20 461,947 494,862
================= ============= ================= ================

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The notes on pages 10 to 16 form part of these financial statements

- 8 -

Swanfield Chapel Company Limited by Guarantee

Balance Sheet

31 December 2022

2022 2021
£ £
Fixed assets
Investments 14 30,792 33,978
Tangible assets 15 252,607 252,607
-------------------------------- --------------------------------
283,399 286,585
Current assets
Stocks 16 0 0
Debtors 17 13,686 56,159
Cash at bank and in hand 166,762 153,950
-------------------------------- --------------------------------
180,448 210,109
Creditors: amounts falling due within one year 18 1,900 1,832
-------------------------------- --------------------------------
Net current assets 178,548 208,277
----------------------------------- ----------------------------------
Total assets less current liabilities 461,947 494,862
Creditors: amounts falling due after more than one year 0 0
----------------------------------- ------------------------------------
Net assets 461,947 494,862
=============== ===============
Funds of the charity
Designated funds 20 550
Unrestricted funds 461,927 494,312
----------------------------------- ------------------------------------
Total charity funds 19 461,947 494,862
=============== ===============

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

The trustees, who are also the directors, consider that the company is entitled to exemption from the requirements to have an audit under the provisions of section 477 of the Companies Act 2006 (“the Act”) and members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Act. The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements were approved by the board of trustees and authorised for issue on 30 September 2023 and are signed on behalf of the board by:

T E James Trustee

Company Registration Number 01143499

The notes on pages 10 to 16 form part of these financial statements

- 9 -

Swanfield Chapel Company Limited by Guarantee

Notes to the Financial Statements

Year Ended 31 December 2022

1. General information

The Charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 117 Swanfield Drive, Chichester, West Sussex PO19 6TD

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement 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) (Charities SORP (FRS 102)), the Companies Act 2006 and the Charities Act 2011.

Swanfield Chapel meets the definition of a public benefit entity under FRS 102.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the Charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds, including designated funds, are available for use at the discretion of the Trustees to further any of the Charity's purposes.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the Charity, it is probable that the economic benefits associated with the transaction will flow to the Charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

- 10 -

Swanfield Chapel Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 December 2022

3.

Accounting policies (continued)

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities on a reasonable, justifiable and consistent basis.

Operating leases

There are no operating leases. Any lease payments would be recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives would be recognised as a reduction to expense over the lease term, on a straight-line basis. No value is attributed to the occupation of the Chapel building occupied by the Charity under an informal licence.

Tangible assets

Tangible assets are recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Furniture, equipment and fixtures and fittings

Furniture, equipment and fixtures and fittings directly replacing existing assets or costing less than £2,000 is written off in the year of purchase. Furniture, equipment and fixtures and fittings costing more than £2,000 is capitalised. Furniture, equipment and fixtures and fittings transferred to the Charity on 1 January 2012 have not been valued.

Depreciation

Freehold property is not depreciated.

Depreciation of other tangible assets is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset

Stocks

Stocks are measured at the lower of cost and net realisable value.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Swanfield Chapel Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 December 2022

3. Accounting policies (continued)

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

A financial asset or a financial liability is recognised only when the Charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

4. Limited by guarantee

Swanfield Chapel is a company limited by guarantee and accordingly does not have a share capital. Every member of the charitable company undertakes to contribute such amount as may be required not exceeding £10 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.

5. Donations and grants

Unrestricted Designated Total Funds Total Funds
Funds Funds 2022 2021
£ £ £ £
Donations - unrestricted
Offerings and donations 27,018 0 27,018 27,362
Grants
Grants receivable 0 0 0 0
Donations - designated
Offerings and donations 0 14,957 14,957 3,580
------------------------------ ---------- ---------------------------------- ----------------------------------------- ----------------------------------------
27,018 14,957 41,975 30,942
================= =============== ================== =================
Year ended 31 December 2021 27,362 3,580
================== ================
Legacies
Unrestricted Designated Total Funds Total Funds
Funds Funds 2022 2021
£ £ £ £
Legacies receivable 0 0 0 50,000
============== ============== ================= ================
Year ended 31 December 2021 50,000 0
================== ================

6. Legacies

Swanfield Chapel Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 December 2022

7. Other income

The Chapel building is not hired out for use by other organisations but from time to time organisations with objects which are in line with those of the Chapel use the building free of charge. Similarly some are permitted to use the car park. Some users of the building and the car park make donations to the Chapel as a mark of their thanks.

Unrestricted Designated Total Funds Total Funds
Funds Funds 2022 2021
£ £ £ £
Gifts from users of building & car park 790 0 790 599
Bank Interest 1,163 0 1,163 611
------------------------- -------------------------------- --------------------------------- ----------------------------
1,953 0 1,953 1,210
=========== ============= ============= =============

8. Expenditure on charitable activities by activity type

Unrestricted Designated Total Funds Total Funds
Funds Funds 2022 2021
£ £ £ £
Pastor’s salary 24,252 0 24,252 24,749
Pastor's accommodation 10,741 0 10,741 3,719
Speakers and local workers 815 0 815 1,830
Utilities and maintenance 8,751 0 8,751 5,153
Holiday Club 1,041 350 1,391 0
Life Exhibition 3,460 310 3,770 0
Other costs 5,510 0 5,510 10,357
---------------------------- ----------------------- ---------------------------- ----------------------------
54,570 660 55,230 45,808
============== =========== ============= ============

9. Missionary and similar gifts

Where a missionary has been commended by the Chapel it is the practice to support them financially. Strict compliance with the Charities Statement of Recommended Practice (SORP) may regard this as constituting a constructive obligation such that future support should be accounted for in these accounts as a liability. The Elders are confident the missionaries would not view their support as an open-ended obligation by the Chapel.

Total Total
Unrestricted Designated Funds Funds
Funds Funds 2022 2021
£ £ £ £
Missionaries from Swanfield Chapel 1,440 420 1,860 1,850
Other missionary and similar gifts 2,160 14,407 16,567 3,610
-------------------------------------- ---------------------------- --------------------------- ---------------------------------
3,600 14,827 18,427 5,460
================== ============ ============= ==============

10. Net income

Net income is stated after charging:

Net income
Net income is stated after charging:
2022 2021
£ £
Depreciation of tangible fixed assets 0 0
Professional fees – Independent examiner’s remuneration 0 0
Trustees' meeting expenses 0 0
════════ ════════

Swanfield Chapel Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 December 2022

11. Independent examiner’s remuneration

Independent examiner’s remuneration
2022 2021
£ £
Fees payable for the examination of the financial statements 0 0
============== ===============

12. Staff costs

Total remuneration paid to The Chapel’s full time Pastor, including employer’s pension and social security costs, was £24,252 (2021: £24,749). From time to time individuals who are not members of the Chapel and not employees are paid fees for assistance with preaching and other activities. The total paid to to individuals was £815 (2021: £1,830). Many of the Chapel's activities are carried out by volunteers who are unpaid and do not receive any reimbursement of expenses.

13. Trustee remuneration and expenses

None of the Trustees or persons connected with them received any remuneration, benefits or reimbursement of expenses in the year for work as a trustee (2021:None). Any claim for expenses would be subject to the Charity's normal internal control procedures.

14. Investments

139.52 CCLA COIF Investment accumulation units purchased April 2021 Cost 30,000
Market value 31 December 2021 33,978
Market value 31 December 2022 30,792
----------------------------
Loss (3,186)
============
Prior YearGain 3,978
============

15. Tangible fixed assets

The Chapel owns the freehold of 90 Baxendale Road, Chichester purchased in November 2011. The property is insured for £423,478. The Chapel's furnishings, fittings and equipment were transferred to the Charity at nil cost on 1 January 2012. They were not valued at the time of transfer and have not been capitalised. The insured value of the contents is £91,519. The Charity is the corporate trustee of the charity which owns the freehold of the church building, which is insured for £1,162,711.

Freehold Furnishings, Total
Property fittings and
equipment
£ £ £
Cost
At 1 January 2022 252,607 0 252,607
Additions 0 0 0
--------------------------------- -------------------------------- ---------------------------------
At 31 December 2022 252,607 0 252,607
============== ============== ==============
Depreciation
At 1 January 2022 0 0 0
Charge for the year 0 0 0
------------------------------------ -------------------------------- ----------------------------------
At 31 December 2022 0 0 0
=============== ============= ===============
Carrying amount
At 31 December 2022 252,607 0 252,607
============== ============== ===============
At 31 December 2021 252,607 0 252,607
=============== ============== ===============

Swanfield Chapel Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 December 2022

15. Stocks

Other than a small incidental stock of cleaning materials, catering supplies and stationary which are not valued, the Charity holds no stocks (2021: Nil).

16. Debtors

Debtors
2022 2021
£ £
Prepayments 1,098 1,050
Tax recoverable 2,533 5,054
Short term loan 0 0
Legacy receivable 10,000 50,000
Other debtors 55 55
---------------------------- ----------------------------
13,686 56,159
============= =============

17. Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2022 2021
£ £
PAYE and Social Security 972 1,044
Donations received in advance 0 20
Other creditors and accruals 928 768
-------------------------------- --------------------------------
1,900 1,832
============== ==============

18. Analysis of charitable funds

At At
1 January Investment 31 December
2022 Income Expenditure Loss 2022
£ £ £ £ £
Unrestricted 494,312 28,971 (58,170) (3,186) 461,927
Designated 550 14,957 (15,487) 0 20
─────────── ────────────── ──────────── ─────────── ───────────
494,862 43,928 (73,657) (3,186) 461,947
══════════
══════════════
 ══════════════
 ══════════ ═══════════
Charitable funds – Prior Year
At At
1 January Investment 31 December
2021 Income Expenditure Gain 2021
£ £ £ £ £
Unrestricted 459,500 78,572 (47,738) 3,978 494,312
Designated 500 3,580 (3,530) 0 550
────────────── ────────────── ────────────── ────────────── ──────────────
460,000 82,152 (51,268) 3,978 494,862
══════════════ ══════════════
 ══════════════ ════════════ ══════════════

The Unrestricted Fund represents the resources freely available to further the general objectives of the Charity. However £252,607 is represented by the freehold property held for occupation by the Chapel's Pastor. Excluding this the unrestricted funds are £209,320 (2021: £241,705).

Swanfield Chapel Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year Ended 31 December 2022

19. Analysis of net assets between funds

Unrestricted Designated Total Funds
Funds Funds 2022
£ £ £
Fixed asset investments 30,792 0 30,792
Tangible assets 252,607 0 252,607
Current assets 180,428 20 180,448
Creditors less than 1 year (1,900) (0) (1,900)
Creditors greater than 1 year 0 0 0
──────────── ──────────── ────────────
Net assets 461,927 20 461,927
════════════ ════════════ ════════════
Prior Year Unrestricted Designated Total Funds
Funds Funds 2021
£ £ £
Fixed asset investments 33,978 0 33,978
Tangible fixed assets 252,607 0 252,607
Current assets 209,559 550 210,109
Creditors less than 1 year (1,832) 0 (1,832)
Creditors greater than 1 year 0 0 0
──────────── ──────────── ────────────
Net assets 494,312 550 494,862
════════════ ════════════ ════════════

20. Operating lease commitments There are no operating lease commitments (2021: None).

21. Pension commitments

The Chapel operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Chapel in an independently administered fund. The pension contributions payable by the Chapel to the fund during the year amounted to £523 (2021: Nil). Contributions totalling £46 (2021: Nil) were payable to the fund at the Balance Sheet date.

22. Related parties

Three of the Trustees are members of the Chapel and are directly involved in its activities. They benefit from the Chapel's activities on the same basis as other members of the Chapel.

Trustees and their related parties made donations to the Charity during the year.

Trevor James, a Trustee, is also a trustee of other charities. Transactions between Swanfield Chapel and other charities of which he was a trustee during the year were as follows: Chichester City Centre Drop-In (charity no 1154818): Permitted its trustees to meet in the Chapel building free of charge (2021:Permitted its trustees to meet in the Chapel building free of charge). Chichester District Foodbank (charity no 1155197): Permitted its trustees to meet in the Chapel building free of charge, collected food for the foodbank, issued food vouchers on its behalf and assisted both in the summer and at Christmas with the distribution of holiday food parcels to families with children entitled to free school meals. (2021: Permitted its trustees to meet in the Chapel building free of charge, collected food for the foodbank and issued food vouchers on its behalf).

St Olav Trust (charity no 1125863): Purchased Christian books and other materials, on the same terms as any other purchaser, costing in total £353.50 (2021: £379.30).

The Christian Institute (charity no 1004774): Made donations of £240.00 to support its work (2021: £240.00).

The Royal National Mission to Deep Sea Fishermen (The Fishermen’s Mission) (charity number 232822): Made a donation of £100.00 (2021: Nil)