# **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023**
## **GATEWAY WATERSIDE**
(Charitable Incorporated Organisation)
## **CHARITY REGISTRATION No. 1143971**
Luke Silver Accountancy& Taxation Services 25 Ellicombe Close Minehead Somerset TA24 6DQ
1
**GATEWAY WATERSIDE (CHARITABLE INCORPORATED ORGANISATION)**
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CONTENTS
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Page 3 Legal and Administrative Information Page 4 to 5 Trustees' Report Page 6 Statement of Financial Activities Page 7 Balance Sheet Pages 8 to 13 Notes to the Financial Statements Page 14 Independent Examiner's Report
2
**GATEWAY WATERSIDE**
**(CHARITABLE INCORPORATED ORGANISATION)**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**CHARITY NUMBER** 1143971 **LEGAL STATUS** Charitable Incorporated Organisation **START OF FINANCIAL YEAR** 1st April 2022 **END OF FINANCIAL YEAR** 31st March 2023 **TRUSTEES AT 31ST MARCH 2023** David Norbury (Chair from January 2023) Dr Sharon Mellings (Chair until January 2023) Anthony Hodder Nathan Hussey Kathryn Holmes Michael Ford (Appointed January 2023) **CHURCH LEADERS** Pastor Tim Lockwood (Senior Minister) Pastor Danni Lockwood (Senior Minister) Pastor Charlotte Willett (Site Pastor) Pastor James Willett (Site Pastor) Mr Tony Hodder (Overseer) Mrs Ann Hodder (Overseer) Mr Andrew Clarke (Overseer) Dr Samantha Clarke (Overseer) **GOVERNING DOCUMENT** CIO - Foundation Conversion dated 4th March, 2020
## **OBJECTS**
**(A)** TO ADVANCE THE CHRISTIAN FAITH IN ACCORDANCE WITH THE STATEMENT OF BELIEFS IN THE SCHEDULE HERETO ATTACHED IN SUCH PARTS OF HAMPSHIRE, THE UNITED KINGDOM OR THE WORLD AS THE TRUSTEES MAY FROM TIME TO TIME THINK FIT.
**(B)** TO RELIEVE PERSONS WHO ARE IN CONDITIONS OF NEED, FINANCIAL HARDSHIP OR SICKNESS AND WHO MAY BE AGED AND TO RELIEVE THE DISTRESS CAUSED THEREBY IN THE SAID LOCATION AND IN SUCH OTHER PARTS OF THE UNITED KINGDOM OR THE WORLD AS THE TRUSTEES MAY FROM TIME TO TIME THINK FIT.
**(C)** TO ADVANCE EDUCATION ON THE BASIS OF CHRISTIAN PRINCIPLES IN THE SAID LOCATION AND IN SUCH OTHER PARTS OF THE UNITED KINGDOM OR THE WORLD AS THE TRUSTEES MAY FROM TIME TO TIME THINK FIT;
**(D)** TO PROVIDE OR ASSIST IN THE PROVISION OF FACILITIES IN THE INTERESTS OF SOCIAL WELFARE FOR RECREATION OR OTHER LEISURE TIME OCCUPATION OF INDIVIDUALS WHO HAVE NEED OF SUCH FACILITIES BY REASON OF THEIR YOUTH, AGE, INFIRMITY OR DISABILITY, FINANCIAL HARDSHIP OR SOCIAL CIRCUMSTANCES WITH THE OBJECT OF IMPROVING THEIR CONDITIONS OF LIFE.
**REGISTERED ADDRESS** 1 Badgers Walk Dibden Purlieu Southampton SO45 4BU **PRIMARY BANKERS** CAF Bank
**INDEPENDENT EXAMINER** Luke Silver Accountancy & Taxation Services 25 Ellicombe Close Minehead Somerset TA24 6DQ
3
## **GATEWAY WATERSIDE (CHARITABLE INCORPORATED ORGANISATION)**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023**
This is the annual report for Gateway Waterside (previously known as New Forest Community Church), Registered charity no. 1143971, a Charitable Incorporated Organisation. This report covers the period from 1st April 2022 to 31st March 2023.
The objectives of the trust are advancement of the Christian Faith, including worship, preaching of the Christian Gospel, the pastoral care of Christian people, and providing relief to persons who are in need.
Gateway Waterside has fulfilled its objectives through a range of activities. These include weekly public meetings, small group gatherings for Christian discipleship, teaching, training, and supporting people with specific interests to pursue opportunities for ministry at home and abroad.
## **Staff Receiving a Salary**
To further the objectives of the charity during this period there have been five employed members of staff. The Senior minister Tim Lockwood, the Site Pastor Charlotte Willett, the Administrator Samantha Gough (Resigned July 2022), Rebecca Cullen (temporary) and Karen Ford (Appointed November 2022), all are employed on a part time basis. No employees receive over £60,000.
## **Activities**
Gateway church held weekly services at the Marchwood Village hall where public worship, bible teaching, kids and youth activities took place. Gateway waterside has partnered with another charity Gateway Fareham where a number of joint activities took place throughout the year, including:
- A joint Easter service
- A joint service in October with a guest speaker
- Joint youth events
- Joint leaders meetings
- Joint young adults groups
- Joint training events
These joint events allowed for a wider reach of sharing experience and connections to help people with their spiritual journeys and also to help partner and encourage community outreach which both sites are involved in.
Gateway also continued to support "Christians Against Poverty" (CAP), by providing a local CAP Centre with Tony Hodder as centre manager for Marchwood and District. CAP Is a registered charity which provides support for people in debt. Tony Hodder, together with other church members, obtains Information from potential clients, which allows CAP to generate a plan for debt repayment or, if this is not sustainable, an appropriate form of insolvency. Local church members continue to provide support to clients as they progress to becoming debt free, with several clients successfully completing the process & becoming debt free.
Church members also supported local food banks, with regular collections of food. We also supported “The Crossings” which is a charity that works in helping people who have accommodation needs. This includes the homeless as well as those having to “sofa surf”. The crossings provide a safe access point for advice and mediation. The church financially gives to this project as well as the Manager and some trustees being members of Gateway Waterside.
The church also supported mission work in Kenya which has continued through the year. Gateway Waterside actively supports the Salem orphanage for about 100 children, located in Bondo on the shore of Lake Victoria, 50 miles west of Kisumu. Andy & Sam Clarke liaise with the orphanage through Phoebe Onyango the head of the orphanage. This work is supported in conjunction with the charity Phoebe’s family (Charity number: 1173109), who review how donations are administered in Kenya.
The church also supports work of the Mission Aviation Fellowship (MAF) in Papua New Guinea by giving financial support to a family closely connected to the church.
Gateway Waterside also actively looked at obtaining a building for its community work, this involved getting change of use from the local council on 1 New Road in Hythe and signing a preliminary agreement that also meant seeking legal advice. However, that agreement was not concluded by the owner of the property and therefore, it appears that the premises cannot be secured at this time.
Financially the charity remains in a difficult period due in part to Covid and the challenges of meeting together again after a prolonged absence, meaning that the charity made a loss over the financial year.. However reserves still remain in a very healthy position. Majority of our reserves are invested in different funds (Please see the balance sheet for more
details) These investments were ethically invested in line with the charity's values including investing into a social housing charity called Green Pastures that provides accommodation for the homeless. These investments performed well over the year and helped to balance the decline in general income. Over the year the investments produced a good return for the charity. Please see the balance sheet for more details.
4
## **GATEWAY WATERSIDE**
**(CHARITABLE INCORPORATED ORGANISATION)**
## **REPORT OF THE TRUSTEES (Continued) FOR THE YEAR ENDED 31ST MARCH 2023**
## **Reserves Policy**
The Trustees' policy for financial reserves is to maintain sufficient funds to meet contractual obligations to employees and others and to ensure that there Is an adequate level of working capital to cover fluctuations in income levels.
As shown In the balance sheet, the charity remains In a healthy financial position with good cash reserves In place.
The Trustees are convinced that the charity will continue to be able to meet Its objectives and advance the Christian Faith, and to provide practical support in local and overseas communities.
## **Trustees' Responsibilities**
The Charities Act 2011 require the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the CIO and of the surplus of the CIQ for that period. In preparing those financial statements the trustees are required to:
- **a)** select suitable accounting policies and then apply them consistently;
- **b)** make judgements and estimates that are reasonable and prudent;
- **c)** prepare the financial statements on the going concern basis unless It Is Inappropriate to presume that the charity will continue In existence;
The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the CIO. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities.
Approved by the Trustees on the .......4th December 2023...........................................
Signed on their behalf by Trustee ................................................
Printed Name: Dr Sharon Melllngs (Chair of Gateway Waterside Trustees)
5
## **GATEWAY WATERSIDE**
## **(CHARITABLE INCORPORATED ORGANISATION)**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023**
## **(Incorporating Income & Expenditure Account)**
|**Notes**
**INCOMING RESOURCES**
**Incoming Resources From Generated Funds**
Donations & Legacies
**3a**
Charitable Activities
**3b**
Investment Income
**3c**
Other Incoming Resources
**3d**
**TOTAL INCOMING RESOURCES**
**RESOURCES EXPENDED**
**Cost of Generating Funds**
Costs of Charitable Activities
**4a**
Governance Costs
**4b**
**TOTAL RESOURCES EXPENDED**
**NET INCOME/(EXPENDITURE) BEFORE**
**INVESTMENT GAINS/(LOSSES)**
Unrealised gains/losses
**2b**
**NET INCOME/(EXPENDITURE)**
Total Funds Brought Forward
Transfers Between Funds
**5**
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
Funds
**2022/23**
**2021/22**
£
£
£
£
57,020
152
57,172
51,282
196
730
926
1,282
37
1,040
1,077
1,000
165
165
1,273|
|---|---|
||**57,418**
**1,922**
**59,340**
**54,387**|
||59,701
792
60,493
58,916
6,014
1,500
7,514
6,065|
||**65,715**
**2,292**
**68,007**
**64,981**|
||**(8,297)**
**(370)**
**(8,667)**
**(10,144)**
(938)
(1,822)
(2,760)
17,165|
||**(9,235) (2,192)**
**(11,427)**
**7,021**
51,328
85,449
136,777
129,757
(7,148)
7,148
0
0|
||**34,945**
**90,405**
**125,350**
**136,777**|
Movements on all reserves and all recognised gains and losses are shown above. All of the charity's operations are classed as continuing.
The notes on pages 8 to 13 form part of these financial statements.
6
## **GATEWAY WATERSIDE**
**(CHARITABLE INCORPORATED ORGANISATION)**
## **BALANCE SHEET AS AT 31ST MARCH 2023**
|**Fixed Assets**
**Note**
Tangible Assets
**2a**
Investments
**2b**
**Current Assets**
Debtors & Prepayments
**7**
Cash at Bank and in Hand
**6**
**Total Current Assets**
**Creditors:**due within one year
**8**
**NET CURRENT ASSETS**
**TOTAL ASSETS**less current liabilities
**NET ASSETS**
**Funds of the Charity**
General Funds
Restricted Funds
**5**||Unrestricted
Funds
£
Restricted
Funds
£
**3**
1,111
33,119
64,289
6,261
(4,023)
26,116|**1-Mar-23**
**Total**
**_E_**
**3**
1,111
97,408
6,261
22,093|**1-Mar-22**
**Total**
**_E_**
1,321
100,165
28,226
9,553|
|---|---|---|---|---|
|||**2,238**
**26,116**|**28,354**|**37,779**|
|||1,523
715
26,116|1,523
26,831|2,487
35,292|
|||**34,945**
**90.405**|**125,350**|**136,777**|
|||**34,945**
**90,405**|**125,350**|**136,777**|
|||34,945
90,405|34,945
90,405|51,328
85,449|
|||**34,945**
**90,405**|**125,350**|**136,777**|
Approved by the Trustees on the ...........4th December 2023
Signed on their behalf by Trustee ................ ................. Printed Name: Dr Sharon Mellings
7
## **GATEWAY WATERSIDE**
**(CHARITABLE INCORPORATED ORGANISATION)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023**
## **1. ACCOUNTING POLICIES**
## **Basis of Preparation & Assessment of Going Concern**
## **Basis of Preparation**
The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP - FRS102) and the Charities Act 2011.
The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.
## **Assessment of Going Concern**
Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.
## **Incoming Resources**
## _**Recognition of Incoming Resources**_
These are included in the Statement of Financial Activities (SOFA) when:
▪ the charity becomes entitled to the resources;
▪ the trustees are virtually certain they will receive the resources; and
▪ the monetary value can be measured with sufficient reliability
## _**Incoming Resources with Related Expenditure**_
Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.
## _**Grants and Donations**_
Grants and Donations are only included in the SOFA when the charity has unconditional entitlement to the resources.
## _**Tax Reclaims on Donations and Gifts**_
Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.
## _**Contractual Income and Performance Related Grants**_
This is only included in the SOFA once the related goods or services has been delivered.
## _**Gifts in Kind**_
Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable.
## _**Donated Services and Facilities**_
These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
## _**Volunteer Help**_
The value of any voluntary help received is not included in the accounts but is described in the trustees' annual report.
## _**Investment Income**_
This is included in the accounts when receivable.
## _**Investment Gains and Losses**_
This included any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
8
**(CHARITABLE INCORPORATED ORGANISATION)**
## **GATEWAY WATERSIDE**
## **NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2023**
## **1. ACCOUNTING POLICIES (Continued)**
## **Expenditure and Liabilities**
## _**Liability Recognition**_
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
## _**Governance Costs**_
any legal advice to trustees on governance or constitutional matters.
## _**Grants with Performance Conditions**_
Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
## _**Grants Payable without Performance Conditions**_
These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.
## _**Support Costs**_
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of the resources, eg allocating property costs by floor areas, or per capital employed, staff costs by the time spent and other costs by their usage.
## _**Fixed Assets**_
Tangible fixed assets for use by the charity, these are capitalised if they can be used for more than one year, and cost at least £1,000. They are valued at cost or, if gifted, at the value to the charity on receipt.
## _**Investments**_
Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
There has been no change to the accounting policies (Valuation rules and methods of accounting) since last year.
## _**Depreciation Expense**_
Depreciation has been calculated on a straight line basis. The rates applied per year are as follows:
|Equipment
25%
Computer Equipment
25%
**2. FIXED ASSETS**
**a) Tangible Assets**
Cost
Additions
01-Apr-22
Cost at
31-Mar-23
Depreciation
01-Apr-22
Charge
Depreciation at
31-Mar-23
Net Book Value
31-Mar-23
Net Book Value
31-Mar-22|Unrestricted
Equipment
£
Restricted
Equipment
£
**Total**
**2022/23**
£
2,976
549
-
-
2,976
549|
|---|---|
||3,525
-
3,525|
||1,655
1,655
759
-
759|
||2,414
-
2,414|
||**1,111**
**-**
**1,111**|
||**1,321**
**-**
**1,321**|
The annual commitments under non-cancelling operating leases, capital commitments, Contingent Liabilities are as follows:
31st March 2023: None 31st March 2022: None
9
**(CHARITABLE INCORPORATED ORGANISATION)**
## **GATEWAY WATERSIDE**
## **NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2023**
|**2. FIXED ASSETS (continued)**
**b) Investments**
Market value brought forward
Unrealised gains/(losses) on investments
Realised gains/(losses)
Market value carried forward|**TOTAL**
**2022/23**
£
100,168
(2,760)
0|
|---|---|
||97,408|
_The Historical Cost of the COIF investment totalled £83,000_
**3. INCOMING RESOURCES**
|**a) Donations & Legacies**
**Note**
Gift Aid Donations
Tax Recoverable
Gifts, Tithes & Offerings
**5**
**b) Charitable Activities**
Ministry Events
Salem Orphanage
**5**
CAP
**c) Investment Income**
Interest
**d) Other Incoming Resources**
Sundry Income|Unrestricted
Funds
£
Restricted
Funds
£
**TOTAL**
**2022/23**
£
**TOTAL**
**2021/22**
£
32,116
32,116
31,879
11,103
152
11,255
8,003
13,801
13,801
11,400|
|---|---|
||**57,020**152
**57,172**
**51,282**|
||-
-
-
-
-
730
730
1,118
196
-
196
164|
||**196**
**730**
**926**
**1,282**|
||37
1,040
1,077
1,000|
||**37**
**1,040**
**1,077**
**1,000**|
||165
-
165
1,273|
||**165**
**-**
**165**
**1,273**|
10
## **GATEWAY WATERSIDE**
**(CHARITABLE INCORPORATED ORGANISATION)**
## **NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2023**
## **4. Resources Expended**
|**a) Costs of Charitable Activities**
Administrative Expenses
Advertising and Publicity
CAP
Conference Costs
Depreciation Expense
**2a**
Equipment Costs
Gifts - Ministry
Gifts - Other
Hall Hire
License & Subscriptions
Mission
Printing
Salem Orphanage
**5**
Salt & Light
Software
Staff Costs
**9**
Subsistence
Sunday Costs
Sundry Expenses
Telephone Costs
The Youth & Children
Travel Costs
**b) Governance Costs**
Accountancy
Bank Charges
Insurance
Independent Examiners Fee
Legal and Professional Fees|Unrestricted
Restricted
**TOTAL**
**TOTAL**
Funds
£
Funds
£
**2022/23**
£
**2021/22**
£
154
-
154
1,142
68
68
261
7,439
7,439
7,037
1,050
-
1,050
1,103
759
-
759
633
-
-
-
-
2,170
-
2,170
3,538
57
57
-
2,838
2,838
1,500
296
-
296
-
-
-
-
288
288
207
792
792
792
1,200
-
1,200
1,200
874
874
403
39,085
-
39,085
39,144
481
481
495
1,686
1,686
373
-
-
-
9
277
-
277
78
593
-
593
825
386
386
176|
|---|---|
||**59,701**
**792**
**60,493**
**58,916**|
||4,776
-
4,776
4,296
133
-
133
95
676
-
676
591
300
-
300
942
129
1,500
1,629
141|
||**6,014**
**1,500**
**7,514**
**6,065**|
11
**(CHARITABLE INCORPORATED ORGANISATION)**
## **GATEWAY WATERSIDE**
## **NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2023**
## **5. RESTRICTED FUNDS**
|Building Fund
Salem
Vision
CAP|Balance
**01-Apr-22**
Income
Expenditure
Transfers
Balance
**31-Mar-23**
**£**
**£**
**£**
**£**
**£**
76,083
952
77,035
286730 792
152
376
8,745
335
3,943
(29)
12,688
306|
|---|---|
||**85,449**
**730**
**792**
**5,018**
**90,405**|
|Building Fund|Balance
**01-Apr-21**
Income
Expenditure
Transfers
Balance
**31-Mar-22**
**£**
**£**
**£**
**£**
**£**
66,610
9,583
-
(110)
76,083|
|---|---|
||**66,610**
**9,583**
**-**
**(110)**
**76,083**|
**Building Fund -** Plans have commenced for the organisation to seek a building of its own, and to this effect a Building Fund had been opened to set aside resources to ensure that this could be realised. **Salem Orphanage -** Fund to support orphanage based in Kenya **Vision** - Funding for future projects
Restricted funds are represented by cash reserves held by the Charity. The Restricted funds in deficit are classed as continued operations and will be replenished in the coming financial period.
## **6. CASH AT BANK AND IN HAND**
|Cash at Bank and in Hand|Unrestricted
Fund
£
Restricted
Fund
£
**Tota**l
**31-Mar-23**
**£**
**Total**
**31-Mar-22**
**£**
(4,023)
26,116
22,093
9,553|
|---|---|
||**(4,023)**
**13,370**
**22,093**
**9,553**|
## **7. DEBTORS & PREPAYMENTS**
|Gift Aid Tax Recoverable
Green Pastures Loan Stock
Sundry Debtors|Unrestricted
Fund
£
Restricted
Fund
£
**Tota**l
**31-Mar-23**
**£**
**Total**
**31-Mar-22**
**£**
6,261
-
6,261
2,157
-
-
-
26,000
-
-
-
69|
|---|---|
||**6,261**
**-**
**6,261**
**28,226**|
## **8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Independent Examiners Fees
NEST
Sundry Creditors|Unrestricted
Fund
£
Restricted
Fund
£
**Total**
**31-Mar-23**
**£**
**Total**
**31-Mar-22**
**£**
0
-
0
942
0
-
0
817
1,523
- 1,523
728|
|---|---|
||**1,523**
**-**
**1,523**
**2,487**|
12
**(CHARITABLE INCORPORATED ORGANISATION)**
## **GATEWAY WATERSIDE**
## **NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31ST MARCH 2023**
## **9. STAFF COSTS AND NUMBERS**
|Gross Wages & Salaries
Employer's National Insurance Costs
Employers National Insurance Allowance
Pension Contributions
Employees who were engaged in each of the following activities:
Activities in furtherance of organisation's objects|**2022/23**
**£**
38,026
2,346
(2,346)
1,059
**39,085**
**2022/23**
TOTAL
3|**2021/22**
**£**
38,004
2,682
(2,682)
1,140|
|---|---|---|
|||**39,144**|
|||**2021/22**
TOTAL
3|
The charity operates a PAYE scheme to pay all employed members of staff and no employees received emoluments in excess £60,000 (2020/21: None).
## **10. RECONCILIATION OF MOVEMENT ON CAPITAL AND RESERVES**
As a Charitable Incorporated Organisation the Charity is registered with the Charity Commission number 1143971. The Charity does not have a Share capital and has no income subject to Corporation Tax.
|Surplus / Deficit for the financial period
Balance Brought Forward
Closing Funds at 31st March 2023|**2022/23**
**£**
(11,429)
**(11,429)**
136,777
**125,350**|**2021/22**
**£**
7,021|
|---|---|---|
|||**7,021**|
|||129,757|
|||**136,777**|
## **11. PAYMENTS TO DIRECTORS & RELATED PARTIES**
No payments were made to Trustees or any persons connected with them during this financial period. No material transaction took place between the charity and the Trustees or any person connected with them.
## **12. RISK ASSESSMENT**
The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.
## **13. RESERVES POLICY**
The Trust recognises the propriety of not building up funds for which there is no clear expenditure plans. The Trust’s policy is to allow reserves to accrue to a level of three months’ average expenditure, plus funds which may be earmarked for specific projects in the future. As the Trust is still growing, reserves may only exceed this policy level in order to be able to respond positively to new opportunities. This situation is actively monitored to ensure that reserves do not build up unnecessarily.
## **14. PUBLIC BENEFIT**
The CIO acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the Trustees report. The Trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.
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## **INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS**
Report to the trustees/members of Gateway Waterside on the accounts for the year ended 31st March 2023 set out on pages 6 to 13.
## **Respective responsibilities of trustees and examiner**
The Charity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements. The trustees are satisfied that the audit requirement of Section 144(1) of the Charities Act 2011 (the Act) does not apply, and that there is no requirement in the governing document or constitution of the Charity for the conducting of an audit. As a consequence, the trustees have elected that the financial statements be subject to independent examination.
Having satisfied myself that the charity is not subject to audit, and is eligible for independent examination, it is my responsibility to:-
a) examine the accounts under section 145 of the Act;
b) to follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the Act; and;
c) to state whether particular matters have come to my attention.
## **Basis of independent examiner's statement**
I conducted my examination in accordance with the General Directions given by the Charity Commissioners for England & Wales in relation to the conducting of an independent examination, referred to above. An independent examination includes a review of the accounting records kept by the Charity and of the accounting systems employed by the Charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning such matters. The purpose of the examination is to establish as far as possible that there have been no breaches of the Charities legislation and that the financial statements comply with the SORP, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements.
The procedures undertaken do not provide all the evidence that would be required in an audit and information supplied by the trustees in the course of the examination is not subjected to audit tests or enquiries, and consequently I do not express an audit opinion on the view given by the financial statements, and in particular, I express no opinion as to whether the financial statements give a true and fair view of the affairs of the charity, and my report is limited to the matters set out in the statement below.
## **Independent examiner's statement**
In the course of my examination, no matter has come to my attention: 1. which gives me reasonable cause to believe that in, any material respect, the trustees requirements:
- to keep accounting records in accordance with section 130 of the Charities Act; and
- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the
- Charities Act
have not been met; or
2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **Signed** _L A Silver_
Date: 13 November 2023
Luke Silver
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