Westminster Westminster Chapel la company limited by gu3ranteel Report and Financlal Statements For the year ended 37 December 2023 Company Number 6458950 Charity Number 1144831
Westminster Chapel Contents Referen and Administrative details Trustees Report Independent Auditor's Report Statement tsf Financial ActIvre5 Balance Sheet Statement of Cash Flows Note5 on Financial Statement5 Page 12 14
Westminster Chapel TheTrustees present their report together with the audited financial statements of the Chapel for the year ended 31 Decernber 2023. The financial statements comply wth the Companies Act 2006. Charities Aa 2011. the compan5 Memorandum and Articles of Association. and AccotEnting8nd Reporting by Charities.. Statefflent of Recommended Practice applicable to charities preparing their account5 in accordance with the Financial Reptsrtlng Standard applicable in the UK and Republic of Ireland IFRS 1021. and FR5102. Reference and Administratlve Details Operational Address Buckingham Gate. London, SW1E 6BS Directors The trustees. who are also the directors for the purposes of company law, who seNed durlng the period are listed below-. Mr James Edwards Isenior Finance Offlcerl Mr Paul Gardner Isecretaryl Mr Howard Satterthwaite (Lead Elder / Director) (Resigned 31 March 20231 Mr Stephen Sloan Mr Richard Bursby Mr Akinsola Akinyose Mrs Rachel John Mrs Ibelema Emeh The key management personnel comprise all the directors. Bankers Barclay5 Bank PLC - 93 Baker Street London W7A 45D CAF Bank Ltd - 25 Kings Hill Avenue. Kings Hill, West Mallin& KenL ME19 4JQ Auditor Jacob Cavenagh & 5keet - 5 Robin Hood Lane, Sutton. Surrey, SM1 25W Solicitors Anthony Collins Solicitors LLP - 134 Edmund Street, Birmingham. B3 2ES
Westminster Chapel Structure, Governance and Management Governing Document Westminster Chapel Ithe"Chapel'? is registered with the Charity Commission as a Charity Ino. 11448311 and is also a company Ino. 064589501. The Chapel is governed by its Memorandum and Articles of Assoclation. It sets out the objerts and powers of the charitable company and how the charity is to be governed. Under the Articles of Assoclation, all future trustees shall be appointed by a resolution of the church members. Trustee Recruitment and Induction The Elders identify suitable candidates who are invited to serve as Trustees. subject to the affirmation of Chapel's members. Suitability is based primarily on commitment to the Chapel, demonstrated by membership, regular attendance and a high degree of involvement and significant spiritual maturity. New Trustees are provided with copies of a Trustee job description, Chapel's mission, vision and values, the last three years, Annual Reports and Accounts, and the following Charity Commission documerbts.. the Essential Trustee.. What You Need To Know ICC31.' Faith in Good Governance.. General Guidance on Public Benefit. Organisational Structure The Chapel Is led by an Elder5hip Team made up of two Trustees IHoward Satterthwaite. until his resignation on 31 March 2023 and Stephen Sloan), plus Andrew Mehigan. who setves as an Elder and is a full-time member of staff. This team meets weekly to review strategy and set the spiritual direction of the church. The Trustees support the Eldership Team. and meet five times a year to review the management and administration of the Chapel's property and funds. policy and other operational matters. Conflirts of interest are managed sensitively and appropriately in accordance with the Charity Commission guidance. Trustees and all Elders meet inforrnally twice a year. The key management personnel of the charity as Ilsted on page l are in charge of directing, controllin& running and operating the charity on a day to day basis. Apart from the Lead Elder, all other trustees give of their time freely and received no remuneration in the year. Details of trustees, expenses and related party transattions are disclosed in Note 9 to the financial statements. The pay of senior staff is reviewed Annually and normally increased in accordance with average earning5. Each senior staffs pay review is carried out by the Trustees in their absence. Related Parties and Other Organizations The Chapel is alIlated with Commisslon Apostolic Tru5L the FIEC (Fellowship of the Independent Evangelical Churches). the EFCC IEvangelical Fellowship of Congregational Churches) and is a member of the Evangelical Alliance. The Chapel also supports a number of other charitable organisations both in the UK and abroad and in particular a pregnancy crisis centre in Westminster rfhe Gate). Christian overseas missionarie5 and mission organisations.
Westminster Chapel Risk Management The Trustees have assessed the major risks to which the church Is exposed, in partlcular those related to the operations and finance5 of the church and are satisfied that systems are in place to mitigate its exposure to the major risks. The principal risks and uncertainties currently facing the charity are considered to be.. Mission risk.. The Chapel should continue its key mission of being-A witnessing church. and a church worth witnessing- for the glory of God.. Financial risk.. The value of the Chapel building is high in proportion to the income expected from the size of the Chapel's current membership. Unexpected repair cost could potentially be unaffordable Telative to its current income and reserve level. Risk in £onnertion with working with children and young adults.. The Chapel stsff and volunteers have regular contact with children and young adults. There is a risk that the appropriate level of due care over these individuals is not adequate. Our plans and strategies for managing these rSsks include; regular meetings between the leadership team and monitoring of membership level, missional activltles.- maintaining adequate insurance cover, ensLtre an adequate reserve is held, the use of fire, and intruder alarms.. and having appropriate safeguarding procedures in place. Grant-making policy The trustees may make grants at thelr absolute discretion. They are made to charities or as part of unsolicited giving to beneficiarie5 whose activities are considered to advance the Christian faith. Reserves policy The trustees aim to maintain free reseNes in unrestricted funds of £200,000 (approximately three months. unrestricted charitable expenditure). The trustees consider that thls level will provide sufficient funds to respond to an unexpected drop in income or rlse in expenditure in the short term allowing fixed asset5 to be realised should the need arise. The balance held as unrestricted funds at 31 December 2023 was £3,864.474 of which £394.224 are regarded as free reserves held wlthin the Missions and General funds, after deduction of all tangible fixed assets. and investments. Objectives and Activities The Trustees confirm thot they have complied with the duty in Section 4 of Chapter l of the Charities Act 2011 have due regard to the public benefit guidance published by the Charity Commission in determining the activities Lsndertaken by the Chapel. The Chapel's object set out in its Artlcle5 of Association Is to advance the Christian faith as an independent protestsnt church according to the 83sis of Faith,.
Westminster Chapel The Chapel's Vision as set out in its Vision Statement is to see 'Hundred5 of lives transformed, tens of congregations started,. More details are available at our web51te http'.Ilwww.westminsterchapel.org.uklwho-we- arel. Practically speaking this means Blessin8 Everyone. strengthening Believers and Training Leaders. The Trustee5 do not believe that it is possible to accurately report on the individual performance of the above as they are intrinsically linked and thus impossible to account for independently. The Trustees believe that to do so would not give an accuratÈ representation of the Chapel'5 purpose or achievement5. However the Chapel's significant artivities that advance its Vlsion include.. A Sunday servlce for the proclamation of the Christian faith. corporate worship, the study of the Bible and the mutual encouragement of those attending. A low-cost lunch (catering for 60-80 people each Sunday) 15 provided for anyone that would Ilke to attend. Life Groups, small relational groups of 8-74 people that meet during the week in people's homes across London to encgurage friendship and discipleship. An Alpha Course. primarily for people who aren't churchgoers to explore the Christian faith in a relaxed setting. with free dinner over a few thought-provoking weekly sessions, run once a year. A Foodbank which gives three doy5 of nutritionally balanced Inon-perishablel food and sUPPOrt to people experiencing emotional or financial crisis in the borough of Westminster. A Christlans against Poverty ICAPI Course, run twice a year, helping people to manage theirfinances better and give advice on how to deal with debt. A Christians against Poverty {CAPI Debt centre. aims to show God's love in action by providing sustainable povety relief through debt counselling and practical help. 18-305 Ministry. primarily for students and young profe55iona15 worklng in London. Alongwith Life Groups. it plans socials events, educational talks by guest speaker5. weekends away & weekends at home and Seeks to be a friendly environment for young people far from home. Children and Youth Ministry. provides artivities on a Sunday and during the week, to equlp and build friendship5. Summer Street Party for local community with food and games. Prayer Meeting5 both weekly and monthly. Mission and Benevolent Giving- The Chapel gives about a tenth of its income to mission causes that further its vision in London and overseas, and also provides financial support, loan5 and gifts. to members and friends of the Chapel experiencing financial hardship. Pastoral Care Team that provides care. support and relational connertions to members in need. Equip Academy.. Training after church services on a termly basis focusing on multiple different streams of life with God and growing in understanding. The Trvstees are confident that the church ha5 advanced the Christian faith for the public benefit. The Chapel receives a certain amount of voluntary help. It 15 not possible to quantify the value of thi5.
Westminster Chapel Achievements and Performance Member5 In 2023 the Chapel had 13 new members. 14 resignations and 5 baptisms. Comparative figures for 2022 were 12 new members, 12 regignations and 4 baptisms. Sunday Services and Special Services The way we measured attendance had to change in 2020 as we were no longer meeting in the building. so we measured online attendance by counting peak concurrent views across the platforms. Our average In person viewing and in person Church serwce attendance each Sunday was 160 for 2023. For comparison, in 2022, the average In person and online viewing Church service attendance each Sunday was 217. The Chapel benefited from the ministry of several guest speakers, Kevin Bartlett, Segun Oladokun. Trevor Archer and Sam Miller. In addition to this several preaching series were followed which included Rest, Exile5 and Transformed. These series all look at contemporary societal and personal issues with a biblical perspectwe. Life Groups At the end of the year there were 9 Chapel Life Groups. Thls is an decrease on the 11 Life Groups operatin8 in 2022. This drop resulted from two life groups amalgamating as well as the move back to Life Groups meeting in person rather than remotely online. where the attendance is not affected by travel. Alpha The autumn course Saw 8 guests attending at least twice. Foodbank A total of 1,405 adult5 and 465 children were fed through the Foodbank in 2023, which is a increase of 193 adults and a small decrease of 2 children when compared with the 1212 adults and 467 children fed by the Foodbank in 2022. A full-time Foodbank Coordinator oversees the running of the Centre, management of volunteers and funds and seeking ways to increase awareness to the public. We contlnue to seek growth in thls ministry and are looking for local funding to assist us in the running of the Foodbank. 1&35 Ministry There is a group of approximately 173 young people attending events run by the 18-30's team. This is a net increase of 10 new sttsdents and young professionals join this group over the past year. Children and Youth The Chapel had an average of 26 chSldren aged 0-10 and 7 children aged 11-18 at its Sunday morning online service5 in 2023. Thi5 15 an increase of 3 children aged 0-10 attending and 2 children between 11-18 attending on the 23 children aged O-10 and 5 children aged 11-18 attending during 2022. Prayer During 2023, 1 prayer meeting w35 held on a Friday. compared wlth 3 prayer meetings that were held on Sundays throughout 2022. Before every Sunday morning service. a faithful group. growing in numbers. has continued to gather to pray.
Westminster Chapel New Acre Cafe Our new Cafe space. called New Acre Café. launched ot the start of January 2022 which was a key objective of the premises refurbishment. New Acre Café is sltuated at the main front entrance enabling the Chapel premises to be open to members ofthe public between 9.00 AM and 4.30 pm Monday through to Thursday. a5 well a5 be open on Sundays before and after the Sunday morning service. Current and Future Charitable Activities Misslon 2nd Benevolent Fund Giving The Chapel gave £47,143 in Mission and Benevolent Giving for the 12 month5 ended 31 December 2023. A summary of the recipients are included in the accounts. Upcoming 2024 Ministries Our sermon series for the coming year include.. The Book of Acts and Jesus is King and A New Kind of Community among others. In addltlon to these, we held an Easter Fayre after the 5erv¢ce on Sunday 31 March. Financial Review The financial results from 1 Jan 2023- 31 Dec 2023 show a net deficit of £4.096. The Chapel is substantially funded by donations from its congregation. These enable staff to be employed and premises maintained so that the Chapel can carry out its ministry. Fundraising Westminsrer Chapel engaged in fundraising. This took the form of receiving free-will offerings/donations. some of which were gift aided, from members of our fellowship dvring the year. However, we dld not contract the setmce of any professional fundraiser5 as defined by section 58 of the Charities Act 1992. Other than publicly inviting an offering at every service. we do not engage in persistent fundraising or intrusive fundraisln8 practices with any of our donors. including vulnerable people. and we never have private or coercive discussions with Individua15 about their giving. Our fundralsing practice5 are ethical and in accordance with Biblical principle5. No complaints were recelved about our fundrai5irig prartices. Related Parties An unincorporated excepted charity. known a5 Westminster Chapel. is the legal owner of the land and building5 known as Westminster Chapel. Buckingham Gate. The Westminster Chapel corporate charity 15 the trustee of this Ltnincorporated charity and is permitted to Use the Chapel propety for worship, by persons beins Protestant Dissenters of the Independent Denomination, by a Charity Commission scheme dated 14 November 2013. Further details about the use of this property are given in Note l 0. Westminster Chapel Manse Trust is a registered charity Ino.'2596771 and is the legal owner of a leasehold property. The Westminster Chapel corporate charity 15 trustee of this unincorporated charity and is permitted to use the leasehold property by a Charity Commission scheme dated 14 November 2013. Further details about the use of this property are given in Note 10.
Westminster Chapel Statement of Trustee5' responsibilities The trustees (who are also directors of Westminster Chapel for the purposes of company lawl are responsible for preparing the Trustees. Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law reqvires the trustees to prepare financial statements for each financial year whlch glve a true and fair view of the state of affairs of the charitable company and of the incoming resources and applicatlon of resources. including the income and expenditure. of the charitsble company for that period. In preparing these financial statements, the trustees are required to: select Suitable accounting policie5 and then apply them consistently, obseNe the methods and prirkciples in the Charities SORP,. make judgments and estimates that are reasonable and prudent- state whether applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial 5tatements,' and prepare the financial Statements on the going concern basis unless it is inappropriate to presume that the harttable company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable CoMpanS transactions and disclose with reasonable accuracy at any time the financial posltion of the charitable compariy 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 charitable company and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. In 50 far as the trustee5 are aware: there is no relevant audit information of which the charitable companys auditor is unaware., and the trustees have taken all gteps that they OLtght to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. On behalf of the Trustees Jarne5 Edwards Date.. 21"July 2024 Westminster Chapel, Buckingham Gate, London, SW1 E 6BS
NT 's riEPOFIT MEMB WEST Opinion We have audited the firbancial statement5 of Westminster Chapel Ithe 'charityl for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements. Including a summary of significant accounting policies. The financial reporting framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Flnancial Reporting Standard 102 The Finunci(Jl Reporting S¢ondord opplicable in the UK ond Republic of Irelond (United Klngdom Generally Accepted Accounting Prarticel. In our opinion the fir)ancial statements- give a true and fair view of the State of the charltable company's affairs as at 31 December 2023 and of its incoming resources and application of resources for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Att 2006. Basis for opinion We conducted our audit In accordance with International Standards on Auditing IUKI (ISA5 (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities forthe audit of the financial statements sectlon of our report. We are independent of the charitsble company 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 wth these reqLtirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our oplnion. Conclusions relating to going concern In auditing the financia5 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 uncertaintie5 relating to events or conditions that, individually or collectively. may cast significant doubt on the Charitys ability to continue as a going concern for a period of at least 12 months from when the financial statements are auihorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant section5 of thi5 report. Other information The other information comprises the information included in the annual report, including the trustees, report, other than the financial statements and our auditorfs 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 irkformation 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 incon515tencies or apparent material mi5Statements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselve5. If, based OA the work we have performed. we conclude that there is a material misstatement of this other information, we are required to report that fact.
MEM WEsfMIN APE We have nothing to report in this regard. Opinion5 on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of our audit: the information given in the tru5tee5' report, whlch includes the dlrertors. report prepared for the purposes of company law, for the flnancial year for which the financial statements are prepared is consistent with the financial statements.. and the directors, report Included within the trustees, report has been prepared in accordance with applicable legal requirements. Matter5 on whlch we are requlred to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audiL we have not identified material misstatements in the directors, report included with the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act2006 requires us to report to you if, in our oplnion.. adequate and proper accounting records have not been kept, or returns adequate for our audit hève not been received from branche5 not visited by us.. or the financial statements are not in agreement with the accounting records and returns.. or certain disclosures of trustees. remuneration specified by law are not made- or we have not received all the information and explanations we require for our audit,. or the trustees were not entitled to prepare the financial statement5 in accordance with the small companie5 regime and take advantage of the small companie5 exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees. responsibilities statement, the trustees. (who are also the directors of the charitable cornpany for the purpose5 of company lawl 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 15 necessary to enable the preparation of financial statement5 that are free from material misstatement, whether due to fraud or error. In preparing the financial statement5. the trustees are responsible for assessing the charitys ability to contlnue as a going concern. disclosing, as applicable, matter5 related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations. or have no realistic alternative but to do so. Audltor's re5ponsibllities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatemenL 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 IUKI will always detect a material misstatement when it exists. Mlsstatements can arise from fraud or error and are considered material if. iT}dIdUallY or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
INDEPENDENT A DITOR, RT TO THE MEM FWE MIN HAPEL contin The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. 8ased on our understanding of the company, we identified that the principal risks of non-compliance with law5 nd regularions related to employment and financial reporting legislation and we considered the extent to v¥hich non-compllance might have a material effett on the financial statements. We also considered those law5 and regulation5 that have a direct impact on the prepar61ion of the financial staiements such as the Companies Act 2006 and the Chariiies Acl 2011. We assessed the susceptibility of the company's financial siatements to rnaterial misstaternent, Including obtaining an understanding of how fraud might occur. by making enquirie5 Ot management, considerlng the inrernal conrrols in place and discussion amongst the enga8ement teèm. We deiermined that the principal risks were ielated to management bias in accounting estimates. presentst5on of separately disclosed items and management override of controls. In response to the rlsk5 Identified we designed procedures which included. bul were not limited to challenglng significant accounting estimates, agreeing financial slalement disclosures to underlying 5uppor(ing documentation, reviewing trustees minutes. evaluating the internal concrols and identifw'ng and testing journal entries. There are inherent limirations In the audit procedures described above. The more removed that laws and rogulatfons are from financial rransactions, the less likely st is that we would become awJre of non-cornpliance. Material missratemenrs ihar arise due to fraud can be harder 10 detect than those thai arise from error as they may involve deliberate concealment or collusion. A further description of OLtr responsibilifies for ihe audit of ihe financial 5tatement5 15 located on the Financial Reporting Council's web5Ite at.. http'.1/¥W.frc.0r8.uk1avd1[or5responSIbIIirIes. Thi5 description forms part gf our aud1tor's report. Use of our report This repcjrt is made solely to the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audil work has been underiakerh so that we might state to the charitable company's members those mat(ers we are required to State to them in an auditor5, repori and for no other purpose. To tho fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and Tris members as a body. for our audit work. for this report. or for the opinions we have formed. Mlrlam Hlckson FCA15enlor Statutory Auditor) for and on behalf of Jacob Cavenagh & Skeet statutory Audltor Chartered Accountants 5 Robln Hood Lane Sullon Surrey SMI 2SW Dated-. SF Zo14 io
Westminster Chapel Statement of Financial Activities (including the Income and Expenditure Account) For the year ended 31 December 2023 Year ended 31 Dec 2023 Restricted Unrestricted Total Fund5 Funds Year ended 31 Dec 2022 Restricted Unrestricted Total Funds Funds Note Incomefrom.. Donations, grant5, legacies Chèritable activities 106.287 S52,700 658,987 186,066 659.426 845,492 45,521 45.521 33,690 33,690 Other trading activities Investment & other Income Total income 291.983 291,983 100.466 100.466 36,554 36,554 527 527 106,287 926.758 1.033,045 186,066 794,109 980,175 Expenditure on.. Charitable aciivities Total expenditure 167,136 870,005 1,037.141 103.188 789,3TI 892,565 167,136 870.005 1,037.141 103,188 789,377 892,565 Net lexpenditurel /incc>me 160,8491 56,753 14.0961 82,878 4,732 87.610 Transfer between Funds 17 10,866 110,8661 17,617 117,6171 Other recognisèd gains knd loss Lossè5llgains on revaluation of fixed aS5et5 Net movement in fund5 125,0001 125.0001 149.9831 45.887 (4,0961 100,495 137.8851 62,610 Reconciliation of funds Total fund brought forward 197,978 3,818.587 4,016.565 97,483 3.856.472 3,953,955 Total fLtnds carried forward 147,995 3.864.474 4,012,469 197,978 3.818.587 4,096,565 The notes numbered 1 to 17 form part of these financial statements. li
Westminster Chapel Balance sheet as at 31 December 2023 31.12.2023 31.12.2022 Note Fixed ts55et5 Tangible assets Propertie5 Equipment and furniture Property improvefflents Investments 10 1,850,000 467,410 1.152.838 1.850.000 483.081 1.203,144 12 13 3.470,250 3.536,227 Current 855ets Stocks Debtors and prepayrnents Cash at bank and in hand 25,460 23.934 14 100,901 134,586 588,921 715,282 500,180 658,700 Current liabilities Creditors.. amount5 falling due within one yeèr 173,063 178.362 Net current tissets Net assets 542,219 4,012.469 480.338 4.016,565 16 Funds Restricted funds Unrestricted fund5 Revaluation reserves Designated funds General funds 147.995 197,978 170,270 178,433 3.694,204 4.012,469 3,640,154 4.016.565 Total fund5 The notes numbered 1 to 17 form part of these financial statements. These financial statement5 were approved by the trustees on 21S1 July 2024 and signed on their behalf by.. James Edwards, Trustee Stephen Sloan. Trustee Company number: 06458950 12
Westminster Chapel Statement of cash flows for the year ended 31 December 2023 Year ended 31 Dec 2023 Year ended 31 Dec 2022 Note Cash utilised by operating activitles 93,681 744,066 Ct7shllowsfrom investing ottwities Other income Purchase of tsngible fixed a55ets Proceeds frorn sale of investments Cash (usedin)fyom investing tsttivities 36.554 {41.4941 527 143,9361 14,9401 143,4091 (Decreaseyincrease in cash and cash equivalents during the year 88,741 100.657 Cash and cash equivalents brought forward Cash and cash equlvalent5 carried forward 500.180 588,921 399,523 500,180 lil Reconciliatlon of net movement in fvnds to cash used in operating activities Year ended 31 Dec 2023 Year ended 31 Dec 2022 Net rnovement in funds 14,0961 62,610 Add back deprecEBtion and impairment Deduct Investment & other income shown above Oeduct gainsladd back losses on investments Ilncreaselloecrease in stock Ilncrea5ellDecrease in debto IDecreaseylncre?se in creditors Net Cash utilised by operating activittes 107.470 136,5541 132,333 15271 11.5261 33,685 15,2981 93.681 114,6461 73,715 1109,4191 144,066 13
Westminster Chapel Notes to the Financial Statements Westminster Chapel Ithe'chapel-l is registered with the Charity Commission as a Charity Ino. 11448311 and is also a company limited by guarantee Ino. 064589501. In the event of the company being wound up. the liability in respect of the guarantee 15 limited to £1 per member of the company. The registered Office is Buckingham Gate, London, 5W1E 6BS. 1. Accounting policies The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. A) Accounting Convention The accounts have been prepared in accordance with the Artlcles of Association of Westminster Chapel. the Companies Act 2006, the Charities Act 2011 and 'Accovnting and Reporting by Charities.. Statement of Recommended Practice applicable to charities prepartng their accounts in accordar)ce with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" issued in October 2019. The trust is a Public Benefit Entity as defined by FRS 102. The account5 have been prepared for the year ended 31 December 2023. They have been prepared in pounds sterling and rounded to the nearest £1. The accounts have been prepared under the historical cost convention. modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. B) Going Concern The Church incurred a surplug of £56,753, excluding trarisfers between funds, on its general unrestricted fund for 2023. A cash flow forecast is prepared and updated monthly on a rolling basis for the next 12 months which 15 presented to the Trustee5 and is used a5 the primary budgeting tool for ensuring that unrestricted funds are expected to be maintained at around three months annual forecast expenditure for the next 12 mornths IT) order to cover any very large unexpected and emergency expenses which might arise. However. the usual pattern of spending results in a working capital requirement of around zero, thus ensuring that the minimum reserves level is fully available to be Spent should such an emergency expense be incurred. In addition, a minimum of two trustees must approve all anticipated expenditures in excess of £1,000. The Trustees also meet several times each year to review the most up to date management accounts together with the latest forecast. Accordingly. the Trustees consider the going concern basis for the preparation of the charitys financial statements to be reasonable. C) Income Donations and other (including legacies) are included in the Statement of Financial Activities ISOFAI when the charity has entitlement to the income, it is probable thè income will be received. and the amount of income receivable can be reliably measured. The following specific policies are applied to particular categories of income: Investment income, including bank interest receivable 15 recognised when receivable. Rental income from the Chapel's manses and room hlre is recosnized when receivable. Donated goods to the Foodbank are recognized when they are received and valued at £2.37 per kg. The right to use prem15es is recognised at fair value. where this can be reliably estimated. The value of sermces donated by volunteers ha5 not been included in these accounts. 14
Westminster Chapel DI Expenditure recognition All expenditure is accrued as soon as a liability is considered probable, discounted to present value for longer term liabilities and has been classified under headings that aggregate all costs related to the category. Support and governance costs Support Costs comprise all expenditure incurred in supportir)g the work related to the objects of the charity. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Chapel and include audit fees and other professional costs. All support and governance costs have been allocated directly to charitable expenditure. Charitable activity costs Charitable actiwty costs include those incurred by the Chapel in the delivery of its actmties and services for it5 beneficiaries. It includes both the costs which can be allocated directly to such activities and those costs of an indirect nature necessary to support them. E) Tangible Fixed Assets All assets costing tnore than £1,000 have been capitalized. Fixed assets are stated at cost less accumulated depreciation. Where the charity enjoys the right to use premises, Wlthout acquiring legal ownership, the fair value of the asset is recognised a5 income and a fixed asset. Fair value is estimated from the financial benefits expected to flow to the charity as it will avoid the cost it would otherwise have incurred in obtsining premises. Depreciation Depreciation is charged on furniture and equipment and the premises improvements at rates of 20% and 5% respettively and at 4% of cost per annum commencing from the date of the purchaselcost being incurred. No depreciation is charged on leasehold property where the estimate residual value is considered 10 be the same or higher than the carrying value in the accounts. lrnpairment5 are recognised when the carrying value of an asset exceeds its recoverable amount. F} Pensions Contributions to the Charitys defir)ed contribution pension scheme are charged to the SOFA in the year in which they become payable. G) Investments Fixed asset investments are Included at closing market value at the balance sheet date. Any gain or105s on revaluation 15 taken to the SOFA and Shown in the Revaluatlon reserve within the Chapel's funds. H) Funds Funds held by Chapel are- Unrestricted general funds= these are funds which can be used in accordance Mth the charitable objects of the Chapel ot the discretion of the trustees. Designated funds: these are funds Set aside by the trustees for specific purposes or projects. Restricted fund5.' these are fund5 which can only be used for specific purposes within the charitable objects of the Chapel. Restrictions arise when specified by the donor or when funds are raised for specific purposes. The nature and PLJfpose of each fund is further explained in note 16 to the financial statements. l) Grants Payable Grants are included when they have been approved by the trustees and the expenditure is committed. 15
Westminster Chapel J) Stock The stock of items held by the Foodbank is included at an estimate of £2.37 per kg. Stocks of items for the Café and replacement parts for the bollers are held at cost. K) Debtors Grants receivable and other debtors are included at the settlement arr*ount due. Prepayments are valued at the amount prepaid. L) Cash at bank and in hand Cash at bank and in hand includes cash and short term hlghly liquid investments with a short maturity of three months or less from the date of oper5ing of the deposit. M} Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation arising 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 measvred or estimated reliably. Creditors and provisions are recognised at their settlement amount. N) Financial instruments The charity only ha5 financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at thelr settlement value. O) Realised gains and losses All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated a5 the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and 105ses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the 5tatetnent of Financial Activities. P) Income from government grants income receivable from government grants for expenditure and capital asset PLtrchase5 and premises renewal and Itnprovemerst works is fully recognised in the period to which the underlying costs relate or the capital asset purchases and premises renewal and Improvement works are Incurred with any related designated grant fund relating to capital asset purchases and premises renewal and Improvement works being amortised over a matching time period to the depreciation policy applied for those assets. 2. Critical accounting estlmates and judgements In the application of the charity'slcompany's accounting policies. the trustees are required to make judgements, estimates and assumptions about the carrying amovnt of assets and liabilities that are not readily apparent from other sources. The estimate5 and associated assumption5 are based on historical experience and other factor5 that are considered to be relevant. Actual results may differ from these estimate5. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period of the revision and future periods where the revision afferts both current and future periods. 16
Westminster Chapel 3. Donatlons, grants. legacies and other charitable income Restricted Unrestritted Totsl Restricted Unrestricted Funds Fund5 2023 Furlds Funds Total 2022 Freewill offering5 96.645 463,107 559,752 112,888 554.718 667.606 Government grant schemes Income tax recoverable 5.234 5,234 69.276 69.276 4,408 89,593 94,001 3,902 104,708 108,610 106,287 552,700 658,987 186,066 659,426 845,492 4. Investment & other Income Restricted Unresrricted Funds Fur¥ds Total 2023 Restricred Unrestricted Funds Funds Total 2022 Interest recelvable Refunds, reimbursed & miscellaneous expenses 8,853 8,853 527 527 27,701 27,701 36,554 36,554 527 527 5. Other trading activities Restricted Unrestricted Funds Fynds Totèl 2023 Restricted Unrestricied Funds Funds Total 2022 Income from tower rental Venue hire Ancillary & office space income 46,344 237,839 7,800 291,983 46.344 237.839 7,800 291,983 35.396 49,365 15,675 100,466 35,396 49,365 15,675 100,466 6. Expenditure Restricted Unrestriited Funds Funds Direct cost Direct Costs Support Cost Totsl 2023 Total 2022 Charitable actwities Gifts made Other charitable a(tTrvities Total charitsble activities 2,570 164,566 167.136 48,532 350,548 399,080 51.102 986,039 1,037,141 63,926 828,639 892.565 470.925 470,925 17
Westminster Chapel Gifts made were as follows: Gifts to Institutions Gifts to Individua15 Total 2023 Totsl 2022 Benevolent needs Oversea5 missionaries Latin Link Commission Apostolic Trust FIEC Agape Power The Fight The Gate Pregnancy Crisi5 Centre Open Doors LSE Christian Union Catalyst Network of Churches London City Mi5SlOn Others Total gifts 2.570 2,570 1,526 2,500 5.500 30,004 7,864 2,400 1.200 6.000 5,000 1,000 6,000 20,004 7,553 2,4CKI 1.21)0 6,(KlO 6,000 20.004 7,553 2,400 1,200 6,000 1,000 1.095 2.864 416 48,532 1,000 1,095 2.864 416 51,102 933 63,927 2.570 7. Support Costs 2023 2022 stsff costs Premises c05t5 Professional & consulting costs Depreciation Revaluation of leasehold propety Governance costs.. Auditor5 remuneration Other costs 136.381 125,404 12,753 107.470 176,696 47.581 6,839 107,333 25,000 10,020 78,897 470.925 7.200 78,185 448,834 8. Staff costs 2023 2022 Wages and sèlaries Social security costs Pension costs Severance payments Other employment costs 356,335 26.346 18.982 26.198 6.689 434,550 370,775 35,011 20,194 8.508 434,488 The average number of fLtII time and part time staff employed by the Chapel during the year was 1812022: 171 There were no employees who received employee benefits of more than £60.000. 12022.. none). 18
Westminster Chapel 9. Related party transactlons Remuneration was paid to trustees and Iheir close family as follows.. Scslury &social Security cosrs Pension contribution BenefAts In kind Total remuneration 82,797 82,797 3,433 3,433 Two trustees are remunerated for their employment as was the spouse of a trustee appointed in Novetnber 2022.James Edwards, the Senior Finance Officer received salary and the employerfs pension contributions for the financial year totalling £44.882. The second paid trustee was Howard Satterthwaite, the Pastoral Lead of the Chapel whose total salary and pension contributions for the period trom l January 2023 up to his resignation as a trustee on 31 March 2023 totalled £12.988. The spouse and adult son of one of the other trustees were employed part time a5 the Childrens work Leader and on a casual basis as one of the Premises Assistants. She was reimbursed expenses that she incurred for her work totalling £189. The total salary and social security Costs for employing the 50n wa5 £3,453 for 255 hours of work. The spouse'5 Lotal salary and pension contributions totalled £14.230. These payments are allowed under the terms of the companys Memorandurn and Articles of Association. Additiorsally, because of the nature of the work, the pastoral Lead was also provided with Manse accommodation for he and his famiws use for the period from 1 January 2023 up to 30 September 2023. This accommodation is made available to be used for appropriate church gatherings and the hosting of guest VlSltors invited to special church events when these occur. The total employee benefits received by key management personnel named above were £72.100.12022'. £705.8461. In addition, Westminster Chapel paid Management Liability Insurance for all of the Trustees which cost £406. 10.Properties Properties- leasehold 31.12.2023 31.12.2022 Residential propertyvalue brought forward Revaluation in year Value carrled forwar(I 1.850,000 1,875,000 125.0001 1,850,OOCI 1.850,000 The charity is not the legal owner of the Residential and Chapel properties but enjoys the use of them a5 explained in the Trustees Report. The right to use them is therefore recognised as a leasehold fixed asset, with a corresponding amount of income at the date the right to use began. The fair value of the assets is estimated from the financial benefits expected to flow to the charity as it will avoid the cost it would otheiSe have incurred Sn obtair)in8 premises. For the residential PTopety thls was estimated using open market value, as advised by surveyor5 when the use began. adjusted for subsequent impairment. The Chapel propety is a specialised property, subject to Specific historical trusts on how it may be used. The trustees cannot reliably estimate the fair value of the use of this premises and therefore no initial a55et value and corresponding donation has been recognised. Improvements to the Chapel property are capitalised in note 12. 19
Westminster Chapel 11. Equlpment and Furniture 31.12.2023 31.12.2022 Cost Brought forward Additions In the year Disposals Carried fotward 735,593 42,422 125.5251 752,490 691,657 43.936 735,593 Accumulated Depreciation Brought forward Charge for the year Released on disposal Carried foNard 252.512 57.179 124,6111 285,080 195,485 57.027 252,512 hlet book value Carrled fonNard 467.410 483,081 12. Premises Improvements 31.12.2023 31.12.2D22 Cost Brought forward Additions in year Carried forward 1,257,642 1,257,642 1,257.642 1,257,642 Accumulated Depreciatlon BroLJght forward Charge for the year Carr¥ed forward 54,498 50,306 104,804 4.192 50,306 54.498 Net book value Carried forward 1.152.838 1,203.144 13. Flxed Asset Investments 31.12.2023 31.12.2022 Brought forward Disposal in year Carried forward Investment in subsidiary 20
Westminster Chapel 14.Debtors 31.12.2023 31.12.2022 Amounts falling due wtthin one year Accounts receivable Other debtors Prepayments 17.187 7 9,456 64,258 100,901 34.589 47,153 52,844 134,586 15.Creditors 31.12.2023 31.12.2022 AmoLtnts falling due wÈthin one year Accounts payable Other creditor5 Taxation and soclal secur?ty Accnjals 19,363 112.144 6.032 35,524 173,063 18.427 88.555 9,385 61,995 178,362 16. Analysis of Net Assets between Funds General Designated funds Restricted Total funds funds 2023 Tangible fixed assets Investments Current assets Creditors- Amounts fèllin8 due within one year 3,299.228 170,270 750 3.470,248 567.268 1172,2941 148,014 17691 715,282 1173.0631 3,694,204 170,270 147,99S 4.012,469 2022 Comparatlve Analysis of Net Assets between Funds General Funds Deslgnated funds Restricted Totkl Funds 2022 Tangible fixed assets Investments Current assets Creditor5.- Amour¢ts falling due within one year 3.536,225 3.536,225 279,464 178,433 21)0,803 658,700 1175,5371 3.640,1 $4 12.8251 197,978 {178,3621 4,016,565 178,433 21
Westminster Chapel 17. Movement in Funds Balance at 31.12.2022 Income and galn5 Expendéture Transfers Balance at 31.12.2023 Unrestricted fund5 Designated funds Grants fund Misslons fund Building fund 178.433 {8,1631 170,270 178.433 18.1631 170.270 Undesignated funds General fund 3.665.154 926,758 1870,0051 {27.7031 3,694.204 Revaluation of fixed assets 125.0(KJl 3,818,587 25,000 110,8661 926.758 1870.0051 3,864,474 Restricted funds Benevolent fund Food bank Special Appeals & Organ Repair Fund Walthamstt>w Cornmunity outaCh and Warm Space 1,300 85,332 12,796 1.625 12,5701 1118,8991 120,4891 1,270 141.268 107,701 7.693 38.669 40,294 18.041 197.978 4,016,565 5.234 106,287 1,033,045 125.1781 1167,1361 11,037.1411 1,903 10,866 747,995 4,012,469 Total fund5 22
Westminster Chapel 17. Movement in Funds (continued) 2022 Comparative of Movement In Funds Balance at 31.12.2021 Incorne and galns Expenditure Transfers Balance a( 31.12.2022 Unrestrlcted funds Designated ftsnd5 Grants fund Missions fund Building fL*nd 186,596 97,074 18,1631 197,0741 178,433 283.670 1105,2371 178,433 Undes4snated funds General fL¢nd Revaluation of fixed assets 3.572.802 794,109 1789.3771 125,0001 1814,3771 87,620 3,665,154 125,0001 3,818,587 3,856,472 794,109 117,6171 Restricted fund5 Benevolent fund Food bank Debt Centre Walthamstow Community Outreach and Warm Space 875 11.5261 175,7101 117,2271 651 59,089 157.889 261 275 26,766 141,268 16.966 38,394 38,669 18,041 18.7251 97.483 186.066 1103,1881 17,617 197.978 Total funds 3,953,955 980,175 1917,5651 4.016,565 The Benevolent Fund is restricted for the use of members and friends of the Chapel in financial need. The Grants fund represents the remaining unamortised grant income received on capital expenditure which will be amortised at a rate matching the depreciation applied on the capitalised expenditure at the Tate specified in note 1 E. The Missions Fund is designated for use in 5UPPOrting mlsslon activities. The Foodbank fund support5 the operation of the Food Bank. The Special appeals were made firstly to the Catalyst network of Churches to provide assistance to victims of the earthquake which took place in February 2023. The second special appeal was towards the ongoing work of London City Mission. There were 2 gifts made toward5 repair work made to the organ in September 2023. The Walthamstow fund Is being accumulated until the new church plant In Walthamstow finds premises to operate from and requests that these funds are released. The transfers from unrestrirted fund5 were made to meet expenditure which exceeded restricted income, where the trustees are not confident that future receipts will cover these deficits. 23