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 ActIv￿re5
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 compan￿5 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 a￿lIlated 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&3￿5 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 CoMpan￿S 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}dI￿dUallY 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.
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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
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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).
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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 othe￿iSe 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.
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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
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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
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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 out￿aCh 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