Westminster Chapel Westmlnster Chapel la company limited by guarantee) Report and Flnanclal Statements For the year ended 37 December 2024 Company Number 64S8950 Charity Number 1144831
Westminster Chapel Contents Page Reference and Administrative details Trustees Report Independent Auditor's Report Statement of Financial Actlvitles Balance Sheet Statement of Cash Flows Notes on Flnanclal Staternents 12 13 14
Westminster Chapel Reference and Administratlve Detalls Operational Address Buckingham Gate. London, SW1 E 6BS Directors The trustees. who are also the dlrectors for the purposes of company law. who served during the period are listed below: Mr James Edwards (Senior Finance Offlcer) Mr Paul Gardner (Secretary) Mr Stephen Sloan Mr Richard Bursby Mr Aklnsola Aklnyose Mrs Racheljohn Mrs Ibelema Emeh The key management personnel comprlse all the directors. Bankers Barclays Bank PLC- 93 Baker Streei, London W1A 4SD CAF Bank Ltd- 25 Kings Hill Avenue. Klngs Hlll, West Mallln& Kent, ME19 4JQ Auditor Xelnadln Audit Limited- 5 Robln Hood Lane, Sutton. Surrey, SM12SW Solicitors Anthony Collins Solicitors LLP- 134 Edmund Street, Birmingham, B3 2ES
Westminster Chapel ustees R TheTrustee5 presenttheir report together with the audited financial statements of the Chapel for the year ended 31 December 2024. The financial statements comply with the Companies Act 2006, Charlties Act 201 l. the companYs Memorandum and Articles of A550ciation, and Accounting and Reporting by Charltles: Statement of Recornmended Practice applicable to charities preparing their accounts In accordance with the Financial Reportlng Stsndard applicable in the UK and Republic of Ireland {FRS 1021. and FRS102. Structure, Governance and Management Governlng Document Westminster Chapel {the"Chapel'? is registered with the Charltycommission as a Charity{no. 1144831) and is also a company (no. 06458950). The Chapel is governed by Its Mernorandum and Articles ofAssoclatlon, It sets out the objects and powers of the charitable company and how the charity is to be governed, Under the Articles of Assoclatlon, all future trustees shall be appointed by a resolution of the church members. Trustee Recruitment and Induction The Elders Identify sultable candidates who are Invited to seNe as Trustees, subject to the affirmation of Chapel's members. Suitabi1Sty IS based prirnarily on commltment to the Chapel, demonstrated by membership, regular attendance and a high degree of Involvement and signiflcant spiritual maturity. New Trustees are provided with copies of a Trustee job description. Chapel's mission, vlslon and values. the last three years, Annual Report5 and Accounts, and the followlng Charity Comrnission document5.' the Essential Trustee.. What You Need To Know (CC3); Falth in Good Governance,. General Guldance on Public Benefit. Organisational Structure The Chapel is led by an Eldershlp Team made up of seven Elders. three of whom are also Trustees. Anclrew Mehlgan, who serves as one of the Elders but is not a Trustee. is a full-time member of stsff who acts as the Eldership team coordinator. This team meets twice rnonthly to review strategy and set the spiritual direction of the church. The Trustees support the Eldership Team and meet slx tlme5 a year to revlew the management and adminlstration of the Chapel's property and funds. policy and other operational matters. Conflicts of interest are managed sensitively and appropriately in accordance with the Charity Commission guidance. Trustees and all Elders meet informally twlce a year. The key management personnel of the charlty as Ilsted on page 1 are In charge of dlrecring, controlling, running and operating the charity on a day to day basis. Apart from the detalls regarding salary payments to one Trustee and family members of a second 5ervlng trustee a5 described further in note 9. all other Trustees give of their tlme freely and received no remuneration in the year. Detai15 ofTrustees' expenses and related paty transactions are also disclosed in Note 9 to the financial statements. The pay of senior staff Is revlewed annually and normally increased in accordance with average earnings. Each senior stafPs pay review is carried out by the Trustees in their absence.
Westminster Chapel esR tl ued Related Parties and Other Organizations The Chapel Is afflllated with Commisslon Apostolic Trust, the FIEC {Fellowship of the Independent Evangelical Churches), the EFCC (Evanselical Fellowship of Congregational Churches) and is a member of the Evangelical Alliance. The Chapel also supports a number of other charltable organisations both in the UK and abroad and In particular a pregnancycrisis centre in Westminster {The Gate). Christian overseas missionaries and mission organisations. Risk Management The Trustees have assessed the major risks to which the church Is exposed, in partlcular those related to the operations and finances of the church and are satlsfied that systems are In place to mltlgaie Its exposure to the major risks. The principal risks and uncertaSntles currently facing the charity are considered to be: Mission risk.. The Chapel should contlnue Its key misslon of beln8'A witnessing church, and a church worth witnessing- for the 81ory of God." Financial risk: The value of the Chapel bulldlng is high in proportion to the income expected from the size of the Chapel's current membership. Unexpected repair cost could potentially be unaffordable relative to Its current income and reserve level. Rlsk In connection wlth working with children and youn8 adults.. The Chapel staff and volunteers have regular contact with children and young adults. There is a rlsk that the appropriate level of due care over these individuals is not adequate. Our plans and strategies for managlng these risks include,, regular meetings between the leadership team and monitoring of membership level. missional activltles; malntaining adequate Insurance cover. ensure an adequate reseNe 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 dlscfetlon. They are made to charltles or as part of unsoliciied giving to beneficlarles whose activities are considered to advance the Chrlstian faith. Reserves policy The trustees aim to maintain free reserves in unrestrlcted funds of about £200,000, which Is three months. unresidaed regularly re(cUrring charitable expenditure. The trustees consider that this level will provide sufficient funds to respond to an unexpetted drop in income or rise in expenditure in the short term allowing fixed assets to be realised should the need arise. The balance held as unrestricted funds at 31 December 2024 was £3,851,236 of which £436,773 are regarded as free reserves held within the Missions and General funds. after deduction of all tangible fixed assets, and investments.
Westminster Chapel Tr ees Re ort continued Objectives and Activities The Trustees confirm that they have complled wlth the duty in section 4 of Chapter 1 of the Charities Act 2011 have due regard to the public benefit guidance published by the Charity Commission in determining the actlvities undertaken by the Chapel. The Chapel's object set out in Its Articles of Association is to advance the Christian faith as an independent protestant church according to the Basis of Faith,. The Chapel's Vislon as set out In Its Vlsion Statement is to see 'Hundreds of lives transformed, tens of congregations started,. More details are available at our website http:l/www.westminsterchapel.org.uklwho-we- arel. Practically speaking this means Blessing Everyone. Strengthenlng Bellevers and Tralning Leaders. The Trustees do not belleve that It Is possible to accurately report on the Indlvldual performance of the above as they are Intrinslcally linked and thus impossible to account for Independently. The Trustees believe that to do so would not give an accurate representatlon of the Chapel'5 purpose or achievements. However the Chapel's significant activltles that advance its vlsion Include: A Sunday servlce forthe proclamatlon of the Chrlstian falth. corporate worship, the study ofthe Bible and the mutual encoura8ement of those attending. A low-cost lunch (cateringfor 100-120 people eachsunday) Is provided for anyone that would like to attend. Learnlng lunches take place on Sundays approxlmately once each rnonth and acts as a forum for discussion and debate of currently topical faith issues on social and other medla. Life Groups, small relatlonal groups of 8-14 people that meet during the week In people's homes across London to encourage friendshlp ènd discipleship. A Foodbank which glves three days of nutritionally balanced (non-perishable) food an(J support to people experlenclng emotlonal or flnanclal crlsls In the borough of Westminster. Chlldren and Youth Ministry, provides activitie5 on a Sunday and during the week, to equip and build friendshlps. Prayer Meetings both weekly and monthly. Mission and Benevolent Gimns: The Chapel gives about a tenth of its income to mlssion causesthat further its vision in London and overseas, and also provldes flnancial supporr, loans and glfts, to members and friends of the Chapel experiencing financlal hardshlp. Pastoral Care Team that provide5 care. support and relational connectlons to members in need, The Trustees are confident that the church has advanced the Christian faith for the public benefit. The Chapel receives a certain amount of voluntary help. It is not possible to quantifythe value of this.
Westminster Chapel Trustees Re ort inued Achievements and Performance Members In 2024 the Chapel had 9 new members. 29 resignations and 1 baptlsm. Comparatlve figures for 2023 were 13 new members, 14 resignations and 5 baptisms. Sunday Services and Special Services The way we measured attendance had to change in 2020 as we were no longer meeting in the bullding so we measured online attendance by counting peak concurrent views across the platforms. Our average In person viewins and in person Church service attendance each Sunday was 147 for 2024. For comparlson, in 2023, the average In person and online viewing Church service attendance each Sundaywas 160. The Chapel beneflted from the ministry of several guest Speakers, Mlck Taylor, Mark Waterfield, Malcolm Kayes, John Grove5 and Vinu Paul. In addition to thls several preachlng series were followed which Included Journey of a Llfetime, The Church, Together on a Misslon and Contenders. These series all look at contemporary societal and personal Issues wlth a blbllcal perspective. Llfe Groups At the end of the year there were 10 Chapel Life Groups. This Is an Increase on the 9 Life Group5 operating In 2023. Thls increase resulted from a new life starting In West London. Foodbank A total Df 1.502 adults anrj 392 children were fed through the Foodbank In 2024, which Is a Increase of 97 adults and a decrease of 73 children when compared with the 1,405 adults and 465 children fed by the Foodbank in 2023, A full-time Foodbank Coordlnator oversees the runnlng of the Centre. management of volunteers and funds and seekin8 Ways to increase awareness to the public. We continue to seek growth in this ministry and are looking for local funding to assist us in the running of the Foodbank. Chlldren and Youth The Chapel had an average of 26 children aged 0-10 and 7 children aged 11-18 at Its Sunday mornlng online services in 2024. Thls Is unchanged from those children and youth attending during 2023. Prayer During 2024, 1 prayer meeting was held on a Wednesday and 8 prayer meetlngs that were held on Sunday5 at approximately monthly intervals. Before every Sunday mornlng semce, a falthful group. growing in numbers, has continued to gatherto pray. New Acre Cafe NewAcre Café Is sltuated at the main front entrance enabling the Chapel premises to be open to members of the public between 9.00 AM and 4.30 pm Monday through to Thursday, as well as be open on Sundays after the Sunday morning service.
Westminster Chapel Trustees conti Current and Future Charitable Activities Mission and 8enevolent Fund Glving The Chapel gave £46.804 In Mlsslon and Benevolent Giving for the 12 months ended 31 December 2024. A summary of the recipients are included in the acco(tnts. Upcoming 2025 Ministries Our sermon series for the comlng year include,, Lets Go. looklng at Chapterfs 9 & 10 in the Book of Acts, MeetJesu5 which looks at the story of Easter, Exodus. taking a look at the book of Exodus and Hot Topic, taklng a look at five very popular bibllcal toplcs and questlons. Financlal Review The financial results from l Jan 2024 - 31 Dec 2024 show a net surplus of £17,394. The Chapel is substantially funded by donations from its congregation. These enable staff to be employed and premlses maintalned $0 that the Chapel can carry out its minlstry. Fundraising Westminster Chapel engaged in fundraising. This took the form of receiving free-will offeringsldonations, some of which were gift aided, from members of our fellowshlp durlng the year. However. we did not contract the seNice of any professional fundraisers as defined by section 58 of the Charitles Act 1992. Other than publicly invlting an offering at every Service, we do not engage in persistent fundralsing or intrusive fundraising practices with any of our donors, including vulnerable people, and we never have private or coercive dlscussions with Individuals about their giving. Our fundraising practlces are ethical and in accordance with Biblical principles. No complaints were received about our fundraising practices. Related Parties An unlncorporated excepted charlty. known as Westmlnster Chapel, is the legal owner of the land and buildings known as Wesiminster Chapel. Buckingham Gate. The Westminster Chapel corporate charity is the trustee of this unincorporated charity and is permitted to use the Chapel property for worship. by persons being Protestant Dissenters of the Independent Denomination, by a Charity Commlsslon scherne dated 14 November 2013. Further details about the use of this property are given In Note 10. Westminster Chapel Manse Trust is a registered charlty{no:259677) and is the legal owner of a leasehold property. The Westminster Chapel corporate charity Is trustee of thi5 unincorporated charity and 15 permitted to use the leasehold property by a Charity Commission scheme dated 14 November 2013. Further deialls about the use of this property are given In Note 10.
Westminster Chapel Trustees Re conti Statement of Trustees, responsibilities The Trustees (who are also directors of Westminster Chapel for the purposes of company law) 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 requires the Trustees to prepare financlal statements for each financial year whlch give a true and fair view of the state of affair5 of the charltable company and of the incoming resource5 and application of resources. including the income and expenditure, of the charltable company for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting policle5 and then apply them conslsiently. observe the methods and prlnclples in the Charlties SORP., make Judgments and estimates that are reasonable and prudent., state whether applicable UKAccounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on thegoing concern basis unless It Is Inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficlent to showand explain the charitable companys transactions and disclose wlth reasonable accuracy at any time the financial posltlon of the charitable company and enable them to ensure that the financlal statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taklng reasonable steps for the prevention and detection of fraud and other Irregularltles. In so far as the Trustees are aware: there Is no relevant audit Informatlon of whlch the charltable companys auditor is unaware,. and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. In preparing this report, the Trustees have taken advantage of the small companies exemptlons provided by part 15 of the Companies Act. On behalf of the Trustees James Edward5 Date: 151h Sepiember 2025 Westminster Chapel. Bucklngham Gate, London. SW1E 6BS
IN Opinion We have audited the financial statements of Westminster Chapel (the 'charity) for the year ended 31 December 2024 whlch 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 finar)cial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reportlng Standard 102 The Finonciol Reporting Standord applicoble in the UK and Republic of Ireland (United Kingdom Generally Accepted Accountlng Practice). In our opinion the financial 5tatements.' give a true and fair view of the state of the charltable company's affairs as at 31 December 2024 and of its Incomlng resources and appllcation of resources for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practlce: and have been prepared In accordance with the requirements of the Companies Act 2006. Basss for opinlon We conducted our audit in accordance with International Standards on Auditing {UKI IISAS (UK)) and applicable law. Our responsibllities under those standards are further described in the Auditor's responsibilities for the auclit Df the financial statements sectlon of our report. We are independent of the charitable company in accordance with the ethical requlrements that are relevant to our audlt of the financial statements in the UK, Including the FRC's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with ihese requirements. We believe that the audSt evidence we have obtained Is sufficient and approprlate to provlde a basls for our oplnlon. Conclusions relatlng to golng concern In auditing the financial statements, we have concluded that the trustee5' Use of the golng concern basls of accounting in the preparatlon of the financlal statements Is approprlate. 8a5ed on the work we have performed, we have not identified any material uncertalnties relating to events or conditlons that, Indlvldually or collectively, may cast slgnificant 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 authorised for issue, Our responsibilities and the responsibilities of the trustees with respect to going concern are descrlbed in the relevant sections of this report. Other Informatlon The other information comprlses the Information include(S in the annual report, Includlng the trustees, report, other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained wSthin the annual report. Ouropinion on the financial Statements does not cover the other Information and. except to the extent otherwlse explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responslbility is to read the other inforrnatlon and. in doing so. conslder whether the other information is materially incon51Stent wlth the flnanclal statement5 or our knoedge obtained in the course of the audit, or otherwise appear5 to be materlally misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact.
NT We have nothlng to report in this regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit: the informatlon given in the trustees. report which include5 the dlreciors, report prepared for the purposes of company law, for the financial year for whlch the financial siatements are prepared is consistent with the financlal statements: and the dlrectors, report Included within the trustees. report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon In the light of the knowledge and understanding of the charity and its envlronment obtained In the course of the audit, we have not Identlfled material mlsstatements in the directors. report included with the trustees, report. We have nothing to report in respect of thefollowing matters In relation towhlch the Companles Art2006 requires us to report to you if. in our opinion: adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financlal Statements are not In agreement with the accounting records and returns; or certain disc105ures 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 statements in accordance with the small companles regime and take advantage of the small companles exemptlons In preparlng the trustees, report and from the requirement to prepare a strateglc report. Responslbilltles of trustees As explained more fully in the trustees, responslbllltles statement, the trustees, Iwho are also the dlrectors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for belng satisfied that theygive a true and fair view, and for such internal control as the trustees determlne Is necessary to enable the preparatlon of financial statements that are free from material misstatement, whether due to fraud or error. In preparlng the financial statements, the trustees are responsible for assessing the charitys abllity to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accountlng unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. Audltor's responslbllltles for the audlt of the flnanclal statements Our objectlves are to obtain reasonable assurance about whether the financlal statements as a whole are free from material mis5tatemenL whether due to fraud or error, and to issue an auditor's report that includes our oplnion. Reasonable assurance is a high level of assurance. but 15 not a guarantee that an audit conducted in accordance with1SAs IUK)will always detect a material misstatement when it exists. Mlsstatements can arise from fraud or error and are con51dered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
INDEPENDENT AUDITOR'S REPORT TO T E MEMBERS OF WESTMINSTER CHAPEL continued The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below-. Based on our understanding of the company. we identified that the principal risks of non-compliance with laws and regulatlons related to employment and financial reporting leglslatlon and we consldered the extent to which non-compliance might have a materlal effeci on the tlnancial statements. We also considered those laws and regulations that have a dlrect Impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011. We assessed the susceptibility of the company's financlal statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, considering the Internal controls In place and dlscussion amongst the engagement team. We determined that the prlncipal rlsks were related to management bias in accountlng estimates, presentation of separately disclosed item5 and management override of controls. In response to the risk5 Identified we designed procedures whlch Included, but were not limited 10 challenging significant accountlng estlmares. agreelng financSal statement disclosures to underlying supporting documentatlon, revlewlng irustees minutes, evaluating the internal controls and Identifying and testing journal eniries. There are inherent limitations in the audit procedures described above. The more removed that law5 and regulations are from financlal transactlons, the less likely It Is that we would become aware of non-compllance. Material misstatements that arlse due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financlal statements Is located on the Financial Reporting Council's website at: httP.'IW.frc.orS.uk/au(1ltOrSre5pQnSlbllitfjeS. Thi5 descriptlon forms part of our audltorfs report. Use of our report This report Is made solely to the charitable company'5 members, as a body, in accordance wlth Chapter 3 of Part 16 of the Companles Act 2006 and regulatlons made under that Art, Our audlt work has been undertaken so that we might state to the charitable company's members those matters we are requlred to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and It5 members as a body, for our audit work, for this report, or for the opinions we have formed. Mlrlam Hlck50n FCA (Senlor Statutory Auditor) for and on behalf of Xeinadin Audlt Llmited Statutory Auditor Chartered Accountants S Robln Hood Lane Sutton Surrey SMI 2SW l8loq12s io
Westminster Chapel Statement of Financial Activities (including the Income and Expenditure Account} For the year ended 31 December 2024 Year ended 31 Dec 2024 Restricted Unrestricted Total Funds Funds Year ended 31 Dec 2023 Restritted Unrestricted Total Funds Funds Note Incomefrom.. Donations. grants, legacies Charitable activitles 186.806 558,718 745,524 106,287 552,700 658,987 54.398 54,398 45,521 45,521 Other tradin8 activities Investment & other income Total income 296.911 296,911 291.983 291.983 24,668 24.668 36.554 36,554 186,806 934,695 1.121.S01 106.287 926.758 1.033,045 Expenditure on.. Charitable activities Total expenditure 156.862 947.245 1,104,107 167,136 870,005 1,037,141 156,862 947,245 1.104,107 167,136 870.005 1.037,141 Net lexpenditurel Ilncome 29,944 112,5501 17,394 160,8491 56.753 {4,0961 Transfer beeen Funds 17 688 1688) 10,866 110,866) Other recognlsed gain5 and10s5e5 Lossesygalns on revaluation of fixed assets Net movement In funds 30.632 113.2381 17,394 {49.9831 45,887 14.096) Reconciliatlon of funds Total fund broLt£ht forward 147,995 3,864,474 4,012.469 197,978 3.818,587 4,016.565 Total funds carried forward 178.627 3,851.236 4,029,863 147,995 3,864.474 4.012.469 The notes numbered 1 to 17 form part of these financial statements. li
Westminster Chapel Balance sheet as at 31 December 2024 31.12.2024 31.12.2023 Note Flxed a55etS Tangible a55et5 Properties Equipment and furnlture Property improvements Investrnents 10 1,850,000 466,888 1.102.533 1.850.000 467,410 1,152,838 12 13 3,419.421 3.470.250 Current assets Stocks Debtors and prepayments Cash at bank and In hand 26.582 25,460 14 113,372 100,901 660,850 800.804 588,921 715.282 Current liablllties Creditors.. amounts falling due withln one year 190,362 173,063 Net current ossets Nel assets 610,442 4,029,863 542,219 4.012.469 16 Funds Restricted funds Unrestricted fund5 Revaluation reseryes Deslgnated funds General funds 17 178.627 147,995 17 17 447.060 170,270 77 3,404,176 4.029,863 3,694,204 4,012,469 Total funds The notes numbered 1 to 17 form part of these financial statements. These financial statements have been prepared in accordance with the speclal provisions of Part 15 of the Companies Act relating to small companies. These financial statements were approved by the trustees on 15th September 2025 and signed on thelr behalf by.. James Edwards. Trustee ard Bursby, Trustee Company number: 06458950 12
Westminster Chapel Statement of cash flows for the yèar ended 31 December 2024 Year ended 31 Dec 2024 Year ended 31 Dec 2023 Note Cash provided by operatlng acrlvitles 108,007 93.681 Coshllowsfrom investing urtwities Other income Purchase of tangible fixed assets Proceeds from sale of investments Cosh fused An)/from Investing artivities 24,668 {60.746) 36,554 141,4941 136.0781 14,9401 Increase In cash and cash equlvalents during the year 71 .929 88,741 Cash and cash equivalents brought forward Cash and cash equlvalents carried forward 588.921 660,850 500.180 588.921 (11 Reconciliation of net movement In funds to cash used in operating activities Year ended 31 Dec 2024 Year Ènded 31 Dec 2023 Net movernent In funds 17.394 14,0961 Add back depreciation and impalrment Deduct Invesiment & other incorne shown above IDeduct 8ainslladd back losses on investments IlncreaseVDecrease in stock IlncreaseYDecrease In debEors IDecreaselllncrease in creditors Net cash provided by operating actlvitie5 111,573 124.6681 107,470 (36,5541 {1,122) {12,4711 17.299 108,007 11,526) 33,685 15,2981 93,681 13
Westminster Chapel Notes to the Financial Statements Westminster Chapel Ithe"Chapel"l is registered with the Charlty Commission as a Charity Ino. 11448311 and is a150 a company limited by guarantee (no. 06458950). In the event of the company being wound up, rhe Ilability in respett of the guarantee is limited to £1 per member of the company. The reglstered Office is Buckingham Gate. London, SW1 E 6BS. 1. Accounting pollcles The prlncipal 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 wlth the Articles of Association of Westmlnster Chapel, the Companles Act 2006, the Charltles Att 201 l and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accorclance with the Flnancial Reporting Standard applicable In the UK and Republic of Ireland IFRS 102)" issued in October 2019. The trust is a Public 8enefit Entity as defined by FRS 102. The accounts have been prepared fortheyear ended 31 r)ecember 2024. They have been prepared in pounds sterllng 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 falr value. The principal accounting pollcies adopted are set out below. B) Going Concern The Church incurred a surplus of £36,277, excludlng transfers between funds, on Its general unrestricted fund for 2024. A cash flow forecast is prepared and updated monthly on a rollins basls for the next 12 months which Is presented to the Trustees and is used as the primary budgeting tool for ensuring that unrestrirted funds are expetted to be malntained at around three months annual forecast expenditure for the next 12 months in order to cover any very large unexpected and emergency expenses which mSght arlse. However, the usual pattern of spending results In a working capltal requirement of around zero, thus ensurlng that the mlnlmum reserves level 15 fully avallable to be spent should such an emergency expense be incurred. In addition. a minlmum of two trustees must approve all antlcipated expenditures in excess of £1,000. The Trustees also meet several tlmes each year to review the most up to date management accounts tO8ether with the latest forecast. Accordingly. the Trustees consider the going concern basls for the preparation of the charitys financlal statements to be reasonable. C} Income Donations and other (Includlng legacles) are Included In the Statement of Financial Attivities ISOFAI when the charity ha5 entltlement to the income. it is probable the 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 is recognised when receivable. Rental income from the Chapel's manses and room hlre is recognized when receivable. Donated goods to the Foodbank are recognized when they are received and valued at £2.77 per kg. The right to use premises 15 recognised at fair value, where this can be reliably estlmated. The value of Services donated byvolunteers has not been included in these accounts. 14
Westminster Chapel D) Expenditure recognition All expenditure is accrued as soon as a liabllity is consldered probable, dlscounted to present value for longer term liabilities and has been classified under headlngs that aggregate all costs related to the category. Support and governance costs Support Costs comprise all expenditure incurred in supporting 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 auditfees and other professional costs. All support and governance costs have been allocated directly to charitable expendlture. Charitable actlvity Costs Charitable activity costs include those incurred by the Chapel in the delivery of it5 actlvities and 5eNices for it5 beneficlaries. It includes both the costs whlch can be allocated dlrectly to such attlvitles and those cosis of an indirect nature necessary to SUPPOrt them. E) Tangible Fixed Assets All assets costing more than £1.000 have been capitalized. Fixed assets are stated at cost less accumulated depreciation. Where the charity enjoy5 the right to use premises, without acquiring legal ownership, the fair value of the asset is recognised as income and a fixed asset. Fair value Is estimated from the financial benefits expected to flow to the charity as It wlll avoid the cost It would otherwise have incurred In obtalnlng prem15es. Depreciation Depreciatlon is charged on furnlture and equipment and the premises improvements at rates of 20% and 5% respectlvely and at 496 of cost per annum commencing from the date of the purchaselcost being incurred. No depreciation is charged on leasehold property where the estimate resldual valuels considered to be the same or hlgher than the carrylng value In the accounts. Impalrments are recognlsed when the carrying value of an asset exceeds its recoverable amount. F) Pensions Contributions to the Charltys deflned contrlbution pension scheme are charged to the SOFA in the year in which they become payable. G) Investments Flxed asset Investment5 are included at closln8 market value at the balance sheet date. Any gain or loss on revaluation is taken to the SOFA and shown in the Revaluation reserve within the Chapel's funds. H) Funds Funds held by Chapel are: Unrestricted general funds.. these are funds whlch can be used In accordance with the charitable objects of the Chapel at the dlscretion of the trustees. Designated funds., these are funcls set aside by the trustees for specific purposes or projects. Restricted funds: these are funds 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 purpose 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 esiimate of £2.77 per kg. Stocks of items for the Cafe and replacement parts for the boilers are held at cost. K) Debtors Grants receivable and other debtors are included at the settlement amount due. Prepayment5 are valued at the amount prepaid. L) Cash at bank and In hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit. M) Creditors and provisions Credltors and provisions are recognised where the charlty has a present obligation arising from a past event that wlll probably result In the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. N) Financial instruments The charity only has financial assets and Ilabllltles of a klnd that quallfy as baslc financlal Instruments. Ba51c financial Instruments are Inltlally recognised at transaction value and subsequently measured at their settlement value. O) Realised gains and losses All gains and10sses are taken to the Statement of Financlal Actlvitles as they arise. Reali5ed gains and105ses on investments are calculated as the dlfference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the flnanclal year. Unreallsed gains and losses are calculated as the difference between the falr value at the year end and thelr carrying value. Reali5ed and unrealised Investment galns and losses are comblned in rhe Statement of Financlal Activities. P) Income from government grants income receivable from government grants for expenditure and capital asset purchases and premises renewal and Improvement work5 is fully recognised in the perSod to which the underlying costs relate or the capital asset purchases and premises renewal and Improvemeni works are Incurred with any related deslgnated grant fund relating to capltal asset purchases and premi5e5 renewal and Improvement works being amortised over a matchlng tlme perlod to the depreclarion pollcy applied for those asset5. 2. Critical accounting estlmates and Judgements In the application of the charity'slcompany's accountlng pollcies, the trustees are required to make Judgements, estimates and assumptions about the carrying amount of assets and Ilabllitles that are not readlly apparent from other sources. The estimates and associated assumptions are based on historical experience and other fattors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptlons are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revlslon affects only that period of the revision and future periods where the revision affects both current and future periods. 16
Westminster Chapel 3. Donations, grants. legacles and other charitable income Restritted Unrestrirted Total Restricted Unrestrirted Funds Funds 2024 Funds Funds Total 2023 Freewill offerings 108.069 470,179 578,248 96,645 463,107 559,752 Government grant schemes Income tax recoverable 74.248 74.248 5.234 5,234 4.489 88,539 93.028 4.408 89,593 94.OQ1 186,806 558,718 745,524 106,287 552.700 658,987 4. Investment & other Income Restrlcted Unrestrltted Funds Funds Total 2024 Restricted Unrestrirted Funds Funds Total 2023 Interest receivable Refunds, reimbursed & miKellaneous expenses 12,912 12,912 8.853 8.853 11.756 11.756 27,701 27.701 24,668 24,668 36,554 36,554 5. Other tradlng activltles Restricted Unrestrlcted Funds Funds Total 2024 Restricted Unrestricted Funds Funds Total 2023 Income from tower rental Venue hlre Ancillary & office Space Income 61,744 177,936 57,231 296,911 61.744 177.936 57,231 296,911 46,334 237,839 7,800 291,983 46.334 237.839 7.800 291,983 6. Expendlture Restrlcted Unrestricted Funds Funds Direct cost Direct costs support Cost Total 2024 Total 2023 Charitable activities Glfts made Other charitable artivities Total charitable activities 2.213 154,649 156.862 44,591 334,490 379,081 46.804 1,057.303 1,104.107 51,102 986,039 1,037.141 568,164 568,164 17
Westminster Chapel Gifts made were as follows: Gifts to Institutlons Gifts to Indlviduals Total 2024 Total 2023 Benevolent needs Latln Link Commlsslon Apostollc Trust FIEC Agape Power The Fight The Gate Pregnancy Crisls Centre Open Doors LSE Christian Union Catalyst Network of Churches London Clty Mlsslon others Total gifts 2,213 2.213 6,SiXI 20.004 7,737 2.950 1,200 6.000 2,570 6,000 20.004 7,553 2,400 1,2(X) 6.01)) 6,500 20,004 7,737 2,950 1,200 6,000 1,000 1.095 2,864 416 51.102 200 200 44,591 2,213 46,804 7. Support Costs 2024 2023 Staff COS15 Premises costs Professlonal & consulting c05t5 Depreciation Governarsce costs.. Auditor5 remuneration other costs 150,063 187,769 26,796 111,573 136,381 125,404 12,753 107,470 8,820 83,143 568,164 10,020 78,897 470,925 8. Staff costs 2024 2023 Wages and salaries 5ocièl security costs Pension costs Severance payments Other employment costs 342,140 20.024 18,027 356,335 26,346 18,982 26,198 6,689 434,550 2.879 383,070 The average number of full time and part time staff employed by the Chapel during the year was 1912023: There were no employees who received employee benefits of more than £60,000. (2023: none). 18
Westminster Chapel 9. 2024 Related party transactions Remuneration was paid to trustees and their close family as follows- Salory& soclal security costs Penslon coniribution 8Enefits in kind Total remuneration 63,976 63.976 4.888 4,888 One trustee was remunerated for their employment as 15 the spouse of a trustee. James Edwards, the Senlor Finance Officer received salary and the employers penslon contribullons for the flnancial year toialling £50.624 The spouse and adult son of one of the other trustees were both employed part time as the Childrens work Leader and on a casual basls as one of the Premlses Assistants. She was reimbursed expenses that she Incurred for her work tot311ing £70. The total salary and social security costs for employing the son was £6,709 for 489 hours of work. The spouse's total salary and pension contrlbutions totalled £15.365. These payments are allowed under the terms of the companls Memorandum and Articles of Association. The total employee benefits received by key management personnel named above were £50,624. In addition. Westminster Chapel paid Management Liability Insurance for all of the Trustees which cost £684. 2023 Comparatlve Related party transactions Remuneration was paid to trustees and thelr close family as follows: Solory & soclol security costs Pension contrlbution 8enefits 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 appolnted in November 2022.James Edwards, the Senior Flnance 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 contrlbutions for the period from 1 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 tlme as the Childrens work Leader and on a casual basis as one of the Premise5 Assistants, She was reimbursed expense5 that she incurred for her work totalling £189. The total salary and social security cos(s for employing the son was £3,453 for 255 hours of work. The spouse's total salary and pension contributions totalled £14.230. These payments are allowed under the terms of the companys Memorandum and Articles of Assoclatlon. Addltlonally. because of the nature of the work. the pastoral Lead was also provlded with Manse accommodation for he and his famIlS use for the period from 1 January 2023 up to 30 September 2023. Thls accommodatlon is made available to beused forappropriate church gatherings and the hosting of guest visitors invited to special church events when these occur. The total employee benefits received by key management personnel named above were £72,100. In addition. Westminster Chapel paid Management Liabillty Insurance for all of the Trustees which cost £406. 19
Westminster Chapel 10. Propertles Properties - leasehold 31.12.2024 31.12.2023 Residentlal propertyvalue brought forward Value carried forward 1,850.000 1.850.000 1,850,000 1,850,000 The charity is not the legal owner of the Residential and Chapel properties but enjoys the use of them as 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 charlty as It will avoid the cost it would otherwise have incurred in obtaining premise5. For the residential property thls was esrimated uslng open market value. as advised by surveyors when the use began. adjusted for subsequent Impairment. The Chapel property Is a speclallsed propety, subject to specific hlstorical trusts on how it may be used. The trustees cannot rellably estimate the fair value of the use of this premises and therefore no initial asset value and corresponding donation has been recognised. Improvements to the Chapel propety are capitalised in note 12. 11. Equlpment and Furnlture 31.12.2024 31.12.2023 Cost Brought forward Additions in the year Disposals Carried forward 752,490 60,746 735,593 42,422 125,5251 752,490 813,236 Accumulated Depreciation 285,080 252,512 Brought forward 61,268 57,179 Charge for the year Released on disposal Carried forward 124.6111 285.080 346,348 Net book value Carried fDtward 466.888 467.410 20
Westminster Chapel 12. Premises Improvements 31.12.2024 31.12.2023 Cost Brought fOard Additions in year Carrled forward 1,257.642 1,2S7.642 1,257,642 1.257,642 Accumulated Depreclation Brought forward Charge for the year Carried forward 104,804 50,305 155,109 54,498 50,306 104,804 Net book value Carried forward 1,102,S33 1,152,838 13. Flxed Asset Investments 31.12.2024 31.12.2023 Brought forward Dlsposal in year Carried foNard 12) Investment In subsldiary The subsidiary company, 8ookroom@westmlnsterchapel Limited, was dissolved on 22 October 2024, 14. Debtors 31.12.2024 31.12.2023 Arnount5 falling due within one year Accounts receivable Other debtors Prepayments 50,421 25,343 37,608 113,372 17,187 19,456 64,258 100,901 15. Creditor5 31.12.2024 31.12.2023 Amounts falling due within one year Accounts payable Other credltors Taxation and 50clal securlty Accruals 397 133,097 6,516 50,352 190,362 19.363 112.744 6,032 35.524 173.063 21
Westminster Chapel 16. Analysis of Net A55ets between Funds General Desi8nated funds Restricted Total funds funds 2024 Tangible fixecF assets Current assets Creditors: Amounts falllng due within one year 3.414,463 174,162 {184.449) 4,958 179,582 (5.9131 3.419,421 800,804 (190,3621 447.060 3,404,176 447.060 178,627 4.029,863 2023 Comparatlve Analysls of Net Assets between Funds General Deslgnated fund5 Restrlrted Funds Total Funds 2023 Tangible flxed assets Investments Current aSset5 Creditors.. Amounts falling due wlthin one year 3,299,228 170.270 750 3,470.248 567,268 148,014 715,282 1172,2941 3,694.204 17691 147,995 1173,0631 4.012,469 170.270 17. Movement In Funds Balance at 31.12.2023 Income and galns Expenditure Transfers Balance at 31.12.2024 Designated funds Grants fund Fabric Fund Mlnlmum Reserves Fund 170,270 (8,163} 136,217 197.563 162,107 87,390 197,563 148.827) General fund 3,694,204 934,695 1898,418) 1326,3051 3,404.176 Revaluation of fixed asset5 3.864.474 934,695 1947,2451 16881 3,851,236 Benevolent furKI Food bank Campbell Morgan Library refurbishment Fund Walthamstow 1.525 172,481 12,500 12.213) 1146.537) 18.112) 688 107,701 133,645 4,388 40,294 147,995 4.012,469 300 186,806 1.121.501 40,594 178.627 4,029,863 11 $6,862 11,104,107) 688 Total funds 22
Westminster Chapel 17. Movement In Funds (contlnued) 2023 Comparative of Movement in Funds Balance at 31.12.2022 Income and gains Expenditure Tran51eis Balance at 31.12.2023 Designated funds Grants fund 178,433 18,1631 170,270 General fund Revaluation of fixed assets 3,665,154 125,0001 3.818,587 926,758 1870.0051 27,703 25.000 110,8661 3.694,204 926,758 1870,0051 3,864,474 Benevolent fund Foocl bank Special Appeals & Or8an Repair Fund Walthamstow Cornmunity Outreach and Warm Space 1,300 85.332 12,796 12,5701 118.8991 120.489) 1,27D 141.268 107,701 7,693 38.669 18,041 1,62S 5,234 40,294 {25.178) 1,9)3 197,978 106,287 1167,1361 10,866 147,995 Total fund5 4,016,565 1,033.045 11.037.141) 4,012,469 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 capltal expenditure whlch will be amortised at a rate matchlng the depreclatlon applled on the capltallsed expendlture at the rate specified in note l E. The Fabrlc Fund Is a new fund deslgnated for use in enabling the Chapel ensure that it has sufflcient funds for all repair5, refurbishments. equipment replacement and maintenance costs which by their nature are not expected to re-occur with annual regularity. The Fabric Fund receives transfers annually from the General Fund set with reference to the full rebuilding cost for insurance purposes. It is not funded with reference to expected items of expendlture, since the tlming of this is extremely uncertain and tends to be based upon unforeseeable specific and sudden deterioration in the Fabric, requiring prompt remedial action. The Minimum ReseNes Fund is a fund whlch has its level set at three months of all expenditure which is expected to re-occur at least once per year. The Foodbank fund Supports the operation of the Food Bank. There was one glft made towards the complete refurbishment of the Carnpbell Morgan Library. 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 unrestrlcted funds were made to meet expenditure which exceeded restricted income, where the trustees are not confident that future receipts will cover these deficits. 23