St Michael's Souihfields Annual report and financial statements for the year endcd.31 Deecmber 2022 Charity. Regisiraiivn number. 1151881 Compdlly ReLJl5tralion niiinber.. 08337329
Sl Michgel's Southfields Annual report and financial statements for the year ended 31 December 2022 Contents Page G¢n¢ral information Annual report Ststemot of the responsibilities of the trustees Independenl ex#minLr's report Bal#nce shtct Statement of financial #ctivities Cashl]uw Statement Yotes to the fiDaneial statements
St Michacl's Southfields Annual report and financial statements for the year ended 31 December 2022 General information Registered office 71 Wirnblcdan Park Road Southfields Londun SW18 5 Trustees l Directors Mrs Rosemary, Hyde Iresigncd on 28 Pcbtuarv 2022). Mrs Katharine r.Iliott Mr5 Kimberly Dennis Mt AndTew, Lucas Mr Edward Hick Mt5 51¢pped due to family rc850ns Secretary Rev Stephen Melluish Honorary Treasurer Mrs F.lizalKth Jukes B#llk¢rs CAF Bank 25 KingT5 1 lill Avenue West Malling Keni ME19 4JQ Independent Eximintr Hclcn Wildmdn ACA London
St Michael's Southficlds
Trustees, annual report (including directors, report)
Aim and purposL'S
rh¢ aim of %t Michacl's qouthficlds i£ the ddvdnccrncnt ol-the Christian faith, Inaijily M'ithiti tlie ¢onfiIies ofihe
r.cclcsiaEtical I'arish of St Michael's £ouihfields Lind the soundi1}uT area%. 'I'hi8 aim 1% io hc acliiLved rhroubli Ihe
prnvi%ion of recreational and other facilities, namclv ai 13raihiva)' H811. Souihfi¢lds, foT ihu5¢ in n¢¥d by reiison of
their age, infirmity or dis3bilirv, f1nancial hardship or social and ecoiiom IL LifLLlmStdnLes, ur fLir the piibliL at large in
the inicrests of sDci21 M'elfare. I'he object nf sucli actiwjlies is 10 iTnprove the condition of lile of said inliabitants. Tlie
nbjcclive5 carried aiir as a proclamaii(>ii of ilie beli¥1s set in Article 8 Ol'the Articles of Association dated 14
Deccllibcr 2012 (dale nf intooration 19 Llecember 20121.
Objeetis'ts and activities
'I'hc main objeclives ol.tlie financial y¥<ir were.
En%ure the smouih occupalion of the dpdrttnents 5iluaied dbove Bratliway Hall
nsure the cuntinued niainienanLe ut tlic hall and apartments.
Tu dTrangc a programme of actlVTties such thai rhe hall would l)e used for its intended purpo%c_"Ilie piirpose
af the ¢nmmiinity hall is ti) pmi'ide laciliiies and Services iji line Kvitli ihe charitable objectiv¥s vf St
Michael-5 Soiiihficlds iiiL luding-.
cominunity feeding priigTr&rtimes- faLililies and s¢rviL¥s for the hotnelgs5
dclivilies fL)r thc clderlv
erviccs fDT dIsadantag¢d families and Tndjl'idiI5 and many more lacililie5 and
seri'icc% io be agrecd b). thc tr115tccs.
Achieiemtnts and performance
Tlie hdll i¥as used for n)vst ol Iht year to provide a sedled community lunch for members of the community
experiencin¥ lidrdsltip uf dri J kind or ju%t rcquiring) Luillpdn} dnd social interaction. A iveckly Llkraini<2n Suppcr was
¥stablished on Frid
St Michael's southfields Ai thc end nf thc year thLre ivas a cash balanL¢ ()f £31,84312021.. £26,963). Rescrves policy The reserves polic) dims tn niainlain <1 b<ilance on free reservLI Inct Lurrent assets) of ai least 3 Tnonths PayTnents. At year end nci Lurrent as%ets ioiallLd £32,548. Thre¢ months iu]re51ricted payinents are estiniated to bc £6,000. Structure* gol'erna¢t and rt]anaE¢ment Si Michiiel's 8outhfields is d Luriipan}' limitLd by gudrAntee, incorporatcd on 19 DtCLmhLr 2012 and reg)istered H'ith the Charites Commission on 2 May 2013. The irusiLL5 have control of ihe charity, and 118 pri)perty and lunds and opcrdtc in aGcorddllLL W'lth the Arti¢le5 or As4nLialivn. The method nf appoinirnLnt of trustees 1% %et out in the Articl¢s of Association. The Irustees and Stcielary, as at 31 December 20?? are llaTned above undci Qieneral Informaiinn. The trt15rc£8 are respi)nsible for making decisions dll niallttrs of general coiicem and impL)rtance to the Cumpany. incltidine deciding how the fund5 are to he.srent. I"he trustees mei twice iii ?02?12021.' tIlle). thy 10 da managemcnt of the Companv is undertakeii b). Ihe Secrclaiy to¥eiher with a ieam of btdff employed bj Ihe PCC.
St Michael's Southfields
Statement of the responsibilitLf5 of the trustees
The iTUStees (who aTe also dircctors of gi MiLliael's Souilifields for the purposes ofcompdni, la) dre responsiblc for
preparing thc I rusiees, Annijiil RLport aTid Ihe lin&tnLial 51atenienls in llLCQ)Fddnce willi applicable l¢lKV diid UnTrt¢d
Kingdom Accounlill4 Stiindards (Lniled KinLJdom Geiierallv ilcLepted ALLouniiiig Practice) iriLluding FRS 102 ' I'he
F'inancial Reportlllb Standard appliLable in Ihe UK dIid KepubliL of Ireland
(".nmpany laiv requires the trusle¥s to prtpaie finaiicial 5Utemenls for each finanLl<il s'e M'hiLh UTIVC d true and fair
vie¥v ot rhe 51<lte of affairs of tli¢ charitsble ci)Inpany dnd of Ihe incotnin¥ resources and applicBtinn nf rc%nurce£,
InLluding Ihe income and exp¢nditure, of the charitable compiin). fur Ihdt period. In Preparing ihcse financial
t<ilements. Iht trustees are required to..
select 5Ultdble aLLouiilin¥ pulicies and iheii applv iheni cnn51.8lcntly'
ubser¥'¥ the mtthods and principles in thc (-.hariiies SORP.,
make judL7Tneiils and eslimdtes Ihdl are rca50nable and priident.
Slale llether dpplicable UK ALcultIng Stand<2rd% have bccn follnwcd; and
prepar¥ the lindllLial sthtemenis un thc going concem babis unle45 It is illappropriate to pre%umc that the ¢h3rilable
cumpany will continue in busine5S.
The Iruslees arc rcsponsibl# f()r kecping adcquate aecountin8 records that disclosc 1th reasonable accuracy at any
IiTn¢ the financial pnsition ot the charitsble cnmpanK and enable theni to cnsurc thai the financial stalement5 comply
with Ilie Cornpanics Aci 2006. The>. are also rcspnn.sible Ior 5aleguaTdiiig the a%8cts Dl'tlie cliaritsble company dnd
hence for lakin&T 9%nable llcp% for the preijcniinn and deleciion ocfrdud and othcr irregularilies.
In so Idr as the irusle¢5 are awarc..
Iliere is no relevdlli inlorniatinn of wliich (he LhaTltablc compank'.% examiner is iinaw.arc- and
tlie truslees hav¢ tdken all steps that they ought to h3VC t3k.eii 10 make Ihem%elves ai4.are ot.any rclcvant infomlalio
diid lo establisli thdl the Tiidepeiideiii cxaminer <il*drc of that informaiinn.
'Fh¢ Iruslees art reswnsible lor the mair)tenanee and TnteLFrit)' of the corporaie and financial intomation included
lh¢ Lhdritable coinpaiiy's i4Jebsile. It'applib1e. Legiisldtion the Ilnited Kingdom govlming rhe prepaTaiion and
dissernindlion ol. Iinaticiiil st&ttetnen15 Inay differ frotn lesyjsldtion in otheT jurisdictions.
The C-.onipany lias iaken aJi'(Int
St MiLh2el's Southfields Independent examincr'¥ report Reporl lu the trUtee. Ibf 4t MiLhael'5 SouthfiL,Id% the account4 f()r ycAr ¥nded 31 DLcetnber 2022 (C.harit}' Registralion numher: I ISIX¥I,. Con]panTr' Regislratiow numbtT.' 083373291 I report to ihe Lharit! trustec% on my examinalivn of thc acL()unlts ofihc Company for ilie J'¢ar ended 31 1)ecLii)ber 20?? AS thc charip) % IruNILLS IM.ho are R150 tlie direclor.g ofihc comp8ns' for the purpo%¢s of ¢onipany lawl, J'oii are responsiblc for IhL preparation of the ac¢nunts in a¢cordan¢L' w'ith IhL fL4uirLmLnt% i)f thi Cnmpaiiies Act ?a06 ("the 2006 Act"). laving satisficd my%Lifihdt tlie accoujits of the Coinpaii}' 3rL' n()t rLquirLd i(1 h¢ audiicd for thi% vcar under Part 16 of the *006 ilci (ind dre eliLTible for iiidepLnd¢iil ¥xamiiiatii)n. I repon in respect of Irs ex(imiiiaii()n ()I'Ynut' Clidritv s accoun1% Ldrried oul under sectioii 145 ()I'thL (-.harities ALt 2011 I'"the 201 l Act'-l. In Liini'ing oui In cxaminaiion, I have foll()i%Ld the LIITections giveii by the Chariiv Li)iiimis%ion (under sL'¢lion 145(51(bl} of the 201 I hai'e completed Iny examiiiation. I ciinfirm that J)0 material matter5 liave come to my attejition w'Fu"ch give me cause to believc that.. accounting rbciirds were noi kept in accordanLe with %eciioti i86 ofilie c.ompanies ALI ?006', or the accounts du iiol accord with records: ijr the accounts d() nc)I coinplk with relevaiit accounting7 rcquircnients under section 196 of ihL C.oinpaniL8 Aci 1006 other than lY rLquirenieTiI ihat the dLLounls LTrivc d 'truL and fdir view Mhich 18 tioi J mdtlLr Li)n%idci'Ld as Pilrt ot'an iiidepeiidcnl ¢XdmTT12tion' 01 tlic ac¢L)unts have Doi been PTeparcd in aLC()rdance with tlie Charities SOIII, (FRS102). I hai'e no concerns and liavc L(Jnie aeross no vih¥r mdtle15 in connection 'Ith Ilic cxaminalion lo which dttenlion sh()uld bl, dr¥J in this report iji i)rdLr to eTiable a prijpgr iinderstdnding7 ofihe accounts lo be iedched. lelen Wildman A(.'A Lojidon, United Kiiigdom 2 October 2023
St Michael's Southfields Balance sheet At 31 Deceinber 2022 2022 2021 Fixed a55ets iingyiblc d%LI InesirnLnls- social inN'e5tsMents 076,527 600.000 679,578 600,000 Current a5set5 C(i%h al bank 31,X43 5,045 26,963 6,S08 C.redit()rs- dmolint falling due k4'iihin i)ne )'ear 14.3401 16.1471 Net current #5Stt5 27.6?4 Tutal currtnt liabiltti¢ 1,309,07i 1.307,20? Crcdiiof% ttm()Iiiit.s fdllinL7 diie after onc, Near (12.6021 (7? 984) Total net assets 1,296,471 .2?4,218 RtStricted 1 ?96,473 1 ?34.?18 For Ihc yLar Lnded i l Dccemher 2022. IhL C.onipany ivas clltitlcd io cxemption from audit under 5477 of the Companies Acl ?006 rclating tn small L(?Tnpanie%. Thc meTMbcr8 hav¢ noi rcquirL'd thc C.ompan)' to obtain an audit iii aLC()rdanLL Wlth sLcti()n 470 i)fihe Conipanii's ALI 2000. 'I'he directors aLkn()Ivledgc thcir responsibililies lor COTnplyiiig M'iih the requirement5 of the Compa]iie5 Act with respecr to aceounlinbj recnrds and ihc PfLP<Jfdrion of accoiuits. These account.s hae bccn prepared in dcLor(fdnce M'ith the PTtJi'isinn% applicable to small cninpanic% Subjcct to thc small cotnpanies rcgimc. Signcd o aifol'<ill the iTUStees ame.. ?023 8ignLd by dirL¢ior. auiheiiticatillg aLcounls bginbT sent tu Compiinies House r%ame'. Datc.. 2*_ 1 z£ 2023
St Michael's Southfields Statement of financial activities 'or the year ended 31 Decembcr 2022 Total 2022 'rolal 2021 restricted Restricted Nole Incomt Donati0118 and legacies Othcr t12ding activities 2a 2b 62,OOU 28,356 62,000 28,356 188.500 2.5.5?5 TotJl income 90,3.56 90,356 214,02.5 Resour¢e5 Used Chariiable activities Interest Pdyable Mltiiageinenl and <idministrdtion DepreLldtion 3a 3c 3b 3d {10,876) 110,876) (7.263) (5.8971 (9.488) (.3,OilJ {12,5571 (12,-f $7) (.1,051) 1-),051) Total resource5 used 128.101) (28,101) (?5,6991 et incibming resourlts befvre net gAins OD inve51ment 62,255 ()?,2<5 I SX,-126 NLI gains on iHve5tnienis Yet iniiJm¢ for the year 62.2_55 188,J26
St Michael's Southfields Cashflow Statement For the year ended 31 Decembcr 2022 2022 2021 c.ash frorn operatin2 activities Net Ldsll proi'idcd Eis, (Iised in) npcrating acriviiies 65,821 165,$41 Cash fluws from ineStIng aetivitics BuildinbT WOTks (5.430) Cash flibMS from financing actii'i¢ie$ Rcpajmcnt of advanccd Bank interesl p(Jid (59.325) (165,208) 11,617) (i.897} Change in cash in the vtar 4.879 110,9951 Cash at l January Cash at.I l Dccen)ber 26,903 37,958 26.963 lote R£eoncili2tion nf net movement in funds to net cash flow from Operating 2tti%"itics Nei nJovcTncnt in fvnds 62.2$5 188,326 Adjustmtnt5 for: Bank Inlercst paid Decrca8e/lincrcase} in debtnr.% (Decrca8el increase in crcditor% t)epreciatinn 1.617 1.763 12,865) 3.051 5.897 (6,808) (24.925} 3.0.51 65,821 165,-541
St Michael's Southfields Notes to the finaniial statements ror the year ended 31 December 2022 Basis of preparation These a¢Lounts have been prepared under the Iiisloricdl LUSt LUllVClltiun with items tecogni5ed &il L051 ur Iriinsactinn value unles5 0(herwise stated in the relevant not¥(s1 tu thesc 3CCilUllts. The aLiounls hdl'e been prep£ired in accordance K4'iih ihe Sidtetnenl ufR¢LVmTnend¢d PrdLtiLg." ALLounling and Rgporting by Charities pr¥p(triiibJ thesr dccounts in accnrdancc M'iih the Finaiicial Reporting standard applicablc in the LIK and Republic of Ireldnd IFRS 10?) I%SUid nn 16 July 2014 and with ih¢ Chariiies Aci 2011 I'he chari( Longtiluies d public benefit eniily as defined bj FRS I O? The accounts preseni a itue and fair view and no Changes have been made tn thc accounting wlicic% di5¢1osed below. Coing concern Having ctjnsidered ihg furecast actii'iry. for the 12 month period from thc dalc of the approval of thcEc financial -%talcmcnts, the directors havc prcpared thc financial stareinents on the b<lSiS Dl'Boing conLern. A¢¢ouniin2 polieits Incomc.. Rccnb41ition of inc()me-. InLvtne is included in the Statemei)t of I'inancial ALtivities I'SObA'I h¢n the charirv be¢oTnes entitled tn tlie resourLg5. il is nioTe likelv Iliaii not that ilie trustees K¥'ill receii'e the resources dnd Ihe m(Jnelary i'aliie can be estitnaitd willi sullici¢nl reliability. ffsettirh%: I'here has been no offsettirig ol'dSS¢tS dnd liabilities, ur ijicotne and expeiises_ unless iequiiEd or pemiittcd b!. the l.'IIS 102 SORP or l.-RS I O? (zrants and dvnatlOns= Grniits aiid don41lions 41re ollly inLluded in the SOFA when the general incoine recugjnilion criicria are met. -I'ax rerlairns on doiiations: Gift Aid receivable is inLluded iii incoine when there is a walid declaralion froTn the donor. Anv tiilt Aid aniL)Wlt re¢ov¢r¢d on d doiiatiuii is considered to be part (Trf tliat gift and 18 treated as an addi12un to the sanie (und ds the initial donatOn unless ilie dunoi ur the tcnns of Ilic appeal have 8pccified tjiherwise. Int¥r¢st income.. This is iiiLluded in ihe aLLounts when rcceipt Is probable aiid ihe arnuunl reLeivabl¢ Llln be Tlleasui¢d reliablv. Liabilit) recognition: Liabililie5 arc rccognised where li is more likel) than not that thcrc is Icgal (Jr cnn%tructive obligldi lion comniitting ihe Lhanty to pay out resources and the amoiinl of the obli(Tation can be mcasurcd v'ith reasondble ccrtainly. InterLSt Pavghle: This is illLludcd in the accounts M,hen PayTnent is probable aiid thc aTnount pa}'able can be mSUred rcliahly. Tgngible fixed assets- land 2nd buildings.. Upon completinn of tlie coiistruction of the asset, Ihe cost of the land and buildintss (excluding thc social Inve5thicnt- sc£ bclowl M'as transferyed out of asstls undei LonsiruLtiLTrll. I'he Idnd and buildings arc held al valuation Ic$% proi'ision for ali). iitipaimeiil. 'rangible fixed assets- fixture$ fitliNkys= Llpon coniplelinn ofthe cojistruction of the assel, the cost or rixlijrg and fitting8, was transterrcd nut of assets iindeT CO115tCtIO11. fixtures and fittings are held at IVSt, Tiel vl'd¢pr¥Lldtion and provision for any impaimient. l)epreciatioii is provided io w'riie off Ilie cost, less tslinialed rg5idudl N'dlue, on a straight line basi.s oi'er its ekyecied usef-ul cconoTnic life. I'he useful econoniiL life hd5 beeTi deletniined ds I O years. Fixed a%sets- social investment.. %ocial inv¢slnieiits include progrlie related ijivestmeiits .hICh are hrld specifi¢alli' io cnable tlTrird partic£ to undertake particular aclivilies using the assei that coiitribute to tlie Chdritable objectivcs of St Michael's: SoLiilTrfield5. Ilwn cnmpletioii ol-the LviistliJLlion ut-llie a55Ct, thc c05t vl-tlic Socldl iiivestment ivas transf¢rred out tsl'a%5eis undcr cnn.%ltU¢lion. Tli¥ sucial iiiN'esinieiii: being the apartments Inade dvdildble for church workcr% at %ub.sidised rcnt: arc hcld at valualion le55 provision for any iinpairmenl.
St Michael's Southfields Notes to the financial statemiints For thc year ended 31 Dcceinber 2022 Deblor5.' Debtors (invluding trade debtor% alld103n% rcccil'able) arc mea£urcd on initial rccognitinn at sittlement aniuunl after aiiy Irade discounts or dmount advanced the charit}'. Subsequently, they are measurcd at the cash or other consideration expecied tu bc rcccii'ed. Incorn¢ Unrestricted Restrie*ed Funds Fund% Total funds 2021 2a Donalions and le£#¢ies Donation froni the PCC of St MiLhacl's with Si Stephen s Church I,.a1]d914,orth) Donation$ 2nd legacies InoTr Gifi Aid) Donitinn% (Cjift Aid) Tax reciTrveiiible on dnnation. C.AF & GAYE dundtion5 37,0fl0 20,000 5,000 126,1100 20,ODO -5,000 i.%.000 2n,ooo 62,000 62.000 1 &8..fj00 2b Trading actiltIeS Reiithl Inc0e- 41partrnent5 Rcntal income- hdll 23,779 4,577 23,779 4,577 24,000 ?8,356 28,356 Total incoming rcsuurce 90,356 90,356 214,1125
.St Michkiel'5 Southficlds 'otes to the financial %tatements For the yL'ar ended 31 December 2022 Resourles used Ilnrestricted Restricted un¢Js Funds Total funds 2022 2021 3a. Charitahle activities IltiliÈies and insurance 10,876 10,876 7.263 10,876 10.876 3b. Mana%enitnt and administration Re-charged staff cosis Bank chargc8 Accounlancv fLes and sundry expun,5 12,000 87 470 12.000 87 470 9.000 102 12,i57 12..557 9,4S8 3¢. lJ041tI Iiitere5t paid 1,617 1.617 -5.897 3d. Depreciativ i,051 3.051 3,0<1 Tiit#l resourrcs used 28.101 2.j,69C) -rhe enlity hdd iio employces in the period.
St Michael's Southficld5 Notes to thc financial statements For tlie year ended 31 December 2022 Tangible a8tI Land Fixlures buildings 'rolal CDstlv2lu2tian At l January 2Q122 Additians Rcvaluation 645,OOU 40.680 685.680 Ai 31 1kccrnbeT 2022 645,000 40,680 685.680 Depreci#tiu At l Janudrl. ?021 Chargwe (6,102} (6,10?) At 31 De¢emb¢r 2U22 (9.153) (9,1531 riel bovk vulue At 3 1 1)¥L¢Inber 2021 645,000 34.578 679.578 At 31 December 2022 645,000 676,527 Land lind buildings coniprised building LOSts of £648,240 plus capitalised buildiM(T fees (including architecr's and 5urveyors' fees of £55.491 and lindnce fcc8 nf £l1,-536.) li W<lS aLTeed Ihdl the £9.300 rctcntion fcc payablc ta the contraclor '0[d not be paid as ihe works wcrc not completed. An <ill¢rndtive contrdCtI)r .5 appointcd aiid i%'nrks will be carried oui in 2023. The laiid £tnd buildinbTS are held at the trusi¢¢s' dsse55meiit of open niarket value llsing input from local valuaiion experts. Fixed assets- $ocial Inv¢$tM¢t 'rotal Costlvaluation At l Jdnuarw 2022 Revaluation 600.IIQO At 31 De¢emlK'r 2022 600,OfJO Bank accounts The C.onipanv has one currciii accounr with CAF Bank. As ndS wcrc cxpcctcd tn he utilised wiihin a short SP(ILe of lime anl given rhe loii intcrc5t raies in the financial i'eaF, It was iiot dccnicd iicccssary, lo scl lip a dcpa%it a¢counl
St Michael's Southfields Notes to the financial statcments For the year ended 31 December 2022 Debtors 2022 2021 Tax refinds duc Othei dgbior.% 5,000 45 1,250 5,558 At 31 De£ember 2U22 5,04) 6.808 C.rcditor¥: amounts fallinx due lhI nne year 2Q22 2021 B41nk loans Tenants deposits Other crcditors 2.OOU 1.5UO 840 943 2,000 3.204 At 31 DeCtfflr 2022 6.147
St Michael's Southfields
Notes to the financial statements
For the }'ear endLd 31 Deceinber 2022
Creditors.. falltng ¢Jue after one year
2022
Bdnk loan
12,602
72,984
"l-he Companv signed a Iodn a¥Yreenieiit for a £4_f O,OOD mvrtbdbye with KingTdnrn Ballk which hecame effective in
2018. There was iio furrher drdwdown of the mortgagg in ?01? {?021.. £nill and £.i9..3?S repaid l?021.. £165.209).
Previous year s drdwduwns under ihe niortgTage ILwk pldLL iii accnrdancc with work complcted as ccrrificd bj a
surve)'or appoitit¢d by Kiny7dDni Bank. The tem of the mnrtgagc i% )0 )'ears, from first dnwdown, with monthly
repavinents of priIiLipal and interest. The interest rdte is i.<OO/o above the Rank of Engl<ind bdse rale for Ihe first 5
vear%, after wliiLh it reverts to the b(Ink-s Sidnddrd Vdriablc raic unless renegoliaied. S¢Lurily uf the Iudll is by way ora
first niortgage over BTaihway Hall d% well d5