St Miehael's Sonthflelds AnDu81 report and l]nanclal statements for the year ended 31 December 2023 Charity Rewslratioll nuntser. 1151881 CornpgDyRegistration nutth¢r. 08337329 St Michael's Southfields Annual report and financial statements for the year ended 31 December 2023 Content8 Page Gener*1 Inform*do Allou￿ re￿rt ststtm¢Mt ofthe re8poMlblMtle8 of th¢ trns¢oe• Jndependent enttthieP$ report C4•hllow Bt*tsment Nt)teo to the lkn4Dci￿ •tAtemeDts St Miehael's Southfields Annual report and financial statsments for the year ended 31 De£ember 2023 General inforniation 71 W]mbl¢dooParkRoad SW185TT Thi•teeJ l Directory Mr8 Katbatine Elliott Mrs Kimbcrly Dcrnii& (stepped do￿ in Novembtt 2023) Se￿14ry Rey Stephen Melluish Honorary Tre*surer B*thr8 CAFBank 25 Kings Hill AveDU¢ Kings Hill Wd ￿ndleS forthose expuiencing hardsbip at Cbri8tm88.160 Cbrists hampers w¢r¢ distributed to f8thiJies iD nccd, feeding around ?IKJ peopk. St Mi¢ba¢l'5 Church re8ularJy used the halI for ¢bildr¢n's alld youth activAtie¥ aud st8ff traiaing d8y& Occa8ioDa] hirern and user8 include NCT (National ChildbiTth TnJ5t) coutK4 a weektyNA (Narcoti￿ Anot)ymoug) group, aud & local Brownie$pacL Thcre wtte also several olle.off bir￿5 duriDB the year. The hall opelled during the day oo fuesday$ for th¢ WInter￿onthS of 2022 and 2023 utth the"Warni Spac¢$" initiativ¢. This was to providc a WAML ¢tyvifollTneDt and light IuDch tt) thos¢ strnggling to P8y foTg8s snd electricity in the c08t of living crisis. The apartmeats above theh&ll were occupied thtOU8hout the y¢ar ty employees of Stmichael's Cbwcty althougtL there was a short period around Eastet whcn one apartmentwas ¢Jnpty for a few weeks due to a changeover of Works were ongoillg by the ￿tErnatIVe Contractor that ￿7S engaged to complcte the snagging WO￿ on the buiLditig At the end of 2023 witb &tsr8e*d completion in 2024. FIDan¢lal revk Totsl itieome was £28,703 in 2023 (2022: £90556), which was pr¢doDJinaatiy 41erived from relltal iueotu¢ frorn the two 8partmcnts at Brathway Hall. No individual donatioDS were received in the yw (2022.. £62,000 including Gift Aid). A siDgle wt of £820 (2022: £0) was r￿e1Ved in theyear from Walldswortll Cowicii for'warrn Spaces.. Church work¢rs rented th¢ aportsnents xt 2 subsidiscd rent g¢neratingTental ineorne of £22J34 (2022: £23,779). £5,44512022.. £4,577) rentsl was receiv¢d for the hall t•okings that took place during the year. The balance ott the mort8age of £14,602 was fvlly paid in the year (2022.. repayrn¢nt of £59,325). EAp¢ndittwe forthe year of £33. 42612022: £28,101) COD5iStrd of £12,93512022: £10.876) in Tespe¢tof utilities and insu￿. £170 {2022.. £1.6171 iiiterest payn¢nts on the J￿rt￿ge drawdown, £15,000 {2022: £12,000) of staffc05ts were pad t(p St Michael's church kn use of their staff 8od £2.270 (2022.. £557) of accountancy f￿. bank clwges and 8undry expenses. Dq)r¢¢iation of £3,051 (2022: £3.051) was chaTged on th¢ fixttues and fittings following the completion of the buildittg iu 2020. St Micbael's Southfields D¢fJcit forthe year Altbougb thcrc is 4 (kficit forthe year 31 D¢¢ell)ber 2023 of £4.723. the illlellli¢)n in futur¢ ync¢rn basis UDle5S It is illappropyiats topresume thatthe ¢baritable eornpany wiu continue in busille￿. Th¢ tnmees art respoDsilJle for keeping adequat¢ aCco￿tillg record$that disclose witb rea5￿&ble accuracy at any tirne the fi[w￿l￿1 positioll of the rlwitable cornpany aud ¢nable them io ensure tbat the fmallci￿ Staten￿lts comply with Coo)panies Act 2006. They are ai80 wonsible for $8f¢guarding thE a&sets of the cbaritable company and hence for takitig reAsonable steps for thcprevcntion and detection offraud and other irre8ularities. LD 80 f8r as IhE trustees ￿¢ awar¢: - there is no relevant infomwtion of wbich the ¢haritable examiner i5 unaware" aDd - theftustees have takell ail steps tbat they ought to bav¢ taken to make theffj5elves awar¢ of atty r¢kvallt infom)8tiOll nd to utablish that the inde￿dent exaltiiller is aware of that IJJfortt￿tiolL Thc tNste¢s are respongThL 1¢ fry the maintenance And Inte￿ity of the corpornte attd fittaneiAI ttiformatiott included on the ¢haritable Comp￿S webglt¢ rfapplicable. Le8isJatio￿itt th¢ Ulliied Kitigdom gOVallill8 th¢ preparati<)D aDd dissemination of fmaTtcial 5tat¢ments may differ from le8is]ation ill oth¢r jurisdiction& The CotDpally bas tak¢D adv8ntsge of thr small comp&tii¢s' exen4>tion in prepaTiDgthe Eeport a￿V¢. Th¢ tn*e8 declare that they have approved the Irusteeg, re￿rt (in¢ludit)g Oirectors. report) alx)ve. sI￿¢d on ￿half of the charity's tr05tecsldirectOTS Date: So Scpt¢th 2024 September 2024 St Michael's Southfields Independent examlner's report Report to the trustees Of￿ Michad's Southfitlds tbe iCCDunts for year ended 31 De£ember 2023 (Chartty Regls¢r8tlon number: 1151881. Compaay Regtstrfidon number: 08337329) I repDrt to the ¢harity tnjstees on my examin￿lOtt of the accounts of the Compary for the yearended 31 December 2023. As th¢ ¢lwity's tr￿*teeS (who att a]so the directors of the company forthe pw5es of cornpany ]aw). you ar¢ responsible forthe preparation of the accounts in accordance with the requir¢rnents of the CompaDi¢S Act2006 ('tbe 2006 AG¢'). Havillg saiisfied myself tbat the aCCQUDts of the CoMp￿Y a￿ not ￿qll1red to be audited for this yearwLderPart 16 of the 2006 Act ar¢ eligiblc for ind¢p¢ndent examItiatio￿ l Tq)Ort in respect of my examillation ofyour charity's ac¢oiiDts as Carr2￿ ollt UDder gectioJJ 145 of tbe Charities Act 2011 I'yhe 2011 Acf). calrying outmy exaIll1￿tiO￿ I have followed tb¢ Directions given by the Charlty coMti￿s1on (under section 145(5)(bl) of th¢ 2011 I have completsd my examiDa¢iotL I collfjrni that no matai8J mattets have Con￿ to my att¢ntion Th￿l¢h give Jne cause tobelieve that.. records were not in accA)rd￿ with section 386 of the CoTDpaDies Ad 2(K)6,' or th¢ I￿oll￿ts do not accord with such record4 or the accounts do llot complywith r¢l¢Yant accounting requirernejts under section 396 of the Companies kn 2006 other than any requirement that tbe ac¢outtts give I't￿¢ andfair, view which is not a EDattrer considered as part tILe acwunts have not beenprepared ill 8ccordance with the C1witie$ SORP (FRS102). I bave Do concerns aud corne across no othermatters in connection with the examitiation to wbieh attclltioD sIKJuld be in this rcport ID orderto enable 8 proper wthtsndin8 of the accouuts ts be rcache Htlen Wildmau ACA London, United KiDgdo Septenkn 2024 St Michael's Southfields Balance sheet At 31 December 2023 2023 2022 Not¢ FIX￿ wets Taogiblc asyets Inveslments- wciai inYe51mcnt5 673,476 600,O)0 676,527 600.OCKI Current W5ots Cash at bwjk Debtors 20,343 31,843 5.045 Cr¢dit(Trrs- ￿nO￿ttl falling due within Olle year (2.069) {4.340) Net eurrent as8ets 18.274 32.548 Ttstsi assets lem current ll*bilitses 1.291,750 1,309.075 (12,&)2) T•tsl net 9$￿ts 1.291,750 1,296.473 FU￿d6 Restri¢t¢d io .291.750 1.296.473 For the yearended 31 December 2￿. the Company was entitled to ¢Kemption frotn audit under s477 of the Companies Act 2006 relating to small companies. The m¢mbus h&ve not required the CompAtty to obtaiti an audit in attordance with section 476 of the Compallies Act 2006. The dire¢tOTS acknowledge their responwbilities for complying with the requireM￿ts of the Colllpanies Ad with r¢5pe¢t to a¢countin8 r￿S and the pr¢parntion of accounts. These a￿0)thts hav¢ beffl prqjared in accordance with theproviBions applicable to 5rnall companies su￿ect to the Sxllall rompanies ttgime. sign￿ on behalf of all the tru5te¢s Name: kAtHA£IKE aLI Septerttber 2024 Sigtled by direthr, autlwAticatinE accouryts being sent to Cottjpantes Hous¢ Date: September 2024 St Michael's Southfields Statement of financial activities For the year ended 31 December 2023 Totsl 2023 Totsl 2022 Note In¢ome Donations and legacies Other trading a¢tiviti¢s Inte￿$t in¢om¢ 28 2b 2¢ 820 820 27,779 27.779 104 62,000 28J56 Total Incom¢ 28.703 28.703 90J56 Resour¢¢s used Ch￿ilable activities Inte￿5t payable Managemenl and administration Deprrciatson {12,935) (12.935) (170) (170) (17,2701 (17,270) (3,051) (3.051) (10.876) (1.617) (12.557) (3,051) 3b 3d Total r¢yources used (33.426) (33.426) {28.101} Net {defKIt) l income for the year {4.723) (4,723) 62255 St Michael's Southfields Casmlow Statement For the year ended 31 December 2023 2D23 2022 ots C#th tlow& from operaiknng athltks Net Cash pmvided by{wcd in) operatiD8 aciivits¢ 3272 65.821 C•sb Ilowj frojo Illlandllg acthTltieJ RepAyment of loans &dvaDced Bank int¢r¢st paid (14.602) (170) (59.325) (1,617) Chw In Cash ID the ye {11.5￿) 4.879 Casb at l Jaouary Casll at 31 D¢cember 31.843 20J43 26.963 31.843 Note •: R¢¢oDcI]latlokn fjfnet movernent l* to net ¢￿h fltsw from Dper*lkng #cdvltlei Netmovement in fuD(Ls (4.723) 62255 for: Bank interest paid Decre85el(in¢re4*) in debtors (Decr¢￿e)linCre8se iti creditors 170 5.045 (271) 3.051 1.617 1.763 (2,865) 3,051 3.272 65,821 St Micbael's Southfields Notes to the financial statements For the year ended 31 December 2023 Ba8Is Of pr¢wxtloD These accounts have b¢ett pr¢p4red utthr the histwic￿ cost convenfioll with items t¥cogDixd at traDwtion value uttle5s otherwise ststrd in the relevant Dot¢(s) to tbese *couTrts. The &ecovnts bave been prepar￿ in fi¢cord8nC¢ With the Ststement of Rx0nMiend￿ Pffacti¢e: Accountin8 8]Jd Reporungby Cl￿rItieS preparin8 their accouttts iti 8Ctordance with the Finan¢i81 Rep)rting Standard applicable io the UK and Republic of Ireland (FRS 102) issucd on 16 July 2014 and with the Charities Act 2011 Th¢ ￿￿]tycOnstituteS a publi¢ bellefit entity ￿ defill￿by FBS 102. The acc￿nts present a trwe and fait view and ￿ ¢hang¢s h&Ye beellmade to the accowntin8wli¢i¢B dI￿109¢d below. GolDg conttr* Having cotisidet¢dth¢ fore¢&st Activity forthe 12 month perriod from the date of the approval of these financial stat¢￿ents. tb¢ dir¢¢tors hav¢ pr¢parql the fina0cl￿ 8twemellts on the ba9is of 8oing LxmcerrL A¢couDdog policie& Income: Reco￿ltiOn of inWn￿. Illcome 15 Tncludcd ID the Statemrnt of Financial Activities I'SOFA'I Wh￿the hariry becomes entitled to th¢r¢sources, it is rnor¢ likely thon that the trn5tecs will receive the resources and the monetary value call be estimated with sufficient reliabllity. Off￿t￿n￿. Th￿r Iw been no offs¢ttillg of assets liabiliti¢& OT incoll￿ 8lldexpellse5, Ullie&s required or pemiitted by the FRS 102 SORP or FRS 102. Grwlts And don*llons: Grants and dot￿10￿$ ar¢ Only included in tts¢ SOFA when the gml illeornc ￿COg￿lti0ll Crit￿la ar¢ me¢. T*x re¢laims on dO￿tiOn5-. QiftAid receivable is Includ￿ in illeonje when th¢￿ is 8 valid declaration from the donor. Any Gift Aid amowit recovered oll a donation is considered to be part of that gift and 1$ treatrd as an addition to the satne fund 28 the ittits￿ donatioo UDless the a(￿Or or the terms of the ap￿&1 have specIf￿d otherwise. Interest Income: This is included in the 8c¢ounts when r￿CIpti8 probable and th¢ allwunt re¢¢ivable Can be sured reliabty. IA•blllty recognition: Liabilities are reco8nised where it is more likely thanllot that tI￿e is a legal or construrtive obltgAtiOtt Committing the chatity to pay ollt resources the amount of the obliBatioD can bem¢asured with reasollable certainty. llltsrest Pay8ble: This is itichmled in the ￿¢0￿lts wtmi payn*ttt is probable and the amowit pwble ¢￿be rne&8urcd reliably. Tart￿b]e Ilxed •ssets-laDd And buildings: Upon cornpletion of the ¢ons¢ructionof the asseL the cost of the L￿d al￿ building8 (excbJdin8 the soci81 illV¢SttneDt- see below) svas tratl8rerr￿ out of a￿¢5 ullder coJJ5truction. The land and butldings are held ￿ valuation less provision for gny impairment Tgnglble fixed *&stts- fixtsres #lld fitthigs: Upon cornpletion of the ¢oLgknJction of tbe 854 the COBt of ftyes and fittinss. w&s transf¢tTed out of assets und¢r ¢onstruction. Fix)Jres and fittiDgB are held 8t cos4 net of depre¢iation 8nd provision for any ittipairm¢nt. Depreciatioll is providEd to write off th¢ less estimated residual ￿Ille. on a straigbt line basis over its expected economic life. The usefid economic life bas be￿l detennill￿ as 10 years. FRxed uset¥- Social iove51tllent: SOCI￿ investments iAclude pro8raDunc rdated inve5trnents which are beld 5peGifically to enable third partics to undertakc particular aclivitie8 Using the ass¢t that ¢ontribute to the ch￿1t&ble objectives of St Mi¢hael's, Southfi¢lds. Upon colltpletion of tb¢ con5¢rn¢ti00 of tb¢ 8sseL the cost of thc social investment was transferred out of &ssets u]Jder cOnStn￿tion. Th¢ social inve5tsnent, being the aparttnents made available for chvrcb w<￿￿¢T8 at subsidised rent, are held at valuation less provisiou for auy impaiTll St Miehael's Southfields Notes to the financial stAtements For the year ended 31 December 2023 D¢btyrs: Debtors {includiDg tt¥de debton loaD5 receivable) aremwUr￿ on ini11￿ recogttition bt s¢ttlen)ent aTnouDt after any tsadc di5cowits or amount advattced by th¢ ¢knity. Subsequently. they are measured at the cash or other ¢oDsid¢iation e￿ected to b¢ r¢r¢iYe Ineome Total fwnds 2023 Fwidg Fwids 2022 24 DonilADD% gnd leg4cle5 Donations and l¢gecies (llon GiftAid) Donations (Gift Aid) Tax recoverable on dotiatitsnS Grant income 37.(MJO 20.000 5.(KJO 820 820 820 820 62.000 2b Tr4dlNg aetlvltleB 22.334 5.445 22.334 5.445 23.779 4.577 Rental income-hall 27.779 27,779 28.356 2L IDter¢stit)come 104 104 Totsi knct)m5llg rtsour¢ 28,703 28,703 90,356 io St Michael's Southfields Note$ to the financial statements For the year ended 31 December 2023 Rewur¢eJ ujed unrestr1rt￿ Restrl¢ted Fullds Tota] fvnds 2023 2022 3& Ch*rit*bk Acdrftleg Utilitits and insur￿¢¢ 12.935 11935 10.876 12,935 12,935 10.876 31K Manage￿¢￿t and 8dmithadon Re-char8cd stsff costs BAllk cbarges AccoU￿tall¢Y fees alld sunthy exp¢n8e$ IS.￿0 15.11)0 12.(KXI 87 470 2210 2210 17270 17270 12.557 3G lffjan Knterest p4ld 170 170 1.617 3d Deprethtioll 3,051 3.051 3.051 Totsl reJoureu wed 33,426 33,426 28.101 The entityh<w employf¢5 in the periotL St Michael's Southfields Notes to the financial statements For the year ended 31 December 2023 Tall￿k *8sets Land and FIxtU￿ &ttd bulldthv fjttings Costlvalll*tio At l January 2023 Additions Revaluation 645.￿• 40.680 685.680 At 31 December 2023 645,0(X) 40.680 685.680 Depre£iatlon At l January 2023 (9,153) (3,051) (9,153) (3.051) At 31 December 2023 (12204) (12204) Net book At 31 2022 645,0(K> 31,527 676527 At 31 Deeember 2(123 64&￿0 28A76 674476 The CODStructton ofthe Brathway Hall a58et i￿￿￿edbUIldillg ¢08ts of £64&240plus capitalised building fee5 {ill¢ludillg architert'8 and SU[￿yO￿, fees of £55,491 aad fjnaTKe fees of £1 1,536.}. The trn5tees consider the asset to con4)rise th¢ land and buildings. which are held atth¢ truste¢s' gss¢ssment of opell llwk¢tvabJ¢ using illputfro local valuation experts. and the subsidised apartD]ents made avoilabk to cburch employees, wbieb at¢ held at the tn￿'S ¥&h￿10n 98 a social investmetst (sec notc 5.) Fixed a5sets- Bo¢l41 Investment Totsl V%knAtlon At l J￿Vary 2023 Revaluation 600,￿0 A¢31 December 2023 600,￿0 B*Dk aecowits The Cotylpany has one Current a¢coun¢ with CAF Bank As fimds were expwted to be utili6ed within a short 8pace of titne and. 8iven th¢ low interest rates in the finallci81 year. it wasnot deetned n¢¢ess8ry ro set up a d¢posit a¢¢oullL 12 St Michael's Southfields Notes to the fmancial statements For the year ended 31 D¢¢¢mb¢r 2023 Debtor¥ 2023 2022 T8x refimds due 5.OIN) 45 At31 December 5.045 Cr¢ditor6: arno￿￿ f*nixg dueivlthln one year 2023 2012 Bank loans T¢natts' dcposits Other ereditor5 2.000 1,500 840 I,0 1.069 A¢ 31 Dgcember 2.069 4,340 J3 St Michael's Southfields Notes to the financial statements For the year ended 31 December 2023 Credltors: th1¢ 4fter one year 2Tr23 2022 Bank loa 12.602 Th¢ Company sigtted a loan agreemeN for a £450,1x￿ mortwe with Kingd￿ Bank whichbecame effective in 2018. Thfflc was no further dtawdowll of thE mOrtya8¢ in 2023 (2022: £nil) 4nd th¢ balaa¢¢ of £14,602 was fjJlly paid in the year. The stturity provided to the baDk by way of a fjrst mortgag¢ over Brathway Hall Iw be￿ fijlly dischArgrA CTrnstru¢tloD and opvAtSfyD of Brathw*y Hall fund 0￿]ng b￿￿ce Incorne 1296.473 28,703 (33.426) At 31 Decen*w2023 1291.750 The Re5tsictedFund 8b)ve cltt only be used in ¢ODllectiottwitb the constructioffj now Completed, and operation of Brathway Hall. being a coll]llLunity hall Trith two apartm¢tsts above the Imll. Su¢h ￿sts include. in t4Jdi¢ion ￿ tbe a¢bJal cimstrnction costs. all ftes a￿0clated with the preliminary works #t￿P¢MIl$s1O￿$ as wcll as all costs Related party transaction The PCC. whicb is a trustee of St Mich&d's Southfie]ds. wa5 the guarantor of the £450,000 mort8ageprovided to St Mithel's Southfields by KiD8dom Bank [￿ring the ￿r ended 31 De¢eD)ber 2023, th¢ outstandin8 liability was r¢paid in fi￿1. Stsff costs of £15,(KKI (2022: £12,000) were rttharg¢d to St Mi¢h8el's Southfields by the PCC ill r¢spect of employees providing smrices to this entity. 14