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|Geary Partnership|Geary Partnership|
|---|---|
|Chartered|Accountants|
|159aChase Side||
|Enfield||
|Middlesex||
|EN2 OPW||



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INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF
EMMANUEL EVANGELICAL CHURCH, continued
Responsibilities of Trusttts
As LxplainLd tn()IL fully in ihe Trusie¢s' Resw)nsitriiliiies Siatemeni sei oui on page 7. Ihe Trusiees are respnnsihle for Ihe
preparaii()n Éir rindRLial %ldlcm¢nis and for bLing saiislie(J Ihdl IhLy givL a (ru¥ iind lair view. and for such iniLrn&l L()nlr()I
d% thc Trust¥cs dLILrinine is nLlL¥%￿Y I() LndhlL IhL pfLparaii()n nf fingncial %talLmLnl% ihdl dfL IrLL Iriim InaiLrial
missloiemeni. wheihLr duL (() Iraud ar error.
In prcparing thL financial %¢aiemtinls, Ihc TruslcLs arL rLSP()n%iblL r()r as%Lssing Lhc group and parLni Lharily's abilily l(?
¢i)niinuL as a g()ing concLrn, di%LI()sinb. (IppIiL(ihle, tnalters rLlalLd lo giiingy L()nLLrn ￿7nd u5iR¥ ihL gi?in¥ Li)nLLrn hasi.
(If acc()uniing unless IhL TrnslLLS LlthLr iniLnd i() liquidaiL Ihc gn)up i)r IhL parLlli Lhariiy i)r li) CLdSL ()fKTJti()ns. ()r havL n()
Auditor's responsibilitie5 for the audi¢ of the financial statements
WL havc IK"Ln aprK)iniLd iiudil()T under scctian 1.5 l of ihe Chliiilies Act 2011 atkd TttP(>rt in aLL()rdanLe wilh iegulatinns
madL undcr SLclion 1 fj4 01. Ihai ALI.
Our obje¢iives are Iii ()biain rca%()nahlL assuranLe ab()ul whether the financial Elalemenls as wh()le are free In)m maierial
mi.%staiLlliLni. whLiher duL t() fraud ()r Lrri)r, and Iii issuv an audil()r's rcp()rl Ihal inLlu(ILs iiur Iipinicin. R¢J%i>nahle
d%%urancL is a high ILVLI ()r d.%%urancL. hui is noi a ¥uarantee (hal ￿in audit L()nduLILd In aLL(?IdanLL wilh ISAS IUKI will
always dLieLI <1 mdtLridl mi%4iJiLmcni when it exi%ts. Mi%5latLMLnt￿ can ari%c I'rotn fraud ()r LTT()r and aiL L(InsiderL.d
tnaityrial if, individudlly Iir in thL aggrLgaiL, they could rcas1)nably bc CXPLCtcd to influLncc ihc cciitLomiL dLLISLI)ns of users
lakLn on ihL hasis ()[ IhL5L findncial s(atcm¢nis.
I￿LgUlarl11c$. inLluding fraud. arL in%iancLS ()I' n()n-i()mplianLe with laws an(1 Tegul&li(Ins. We design pri￿Ldur¢S in line
with nur respi)n%ibililiL%. ()utlinLd ah()ve, It) deieci mdlLrial mi5Stalcmcnls in rcspLcI ()I' kTrLgulari1ses, inLluding (¥aud.
Pr()ccdvrcs capablL ()( dLtLLling %uch irrcgulariiies perli)rmLd duiinbT {)ur audit inLludLd..
IL%t4 tn LnsurL all bank irnn%dLli()n% havL hLen acciiuniLd I'or;
Lxaminali()n ol. ()flirings rLLiirds, invuiLL% and d()n()r cnrrv'spnndcncc lo ensurc that incnmc is fully rLL()TdLd:
VLrifiLali()n ()I' ILgiiimacy af¥xpLndiiurL by rLfLfLllLL I(} IllVl?ILL%. s(alLttLLnl.s. und Ll?rrL%txin(ILnLL,'
Lxaminaiion nf iiilL reLords IL) LnsurL a55Ct% havL not t)LL'n n)isappri)prial.d.,
1¥41.% t)f analy51% 10 5a(i%fy i)ursLIvLS ihai ILdb¥r hdlance4 <ire re￿*51)n<1b]L ￿1n{S Jn linL with Lxpc¢taiions.
Becau%e ol thc inh¥rLni limiiaii()ns ul ￿l￿ audit. thcrL IE a risk ihal WL will nnl dLtLcI all irrLgularItlL￿. inLluding Ihiise
leading to a n)atcrial mi%.%iaiemeni in IhL fin7￿ nLial 8talLmLn(s nr non-L()nipltancc wilh rLgulaiinn. Thi.% ri%k inLTca5Ls ihe
m()rL that compliancL wilh a l(iW i)r rLgulati()n is rcini)VLd Irnm IhL ivLnis and iran%aLllI)ns rLIILcILd in thL fLnunLial
latcmLnis. as we will be less likely to l)CL()mc awarl i)f in%ianLLS lif n()n-L()mpli(IncL. ThL risk is alsi) grLdiLr rLgardin8
irrty'gulariiies 1)LLurring duL tn fraud raihLr ihan Lrriir, as Irdud inv(?Ives inieniiiinal Ll)nLLalmeni, fnrgLry, ¢ollu.%iDn,
missi()n or mi.%rLpfL%Lntaiinn.
A furihei description of our rcspnnsihiliiiL8 for IhL au(lil ()r ihc findnczal slalLmcnis is pr()vidcd ()n IhL Financial Retx)rting
Cc)unLil s WLb%ilL al www.frc.nrg.uklaudii()r%laudii-assUranLLl￿lU(lI1(jr-5-rL'$pI>ns1hI1tiI¢S-l(>r-1hv-8￿dIl-Of-IhL-fJldLsl[lp17[)n-
of-Ihe-audilor*,E2%80%99s-rcspnnsihiliiiLs-foT. This descripiiiin lorms pan of our audii()r's repan.
Use ofour report
This rep()ri is rnadc solely lo ihc charity's Trusl'es. as a b(Kiy. in aLL()rdancL wilh Pgri 4 of th¢ Chariiics (Accounts and RLpiifL%}
Rcgul<ill()ns 2(Xl8. ()ur audit work has I￿Ln undLnakcn that we Inighi siaiL la thc charily's TruslvLs Ih(?sti mall¢r% WL JfL
rLquifL.d 10 siaiu li) IhLm in ￿1n <iudiliir's rLwirt and l()[ n() ()Iher purposc. To IhL fullLsl exleni pLrniillLiJ tiy law. WL dn n()1 ￿LLP(
or &ssumi' rL'SP()nsibiliiy 10 <llly(>nL oihLr (han IhL charity and thc Lharily'5 Truslec% d% a tKKly. Itir ()ur <iudii wi)rk. for thi% rcp()rt.
or f()r ihe ()pinii)n5 we have ti)Ttned.
Pn¢bf¥ghi
rtnet%hip
Statutory Auditor
Chartered Atiountants
159a Chase Side
Enfield EN2 OPW
Dale..
24 Oclobp 2Q23
Geary PartnLrship is ¢ligihl¥ io aci an audii()r in iermb ol. sectii)n 1212 ()fihL Companics Act 2006.

## 

## 

|||||||Total|Total|
|---|---|---|---|---|---|---|---|
|||Unrestricted||Restricted|Revaluation|funds|funds|
||||funds|funds|reserve|2022|2021|
||||f.|||||
|INCOME AND EXPENDITURE||||||||
|Income from:||||||||
|Donations<br>and legacies (Note 2a)|||662,543|15,818||678,361|663,064|
|Other operating<br>activities|(Note 2b)||846,846|||846,846|319,444|
|Investments<br>(Note 2c)|||109|||109|61|
|Grants (Note 2d)|||||||119,523|
|Total Income|||1,509,498|15,818||1,525,3]6|1,102,092|
|Expenditure<br>on:||||||||
|Raising funds (Note 3a)|||451,474|||451,474|274,471|
|Charitable<br>activities (Note 3b)|||738,324|97,664||835,988|852,085|
|Total Expenditure|||1,189,798|97,664||1,287,462|1,126,556|
|Net Income/(Expenditure)||||||||
|before Taxation and Transfers|||319,700|(81,846)||237,854|(24,464)|
|Taxation (note 4)|||(37,649)|||(37,649)||
|Transfers between<br>funds|(notes 11 and|12)|19,473|70,000|(89,473)|||
|Net Income/(Expenditure)|for the year||f301ti24|K(1IW6)|K(89,473)|K200,205|K(24,464)|
|Other recognised<br>gains/(losses)||||||||
|Gain on revaluation<br>offixed assets|||||546,779|546,779||
|Net Movement<br>in Funds|||K301,524|K(11,846)|K457~|K746,984|K(24,464)|
|RECONCILIATION<br>OFFUNDS||||||||
|Total Funds brought<br>forward||||||||
|at<br>1 January 2022|||5,010,669|102,976|8,768,355|13,882,000|13,906,464|
|Total Funds carried forward||||||||
|at31December 2022|||K5412,193|K91,130|K9425,661|K14,628„t184|K13482,000|





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|||2022|2022|2021|2021||
|---|---|---|---|---|---|---|
|||Group|Church|Group||Church|
|||g|g|||g|
|Fixed assets|||||||
|Tangible fixed assets|(note 6)|14,680,004|14,677,665|14,232,797|14,225,633||
|Investments<br>(note 7)|||2|—||2|
|||14,680,004|14,677,667|14,232,797|14,225,635||
|Current assets|||||||
|Debtors (note 8)||121,903|162,209|91,527||203,412|
|Cash at bank and in hand||795,007|452,118|545,758||360,683|
|||916,910|614,327|637,285||564,095|
|Creditors: amounts|falling due||||||
|within one year (note 9)|||||||
|Creditors and accrued|expenditure|(175,059)|(68,595)|(159,685)||(96,586)|
|Net current assets||741,851|545,732|477,600||467,509|
|Total assets less current liabilities||15,421,855|15,223,399|14710397|14|693 144|
|Creditors: amounts|falling due||||||
|after more than one|year (note 10)|(792,427)|(764,623)|(828,397)|(790,897)||
|Provisions for gabilities|||||||
|Deferred tax||(444)|||||
|Net assets||814,628,984|814rt58,776|813482,000|813,902~7||
|Funds|||||||
|Unrestricted<br>funds:|||||||
|General fund||5,312,193|5,141,985|5,010,669|5,030,916||
|Revaluation<br>reserve|(note 11)|9,225,661|9,225,661|8,768,355|8,768,355||
|||14,537,854|14,367,646|13,779,024|13,799,271||
|Restricted funds (note|12)|91,130|91,130|102,976||102,976|
|||814,628,984|g14,458,776|813,882,000|813,902/47||



## 



## 

## 

|||||2022|2021|
|---|---|---|---|---|---|
||||Notes|5||
|Net cash provided<br>by operating|activities||14|401,111|267,494|
|Cash flows from investing activities:||||||
|(Purchase) offixtures, fittings and|equipment|||(86,129)|(4,260)|
|Cash (used in) investing<br>activities||||(86,129)|(4,260)|
|Cash flows from financing<br>activities||||||
|(Repayment) ofbank borrowings|and HP finance|||(65,733)|(51,421)|
|Cash (used in) financing<br>activities||||(65,733)|(51,421)|
|Increase in cash and cash equivalents<br>in||the year||249~9|211413|
|Cash and cash equivalents<br>at the beginning||ofthe year||545,758|333,945|
|Total cash and cash equivalents|at the end ofthe year|||f795,007|f545,758|





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## 

|Income|Income|||||||
|---|---|---|---|---|---|---|---|
|||||||Total|Total|
|||||Unrestricted|Restricted|funds|funds|
|||||funds|funds|2022|2021|
|a.|Donations and legacies|||||||
||Tithes and offerings|||576,363|14,213|590,576|572,914|
||Tax recoveries|||86,180|1,605|87,785|90,150|
|||||8662443|815,818|f678361|8663,064|
|b.|Other operating||activities|||||
||Rent and facility||charges receivable|837,719||837,719|317,831|
||Other income|||9,127||9,127|1,613|
|||||X846,$46||$846,$46|K319,444|
|c.|Investments|||||||
||Interest receivable|||8109||f109|f61|
|d.|Grants|||||||
||Job Retention|Scheme grants|||||8119423|





## 

## 

## 

|Expenditure|Expenditure||||||
|---|---|---|---|---|---|---|
||||||Total|Total|
||||Unrestricted|Restricted|funds|funds|
||||funds|funds|2022|2021|
|||||5|||
|a.|Raising funds||||||
||Staffcosts||285,510||285,510|86,404|
||Rent and events costs||152,095||152,095|174,413|
||Depreciation/amortisation||13,869||13,869|13,654|
||||5451,474||f451,474|f274,471|
|b.|Charitable<br>activities||||||
||Pastoral staff costs||372,360||372,360|388,125|
||Other staff costs||41,373||41,373|43,125|
||Mission and relief|||92,014|92,014|92,463|
||Office overheads||18,727||18,727|5,643|
||Upkeep ofpremises||21,024||21,024|24,132|
||Depreciation/amortisation||171,832||171,832|211,545|
||Gifts and honoraria||11,380|5,650|17,030|9340|
||Interest payable on mortgage|loan|26,154||26,154|19,286|
||Other expenditure||71,474||71,474|54,426|
||||734,324|97,664|831,988|848,085|
||Governance<br>costs||||||
||Auditors'<br>remuneration||4,000||4,000|4,000|
||||f738,324|f97,664|K$35,988|g$52,085|
||Support costs (included above)||||||
||||Raising|Charitable|Total|Total|
||||funds|activities|2022|2021|
||||K|||g|
||Staffcosts|||413,733|413,733|431,250|
||Office overheads|||18,727|18,727|5,643|
||Upkeep ofpremises|||21,024|21,024|24,132|
||Depreciation/amortisation||13,869|171,832|185,701|225,199|
||Interest payable on mortgage|loan||26,154|26,154|19,286|
||Governance<br>costs|||4,000|4,000|4,000|
||Other expenditure|||71,474|71,474|54,426|
||||f13,869|f726,944|1740,813|5763,936|





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## 

||d.<br>Employees|||||
|---|---|---|---|---|---|
|||||2022|2021|
||The average number ofemployees<br>during||the year was:|||
||Management<br>and administration<br>ofthe Charity|||29|28|
||Number ofstaff for whom retirement<br>benefits are accruing|||||
||under money purchase|pension schemes||22|18|
||StaffCosts:|||||
||Staff and helpers|||586,649|426,126|
||Employer's<br>NI contributions|||51,924|33,317|
||Pension contributions|||60,670|58,212|
|||||f699,243|g517,655|
||No employees<br>earned|f60,000p.a.or more.||||
|4.|Taxation|||||
|||||2022|2021|
||Corporation<br>tax charge <br>the Church's<br>trading|on the profit for the year of<br>subsidiary I 19%(see note 7)||537,649||



## 

||||2022|2021|
|---|---|---|---|---|
|Total income|||857,597|767,157|
|Total expenditure|||(847,847)|(879,469)|
|Net income/(expenditure)|||9,750|(112,312)|
|Gain on revaluation|of|fixed assets|546,779||
|Net incoming/(outgoing)||resources for the year|f556429|K(112412)|





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## 

|Group||Freehold|Long|Fixtures||
|---|---|---|---|---|---|
|||property and|leasehold|fittings and||
|||improvements|property|equipment|Total|
||||K|K|K|
|Cost or valuation||||||
|Balance at01.01.2022||12,784,715|1,600,000|1,429,527|15,814,242|
|Additions||64,726||21,403|86,129|
|Uplift on revaluation<br>(see below)||490,284|||490,284|
|Balance at31.12.2022||K13439,725|K1,600,000|K1,450,930|K16490,655|
|Depreciation/amortisation||||||
|Balance at01.0).2022||255,694|32,000|1,293,751|1,581,445|
|Charge for the year||100,247|16,000|69,454|185,70(|
|Released on revaluation|(see below)|(56,495)|||(56,495)|
|Balance at31.12.2022||K299,446|K48,000|K1~3,205|K1,710,651|
|Net BookValue at31.12.2022||K13,040479|K1452,000|K87,725|K14,680,004|
|Net BookValue at31.12.2021||K12429,021|K1468,000|K135,776|K14,232,797|
|Church||Freehold|Long|Fixtures||
|||property and|leasehold|tittings and||
|||improvements|property|equipment|Total|
||||K|||
|Cost or valuation||||||
|Balance at01.01.2022||12,784,715|1,600,000|1,404,253|15,788,968|
|Additions||64,726||21,403|86,129|
|Uplift on revaluation<br>(see below)||490,284|||490,284|
|Balance at31.12.2022||K13439,725|K1,600,000|K1,425,656|K16~5481|
|Depreciation/amortisation||||||
|Balance at01.01.2022||255,694|32,000|1,275,641|1,563,335|
|Charge for the year||100,247|16,000|64,629|180,876|
|Released on revaluation|(see below)|(56,495)|||(56,495)|
|Balance at31.12.2022||K299,446|K48,000|K1,340+70|K1,687,716|
|Net BookValue at31.12.2022||K13,040479|Kl/52, 000|K85386|K14,677,665|
|Net BookValue at31.12.2021||K12$29,021|K1468,000|K128,612|K14425,633|





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||||||||||
|---|---|---|---|---|---|---|---|---|
|Creditors:|amounts<br>falling due||||||||
|within one|year||||2022|2022|2021|2021|
||||||Group|Church|Group|Church|
|Trade creditors|||||22,145|14,615|16,899|12,090|
|Accruals and other creditors|||||40,623|11,280|34,742|11,000|
|Taxation and social security|||||59,895||25,885|1,337|
|Mortgage<br>loan (secured) (current|||portion) (note|10)|28,692|28,692|51,909|51,909|
|Otherloans|||||21,696|12,000|23,000|13,000|
|Obligations|under|hire purchase|(current portion)||2,008|2,008|7,250|7,250|
|||||f175,059||f68595|5159,685|f96486|
|Creditors:|amounts<br>falling due||||||||
|after more|than|one year|||||||
||||||2022|2022|2021|2021|
||||||Group|Church|Group|Church|
|Obligations|under|hire purchase|(long-term||||||
|portion)|||||||798|798|
|Mortgage loan (secured):|||||||||
|Payable within||1-2years|||28,692|28,692|52,080|52,080|
|Payable within||2-5 years|||86,076|86,076|159,120|159,120|
|Payable after more than 5 years|||||649,855|649,855|578,899|578,899|
||||||764,623|764,623|790,897|790,897|
|Other loans|||||27,804|—|37,500||
|||||5792,427||5764,623|8)28397|X790,897|



## 

|Group and Church|||||
|---|---|---|---|---|
|Balance brought<br>forward||||8,768,355|
|Uplift on revaluation<br>of4 Manor Park Crescent, Edgware|||||
|at 31 December 2022||||546,779|
|Less: Depreciation ofuplift on revaluation|offreehold|property|||
|and improvements|||81,483||
|Amortisation<br>ofuplift on revaluation|oflong leasehold||||
|property|||7,990||
|||||(89,473)|
|Balance carried forward||||X9,225,661|





## 

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## 

|Year ended 31December 202D||||
|---|---|---|---|
|Group and Church||||
|Balance brought<br>forward|||8,857,828|
|Less: Depreciation ofuplift on revaluation|offreehold property|||
|and improvements||81,483||
|Amortisation<br>ofuplift on revaluation|oflong leasehold|||
|property||7,990||
||||(89,473)|
|Balance carried forward|||X8,76$,355|



## 

|Year ended 3/ December 2022:|Year ended 3/ December 2022:|Year ended 3/ December 2022:|||||||
|---|---|---|---|---|---|---|---|---|
||||Covid-19|Love|Ukraine|Mission|Capital|Total|
|Group and Church|||Relief|Westminster|Crisis|and Relief|Expenditure|restricted|
||||Fund|Fund|Fund|Fund|Fund|funds|
||||g||||||
|Balance|brought<br>forward||59,760|1,465||41,751||102,976|
|Incoming|resources|for the year|6,300|859|5,630|1,404|1,625|15,818|
|Outgoing|resources|for the year|(5,650)||(4,145)|(87,869)||(97,664)|
|Transfers|(to)/from|General Fund||||70,000||70,000|
|Balance|carried forward||K60et10|X2,324|K1,485|525486|51,625|f91,130|
|Year ended 3/ December 2021:|||||||||
|||||Covid-19|Love||Mission|Total|
|Group and Church||||Relief|Westminster|Roof|and Relief|restricted|
|||||Fund|Fund|Fund|Fund|funds|
||||||g||g||
|Balance|brought<br>forward|||29,964|||69,214|99,178|
|Incoming|resources|for the year||29,796||1,000||30,796|
|Outgoing|resources|for the year||||(6,646)|(92,463)|(99,109)|
|Transfers|(to)/from|General Fund|||1,465|5,646|65,000|72,111|
|Balance|carried forward|||f59,760|51,465||f41,751|f102,976|





## 

## 

## 

## 

## 

## 

|||||General|Restricted|Revaluation|
|---|---|---|---|---|---|---|
|||||fund|funds|reserve|
|||||5|||
|Tangible fixed assets||||5,454,343||9,225,661|
|Cash at bank and in hand||||703,877|91,130||
|Other net current assets/(liabilities)||||(53,156)|||
|Creditors ofmore than one year||||(792,871)|||
|Total||||f5412,193|f91,130|59425,661|
|Reconciliation ofnet movement||in funds to net cash|||2022|2021|
|from operating<br>activities|||||||
|Net movement<br>in funds|||||746,984|(24,464)|
|Add back: Depreciation<br>and amortisation|||charge||185,701|225,199|
|Less: Gain on revaluation<br>offixed||assets|||(546,779)||
|Decrease in stock||||||1,500|
|(Increase)/decrease<br>in debtors|||||(30,376)|46,101|
|Increase in creditors excluding|bank borrowings||||||
|and hire purchase|||||45,581|19,158|
|Net cash provided<br>by operating||activities|||5401,111|5267,494|



##