The Friends of Salem Report of the trustees for the period ended 31 March 2024 The trustees present their first report and financial statements for the year ended 31 March 2024. Reference and administrative information Charity name: The Friends of Salem Charity registration number: 1160570 Registered and Operational office: Salem Chapel Vestry Coychurch Road Pencoed Bridgend CF35 SLY Contact: pencoedtownclerk@gmail.com Bankers: Natwest Insurers: Congregational and General Trustees during the year ended 31 March 2024 Chair Secretary Assistant Secretary Treasurer Jim Hancock OBE Geraint Thomas Eluned Williams Kathryn Morris Myrtle Bradshaw Richard Williams
Trustees, report Our aims and objectives Our charitvs purposes as set out in the objects contained in the constitution dated January 2015 are for the preservation, repair, maintenance and improvement of Salem Chapel for the benefit of the inhabitants of Pencoed a5 a community centre and as a place of worship. Also, to associate the residents with the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure time occupation with the objective of improving the conditions of life for the residents. Ensuring our work delivers our aims The Friends of Salem negotiated a 25-year lease with the Presbyterian Church of Wales who own Salem Chapel and therefore, the Friends have become responsible for the maintenance of the buildings. The Friends actively promote the buildings as a centre for community use and make them available for hire by various organisations for events. Achievements and future developments Financial Review The charity was registered on 20 February 2015. In the year to 31 March 2024 rent and hiring fees of £7,627 (2022/23 £7,0501 were received from a variety of organisations for the use of the chapel, vestry and other attached buildings. During the year, payments were made for maintenance, insurance, electricity, cleaning and heating. Included in the cost of maintenance is expenditure for replacing the heating oil tank. Pencoed Town Council operates under a sub-lease granted by The Friends of Salem for use of the vestry as an office. The total Net Assets of the Trust on 31 March 2024 are £17,255 {31 March 2023 - £15.625).
Trustees. responsibilitles in relation to the financial statements Trustees are required to prepare financial statements that give a true and fair view of the state of affairs of the charity at the end of the financial year and of its surplus or deficit for the financial period. In doing so the trustees are required to: select suitable accounting policies and then apply them consistently; make sound judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is appropriate to presume that the charity will not continue in business. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Under Charity Commission requirements neither an independent examination nor an audit of the accounts is required, and an audit is not a requirement of the Trust's Governing document. Structure, Governance and Management Governing Document The Friends of Salem is a Charitable Incorporated Organisation governed by its Constitution dated January 2015. It is a registered charity with the Charity Commission. The trustees have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities in the event of the charitvs winding up. Appointment of trustees The board of trustees, which can have up to twelve member5, must have at least three members. Trustee training New trustees are briefed on their legal obligations under charity and company law and all trustees are encouraged to seek training that would contribute to their work. On behalf of the Trustees G Thomas Secretary The Friends of Salem Date 22 November 2024
Statement of Financial Activities (including Income and expenditure account) for the year ended 31 March 2024 Year ended 31 March 2024 Period ended 31 March 2023 Incoming resources Incoming resources from generated funds: Voluntory income.. Donations Activities for generating funds: Rent and hiring fees 60 Total incomlng resources Resources expended Property costs Repairs and maintenance Insurance Cleaning Heating Electricity Sundry Bank charges 1,935 1,548 975 582 935 4,422 1,382 480 529 173 30 21 22 Total resources expended Net incoming resources 73
The Friends of Salem Balance Sheet at 31 March 2024 2024 2023 Note Current Assets Cash at bank and in hand Net Assets 17.255 15,625 Unrestricted funds General Fund Totsl Funds 17,255 15,625 The trustees have not required the charity to obtain an audit in accordance with section 476 of the Companies Act 2006. The trustees acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. The financial statements were approved by the Board of Trustees on 22 November 2024 and were signed on their behalf by: K.6 Mc5trLis J Hancock Chair K Morris Treasurer The notes on page 6 form part of these financial statements.
Notes to the accounts l. Accounting Policles Basls of preparation The financial statements have been prepared under the historic cost convention and in accordance with the Statement of Recommended Practice- Accounting and Reporting by Charities, applicable UK Accounting Standards and the Companies Act 2006. The principal accounting policies adopted in the preparation of the financial statements are set out below. Incoming resources Voluntary income including rent, donations, gifts and grants that provide core funding are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Income from activities for generating funds is recognised as earned. Investment income is recognised on a receivable basis. Resources expended Expenditure 15 recognised when a liability is incurred. Legal status of the Trust The Trust is a charitable incorporated organisation and has no share capital. Movement in Funds 2024 2023 Unrestricted 15,625 7,627 Unrestricted 15,552 7,110 At 01 April 2023 Incoming resources Outgoing resources At 31 March 2024 Payments to Trustees and Connected Persons No Trustee or person with a family or business connection with a Trustee, received remuneration in the year, directly or indirectly, from the Charity.
The Friends of Salem Report of the trustees for the period ended 31 March 2024 The trustees present their first report and financial statements for the year ended 31 March 2024. Reference and administrative information Charity name: The Friends of Salem Charity registration number: 1160570 Registered and Operational office: Salem Chapel Vestry Coychurch Road Pencoed Bridgend CF35 SLY Contact: pencoedtownclerk@gmail.com Bankers: Natwest Insurers: Congregational and General Trustees during the year ended 31 March 2024 Chair Secretary Assistant Secretary Treasurer Jim Hancock OBE Geraint Thomas Eluned Williams Kathryn Morris Myrtle Bradshaw Richard Williams
Trustees, report Our aims and objectives Our charitvs purposes as set out in the objects contained in the constitution dated January 2015 are for the preservation, repair, maintenance and improvement of Salem Chapel for the benefit of the inhabitants of Pencoed a5 a community centre and as a place of worship. Also, to associate the residents with the local authorities, voluntary and other organisations in a common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure time occupation with the objective of improving the conditions of life for the residents. Ensuring our work delivers our aims The Friends of Salem negotiated a 25-year lease with the Presbyterian Church of Wales who own Salem Chapel and therefore, the Friends have become responsible for the maintenance of the buildings. The Friends actively promote the buildings as a centre for community use and make them available for hire by various organisations for events. Achievements and future developments Financial Review The charity was registered on 20 February 2015. In the year to 31 March 2024 rent and hiring fees of £7,627 (2022/23 £7,0501 were received from a variety of organisations for the use of the chapel, vestry and other attached buildings. During the year, payments were made for maintenance, insurance, electricity, cleaning and heating. Included in the cost of maintenance is expenditure for replacing the heating oil tank. Pencoed Town Council operates under a sub-lease granted by The Friends of Salem for use of the vestry as an office. The total Net Assets of the Trust on 31 March 2024 are £17,255 {31 March 2023 - £15.625).
Trustees. responsibilitles in relation to the financial statements Trustees are required to prepare financial statements that give a true and fair view of the state of affairs of the charity at the end of the financial year and of its surplus or deficit for the financial period. In doing so the trustees are required to: select suitable accounting policies and then apply them consistently; make sound judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is appropriate to presume that the charity will not continue in business. The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enables them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Under Charity Commission requirements neither an independent examination nor an audit of the accounts is required, and an audit is not a requirement of the Trust's Governing document. Structure, Governance and Management Governing Document The Friends of Salem is a Charitable Incorporated Organisation governed by its Constitution dated January 2015. It is a registered charity with the Charity Commission. The trustees have no liability to contribute to its assets and no personal responsibility for settling its debts and liabilities in the event of the charitvs winding up. Appointment of trustees The board of trustees, which can have up to twelve member5, must have at least three members. Trustee training New trustees are briefed on their legal obligations under charity and company law and all trustees are encouraged to seek training that would contribute to their work. On behalf of the Trustees G Thomas Secretary The Friends of Salem Date 22 November 2024
Statement of Financial Activities (including Income and expenditure account) for the year ended 31 March 2024 Year ended 31 March 2024 Period ended 31 March 2023 Incoming resources Incoming resources from generated funds: Voluntory income.. Donations Activities for generating funds: Rent and hiring fees 60 Total incomlng resources Resources expended Property costs Repairs and maintenance Insurance Cleaning Heating Electricity Sundry Bank charges 1,935 1,548 975 582 935 4,422 1,382 480 529 173 30 21 22 Total resources expended Net incoming resources 73
The Friends of Salem Balance Sheet at 31 March 2024 2024 2023 Note Current Assets Cash at bank and in hand Net Assets 17.255 15,625 Unrestricted funds General Fund Totsl Funds 17,255 15,625 The trustees have not required the charity to obtain an audit in accordance with section 476 of the Companies Act 2006. The trustees acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. The financial statements were approved by the Board of Trustees on 22 November 2024 and were signed on their behalf by: K.6 Mc5trLis J Hancock Chair K Morris Treasurer The notes on page 6 form part of these financial statements.
Notes to the accounts l. Accounting Policles Basls of preparation The financial statements have been prepared under the historic cost convention and in accordance with the Statement of Recommended Practice- Accounting and Reporting by Charities, applicable UK Accounting Standards and the Companies Act 2006. The principal accounting policies adopted in the preparation of the financial statements are set out below. Incoming resources Voluntary income including rent, donations, gifts and grants that provide core funding are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Income from activities for generating funds is recognised as earned. Investment income is recognised on a receivable basis. Resources expended Expenditure 15 recognised when a liability is incurred. Legal status of the Trust The Trust is a charitable incorporated organisation and has no share capital. Movement in Funds 2024 2023 Unrestricted 15,625 7,627 Unrestricted 15,552 7,110 At 01 April 2023 Incoming resources Outgoing resources At 31 March 2024 Payments to Trustees and Connected Persons No Trustee or person with a family or business connection with a Trustee, received remuneration in the year, directly or indirectly, from the Charity.