SALWAY EVANGELICAL CHURCH
ACCOUNTS & REPORT OF THE TRUSTEES
FOR THE YEAR ENDED
31 DECEMBER 2022
SALWAY EVANGELICAL CHURCH
CHARITY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2022
Trustees
Mr Philip Albon, Mr Laurence Mumford, Dr Andrew Pople, Mr Craig Tranfield, Mr Paul Watkins and Mr Richard Williams
Key Staff Ian Rees - Pastor
Ann Burgess - Family and Community Worker
Treasurer Miss Lorraine Thrower
Governing Document
The Church is a Charity constituted as a Charitable Incorporated Organisation (CIO) and registered with the Charity Commission on 28 August 2015.
Charity Registration Number 1163347
Principal Address Forest Approach Woodford Green Essex IG8 9BW
Independent Examiner Lourens du Plessis ACA CA(SA) Stewardship 1 Lamb Passage London EC1Y 8AB
Bankers HSBC CCLA Investment Management Ltd 192 Hoe Street COIF Charity Funds Walthamstow One Angel Lane London E17 4QN London EC4R 3AB
NatWest Ruffer AIFM Ltd 32 East Street 80 Victoria Street Barking London SW1E 5JL Essex IG11 8AB
| Contents | Page |
|---|---|
| Charity Information | 1 |
| Trustees' Annual Report | 2-5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to Accounts | 8-20 |
| Independent Examiner's Report | 21 |
Page 1
SALWAY EVANGELICAL CHURCH Charity Registration Number 1163347 Forest Approach, Woodford Green, Essex IG8 9BW
TRUSTEES' ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Salway Evangelical Church ("the Church") is a Charity constituted as a Charitable Incorporated Organisation (CIO) and registered with the Charity Commission on 28 August 2015.
The Charity is administered by Trustees who together with other key personnel comprise the Church Leadership. The current personnel, who served throughout the year, are shown on page 1.
On 6 January 2017 the CIO took responsibility as Trustee for the Salway Hall, Woodford Green, Essex Declaration of Trust 1932 which has freehold title for the land and buildings of the church at Forest Approach. The CIO has use of these buildings without cost in perpetuity on the proviso it adheres to various requirements in the Trust Deed and maintains and insures the property.
OBJECTIVES AND ACTIVITIES
The mission of Salway Evangelical Church is to live for Jesus Christ in accordance with the Word of God, and to proclaim Him in the power of the Holy Spirit. Its vision and objective is that local people should become part of the Christian family, worshipping God and working to extend His Kingdom in the local community and worldwide.
PUBLIC BENEFIT
In planning the activities, the Trustees have applied the guidance on public benefit issued by the Charity Commission. The Church serves the local community through a range of practical activities across age groups and open to all, and supports others elsewhere similarly engaged in supporting their local communities. The programme of activities for the year accords with the Charity Commission’s guidance on public benefit and, in particular, the specific guidance to charities for the advancement of religion by:
-
offering people the opportunity to gather together for worship, prayer and teaching at our range of Sunday services as well as our programme of mid-week meetings;
-
providing pastoral care in a variety of ways e.g. visiting the sick, supporting people and families with special needs, running marriage preparation and marriage enrichment courses, providing practical help to people in need and fellowship for people across age groups;
-
delivering a discipleship programme through our network of Life Groups and by holding Christianity Explored courses;
-
offering youth work and programmes of teaching to children, youth and students;
-
providing a toddler group;
-
promoting and supporting mission partnerships with churches, organisations and people whose primary objective is to proclaim Jesus Christ, Saviour and Lord and who show the faith, love and hope of Christ in action at home and abroad.
To facilitate this work it is important that we maintain the fabric of the church premises.
Page 2
SALWAY EVANGELICAL CHURCH
TRUSTEES' ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2022
ACHIEVEMENTS DURING 2022
During 2022 the activities of the Church covered an array of areas. Importantly, most activities returned to being held physically within the church premises. Core focus remained on Sunday worship and preaching, youth work and the organising of a variety of support and outreach events. Life Groups continued to enhance the support to Christian living of those attending. Work with young people continued and included many weekly activities and special events. The Church continued to support the work of several missionaries both in the UK and abroad. Ian Rees continued as Pastor and the Church continued to employ a Family & Community Worker.
The Church also supported collecting and sending clothing and funding for the purchase of beds to support those impacted by the war in Ukraine, and raised funds and installed a defibrillator outside the building for use by the local community.
The expenses of running the Church and its activities and maintaining the building are met by members and others who may wish to contribute.
LOOKING TO THE FUTURE
It continues to be the aim of Salway Evangelical Church to be God's people, living under His Word and showing His love - seeking to grow in Christian maturity, serving others in Christian ministry and spreading the good news of Jesus Christ through mission. We aim to achieve this by being Jesus focussed, bible centred and Spirit led, ready for Him to transform lives and change the world. The Church is working alongside other local churches to support the planting of a new church in Clayhall and facilitate some joint events between these churches.
We aim to increase our fringe, sharpen our discipleship and invest in the next generation.
In all these plans we aim to be obedient to God’s leading and direction for His Church.
FINANCIAL REVIEW
General Fund
Incoming funds by way of regular donations and gifts were at a reduced level to the previous year. Total Resources Expended reflected the activities undertaken including the employment of workers. There has been an increase due to the return to using the building post Covid and general inflationary pressures. The General Fund balance at the year end remained at a satisfactory level.
Ministry Fund
There has been no allocation to augment the reserve for future expenditure that may be incurred in connection with engaging paid pastoral and administrative support. Future allocations will be made to the fund where appropriate in order to ensure ongoing preparedness to support the accommodation capital costs of the manse.
Renovations Fund
A regular amount is allocated from the General Fund to the Renovations Fund. Renovations were required during the year. The balance in hand is held for ongoing general maintenance and refurbishment.
Legacy Fund
The funds received from legacies have been transferred to the Legacy Fund. Although the Trustees have full discretion as to the use of the Fund, it is intended to be used for specific projects that support the objectives of the Church.
Page 3
SALWAY EVANGELICAL CHURCH
TRUSTEES' ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2022
The Charity's financial and reserves policy is:-
-
To maintain on General Fund an adequate working balance to meet essential expenditure commitments.
-
To distribute gifts for missionary purposes on a regular basis.
-
To retain on Renovations Fund balances sufficient to maintain the premises in a good state of repair and redecoration in accordance with an ongoing programme of works.
-
To ensure that other Funds are sufficiently resourced to meet anticipated expenditure commitments and enable the Charity to fulfil its obligations over the longer term.
The Trustees have determined that the Charity should aim to hold a minimum of six months' of unrestricted expenses in readily realisable reserves. As at 31 December 2022, based on the expenses incurred for that year, the minimum would be £60,000. The balance of the General Fund in realisable investments and cash balances as at 31 December 2022 is in excess of this amount and therefore the Charity is complying with its reserves policy.
In the opinion of the Trustees the balances as at 31 December 2022 and the current giving of members, were adequate for these objectives.
The Charity has arranged insurance cover which was last reviewed on 31 December 2022 for identified and insurable risks.
The Charity’s fixed and current asset investments are held in two managed investment funds and a cash deposit fund, these have not suffered significant diminution in value since the balance sheet date.
RISK MANAGEMENT
The Trustees recognise their responsibilities for managing risk.
Principal Risks and Uncertainties
As with many charitable organisations, the majority of the Church’s income is the result of voluntary giving, the vast majority of this comes from the generous, sacrificial and committed giving of the membership of the Church. The Trustees recognise that church membership fluctutates year-by-year and that any prolonged period of change and transition can heighten the risk of this fluctuation. To help manage and mitigate this risk, the Trustees review both income and expenditure at each quarterly meeting. Day-by-day financial management is with the Treasurer and Finance Team Leader, who tailor and adjust expenditure throughout the year to respond to any agreed financial constraints.
Operations
A programme of regular routine maintenance and decorating work is undertaken, under the supervision of the Buildings Team Leader. All obligatory regular inspections to safety, electrical and security equipment were completed. A plan is in place for evacuating the Church in the event of fire or some other emergency. Fire notices are exhibited throughout the building.
Safeguarding
Given the programme of ministry with children and young people and vulnerable adults, the health, safety and protection of these individuals is regarded as being of paramount importance. We operate a formal policy for the safeguarding of children and vulnerable adults.
Page 4
SALWAY EVANGELICAL CHURCH
TRUSTEES' ANNUAL REPORT (Continued) FOR THE YEAR ENDED 31 DECEMBER 2022
Finance
The handling of cash, whilst minimal, is subject to dual control procedures with the objective of minimising the risk of loss or fraud. Expenditure is also subject to strict monitoring and control by the Treasurer and Finance Team Leader. Income and expenditure are monitored on a monthly basis compared with budget.
Data
Handling of data is under the supervision of the Administration Team Leader. We operate a formal Data Privacy Policy.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of Church Accounting Regulations 2006. They 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.
In the opinion of the Trustees the accounts set out on pages 6 to 20 comply with statutory requirements, the Charity's governing document and SORP.
The Trustees have approved the above Report.
P I Albon
P I Albon For and on behalf of the Trustees Salway Evangelical Church
2 July 2023
Page 5
SALWAY EVANGELICAL CHURCH
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| Note Income and endowments from: Donations and legacies 3a Charitable activities 3b Investments 3c Disposal of tangible assets Total income and endowments Expenditure on: Charitable activities 4 Total expenditure Net gains/(losses) on investments Net income/(expenditure) Transfers between funds 2f Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 12,13 |
Unrestricted Restricted Endowment Total funds Total funds Funds Funds Funds 2022 2021 £ £ £ £ £ 167,878 56 - 167,934 105,781 3,714 - - 3,714 3,770 8,130 - - 8,130 125 - - - - 500 |
|---|---|
| 179,722 56 - 179,778 110,176 139,579 1,881 - 141,460 129,786 |
|
| 139,579 1,881 - 141,460 129,786 (7,638) - - (7,638) - 32,505 (1,825) - 30,680 (19,610) 7,600 (7,600) - - - |
|
| 40,105 (9,425) - 30,680 (19,610) |
|
| 1,168,912 237,823 11,338 1,418,073 1,437,683 |
|
| 1,209,017 228,398 11,338 1,448,753 1,418,073 |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing operations.
The notes on page 8-20 form part of these accounts.
Page 6
SALWAY EVANGELICAL CHURCH
BALANCE SHEET AS AT 31 DECEMBER 2022
| Notes Fixed assets Tangible assets 6 Investments 7a Total fixed assets Current assets Investments 7b Debtors 8 Cash at bank and in hand 9 Total current assets Creditors Amounts falling due within one year 10 Amounts falling due in more than one yea 10 Net current assets/(liabilities) Net assets FUNDS Unrestricted Funds 12 General Fund Ministry Fund Renovations Fund Legacy Fund Restricted Funds 13 Capital Fund Other Funds Endowment Fund 13 Gwendoline Martin Salway Youth Fund Total Funds |
Unrestricted Restricted Endowment Total Total Funds Funds Fund 2022 2021 £ £ £ £ £ 287,807 228,000 - 515,807 530,795 542,362 - 11,338 553,700 11,338 |
|---|---|
| 830,169 228,000 11,338 1,069,507 542,133 |
|
| 296,825 - - 296,825 839,655 9,618 - - 9,618 7,749 79,963 398 - 80,361 36,695 |
|
| 386,406 398 - 386,804 884,099 4,558 - - 4,558 8,159 3,000 - - 3,000 - |
|
| 378,848 398 - 379,246 875,940 |
|
| 1,209,017 228,398 11,338 1,448,753 1,418,073 |
|
| 100,576 - - 100,576 111,352 404,149 - - 404,149 411,537 39,633 - - 39,633 35,372 664,659 - - 664,659 610,651 - 228,000 - 228,000 235,600 - 398 - 398 2,223 - - 11,338 11,338 11,338 |
|
| 1,209,017 228,398 11,338 1,448,753 1,418,073 |
The notes on page 8-20 form part of these accounts.
The accounts were approved by the Committee of Trustees and signed on their behalf by:
P I Albon
| P I Albon | Trustee |
|---|---|
| L J Mumford | |
| L J Mumford | Trustee |
Date 2 July 2023
Charity number: 1163347
Signed by the Treasurer:
L P Thrower
Date 2 July 2023
L P Thrower
Page 7
SALWAY EVANGELICAL CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
1. Statutory Information
The Charity is a charitable incorporated organisation registered with the Charity Commission in England & Wales. The Charity's registered number and principal address can be found on the Charity Information page.
2. Accounting Policies
The accounts have been prepared under the historic cost convention, in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and with the Charities Act 2011. The Charity meets the definition of a public benefit entity as set out in FRS 102.
The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The Charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.
a) Going Concern
The accounts have been prepared on the going concern basis, as there are no material uncertainties about the Charity's ability to continue. Based on the adequacy of the Charity's reserves as at the balance sheet date, along with their knowledge of the Charity's ability to meet bills, payments and other liabilities as they fall due, the Trustees have a reasonable expectation that the Charity has sufficient resources to continue in operational existence for the foreseeable future.
The following are the accounting policies which have been applied in dealing with material items:-
b) Incoming Resources
Incoming resources are recognised gross on an accruals basis, and are allocated to the General Fund unless gifted on the basis of certain restrictions.
Legacy income is recognised when it meets the three criteria of certainty, entitlement and measurement. This is deemed to be the earlier of the cash receipt or firm notification from the Executor.
Recoverable gift aid is recognised when the related donation is received. Gift aid that has not been recovered by the balance sheet date is included as a debtor.
The Church has relied significantly upon volunteers in carrying out its activities during the year. In accordance with paragraph 6.18 of the SORP the role of volunteers has not been recognised as income from donated services in the accounts.
c) Outgoing Resources
Outgoing resources are recognised gross as these are incurred, and are allocated against the General Fund unless incurred specifically for the purposes of any nominated fund.
The Charity makes donations to other institutions and individuals to further its charitable objectives.
Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the Accounts, include costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the Charity.
Page 8
SALWAY EVANGELICAL CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
d) Capitalisation
Capital expenditure on buildings and improvements over £10,000 will be capitalised. Expenditure on equipment and other assets over £5,000 will be capitalised. Amounts under these levels are expensed.
e) Depreciation
The furniture and equipment has been acquired over a number of years and it is not now possible to ascertain original costs. It is carried in the Accounts at a nominal value of £1. New furniture, equipment and other assets will be depreciated over their useful life to any residual value. Donated assets in kind have been taken into account at their estimated market value.
f) Amortisation
The building extension and improvements that were completed in November 2002 are amortised on the straight line basis at a rate estimated to spread the cost evenly over the expected minimum useful life. The rate used is 2%. In respect to the building extension, an appropriate transfer is made from Capital Fund to General Fund to provide a contribution towards the amortisation costs borne by the General Fund. This is in accordance with the purpose and terms on which donations to the Capital Fund are made.
The manse and any improvements are amortised on the straight line basis at a rate estimated to spread the cost evenly over the expected minimum useful life. The rate used is 2%.
The Church has the use of Land and Buildings at Forest Approach, Woodford Green, Essex, the Freehold Title of which is vested in another Deed of Trust of which the CIO is the Trustee. There is an agreement with that Trust for the Church to use the Land and Buildings in perpetuity.
g) Pension Costs
The Charity contributes to defined contribution schemes for its employees. Pension premiums are charged as they are due. The assets of these schemes are held separately from those of the Church in independently administered funds.
h) Funds
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. Endowment funds are donations that are retained as capital in accordance with the donor's wishes. The nature of the restriction determines whether the endowments represent permanent or expendable endowments.
i) Investments
Fixed asset investments are held to generate income and are valued at their market value at the balance sheet date.
j) Taxation
The Charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the Charity's income.
k) Financial Instruments
The Charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the Charity expects to pay or receive). The Charity recognises liabilities for the principal of those loans that remain outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).
Page 9
SALWAY EVANGELICAL CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
l) Exemption from Preparing a Cash Flow Statement
The Charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.
m) Critical Accounting Estimates and Areas of Judgment
The Trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.
Page 10
SALWAY EVANGELICAL CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
| 3. | Income and endowments | Unrestricted | Unrestricted | **Restricted ** | Endowment | Total | Total |
|---|---|---|---|---|---|---|---|
| Funds | Funds | Fund | 2022 | 2021 | |||
| £ | £ | £ | £ | £ | |||
| a) | Donations and legacies | ||||||
| Donations and gifts | 75,269 | 56 | - | 75,325 | 87,076 | ||
| Gift Aid | 16,801 | - | - | 16,801 | 18,705 | ||
| Legacies | 75,808 | - | - | 75,808 | - | ||
| 167,878 | 56 | - | 167,934 | 105,781 | |||
| b) | Charitable activities: | ||||||
| Youth activities | - | - | - | - | 145 | ||
| Teaching and pastoral work | 18 | - | - | 18 | 72 | ||
| Parenting/Marriage courses | 60 | - | - | 60 | 85 | ||
| Use of premises | 3,636 | - | - | 3,636 | 3,441 | ||
| Ten of Those Commission | - | - | - | - | 27 | ||
| 3,714 | - | - | 3,714 | 3,770 | |||
| c) | Income from investments | ||||||
| Interest | 7,991 | - | - | 7,991 | 123 | ||
| Gwendoline Martin Salway Youth Fund interest | 139 | - | - | 139 | 2 | ||
| 8,130 | - | - | 8,130 | 125 | |||
| d) | Gains on disposal of tangible fixed assets | ||||||
| Sale of Minibus | - | - | - | - | 500 | ||
| - | - | - | - | 500 |
Page 11
SALWAY EVANGELICAL CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
| 4. Expenditure Note The work of the Church Missionary and charitable giving Missionary support 4a Clayhall Church Plant 11b Gifts and subscriptions Ministry Salaries, pensions and statutory costs 5 Youth activities Teaching and pastoral work Parenting/Marriage courses Events Outreach events Publicity Buildings and equipment Depreciation Insurance Church building utilities Safety and security Cleaning services Church building maintenance Manse utilities Manse maintenance Minibus Equipment Defibrillator Administration Stewardship Services Payroll Stewardship Services Helpline Examination of Accounts Investment Review Christian Music Association - Copyright Fee Just Giving - Subscription Fee Bank Charges Printing Catering/Refreshments Sundries |
Unrestricted Restricted Endowment Total Total Funds Funds Fund 2022 2021 £ £ £ £ £ 13,320 - - 13,320 21,170 6,000 - - 6,000 - 5,960 - - 5,960 5,400 |
|---|---|
| 25,280 - - 25,280 26,570 |
|
| 57,619 - - 57,619 60,665 141 - - 141 518 2,194 - - 2,194 773 174 - - 174 49 |
|
| 60,128 - - 60,128 62,005 |
|
| 1,151 - - 1,151 978 283 - - 283 413 |
|
| 1,434 - - 1,434 1,391 |
|
| 14,988 - - 14,988 14,988 3,124 - - 3,124 2,983 5,161 - - 5,161 3,727 762 - - 762 1,440 10,108 - - 10,108 5,604 4,925 - - 4,925 580 5,445 - - 5,445 5,080 252 - - 252 102 - - - - 1,120 3,154 - - 3,154 83 - 1,881 - 1,881 - |
|
| 47,919 1,881 - 49,800 35,707 |
|
| 551 - - 551 664 120 - - 120 90 1,320 - - 1,320 1,260 500 - - 500 - 745 - - 745 1,005 - - - - 54 111 - - 111 9 338 - - 338 288 253 - - 253 128 880 - - 880 615 |
|
| 4,818 - - 4,818 4,113 |
|
| 139,579 1,881 - 141,460 129,786 |
The fee payable to the independent examiner for examining the accounts was £1,320 (2021: £1,200), in addition the Charity paid £671 (2021: £754) to Stewardship for payroll bureau and consultancy services.
Page 12
SALWAY EVANGELICAL CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
4a. Missionary Support
| Agape Christian Education Project International Mission to Jewish People Eurasian Ministries European Christian Mission Pastor Training International Gifts to individual missionaries 5. Staff and Trustees Salaries and wages Employer's National Insurance costs Pension costs Total staff costs |
2022 2021 £ £ 2,520 3,120 2,400 2,400 600 600 600 5,600 2,400 4,650 1,200 1,200 3,600 3,600 |
|---|---|
| 13,320 21,170 |
|
| 2022 2021 £ £ 49,180 51,932 346 417 8,093 8,316 |
|
| 57,619 60,665 |
During 2022 the Church's Key Management consisted of two employees (2021: two), the Pastor and the Family and Community Worker. Aside from the Pastor and Family and Community Worker, its activities are carried out by volunteers.
During 2021 the Church also employed a cleaner.
No staff received salaries at a rate of more than £60,000 per annum.
No remuneration or expenses were paid to any Trustee during the year.
Donations totalling £47,400 (2021: £39,217) were received from Trustees during the course of 2022.
| 6. | Tangible Assets | ||||
|---|---|---|---|---|---|
| Buildings & | **Manse ** | Furniture & | Tangible | ||
| Improvements | Equipment | Assets | |||
| £ | £ | £ | £ | ||
| Cost | |||||
| At 1 January 2022 | 380,043 | 369,420 | 1 | 749,464 | |
| Additions/Improvements | - | - | - | - | |
| At 31 December 2022 | 380,043 | 369,420 | 1 | 749,464 | |
| Accumulated Amortisation/Depreciation | |||||
| At 1 January 2022 | 144,443 | 74,226 | - | 218,669 | |
| Charge for the Year | 7,600 | 7,388 | - | 14,988 | |
| At 31 December 2022 | 152,043 | 81,614 | - | 233,657 | |
| Net book value at 31 December 2022 | 228,000 | 287,806 | 1 | 515,807 | |
| Net book value at 1 January 2022 | 235,600 | 295,194 | 1 | 530,795 |
Page 13
SALWAY EVANGELICAL CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
7a. Fixed Asset Investments
| Value brought forward Purchases during the year Disposals during the year Change in value of investments Value carried forward 7b. Investments Held in Money Funds COIF Charities Deposit Fund 8. Debtors and Prepayments Tax recoverable Other debtors Prepayments 9. Cash at Bank and in Hand Bank operating accounts Bank deposits Petty cash 10. Creditors Liabilities Falling Due Within One Year Accruals Liabilities Falling Due In More Than One Year Accruals |
2022 2021 £ £ - - 550,000 - - - (7,638) - |
|---|---|
| 542,362 - |
|
| 2022 2021 £ £ 296,825 839,655 |
|
| 296,825 839,655 |
|
| 2022 2021 £ £ 3,620 3,347 789 32 5,209 4,370 |
|
| 9,618 7,749 |
|
| 2022 2021 £ £ 9,263 15,689 70,998 20,906 100 100 |
|
| 80,361 36,695 |
|
| 2022 2021 £ £ 4,558 8,159 |
|
| 4,558 8,159 |
|
| 2022 2021 £ £ 3,000 - |
|
| 3,000 - |
11a. Pension Commitments
During the year employer's pension contributions totalling £8,093 (2021: £8,316) were payable to defined contribution personal pension schemes including payments made under salary sacrifice arrangements. No pension contributions were owing at the balance sheet date (2021: £nil).
11b. Other Commitments
In order to support the planting of a new church in Clayhall, the Trustees have the intention to make a donation of £6,000 over the next 3 years to the Clayhall project. This will be allocated from the Legacy Fund.
Page 14
SALWAY EVANGELICAL CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
12. Unrestricted Funds
General Fund
This is the Charity's operating fund and arose from an excess of incoming resources over outgoing resources over time. The Trustees consider it adequate for its purpose.
Ministry Fund
To provide a reserve for future expenditure that may be incurred in engaging pastoral and administrative support, particularly through employment of paid workers, the Church Trustees have set aside funds from surplus General Fund balances.
Renovations Fund
This fund arises out of monies set aside on a regular basis out of the General Fund and is held to fund any repairs and improvements to the Church buildings used by the Charity and the manse. The Trustees consider this fund to be adequate for the immediately identified needs.
Legacy Fund
This fund arose from a legacy of £670,001 received in January 2018 and a further separate legacy received during 2022. The Trustees intend to use the fund for specific projects that support the objectives of the Church.
Page 15
SALWAY EVANGELICAL CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
12. Unrestricted Funds (continued)
| 12. Unrestricted Funds (continued) |
|||||||
|---|---|---|---|---|---|---|---|
| Notes Income and endowments from: 3 Donations and legacies Charitable activities Investments Disposal of tangible fixed assets Total income and endowments Expenditure on: 4 Missionary and charitable giving Ministry Events Buildings and equipment Administration Total expenditure Net gains/(losses) on investments Net income/(expenditure) before transfers Transfers between funds: General Fund to Renovations Fund General Fund to Legacy Fund Capital Fund to General Fund Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Notes | General Fund 2022 2021 £ £ 167,878 103,503 3,714 3,770 8,130 125 - 500 179,722 107,898 16,880 14,320 60,128 62,005 1,434 1,391 31,730 26,197 4,318 4,058 114,490 107,971 - - 65,232 (73) (7,800) (7,800) (75,808) - 7,600 7,600 (10,776) (273) 111,352 111,625 100,576 111,352 |
Ministry Fund 2022 2021 £ £ - - - - - - - - - - - - - - - - 7,388 7,388 - - 7,388 7,388 - - (7,388) (7,388) - - - - - - (7,388) (7,388) 411,537 418,925 404,149 411,537 |
Unrestricted Funds Renovations Fund 2022 2021 £ £ - - - - - - - - - - - - - - - - 3,539 2,122 - - 3,539 2,122 - - (3,539) (2,122) 7,800 7,800 - - - - 4,261 5,678 35,372 29,694 39,633 35,372 |
Legacy Fund 2022 2021 £ £ - - - - - - - - - - 8,400 12,250 - - - - 5,262 - 500 - 14,162 12,250 (7,638) - (21,800) (12,250) - - 75,808 - - - 54,008 (12,250) 610,651 622,901 664,659 610,651 |
Total | |
| 2022 £ 167,878 3,714 8,130 - |
2022 £ - - - - |
2022 £ - - - - |
2022 £ - - - - |
2022 £ 167,878 3,714 8,130 - |
2021 £ 103,503 3,770 125 500 |
||
| 179,722 | - | - | - | 179,722 | 107,898 | ||
| 16,880 60,128 1,434 31,730 4,318 |
- - - 7,388 - |
- - - 3,539 - |
8,400 - - 5,262 500 |
25,280 60,128 1,434 47,919 4,818 |
26,570 62,005 1,391 35,707 4,058 |
||
| 114,490 | 7,388 | 3,539 | 14,162 | 139,579 | 129,731 | ||
| - 65,232 (7,800) (75,808) 7,600 |
- (7,388) - - - |
- (3,539) 7,800 - - |
(7,638) (21,800) - 75,808 - |
(7,638) 32,505 - - 7,600 |
- (21,833) - - 7,600 |
||
| (10,776) 111,352 |
(7,388) 411,537 |
4,261 35,372 |
54,008 610,651 |
40,105 1,168,912 |
(14,233) 1,183,145 |
||
| 100,576 | 404,149 | 39,633 | 664,659 | 1,209,017 | 1,168,912 |
Page 16
SALWAY EVANGELICAL CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
13. Restricted and Endowment Funds
a) Restricted Fund
Capital Fund
This fund arose out of resources received to improve the property used by the Charity by extending the Church building. The funds are restricted by virtue of having been invested into the Church building concerned and therefore not separately realisable. The Trustees consider this fund to be adequate for its purpose.
Other Funds
These funds arise out of giving specifically for the support of nominated activities. Disbursements are at the discretion of the Church Trustees in line with any conditions of the gifts made. Currently there are funds available to support the maintenance of a defibrillator available to the community.
b) Endowment Fund
Gwendoline Martin Salway Youth Fund
The Gwendoline Martin Salway Youth Fund was donated under the will of a deceased Church member and from gifts in her memory on the basis that capital is retained and the income thereon is paid directly into the General Fund for the support of church youth work. Although the Trustees consider this fund to be adequate for its purpose, the fund remains open to further donations for youth work on terms consistent with the original bequest.
Church Buildings
On 6 January 2017 the CIO took responsibility as Trustee for the Salway Hall Woodford Green Declaration of Trust 1932 which has freehold title for the land and buildings of the church at Forest Approach. The CIO has use of these buildings without cost in perpetuity on the proviso it maintains and insures the property.
Page 17
SALWAY EVANGELICAL CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
13. Restricted and Endowment Funds (continued)
| Income and endowments from: Donations and legacies Charitable activities Investments Disposal of tangible fixed assets Total income and endowments Expenditure on: Misionary and charitable giving Ministry Events Buildings and equipment Administration Total expenditure Net income/(expenditure) before transfers Transfers between funds: Capital Fund to General Fund Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Notes 3 4 |
Capital | Fund 2021 £ - - - - - - - - - - - - (7,600) (7,600) 243,200 235,600 |
Other Funds 2022 2021 £ £ 56 2,278 - - - - - - 56 2,278 - - - - - - 1,881 - - 55 1,881 55 (1,825) 2,223 - - (1,825) 2,223 2,223 - 398 2,223 Restricted Funds |
Total 2022 2021 £ £ 56 2,278 - - - - - - 56 2,278 - - - - - - 1,881 - - 55 1,881 55 (1,825) 2,223 (7,600) (7,600) (9,425) (5,377) 237,823 243,200 228,398 237,823 |
Gwendoline Martin Salway Youth Fund Endowment Fund |
Gwendoline Martin Salway Youth Fund Endowment Fund |
|---|---|---|---|---|---|---|---|
| 2022 £ - - - - - - - - - - - - (7,600) (7,600) 235,600 228,000 |
2022 £ 56 - - - 56 - - - 1,881 - 1,881 (1,825) - (1,825) 2,223 398 |
2022 £ 56 - - - 56 - - - 1,881 - 1,881 (1,825) (7,600) (9,425) 237,823 228,398 |
2022 £ - - - - - - - - - - - - - - 11,338 11,338 |
2021 £ - - - - |
|||
| - | |||||||
| - - - - - |
|||||||
| - | |||||||
| - - |
|||||||
| - 11,338 |
|||||||
| 11,338 |
Page 18
SALWAY EVANGELICAL CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
14. Fund Movements
During the year the movements in the charity's funds were as follows:
| Unrestricted Funds General Fund Ministry Fund Renovations Fund Legacy Fund Restricted Funds Capital Fund Other Funds Endowment Fund Aggregate of Funds |
Opening Incoming Outgoing Transfers Gains and Closing Balance Resources Resources in the Year Losses Balance 2022 2022 2022 2022 2022 2022 £ £ £ £ £ £ 111,352 179,722 (114,490) (76,008) - 100,576 411,537 - (7,388) - - 404,149 35,372 - (3,539) 7,800 - 39,633 610,651 - (14,162) 75,808 (7,638) 664,659 |
|---|---|
| 1,168,912 179,722 (139,579) 7,600 (7,638) 1,209,017 |
|
| 235,600 - - (7,600) - 228,000 2,223 56 (1,881) - - 398 |
|
| 237,823 56 (1,881) (7,600) - 228,398 |
|
| 11,338 - - - - 11,338 |
|
| 1,418,073 179,778 (141,460) - (7,638) 1,448,753 |
In the previous year the movements in the charity's funds were as follows:
| Unrestricted Funds General Fund Ministry Fund Renovations Fund Legacy Fund Restricted Funds Capital Fund Other Funds Endowment Fund Aggregate of Funds |
Opening Incoming Outgoing Transfers Gains and Closing Balance Resources Resources in the Year Losses Balance 2021 2021 2021 2021 2021 2021 £ £ £ £ £ £ 111,625 107,898 (107,971) (200) - 111,352 418,925 - (7,388) - - 411,537 29,694 - (2,122) 7,800 - 35,372 622,901 - (12,250) - - 610,651 |
|---|---|
| 1,183,145 107,898 (129,731) 7,600 - 1,168,912 |
|
| 243,200 - - (7,600) - 235,600 - 2,278 (55) - - 2,223 |
|
| 243,200 2,278 (55) (7,600) - 237,823 |
|
| 11,338 - - - - 11,338 |
|
| 1,437,683 110,176 (129,786) - - 1,418,073 |
Page 19
SALWAY EVANGELICAL CHURCH
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022
15. Analysis of Net Assets Between Funds
The assets and liabilities of the various funds were as follows:
| Tangible fixed assets Fixed asset investments Current assets Current liabilities |
Unrestricted Restricted Endowment Total Funds Funds Fund 2022 £ £ £ £ 287,807 228,000 - 515,807 542,362 - 11,338 553,700 386,406 398 - 386,804 (7,558) - - (7,558) |
|---|---|
| 1,209,017 228,398 11,338 1,448,753 |
In the previous year the assets and liabilities of the various funds were as follows:
| Tangible fixed assets Fixed asset investments Current assets Current liabilities |
Unrestricted Restricted Endowment Total Funds Funds Fund 2021 £ £ £ £ 295,195 235,600 - 530,795 - - 11,338 11,338 881,875 2,224 - 884,099 (8,158) (1) - (8,159) |
|---|---|
| 1,168,912 237,823 11,338 1,418,073 |
Page 20
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
Salway Evangelical Church Trust
I report to the trustees on my examination of the accounts of Salway Evangelical Church Trust (the charity) for the year ended 31 December 2021 on pages 6 to 20, which have been prepared on the basis of the accounting policies set out on page 8.
Responsibilities and basis of report
As the charity trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Lourens du Plessis
Lourens du Plessis ACA CA(SA)
4 July 2023
Stewardship 1 Lamb's Passage London EC1Y 8AB
Page 21