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2023-12-31-accounts

SALWAY EVANGELICAL CHURCH

ACCOUNTS & REPORT OF THE TRUSTEES

FOR THE YEAR ENDED

31 DECEMBER 2023

SALWAY EVANGELICAL CHURCH

CHARITY INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023

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:

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 2023

ACHIEVEMENTS DURING 2023

During 2023 the activities of the Church covered an array of areas. 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 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 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. Investment income has risen as asset yields have increased. Total Resources Expended reflected the activities undertaken including the employment of workers. There has been an underlying increase due to 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 2023

The Charity's financial and reserves policy is:-

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 2023, 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 2023 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 2023 and the current giving of members, were adequate for these objectives.

The Charity has arranged insurance cover which was last reviewed on 31 December 2023 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 2023

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:

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 Albon

P I Albon For and on behalf of the Trustees Salway Evangelical Church

18 July 2024

Page 5

SALWAY EVANGELICAL CHURCH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income and endowments from:
Donations and legacies
3a
Charitable activities
3b
Investments
3c
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
2023
2022
£
£
£
£
£
102,476
-
-
102,476
167,934
4,377
-
-
4,377
3,714
28,429
-
-
28,429
8,130
135,282
-
-
135,282
179,778
123,009
-
-
123,009
141,460
123,009
-
-
123,009
141,460
1,174
-
-
1,174
(7,638)
13,447
-
-
13,447
30,680
7,600
(7,600)
-
-
-
21,047
(7,600)
-
13,447
30,680
1,209,017
228,398
11,338
1,448,753
1,418,073
1,230,064
220,798
11,338
1,462,200
1,448,753

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 2023

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
2023
2022
£
£
£
£
£
280,419
220,400
-
500,819
515,807
543,536
-
11,338
554,874
553,700
823,955
220,400
11,338
1,055,693
1,069,507
309,834
-
-
309,834
296,825
9,529
-
-
9,529
9,618
92,728
398
-
93,126
80,361
412,091
398
-
412,489
386,804
4,982
-
-
4,982
4,558
1,000
-
-
1,000
3,000
406,109
398
-
406,507
379,246
1,230,064
220,798
11,338
1,462,200
1,448,753
114,254
-
-
114,254
100,576
396,761
-
-
396,761
404,149
44,354
-
-
44,354
39,633
674,695
-
-
674,695
664,659
-
220,400
-
220,400
228,000
-
398
-
398
398
-
-
11,338
11,338
11,338
1,230,064
220,798
11,338
1,462,200
1,448,753

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 Albon

P I Albon Trustee L J Mumford L J Mumford Trustee Signed by the Treasurer:

Date 18 July 2024

Charity number: 1163347

L P Thrower

L P Thrower

Date 18 July 2024

Page 7

SALWAY EVANGELICAL CHURCH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023

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 2023

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 2023

3. Income and endowments Unrestricted Unrestricted **Restricted ** Endowment Total Total
Funds Funds Fund 2023 2022
£ £ £ £ £
a) Donations and legacies
Donations and gifts 73,730 - - 73,730 75,325
Gift Aid 16,865 - - 16,865 16,801
Legacies 11,881 - - 11,881 75,808
102,476 - - 102,476 167,934
b) Charitable activities:
Teaching and pastoral work - - - - 18
Parenting/Marriage courses 30 - - 30 60
Use of premises 4,347 - - 4,347 3,636
4,377 - - 4,377 3,714
c) Income from investments
Interest 14,582 - - 14,582 7,991
Gwendoline Martin Salway Youth Fund interest 508 - - 508 139
Investment Income 13,339 - - 13,339 -
28,429 - - 28,429 8,130

Page 11

SALWAY EVANGELICAL CHURCH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. Expenditure Unrestricted **Restricted ** Endowment Total Total
Note Funds Funds Fund 2023 2022
£ £ £ £ £
The work of the Church
Missionary and charitable giving
Missionary support 4a 11,700 - - 11,700 13,320
Clayhall Church Plant 11b - - - - 6,000
Gifts and subscriptions 250 - - 250 5,960
11,950 - - 11,950 25,280
Ministry
Salaries, pensions and statutory costs 5 58,699 - - 58,699 57,619
Youth activities 112 - - 112 141
Teaching and pastoral work 2,165 - - 2,165 2,194
Parenting/Marriage courses 14 - - 14 174
60,990 - - 60,990 60,128
Events
Outreach events 983 - - 983 1,151
Publicity 304 - - 304 283
1,287 - - 1,287 1,434
Buildings and equipment
Depreciation 14,988 - - 14,988 14,988
Insurance 3,171 - - 3,171 3,124
Church building utilities 9,779 - - 9,779 5,161
Safety and security 848 - - 848 762
Cleaning services 6,098 - - 6,098 10,108
Church building maintenance 2,531 - - 2,531 4,925
Manse utilities 6,059 - - 6,059 5,445
Manse maintenance - - - - 252
Equipment 1,089 - - 1,089 3,154
Defibrillator - - - - 1,881
44,563 - - 44,563 49,800
Administration
Stewardship Services Payroll 576 - - 576 551
Stewardship Services Helpline 125 - - 125 120
Examination of Accounts 1,320 - - 1,320 1,320
Investment Review - - - - 500
Christian Music Association - Copyright Fee 721 - - 721 745
Bank Charges 71 - - 71 111
Printing 327 - - 327 338
Catering/Refreshments 216 - - 216 253
Sundries 863 - - 863 880
4,219 - - 4,219 4,818
123,009 - - 123,009 141,460

The fee payable to the independent examiner for examining the accounts was £1,320 (2022: £1,320), in addition the Charity paid £701 (2022: £671) to Stewardship for payroll bureau and consultancy services.

Page 12

SALWAY EVANGELICAL CHURCH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

4a. Missionary Support

Agape
Christian Education Project
International Mission to Jewish People
Central Asia Ministry Training (formerly Eurasian Ministries)
European Christian Mission
Equipping Pastors Worldwide (formerly Pastor Training International)
Aquasports Cross Trust
Gifts to individual missionaries
and Trustees
Salaries and wages
Employer's National Insurance costs
Pension costs
Total staff costs		 2023
2022
£
£
2,100
2,520
2,400
2,400
600
600
600
600
-
2,400
1,200
1,200
1,500
-
3,300
3,600
11,700
13,320
2023
2022
£
£
49,896
49,180
-
346
8,803
8,093
58,699
57,619

5. Staff and Trustees

During 2023 the Church's Key Management consisted of two employees (2022: 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.

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 £36,135 (2022: £47,400) were received from Trustees during the course of 2023.

6. Tangible Assets

Tangible Assets
Buildings & **Manse ** Furniture & Tangible
Improvements Equipment Assets
£ £ £ £
Cost
At 1 January 2023 380,043 369,420 1 749,464
Additions/Improvements - - - -
At 31 December 2023 380,043 369,420 1 749,464
Accumulated Amortisation/Depreciation
At 1 January 2023 152,043 81,614 - 233,657
Charge for the Year 7,600 7,388 - 14,988
At 31 December 2023 159,643 89,002 - 248,645
Net book value at 31 December 2023 220,400 280,418 1 500,819
Net book value at 1 January 2023 228,000 287,806 1 515,807

Page 13

SALWAY EVANGELICAL CHURCH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

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		 2023
2022
£
£
542,362
-
-
550,000
-
-
1,174
(7,638)
543,536
542,362
2023
2022
£
£
309,834
296,825
309,834
296,825
2023
2022
£
£
3,414
3,620
1,406
789
4,709
5,209
9,529
9,618
2023
2022
£
£
16,151
9,263
76,975
70,998
-
100
93,126
80,361
2023
2022
£
£
4,982
4,558
4,982
4,558
2023
2022
£
£
1,000
3,000
1,000
3,000

11a. Pension Commitments

During the year employer's pension contributions totalling £8,803 (2022: £8,093) 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 (2022: £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 £3,000 over the next 2 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 2023

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 received in January 2018 and a further separate legacy received during 2022 and 2023. 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 2023

12. Unrestricted Funds (continued)

12.
Unrestricted Funds (continued)
Notes
Income and endowments from:
3
Donations and legacies
Charitable activities
Investments
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
2023
2022
£
£
90,595
167,878
4,377
3,714
28,429
8,130
123,401
179,722
10,450
16,880
60,500
60,128
1,287
1,434
33,067
31,730
4,219
4,318
109,523
114,490
-
-
13,878
65,232
(7,800)
(7,800)
-
(75,808)
7,600
7,600
13,678
(10,776)
100,576
111,352
114,254
100,576		 Ministry Fund
2023
2022
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,388
7,388
-
-
7,388
7,388
-
-
(7,388)
(7,388)
-
-
-
-
-
-
(7,388)
(7,388)
404,149
411,537
396,761
404,149		 Unrestricted Funds
Renovations Fund
2023
2022
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,079
3,539
-
-
3,079
3,539
-
-
(3,079)
(3,539)
7,800
7,800
-
-
-
-
4,721
4,261
39,633
35,372
44,354
39,633		 Legacy Fund
2023
2022
£
£
11,881
-
-
-
-
-
11,881
-
1,500
8,400
490
-
-
-
1,029
5,262
-
500
3,019
14,162
1,174
(7,638)
10,036
(21,800)
-
-
-
75,808
-
-
10,036
54,008
664,659
610,651
674,695
664,659		 Total
2023
£
90,595
4,377
28,429		 2023
£
-
-
-		 2023
£
-
-
-		 2023
£
11,881
-
-		 2023
£
102,476
4,377
28,429		 2022
£
167,878
3,714
8,130
123,401 - - 11,881 135,282 179,722
10,450
60,500
1,287
33,067
4,219		 -
-
-
7,388
-		 -
-
-
3,079
-		 1,500
490
-
1,029
-		 11,950
60,990
1,287
44,563
4,219		 25,280
60,128
1,434
47,919
4,818
109,523 7,388 3,079 3,019 123,009 139,579
-
13,878
(7,800)
-
7,600		 -
(7,388)
-
-
-		 -
(3,079)
7,800
-
-		 1,174
10,036
-
-
-		 1,174
13,447
-
-
7,600		 (7,638)
32,505
-
-
7,600
13,678
100,576		 (7,388)
404,149		 4,721
39,633		 10,036
664,659		 21,047
1,209,017		 40,105
1,168,912
114,254 396,761 44,354 674,695 1,230,064 1,209,017

Page 16

SALWAY EVANGELICAL CHURCH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023

13. Restricted and Endowment Funds (continued)

Income and endowments from:
Donations and legacies
Charitable activities
Investments
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
2022
£
-
-
-
-
-
-
-
-
-
-
-
(7,600)
(7,600)
235,600
228,000		 Other Funds
2023
2022
£
£
-
56
-
-
-
-
-
56
-
-
-
-
-
-
-
1,881
-
-
-
1,881
-
(1,825)
-
-
-
(1,825)
398
2,223
398
398
Restricted Funds		 Total
2023
2022
£
£
-
56
-
-
-
-
-
56
-
-
-
-
-
-
-
1,881
-
-
-
1,881
-
(1,825)
(7,600)
(7,600)
(7,600)
(9,425)
228,398
237,823
220,798
228,398		 Gwendoline Martin
Salway Youth Fund
Endowment Fund		 Gwendoline Martin
Salway Youth Fund
Endowment Fund
2023
£
-
-
-
-
-
-
-
-
-
-
-
(7,600)
(7,600)
228,000
220,400		 2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
398
398		 2023
£
-
-
-
-
-
-
-
-
-
-
-
(7,600)
(7,600)
228,398
220,798		 2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
11,338
11,338		 2022
£
-
-
-
-
-
-
-
-
-
-
-
-
-
11,338
11,338

Page 18

SALWAY EVANGELICAL CHURCH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

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
2023
2023
2023
2023
2023
2023
£
£
£
£
£
£
100,576
123,401
(109,523)
(200)
-
114,254
404,149
-
(7,388)
-
-
396,761
39,633
-
(3,079)
7,800
-
44,354
664,659
11,881
(3,019)
-
1,174
674,695
1,209,017
135,282
(123,009)
7,600
1,174
1,230,064
228,000
-
-
(7,600)
-
220,400
398
-
-
-
-
398
228,398
-
-
(7,600)
-
220,798
11,338
-
-
-
-
11,338
1,448,753
135,282
(123,009)
-
1,174
1,462,200

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
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

Page 19

SALWAY EVANGELICAL CHURCH

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023

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
2023
£
£
£
£
280,419
220,400
-
500,819
543,536
-
11,338
554,874
412,091
398
-
412,489
(5,982)
-
-
(5,982)
1,230,064
220,798
11,338
1,462,200

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
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

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 2023 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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. 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.

L du Plessis

Lourens du Plessis ACA CA(SA)

22 July 2024

Stewardship 1 Lamb's Passage London EC1Y 8AB

Page 21