Registered company number: CE011079 (England and Wales) Registered charity number: 1173450
Report of the Trustees and Financial Statements for the Year Ended 31 December 2023 for Tolladine Mission
RD Accounting Limited Chartered Certified Accountants 12C Two Locks Hurst Business Park Brierley Hill DY5 1UU
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Tolladine Mission Contents of the Financial Statements For the Year Ended 31 December 2023
| Page | |
|---|---|
| Charity Reference and Administrative Details | 1 |
| Trustees’ Annual Report | 2-4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8-11 |
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Tolladine Mission Charity Reference and Administrative Details Year Ended 31 December 2023
Charity registration number
Charity registration number 1173450 Company registration number CE011079 Trustees
Mr S Ruddle – Chair Rev J Watson Resigned 31/01/2023 Mr C Russell Ms H Scarrett Mr M Watson Died 30/11/2023 Rev S Northall Mr T Bennett Appointed 26/03/2023
Registered office
20 Shrubbery Road Worcester WR1 1QR
Charities Principal Address 20 Shrubbery Road Worcester WR1 1QR
Independent examiner
RD Accounting Limited 12C Two Locks Hurst Business Park Brierley Hill DY5 1UU
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Tolladine Mission Trustees’ Annual Report Year Ended 31 December 2023
The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
Structure, governance and management
The Tolladine Mission CIO (TMCIO) was set up to provide, when it is financially capable of doing so, funds to assist in the employment of a Missioner who works in the Tolladine area of Worcester, to advance Christian religions in the area, together with the adjacent Parishes.
As stated in previous Annual Reports the TMCIO has been developing a Social Enterprise Project, to address the major issues confronting the Tolladine area. Additional details are noted later in the report. It is our aim that this Project will, in time, produce the funds to support Mission in some format in the Area.
The charity is a founder member of Worcester Grassroots Alliance which brings together local charities in Worcester for shared benefit.
How our activities deliver public benefit
The Trustees have had regard to the guidance of the Charity commission on Public Benefit. The Trustees believe that the activities undertaken during the year, as described below, further its charitable purposes for the public benefit.
Objectives and activities
The object of the CIO is to advance Christian religion for all the people of Tolladine and adjacent parishes.
The Highlights of the year have been: -
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The continuing provision of a property for the supported tenancy in Avon Road, Worcester.
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Continuing discussions with the Diocese of Worcester regarding the use of the Diocesan property in Tolladine Road, with the result of leasing the property from September 2022.
Social Enterprise Project
The TMCIO has continued to develop a Social Enterprise Project to address the major issues confronting Tolladine residents.
We have continued to provide support to the tenant in Avon Road. We are constantly reviewing the support we give the tenant and its effectiveness. By providing support to a vulnerable family, we have enabled the family to stay together in a stable home environment for the past 4 years and met our charitable objectives. We are aware that the interest free loan used to purchase the Avon Rd property needs to be repaid during the summer of 2024which may mean that the property will need to be sold to repay the loan in the next 12 months.
The Tolladine CIO is not in a position at present to support a Missioner and will aim to continue to develop its property portfolio with the aim of generating sustainable funds in the future to support Mission in the area.
The property in Tolladine Road has now been leased by the TMCIO for a period of 15 years, with a view to purchasing the property in the future.
We are subletting the property on a lease that can be reviewed as the development in the Garden progresses. We have commissioned surveys of the property and the garden with a view to developing the garden area and providing environmentally sustainable housing for vulnerable people of Tolladine in the future.
We have appointed an architect to provide drawings/plans which have been presented to the City Planners, with a reasonably positive response.
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Tolladine Mission Trustees’ Annual Report Year Ended 31 December 2023
With regard to the provision of Mission within the area, our primary aim remains to generate the income needed to support Mission work in the Tolladine area, and with the leasing of 214 Tolladine Road and progressing with plans to build in the garden, we are hoping that we are getting closer to providing that support.
We still want to enable church communities across the Diocese to grow in health and sustainability by:
Inspiring local church communities to be ambitious in generating appropriately local responses that enable them to flourish and grow.
Equipping and strengthening church communities by providing training, and by establishing new approaches and forms of support.
Adopting leadership models that support and develop ordained and lay leaders in enabling local church communities to be adaptive, and to grow spiritually, numerically and in depth of discipleship.
Promoting wise stewardship that ensures financial stability and provides the space to deliver a robust growth programme, that increases the number of healthy and sustainable churches.
Tolladine CIO wants to work in partnership with the Diocese of Worcester to deliver Mission in Tolladine alongside social supported housing. We want to use the Tolladine Rd property and its associated land to provide social housing to rent to those who are homeless, disabled, unable to access private rented housing and who need support to maintain their tenancy. The income generated from the social housing will be used to support Mission in the area.
We now have a website – tolladinemission.co.uk
Financial Review & Reserves Policy
For 2023 the charity made a surplus of £153.
The charities reserves stood at £90,802 as at 31 December 2023 (2021: £90,649).
The TMCIO’s policy on reserves is to build up enough reserve, so that at the end of the interest free 5-year period, agreed with our benefactor, we have enough to either buy the property with a mortgage, by putting down a deposit, or repay the loan and invest in future new builds, by selling the property. The reserve needs to cover the work needed to identify what new development is feasible and to potentially acquire our preferred site.
Recruitment and appointment of new trustees
Apart from the first charity trustees, every trustee must be appointed (for a term of three years) by a resolution passed at a properly convened meeting of the charity trustees. In selecting individuals for appointment as charity trustees, the charity trustees must have regard to the skills, knowledge and experience needed for the effective administration of the CIO.
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Tolladine Mission Trustees’ Annual Report Year Ended 31 December 2023
Trustees’ responsibilities
The trustees are responsible for preparing the Trustees’ 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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019 (FRS 102);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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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 Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.
16 / 10 / 2024
This report was approved by the Trustees on……………………………... and signed on the board’s behalf by:
Mr S Ruddle, Trustee
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Tolladine Mission Independent Examiners Report Year Ended 31 December 2023
Independent examiners report to the Trustees of Tolladine Mission
I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity’s 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records: or
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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.
Richard Dunkley FCCA CTA RD Accounting Limited Chartered Certified Accountants 12C Two Locks Hurst Business Park Brierley Hill DY5 1UU
Date: 16 / 10 / 2024
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Tolladine Mission
Statement of Financial Activities (Including Income & Expenditure Account) Year Ended 31 December 2023
| Note Income and endowments from: Donations and legacies 3 Charitable activities Bank Interest 4 5 Total Expenditure on: Charitable activities 6 Net income / (expenditure) Transfers between funds Net movement in funds 12 Reconciliation of funds: Total funds brought forward 12 Total funds carried forward 12 |
Unrestricted funds Restricted funds 2023 Total £ £ £ 2,898 - 2,898 17,704 25 - - 17,704 25 20,627 - 20,627 20,474 - 20,474 153 - 153 - - - 153 - 153 90,649 - 90,649 90,802 - 90,802 |
2022 Total £ 440 10,406 3 |
|---|---|---|
| 10,849 10,784 |
||
| 65 - |
||
| 65 90,584 |
||
| 90,649 |
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Tolladine Mission Balance Sheet
Year Ended 31 December 2023
| Note Fixed assets Programme Related Investments 8 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets / (liabilities) Total assets less current liabilities Creditors: amounts falling due after more than one year 10 Net assets / (liabilities) Charity Funds Restricted funds Unrestricted funds Total charity funds 12 |
Unrestricted funds £ 109,707 82,103 82,103 (101,008) (18,905) 90,802 90,802 |
Restricted funds £ - - - - - - - - |
2023 Total funds £ 109,707 82,103 82,103 (101,008) (18,905) 90,802 90,802 - 90,802 90,802 |
2022 Total funds £ 109,707 |
|---|---|---|---|---|
| 81,806 | ||||
| 81,806 (864) |
||||
| 80,942 | ||||
| 190,649 | ||||
| (100,000) | ||||
| 90,584 | ||||
| - 90,584 |
||||
| 90,584 |
16 / 10 / 2024 The financial statements were approved by the Board of Trustees on ………………………… and were signed on its behalf by:
………………………………………………… Mr S Ruddle, Trustee
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Tolladine Mission Notes to the Financial Statements Year Ended 31 December 2023
1 COMPANY INFORMATION
The charity is a charitable incorporated organisation (CIO) registered with the Charities Commission and governed by a Foundation Model Constitution dated 21 May 2017. The members of the company are the Trustees named in the Report of the Trustees. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements.
2 ACCOUNTING POLICIES
BASIS OF PREPARATION
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.
INCOME RECOGNITION
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably, and it is probable that the income will be received.
EXPENDITURE RECOGNITION
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.
TAX
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
PROGRAMME RELATED INVESTMENTS
Programme related investments includes an investment property which is held for the purposes of providing accessible/affordable housing and support more vulnerable residents.
DEBTORS RECEIVABLE AND CREDITORS PAYABLE WITHIN ONE YEAR
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. The charity does not hold any complex financial instruments.
LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
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Tolladine Mission Notes to the Financial Statements Year Ended 31 December 2023
CASH & INVESTMENTS
Any cash held in bank accounts that is accessible within one month is not considered to be an investment and is therefore recognised as cash on the balance sheet.
FUNDS
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. The charity does not currently hold any restricted funds.
GOING CONCERN
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern.
3 INCOME FROM DONATIONS AND LEGACIES
| Donations 4 INCOME FROM CHARITABLE ACTIVITIES Rental Income 5 INCOME FROM OTHER INCOME Bank Interest |
2023 £ 2,898 2,898 2023 £ 17,704 17,704 2023 £ 25 25 |
2022 £ 440 |
|---|---|---|
| 440 | ||
| 2022 £ 10,406 |
||
| 10,406 | ||
| 2022 £ 3 |
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| 3 |
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Tolladine Mission Notes to the Financial Statements Year Ended 31 December 2023
6 EXPENDITURE
All expenditure is undertaken for charitable purposes and is summarised as follows:
| Worcester Community Trust – Mission Support Accountancy (Accounts Preparation & Independent Exam fee) Mission Expenses / Children’s Camp etc. Repairs & Maintenance Rates Utilities & Insurance General expenses Bank charges Professional Fees Rent |
2023 £ 4,641 1,008 - 1,068 - 1,252 187 60 1,458 10,800 20,474 |
2022 £ 4,284 862 - 2,661 (345) 269 - 5 2,148 900 |
|---|---|---|
| 10,784 |
7 TRUSTEES REMUNERATION AND BENEFITS
The trustees neither received nor waived any remuneration or other benefits during the year ending 31 December 2023 (2022: £Nil)
TRUSTEES EXPENSES
There were no trustees’ expenses paid for the year ending 31 December 2023 (2022: £Nil)
8 PROGRAMME RELATED INVESTMENTS
| COST At 1 January 2023 Additions Disposals At 31 December 2023 |
Freehold Property £ 109,707 - - |
|---|---|
| 109,707 |
9 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accruals Unsecured Loan |
2023 £ 1,008 100,000 101,008 |
2022 £ 864 - |
|---|---|---|
| 864 |
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Tolladine Mission Notes to the Financial Statements Year Ended 31 December 2023
10 CREDITORS DUE AFTER MORE THAN 1 YEAR
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Unsecured Loan | - | 100,000 |
The above loan is provided by Maxwell Jones Studios Limited. The loan carries no interest and is repayable by June 2024.
11 RELATED PARTIES
Stephen Ruddle (trustee) is also a Director of Maxwell Jones Studios Limited (up to 31 May 2024) who have provided the above loan to the charity.
12 MOVEMENT IN FUNDS
All fund movements are in relation to unrestricted funds, there are no restricted funds.
13 LEASE COMMITMENTS
The charity entered into a 15-year operating lease agreement for a residential programme related property in November 2022. Annual rent is currently £10,800 with rent reviews due after five and ten years. Non-cancellable lease payments are due as follows: -
| Within one year Between one and five years After five years |
2023 £ 10,800 43,200 96,300 151,200 |
2022 £ 10,800 43,200 107,100 |
|---|---|---|
| 161,100 |
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