Lincoln Road Chapel
Trustees Annual Report for year ending 31[st] December 2022
Aim and Purposes
The principal purpose of the Church is the advancement of the Christian faith in accordance with Membership Fundamentals. The Church may also advance education and carry out other charitable purposes in the United Kingdom and/or other parts of the world.
The Trustees are also specifically responsible for the maintenance of the Church buildings, the manse at 70 Sutherland Road and the adjacent flats (Beaufort House) at 442 Lincoln Road.
Objectives and Activities
The Trustees are committed to enabling as many people as possible to worship at our church and to become part of the community at LRC. The Trustees maintain an overview of worship in the Church and make suggestions on how our services can involve the many groups that live within the local area. Our service and worship put faith into practice through prayer and Scripture, music and teaching.
When planning our activities for the year, the Trustees have considered the Charity Commission guidance on public benefit, and in particular, the guidance on charities for the advancement of religion. To this end we try to enable ordinary people to live out their faith as part of our church community through:
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Regular public worship, prayer, Bible study, preaching and teaching;
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Communion of the Lord’s Supper which shall normally be observed once a week;
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Evangelism and mission, locally, regionally, nationally and internationally;
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Nurture and growth of Christian disciples;
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Giving and encouraging pastoral care;
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Supporting and encouraging charitable social action in the United Kingdom and abroad;
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Encouraging relationships with and supporting other Christians.
To facilitate this work it is important that we maintain the fabric of the Church and buildings
Achievements and Performance
Worship and Prayer
The Trustees were keen to offer a range of services during the week and over the course of the year that our community find both beneficial and spiritually fulfilling. This includes Bible Study and Prayer Meetings for committed Christians, Gospel and outreach meetings for those exploring the faith. Our Morning Meeting is run in conjunction with a Junior Church to enable and encourage Families with Children to attend.
We held our first Fellowship Meal since the easing of lockdown regulations in 2022, this was held in the Rear Hall following the Sunday Morning Service and was intended as an outreach, but also to encourage interaction and a feeling of community within our congregation.
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Lincoln Road Chapel
Trustees Annual Report for year ending 31[st] December 2022
The Church continues to maintain an online presence, publishing a meeting on You Tube each Sunday and holds a weekly Zoom Meeting for Prayer and Bible Study. We have a WhatsApp Group and Weekly Newsletter to circulate prayer requests and keep the congregation in touch and aware of developments.
All are welcome to attend our regular services. At present the Church has 36 members, with an average attendance on the Sunday Morning Meeting of between 45 and 60 people.
The Church Buildings
After a period of inactivity enforced by Covid, the Trustees have begun a programme to overhaul the Church owned buildings. Work on fixing the leaks in the Main Hall roof were undertaken in February and an upgrade to the area between the halls was undertaken over the Summer Holidays. This included a new roof to this area (the old roof having asbestos content), new Rear Hall doors, and new cupboards and heating.
A full refit of the Upstairs Flat in Beaufort House was also undertaken. This included an upgrade to the insulation, new windows to the rear, new bathroom suite and a new fitted kitchen. A full redecoration was undertaken as well as new carpets throughout
Pastoral Care
During the week the Rear Hall was used by our Toddlers group on Thursday. We have approximately 20 children for each session (morning and afternoon) with a waiting list for the morning session.
We also ran Family Church Days twice in 2022 on a Saturday. This involved craft activities for the Children, a short talk and a meal afterwards. The Christmas themed day was particularly well received with approximately 60 people in attendance, a few of whom were new to the Church.
Some members of the Church were unable to attend meetings due to sickness or age. Pastor Paul Fellows regularly undertook home and hospital visits to any who require this.
Mission and Evangelism
We demonstrated our faith by giving to those in need. Although the Church does not take a collection there were boxes at the back of the Church for those who wished to donate in that way. Any donations made to the Church on the 1[st] Sunday of each month were given to charitable causes. Regular recipients included Tear Fund, FEBA Radio, CAM International and Open Doors UK. The Church also responded to specific appeals.
Financial Review
The Church Finances remained in a satisfactory position. The assembly continues to be dependent on donations made by the Church members and other donors, which for the year ending 31[st] Dec. 2022 totalled £46,163. Other income gained was from Rental Income for Beaufort House (£4,292), Gift Aid receipts (£9,088), Toddler Group Fees (£2,660) Interest on investments (£290) and Legacies (£3,400).
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Lincoln Road Chapel
Trustees Annual Report for year ending 31[st] December 2022
Whilst total expenditure (£92,593) was greater than income by £26,700, this was because of the work undertaken to upgrade the buildings, whilst it is envisaged that work undertaken to Beaufort House will increase rental receipts in the coming years.
Reserves Policy
The Trustees agreed to maintain a balance of £22,000 in the reserve fund, this being part of the £35,000 currently held in National Savings income Bonds. This equates to at least three months unrestricted payments
Volunteers
The work was sustained by the good will of the members who give of their time, skills and money so willingly to enable this ministry to continue.
Structure, governance and management
The Lincoln Road Chapel is a registered charity (Number 1175925). The Churches Constitution (which includes the fundamental beliefs) details the management and governance of the church. The governing body of the church is the board of trustees, currently comprising of four people. The Charity Trustees are responsible for the governance and daily running of the Church acting according to the will of God as discerned by the Church Members’ Meeting and subject to any specific or general directions of the Church Members’ Meeting.
The Trustees meet most weeks to discuss matters arising from the day to day running of the church. In regard to spiritual matters, the pastor and elders may provide guidance and advice as may be necessary from time to time. The full membership of the church meets three times a year to consider all matters of general concern including deciding on how the funds of the church are to be spent.
Special church members meetings can be called should this be deemed necessary.
Administrative information
Trustees Paul Fellows (Pastor) Alan Bocock (Treasurer) Richard Fellows (Treasurer) Sathulu Chilongo Correspondence address 70 Sutherland Road Edmonton N9 7QG Independent Examiner Renata Stamoulis MA, MICB Dip.PM Dip 24 Apple Grove Enfield EN1 3DD
Approved by the Trustees on 28th September 2023 and signed on their behalf by Pastor Paul Fellows
Page 3
Lincoln Road Chapel
Financial Statements for the year ending 31st December 2022
Statement of Financial Activities
| Statement of Financial Activities | |
|---|---|
| Unrestricted Restricted Endowment Total Prior year funds funds funds funds total funds |
|
| Incoming resources Incoming resources from generated funds Voluntary income Investment income Other incoming resources Total income Resources used Charitable activities Other resources used Total expenditure Gains / losses on investment assets Net income / (expenditure) resources before transfer Transfers Gross transfers between funds - in Gross transfers between funds - out Other recognised gains / losses Gains on revaluation, fixed assets, charity's own use Net movement in funds Total funds brought forward Total funds carried forward Represented by Unrestricted General fund Designated Beaufort House Fund Benevolent Fund Bengali Christian Ministry Building Renovation Fund Manse Fund Missionary Mothers and Toddlers Outreach Fund Reserve Fund Sunday School Youth Fund |
61,311 — — 61,311 71,873 289 — — 289 6 4,292 — — 4,292 7,557 |
| 65,893 — — 65,893 79,437 96,593 — — 96,593 46,872 — — — — — |
|
| 96,593 — — 96,593 46,872 — — — — — |
|
| (30,699) — — (30,699) 32,564 34,496 — — 34,496 4,195 (34,496) — — (34,496) (4,195) — — — — — |
|
| (30,699) — — (30,699) 32,564 |
|
| 123,367 — — 123,367 90,802 |
|
| 92,667 — — 92,667 123,367 53,092 — — 53,092 67,197 10 — — 10 5,661 197 — — 197 507 — — — — 296 3,946 — — 3,946 14,811 8,987 — — 8,987 9,432 738 — — 738 874 1,341 — — 1,341 533 1,281 — — 1,281 985 22,000 — — 22,000 22,000 — — — — — 1,070 — — 1,070 1,066 |
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Balance Sheet
| Balance Sheet | |
|---|---|
| General Designated Restricted Endowment This year Last year |
|
| Current assets Investments Cash at bank and in hand Net current assets less current liabilities Total assets less current liabilities Total net assets less liabilities Represented by Unrestricted General fund Designated Bengali Christian Ministry Building Renovation Fund Benevolent Fund Outreach Fund Mothers and Toddlers Youth Fund Missionary Beaufort House Fund Manse Fund Reserve Fund Funds of the church |
— 35,000 — — 35,000 35,000 53,092 4,574 — — 57,667 88,367 |
| 53,092 39,574 — — 92,667 123,367 |
|
| 53,092 39,574 — — 92,667 123,367 |
|
| 53,092 39,574 — — 92,667 123,367 |
|
| 53,092 39,574 — — 92,667 123,367 53,092 — — — 53,092 67,197 — — — — — 296 — 3,946 — — 3,946 14,811 — 197 — — 197 507 — 1,281 — — 1,281 985 — 1,341 — — 1,341 533 — 1,070 — — 1,070 1,066 — 738 — — 738 874 — 10 — — 10 5,661 — 8,987 — — 8,987 9,432 — 22,000 — — 22,000 22,000 |
|
| 53,092 39,574 — — 92,667 123,367 |
Statement of assets and liabilities
| General Designated Restricted Endowment This year Last year |
|
|---|---|
| Current assets - Cash at bank and in hand Bank current account - Bank reserve account - Totals Current assets - Investments NS&I Income Bonds - Totals Grand total |
60,464 (9,171) — — 51,293 82,297 (1,247) 7,621 — — 6,373 6,070 |
| 53,092 4,574 — — 57,667 88,367 — 35,000 — — 35,000 35,000 |
|
| — 35,000 — — 35,000 35,000 |
|
| 53,092 39,574 — — 92,667 123,367 |
Page 5
Fund movement by type
| und movement by type | |
|---|---|
| Opening Incoming Outgoing Transfers Gains/losses Journals Closing |
|
| BCM - Bengali Christian Mi Designated Sub-total for BCM CommFD - Outreach Fund Designated Sub-total for CommFD General - General fund Unrestricted Sub-total for General MothTodd – Toddlers Group Designated Sub-total for MothTodd Youth - Youth Fund Designated Sub-total for Youth Mission - Missionary Designated Sub-total for Mission Beaufort - Beaufort House Fund Designated Sub-total for Beaufort Manse - Manse Fund Designated Sub-total for Manse Reserve - Reserve Fund Designated Sub-total for Reserve Building - Building Renovation Designated Sub-total for Building Bene - Benevolent Fund Designated Sub-total for Bene Grand total |
296 — — (296) — — — |
| 296 — — (296) — — — 985 — — 296 — — 1,281 |
|
| 985 — — 296 — — 1,281 67,197 53,655 33,960 (33,800) — — 53,092 |
|
| 67,197 53,655 33,960 (33,800) — — 53,092 533 2,660 1,651 (200) — — 1,341 |
|
| 533 2,660 1,651 (200) — — 1,341 1,066 12 7 — — — 1,070 |
|
| 1,066 12 7 — — — 1,070 874 5,133 7,270 2,000 — — 738 |
|
| 874 5,133 7,270 2,000 — — 738 5,661 2,132 34,782 27,000 — — 10 |
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| 5,661 2,132 34,782 27,000 — — 10 9,432 2,160 2,605 — — — 8,987 |
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| 9,432 2,160 2,605 — — — 8,987 22,000 — — — — — 22,000 |
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| 22,000 — — — — — 22,000 14,811 — 15,865 5,000 — — 3,946 |
|
| 14,811 — 15,865 5,000 — — 3,946 507 140 450 — — — 197 |
|
| 507 140 450 — — — 197 |
|
| 123,367 65,893 96,593 — — — 92,667 |
Page 6
Analysis of Income and Expenditure
| Unrestricted Designated Restricted Endowment This year Last year INCOME AND ENDOWMENTS Incoming resources from generated funds - Voluntary income 0101 - Gift Aid Standing Order 18,090 — — — 18,090 19,260 0102 - Gift Aid Bank Transfer 8,274 500 — — 8,774 8,385 0110 - Gift Aid Envelope scheme 5,761 100 — — 5,861 8,620 0115 - Gift Aid Small Plate 2,421 1,421 — — 3,842 — 0120 - Church offerings 6,331 2,564 — — 8,895 9,982 0303 - Sundry collections — 2,660 — — 2,660 182 0601 - Income tax recovered 9,088 — — — 9,088 9,607 0850 - Special Gift Non-Gift Aid 3,400 700 — — 4,100 15,836 0851 - Special Gift - Gift Aid — — — — — — Total 53,365 7,945 — — 61,311 71,873 Incoming resources from generated funds - Investment income 1020 - Interest received 289 — — — 289 6 Total 289 — — — 289 6 Other incoming resources 1030 - Rent — 4,292 — — 4,292 7,557 Total — 4,292 — — 4,292 7,557 |
Unrestricted Designated Restricted Endowment This year Last year INCOME AND ENDOWMENTS Incoming resources from generated funds - Voluntary income 0101 - Gift Aid Standing Order 18,090 — — — 18,090 19,260 0102 - Gift Aid Bank Transfer 8,274 500 — — 8,774 8,385 0110 - Gift Aid Envelope scheme 5,761 100 — — 5,861 8,620 0115 - Gift Aid Small Plate 2,421 1,421 — — 3,842 — 0120 - Church offerings 6,331 2,564 — — 8,895 9,982 0303 - Sundry collections — 2,660 — — 2,660 182 0601 - Income tax recovered 9,088 — — — 9,088 9,607 0850 - Special Gift Non-Gift Aid 3,400 700 — — 4,100 15,836 0851 - Special Gift - Gift Aid — — — — — — Total 53,365 7,945 — — 61,311 71,873 Incoming resources from generated funds - Investment income 1020 - Interest received 289 — — — 289 6 Total 289 — — — 289 6 Other incoming resources 1030 - Rent — 4,292 — — 4,292 7,557 Total — 4,292 — — 4,292 7,557 |
|---|---|
| 289 — — — 289 6 — 4,292 — — 4,292 7,557 |
|
| — 4,292 — — 4,292 7,557 |
|
| INCOME TOTAL | 53,655 12,237 — — 65,893 79,437 |
| EXPENDITURE Charitable activities 2200 - Heating, light and water 2201 - Insurance 2203 - LBE Rates 2231 - Cleaning 2232 - Other working expenses 2233 - Building maintenance 2234 - Catering 2235 - Audio and Visual 2500 - Ministerial Net Pay 2501 - Travel Expenses 2502 - Visiting Ministry 2600 - Publicity 2610 - Flowers 2620 - Church Secretary Expenses 2630 - Gifts and Prizes 2640 - Stationary 2650 - Arts, Crafts and Activities 2660 - Safeguarding Expenses 2700 - Missionary Payment 2710 - Benevolent Fund gift Total |
2,142 1,349 — — 3,492 1,948 1,472 1,064 — — 2,536 2,360 — 160 — — 160 — 272 52 — — 325 62 2,180 1,861 — — 4,041 3,269 838 49,019 — — 49,857 4,095 160 503 — — 663 60 379 — — — 379 2,087 21,750 — — — 21,750 21,816 — — — — — — 380 — — — 380 120 522 — — — 522 1,693 834 — — — 834 460 54 — — — 54 235 — 365 — — 365 66 19 — — — 19 — 19 536 — — 555 292 640 — — — 640 137 — 7,270 — — 7,270 5,205 — 450 — — 450 227 |
| 33,960 62,633 — — 96,593 46,872 |
|
| EXPENDITURE TOTAL | 33,960 62,633 — — 96,593 46,872 |
| GRAND TOTAL | 19,695 (50,395) — — (30,699) 32,564 |
Page 7
LINCOLN ROAD CHAPEL ACCOUNTS 1st Jan. to 31st Dec 2022 RECEIPTS AND PAYMENT
Charity Commission Registered Charity No. 1175925
| Offerings (Gift Aid) Offerings & Special Gifts (No Gift Aid) Gift Aid Small Donations Toddler Group Fees Benevolent Fund Receipts (Gift Aid) Benevolent Fund Receipts - (No Gift Aid) Designated Offerings - Missions (Gift Aid & GASD) Designated Offerings - Missions (No Gift Aid) Legacies Interest: Bank & Investment Accounts Rent Income: Beaufort House Tax Recovered from HMRC (Gift Aid Receipts) RECEIPTS - OTHER RECEIPTS FROM ASSETS RECEIPTS - VOLUNTARY |
2022 32,125.10 6,343.50 2,421.10 2,660.00 0.00 140.00 2,021.70 3,112.00 3,400.00 52,223.40 289.99 4,292.00 4,581.99 9,088.05 65,893.44 123,367.28 189,260.72 23,914.80 380.00 1,659.72 522.21 600.00 27,076.73 4,531.30 3,290.96 2,214.00 778.97 25,381.12 13,069.00 6,120.00 2,796.00 58,181.35 |
2021 34,404.70 8,345.00 1,830.00 200.00 130.00 100.00 2,750.00 1,455.00 13,051.58 |
|---|---|---|
| 62,266.28 | ||
| 6.41 7,557.00 |
||
| 7,563.41 | ||
| 9,607.32 | ||
| Total Receipts | 79,437.01 | |
| TOTAL Bank Balances at 1st Jan. 2022 |
23,978.68 120.00 301.23 1,428.85 1,000.00 |
|
| Salary/Allowances/Income Tax Visiting Ministry Junior Church & Toddler Group Publicity & Evangelistic outreach Annual Offering to A.O.G. Council Tax & Insurances Utilities (Gas, Electricity & Water) Repairs, Maintenance & Improvements Grounds Maintenance & Tree Surgery Re-fit Beaufort House 1st Floor Flat New Roof, Doors & Cuboards Etc. (Between Halls) Boiler Replacement & Heating Upgrade (B.H. Grd Floor Flat) Upgrade Main Hall Electrics PAYMENTS - MINISTRY PAYMENTS - PROPERTY |
||
| 26,828.76 | ||
| 3,947.93 1,564.52 4,479.34 570.00 0.00 0.00 0.00 0.00 |
||
| 10,561.79 |
Page 1 of 2
| Stationery Catering (Family Church, Joint Meetings etc.) Audio & Visual Miscellaneous Toys & Arts/Craft Materials Gifts & Prizes Cleaning Safeguarding Expenditure Church Flowers & Cards Accounts (Software, Examination etc.) World Mission & Relief Appeals Benevolent Gifts PAYMENTS - GIFTS PAYMENTS - ADMINISTRATION |
|
|---|---|
| Total Payments | |
| Bank Balances at 31st Dec. 2021 TOTAL |
|
| NatWest Current a/c NatWest Business Reserve a/c National Savings Income Bonds |
ASSETS - With approximate value
| ASSETS - With approximate value | |
|---|---|
| Lincoln Road Chapel, Ponders End, Enfield, EN3 4AH | £500,000 |
| Beaufort House, 442 Lincoln Road, Enfield, EN3 4AH | £500,000 |
| The Manse, 70 Sutherland Road, Edmonton, N9 9QG | £400,000 |
These properties are held mortgage free in the name of the Trustees for Lincoln Road Chapel
Page 2 of 2
For Attention of:
Richard Fellows, Head Trustee
& Trustees:
Alan Bocock
Chilongo Sathulu
Rev Paul Fellows
October 2023’
Lincon Road Chapel
Registered Charity Number:1175925
Independent Accounts Examination
1[st] January – 31[st] December 2022
1
Lincoln Road Chapel Lincoln Road, Ponders End, EN3 4AH.
.
Independent Accounts Examination 2022’
THE REPORT
Content:
- Charity Outline page 3 2. Charity Commission Directions page 4 3. Examination as per guidance in the Charity Act 2011 page 5-9 4. Additional Work Related and References page 9 5. Closing Statement page 10
2
Lincoln Road Chapel Independent Accounts Examinaton to 31[st] December 2022
1. Charity Outline
Lincoln Road Chapel is a Registered Charity aiming to spread the Christian Faith, educate and train young people and stand by those in need. It achieves its goals through Sunday Service Worship, Bible Studies and provision of activities to local communities, such as Sunday School, Mothers and Toddlers and Youth Group and through the distribution of goods and financial support of other Local and International Charities.
The Charity's income is based on donations by the church members and associates from regular activities and contributions from respondents to appeals. Charity fully met its financial objectives in 2022, collecting for several causes and making meaningful financial decisions regarding the renovation of Beauford's House.
Due to the above decisions, the total expenses are much more significant than the income and previous year's expenses.
Trustees, however, carefully planned financial recovery from the burden of building maintenance investment. As expected, rental income will yield more now than when the property needed renovation and rent was under market value.
In the year ending 31[st] December 2022 Income was £ 65,893 (rounding discrepancies thorough the Reports) comprising of - Gift Aid Total £36,567, Church offerings £8,895, Sundry collections £2,660, Income tax recovered £9,088, Special Gift Non-Gift Aid £4,100, - Interest received £289, Rent £4,292.
The above are Income general classifications. They are detailed in accounts as funds move by Unrestricted (£53,655) or Designated (£12,237) type Fund.
Charity’s Accounts are prepared on a Receipts and Payment basis, meaning that all income and expenditure are recorded within the accounting period, and no bill or invoice is accrued or prepaid.
In this examination, I look only at the Charity Commission Directions that relate directly to Lincoln Road Chapel accounts’ and are on the Receipts and Payment basis.
3
Lincoln Road Chapel Independent Accounts Examinaton to 31[st] December2022
Independent Examination as per Charity Commission Directions
| Directon | Directon Heading | Applicable to Receipts and Payments Accounts |
|---|---|---|
| 1. | Check if the Charity is eligible for an Independent Examination |
✓ |
| 2. | Check if there are conflicts of interest preventing the Examiner from undertaking the task |
✓ |
| 3. | Record independent examination | ✓ |
| 4. | Plan the independent examination | ✓ |
| 5. | Check if the accounting records are kept to the required standards |
✓ |
| 6. | Check that the accounts are consistent with the accounting records |
✓ |
| 7. | If the accounts are prepared on an accruals basis and one or more related party transactions took place the examiner must check if these were properly disclosed in the notes to the accounts |
_ |
| 8. | Check the reasonableness of the significant estimates and judgments and accounting policies used in accounting for the types of fund held and in the preparation of the accounts |
✓ |
| 9. | The examiner must check whether the trustees have considered the financial circumstances of the charity at the end of the reporting period and, if the accounts are prepared on an accruals basis, check whether the trustees have made an assessment of the charity’s position as a going concern when approving the accounts |
Part |
| 10. | Check the form and content of the accounts | ✓ |
| 11. | Identify items from the analytical review of the accounts that need to be followed up for further explanation or evidence |
✓ |
| 12. | Compare the trustees’ annual report with the accounts |
✓ |
| 13 | Write and sign the independent examination report |
✓ |
| - Statutory duty to report matters of material significance to the Commission. - Examiner’s discretion to report relevant matters to the Commission |
4
Lincoln Road Chapel Independent Accounts Examinaton to 31[st] December2022
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Lincoln Road Chapel’s Qualifying Thresholds for Independent Examinations are Grand Total Income at Net Value* of £65,891, which is below the £1 million or £250,000 (if considered along the value of assets, which is required to be below 3,26 million)
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After taking off the Expenses
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None
-
The process of Independent Examination is recorded in “Notes” that will be accessible for six years after the Examination.
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Plan
-
Confirming that an Independent Examination is required rather than an Audit of the Accounts
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Agreeing the Purposes and Terms and Conditions of the Examination – Letter of Agreement
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Setting up dates for the examination and completion
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Arranging access to the manual and online files
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Detailed examination of Accounts of Lincoln Road Chapel as per guidance in the Directions and Appendix in the Charity Commission Directions
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Weekly briefings and correspondence with Mr R. Fellows, representing the Trustees, to expand topics picked up in the Examination.
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Keeping regular Notes, updating with the work done, planning questions, and recording explanations.
-
Drawing conclusions Writing and signing the Report
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Follow up – Ensuring the presentation of the Report to the Trustees and that the Accounts are submitted to the Charity Commission by the Deadline of 31st of October.
AML check with ICB*
ICB* - the Institute of Certified Bookkeepers
- Upon examining the financial records, I can state with confidence that the documents are kept to good standards, are sufficient and as per requirements. The manual binder is well organised, detailing transactions that can be verified across online records.
5
Lincoln Road Chapel Independent Accounts Examinaton to 31[st] December2022
Direction 5 Continued
A system of notes and references is maintained, allowing us to easily check bills, receipts, Gift Aids, non-Gift Aid Payments, Bank Statements, etc. Documentation is supporting the events and charitable actions carried out.
- Accounts of Lincoln Road Chapel are prepared with diligence and care, are updated regularly and checked by the three Trustees of the Lincoln Road Chapel for accuracy and adherence to the requirements.
I checked the figures from online records selectively against manual files, and they do accord. Financial reports may, however, display negligible differences due to the software rounding up. Charity’s income is traceable, and sources are clearly defined as per the fund to which purpose they serve as expenditure. In the General Fund, we find all charitable income that the Donor does not purposefully mark. On the contrary, the Designated funds collect and distribute sums set aside to address the Donor’s wish generally but do not qualify as Restricted Funds (for the specific purpose). Those principles are well kept in the accounts of Lincoln Road Chapel, and Mr R Fellows representing the Trustees, expressed his continuous commitment to the improvement of fund flow presentation in the accounts.
I have discussed several funds with Mr R. Fellows, and found out about careful financial planning for activities such as building maintenance of Beauford House, one of the buildings belonging to LRC and what controls were in place to detect and correct entries if the Trustees in hindsight deemed the money spent, should have been accounted differently that is as coming out from the different fund.
Throughout the accounts, consistency of detail is maintained. At the same time, the presentation is straightforward enough to enable a laic person to conclude the activities and their sources of finance without any in-depth study.
-
N/A
-
Above (in Direction 6), I explained how the Trustees of Lincoln Road Chapel plan for activities and the process put in place when considering substantial expenses from funds. Positive and the possibility of the negative impact of its decisions in the long term. Similarly, recording the transfer of funds is well-discussed, documented and reviewed. Regular meetings and discussions help spot any possible accounting mistakes
6
Lincoln Road Chapel Independent Accounts Examinaton to 31[st] December2022
Direction 8 Continued
quickly. Mr R. Fellows gave me several examples of Trustee's teamwork to eliminate errors and strive for accurate accounting. Moreover, I am pleased with the explanation of the planning, estimating, and judging of how the financial decisions would impact the future financial position of the Charity. Here, I will give an example of how well-thought-out the project of renovations of the Beuford House, belonging to the Charity. The investment is now expected to pay off, and the rental income will bring two or three-fold monthly profit compared to before the renovation.
The reasoning behind the classification of Funds and their use in the process of activities is present throughout the accounts is satisfactory, and this part is under continuous development to strive for perfection.
In summary, the Trustees of Lincoln Road Chapel display skills, care diligence and a good understanding of different types of funds when preparing accounts. They manage the accounts well, ensuring that they reflect the Charity's Work and that the Flow of Funds is accurate per the work undertaken.
- The financial position of the Charity at the end of the financial year has been discussed at the Trustees' last meeting of the year and additionally presented in the Trustees' Annual Report.
Trustees are confident of their financial decisions in 2022', about the renovation of Beauford House and knew beforehand the economic impact of this expense. Having meticulously planned this expense, Trustees now expect the money spent on renovation to "pay itself back" in the form of increased rental income. Despite the greater expense total in 2022, the Charity's financial position is growing strong considering the number of regular donors and Cash in Bank and Hand and Current Assents Investments.
Mr R. Fellow’s explanations and the Trustees' Annual Report reasonably state that the Trustees have considered Charity’s position at the end of the financial year.
7
Lincoln Road Chapel Independent Accounts Examinaton to 31[st] December2022
- Lincoln Road Chapel prepares its accounts on a Receipts and Payments basis. I have checked the Content of the Accounts and the qualifying criteria for choosing the Receipts and Payments format. As Charity is a non-company type whose gross income is below £250 000; it is eligible to prepare the accounts on a Receipts and Payments basis. Therefore, the Accounts of Lincoln Road Chapel are in the correct format.
I have checked the Content of Manual and Online Files maintained on the Software Finance Coordinator. I looked through the Receipts, Bills, Gift Aid Records, Bank Statements, List of Non-Invoice Payments and Reports. I have additionally run several Reports on the Finance Coordinator to verify the information and to create independent picture of the Charity’s accounts. Records are kept to good standards, considering the work necessary for accurate filing and manual inputs on software. Charity Trustees strive for continuous improvement.
- A sound reconciliation system leaves little room for error or discrepancies. Though differences come up in the Reports, those are negligible due to the rounding up. Accounts are triple checked by the Trustees of the Lincoln Road Chapel so that this responsibility is shared, and errors minimised.
Following last year’s recommendations to improve the identification of all GA, a system of Gift Aid submission to HMRC through another software called Donations Coordinator and reconciliation with the Finance Coordinator, where GA is primarily recorded, has been put in place. It improved the analytical view of the accounts; the transactions are traced from the source to submission to HMRC. The accounts are thus transparent.
- The Trustees Annual Report of Lincoln Road Chapel is a comprehensive document providing in-depth information about the Charity, goals, work, performance and financial position in the year ending 31st December 2022. This document alone can determine opinion about Lincoln Road Chapel due to the detail of information it covers.
I have verified information on the Annual Report against the Accounts of Lincoln Road Chapel and did not identify any significant inconsistencies.
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Lincoln Road Chapel Independent Accounts Examinaton to 31[st] December2022
Direction 12 Continued
There are slight differences in Expenditure as per Fund between the Trustee's Annual Report (Unrestricted: £33,960, Designated: £62,633) and the Reports I run (Analysis of Income and Expenditure, for example, with Unrestricted:34,280, Designated:62,313) however, I accept the difference as Mr R. Fellows has provided details about the expense reclassified following the handover of the accounts. Also, as mentioned above, the rounding discrepancies are in the Reports.
I have looked at the accounts of the previous years, the income and the expenditures, and those are consistent with the income in 2022. The expenses in 2022 are much more considerable than last year, but those were necessary, understandable and planned building renovation expenses.
- Information on the pages of this document is the Independent Examination Report completed on the 30th of October 2023. Legal References:
Charity Commission Guidance
Independent Examination of Charity Accounts -www.gov.uk https://register-of-charities.charitycommission.gov.uk/ Companies Act 2006
Additional Requirements: A statutory duty to report matters of material significance to the Commission. Examiner’s discretion to report relevant issues to the Commission.
AML (Anti-Money Laundering) checks under supervision of the Institute of Certified Bookkeepers.
ICB Client Record No: 155736
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Lincoln Road Chapel Independent Accounts Examinaton to 31[st] December2022
Statement: Upon examining the Accounts of Lincoln Road Chapel, Registered Charity number 1175925, I have no concerns, and no significant matters came to my attention.
Renata Stamoulis MA, Independent Examiner MICB Full Member
Mr Richard Fellows Representing the Trustees of LRC
30/10/2023
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