SAINT PHILIPS CHAPEL STREET Charlty Reglstratlon numl)er.' 117T290 TRUSTEES REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
SAINT PHILIPS CHAPEL STREEr Registered Charity Number: 1177290 Trustees: Gordon Nixon Jacob Maitland Abigail Summerton Efua Coleman Tanja Jones Agnieszka Hawkins All Yeoman Phil Whitman Sara Timms Sarah Moring Tiziana Bumham Shemuel Sheik {appointed 16 April 2023) Po Yi Boggie Tam (appointed 16 April 2023) Andreas Fink-Jensen {appointed 16 April 2023) Registered Offlce: st. Philips Church 2 Wilton Place Salford M3 6FR Independent Examiner: C J Goodh8ad FCA Knight Goodhead Limited Chartered Accountants 7 Boumernouth Road Chandlerfs Ford, Eastleigh Hampshire S053 3DA Bankers: CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ
SAINT PHILIPS CHAPEL STREEr TRUSTEES, REPORT FOR YEAR ENDED 31 DECEMBER 2023 The trustees present their report and )unIS for the year erKled 31 December 2023. The accounts have been prepared in accordan with the accounting wlicies set out in note1 to the accounts and comply with the charities governir)g document, the Charities Act 2011 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland {FRS102). STRUCTURE, GOVERNANCE AND MANAGEMENT Saint Philips Chapel Street is part of the Church of England. Leadership of the overall vision and strategy of the church is the resp)nsibility of the Rector, Rev'd Gareth Robinson, whilst the governan of the church - making sure y do what we say we're going to do and look after the building etc- is in the hands of the PCC (Par¢xhial Church Council). The PCC functions like the trustees board of a charlty and meets four tlmes a year. The executive of the board, comprising the Clergy, Church Wardens, Treasurer and Secretary, is the Standing Committee which meets monthly. The PCC is an elected body made up of people on the Church Electoral Roll. Anyone who has worshlped wlth us for six months can sign up to be on the Electoral Roll, which allows you to vote at the Annual Parochial Church Meeting when we elect new PCC members. PCC representatives are elected for three years, and so each year a third of Ihe PCC is re-elected. The staff team work to implement the vision ofthe church under the leadership of the Rector and the govemance of the PCC. ACHIEVEMENTS AND PERFORMANCE 2023 has been an exciting and challenging year for St Philips Chapel St, from applying to withdraw the investment fund to purchase of a property to house our DY students to employing an additional outreach staff member, Michelle Delaney to work with Lizzy. Pemiission to withdraw the funds has been lengthy with Jacob Maitland, one of our valued wardens putting in many hours to achieve this. Approval was finally granted post year end for the purpose of purchasing a propety to house our DY students. Fortunately, the Investment Fund recovered £17,179 of the £23,320 loss of 2022. Application for fvnding for Outreach staff salaries was not as successful as we had hoped for, receiving only £5,961.33. We were able to recover the shortfall due to nol having a Kids Ministy worker for 2023. Staff, volunteers and church members have been supportive by taking on additional duties to compensate for the absence of a Kids Ministry Worker.
SAINT PHILIPS CHAPEL STREEr TRUSTEES, REPORT FOR YEAR ENDED 31 DECEMBER 2023 Our financial position was n&Jatively imp&ted durirhJ 2023 due to cOstf-1lVirQ increases in general running costs expenses, shiNlfall in funding for salaries and overspending in some areas. As a result of the overspending, Standing C(Mnmittee durirYJ December 2023 has documented remedial measures and shared this with PCC. An extrxt is included below: Moving foN8rd and likety ov8r thg fvll next financial year we cannot continue to spend on anything that is not essential to recover from the deficit this year. We must 81so be prudent in looking or the best de81s possible 8nd not just buwng the first thing that we s8e that we think w8 n88d. We are not in 8 position to buy best in c18&S items 8t 811 times. More r8sponsibilty is r8quired by the individual budget holders to m8n8g8 thr own spending in accordance with the budget they are eKh given. This could feature as part of the y88r end appraisal where they can be held accountable for how effectively they are spending, Hopefvlly this comes auoss 8s an empowen'ng move as opposed to anhing else. We recommend a monthty meeting belween Ags and each budget holder where the budget holder reports spending for the month providing all repts and or invoices received. This ensures the budget holders are aware of how close to the budget they are at each month in the year. If they are onty in Feb and they have spent 30% of their annual budget, then questions can be asked as to why and how th8ypl8n to m8n8ge spending for the rest of the year. As a fvrther control measure, stld h8v8 8 spending matrix whereby any budget holder who is trying to SP8nd more th8n £txJ requires sign off from Ags and any spending over £[2x] requires sn of from Ags and G8reth and spending over q3x] requires sign off from Ags, Gareth and a Ward8mTreasurer.
SAINT PHILIPS CHAPEL STREET TRUSTEES, REPORT FOR YEAR ENDED 31 DECEMBER 2023 To recap, Budget holders for each category of expenditure are as follows.. Worship and Tech Team Youth and Students Kids (cuffently, but will change when with staff reshuffle next year) Preaching, Teaching, Worship Leading Outre8ch and Community Gener81 Office- Clear guid81in8S 8r8 needed when allocating expenses to ensure other department expenses are not inGlud8d in this catego Building Maintenance Major & Minor Rep81rs James H8rrison Alice Young T8nj8, Ems, All and/or Lizzy Gareth zzy Ags Ags Ags, Lizzy & G8r8th- 3 quotes are required and decisions are a joint effort, Ags at the request of others Ags with extra r8quests from Lizz & Gareth Ags at the r8qU8St of 'zz & Gar8th Christmas & Easter Refreshments Pastoral Fund
SAINT PHILIPS CHAPEL STREEr TRUSTEES, REPORT FOR YEAR ENDED 31 DECEMBER 2023 Project Pearl was registered as an independent charity hence all fijnds received during 2022 and 2023 were paid over to the charity. The Income & Expenditure summary telow has these values in italics for'true, comparative purposes. Unrestrlcted Funds Restrlcted Fund8 Income on Investment Fund TOTAL 2023 TOTAL 2022 INCOME 221,994 72,140 294,134 294,033 270,265 excluding 23, 768 belonging to Proi6Ct Pearl EXPENDITURE 226,991 94,757 321,748 276,434 293,322 excluding 28,426 pa over to Project P88rt for awnparison 28,426 paid OV8r to Proied P88rt NET LOSS (4,997) (22,61n 17,169 (10,455) {5,631) For infomiatlon onty.. NETINCOME Excl Project Pearl & Investment Income (4,99n 5.809 812
SAINT PHILIPS CHAPEL STREET TRUSTEES, REPORT FOR YEAR ENDED 31 DECEMBER 2023 Cash Summary at 31 December 2023: 2023 2022 Debtr)rs 5,931 7,488 Cash at bk and in hand 57,992 82,305 Credrtors 17,925) {4,020) N8t Current Assets 55,998 85,773 ForinfomJaiJon 0y- Less £22,753 to P88rt at 31 D8c 2022 (22, 753) 63,020 55,998 (6.011} Funds I Cash Flow at 31 December 2023: Nel CurrMtA88•ts 55,998 Restricted Funds: Ccrfnmunity Outrea 8.789 Heritage & Sethd (trese fund groutls ill ce&se b8 in Outre&h fuThJs are de[1 in 2023.} 3,146 ACTS435 1.862 Bags of Ho 10,548 Ukraine 182 TOTAL RESTRICTED FUNDS 24527 Net Cunent Assets (OKffithJn4) eXdng Resti1Cl FuTrts 31.471 Deslgnated Funds: Chapel Tots 63 Church Planting 25,270 Tanzania Building ReVekIknt 3,672 TOTAL DESIGNATED FUNDS 31,005 Nel &Krent Assets (oKwn) c)Jnsthring D&sh3n8d Furnls 466
SAINT PHILIPS CHAPEL STREET TRUSTEES, REPORT FOR YEAR ENDED 31 DECEMBER 2023 Grants: SDF2 Grant- This grant provided the funds fcy our Ops Managerfs salary and the rental of the Angel Centre for our Children's Ministy every Sunday in 2023. The grant will be depleted at the end of 2024. There are options for other salary grants which are available for application in April 2024. Staffing change8 effective January 2023: Michelle Delaney joined the outreach team. Lizzy Robinson's role was upgraded to Team Leader. Oli Holt employed for 8 hours a month as an lministrative &ssistanL DY Studont8: Our 2 DY students are invaluable in assisting with multiple ta8ks at the church. Their inwt at the Food Bank on Tuesdays has been very well received by the attendees. In September 2023 tC*Jk on 2 new students who are currently attending the hub in Leeds, Church members have been generous in helping with accommodation and travel costs lo Leeds. Our goal is to house the students in our own proFety and to become a DY leaming hub. Outreach: Outreach CtInueS to be a strong foujs urKler the leadership of Lizzy Robinson with the assistance of Michelle Delaney. Prqts indude BaJs of Hope which gave £4,988.56 (excluding bags donatgj) worth of bags filled with essentials like toiletn'es, scKks atHJ underwear. St Philip's love and ccrtnpassion for the omimunity it serrfes is shown through it's initiates like the Fobank, Dropin Café, street ministries and many other outreach actiwties.
SAINT PHILIPS CHAPEL STREEr TRUSTEES, REPORT FOR YEAR ENDED 31 DECEMBER 2023 Budget 2024: We have budgeted for a minor loss I breakeven which is dependent on Salary grant income 01 £38,325 and strict contrd (rf expenditure. We have also been very conservative with income from Giving zero increase from 2023 and have faith that we will be over budget. Salary Expenses Comparative: 2022 95,946 2023 121,712 2024 8udgetsd 149,677 Regular Giving Comparati%p: 2022 151,545 2023 172,064 2024 Budgeted (conservative budget) 172,500 R8servas Policy: This policy was ajreed by the Standing Committee in 2021 with the goal to build reseprfes funi to cover 2 months of Nnning costs and 3 months of salaries. Regrettably we have not been able to contribute tovRrts this Yund,. At this point V have negligible free reseNes other than the DeSnated Funds set aside predominantly for Church Planting. Remedial measures to monitor spending and assign resF4)nsibility to revant budget holders have been put in pla and rep to the PCC as detaibed one pwJe1 of this report. I . BL4RAJirfW a7. 03. 27103124
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SAINT PHIUPS CHAPEL STREET I reFQrt to the trus on my exaninic¥) ofts aXOts of Sant f4Nlros Stre& year end&J 31 Cter 20rJ sel p4es 10 to 21. RESPONSIBILMES AND BASIS OF REPORT As the trustees of the charity Y are re¥rf)rsitle for axwunts in wfjlh the rg]uirements Of Charibes Act 3)11 ZJ11 Acri. Having satisfi&l that ts ¥xnL$ Lrf r4uirvJ to L u[r P 16 of th8 3x6 Act aThJ are elKJitAe for iTrJeFendent eXinall(, I fep)rt in rwt of my exarninati of your charitys (yjnts as carriuj out uTrJef secbon 145 of 2011 Art In carrrj ¢xrt my eXanlnatk I have fdloed the Direcbons gi by ts Charity c(miSsion UrCl415)1bl 2011 ACL INDEPENDENT EKAMINER'S STATEM Since chari$ gross i)me excJ•J £2,[1) r ex1 MLSI te a Mernt of a trKJy list&1 in tion 145 cl the 2011 ACL I confimi th l am qualtrth to wjertthe ts eXamInab because l am a rnember of Ihe Inslitute Crf Chater&J AcoJuntJbts in E11 aThJ waes, wl¥ch is ol tolies. I have compkJ my examinaLw)n. I lfim7 Ika matus hm c£ffle to my in wilh examinatkjn gi¥iThJ cajse to tdieve tha in Y materd rnSFrft 11 untiTrj rK4Nds MEre ffsl keFrt li rew chaity as by wtion 1XJ ofts 3)11 kt. or 31 ts )Xnts do 1th aFPl r8wiremerts ccrf¥2miro the fcm conterrt cl ounts set out in the Ctsrities (Accwnts ReF(Srtsl R83ulaliJns than any requirernent that the nts give a aTrJ fair is a rnattw asjer as part of iThJeteThJent examination,. or 41 annual W is Th)t (x1tht ith ts ax?). I have no aThd have xr(65 ro mate[5 Hi with examinalth to whh attenti sId be drwm in tris rep)rt in &e a thè a>)Mts to b& C J C£tslhead FCA KnbJhl Cjhea MI1 ch$ F(¥d, E*iJh Hp$'[e SC63 3DA Daw. l APJ tsut
SAINT PHILIPS CHAPEL STREET STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrfcted Rejtrlcted Endwnent fund5 fund• funds Total Total 2022 INCOME ations and18ga¢i8S Charllable actswIS Other ino)rne 208.272 7,274 59,293 267,565 8.723 17.846 267,187 11,398 17,463 Total incomo 221,994 72.140 294,134 294,033 LYPENDITURE Charitsble tIVitIes 226,991 94,757 321,748 27fj.434 Totsl expthdltur8 226,991 94751 321,748 270,434 NET INCOME BEFORE GAINS AND L0&8ES 149971 12161n 127,6141 INVESTMENT GAINS I ILOSSESI 17,169 17.169 ITJ.2301 NET INCOME BEFORE TRANSFERS TFiANSFERS BETWEEN FUNDS 11 NET MOVEMENT IN FUNDS 14,9971 121617) 17,169 110,4451 (1,631) FUND BALANCES AT1 JANUARY 23 67,863 47,144 159,284 274,291 279,922 FUND BALANCES AT 310ECEMBER 20rJ 11 62,866 24,527 176,453 263,846 274,291 10
SAINT PHILIPS CHAPEL STREET BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 FIXED ASss Tgible assets Investments 6,930 2,918 10,164 178,354 207,848 188,518 CURRENT ASSETS Debtys Cash at bank in hd 5.931 57.992 63.923 7,488 82.305 89,793 CREDITORS.. anounts fallSng due thin one year 10 17,¥251 14,0201 NET CURRENT ASSErs 55,998 85,773 ASSETS 263,846 274,291 FUNDS Unrestricied.. DesignabJ ftjnds GerErd funds 11 11 31,(K15 31,861 21,889 45,974 62,8e6 67,863 Restricted 11 24,527 47,144 Endowment 11 176,453 159,284 TOTAL FUNDS 263,846 274,291 &gned on t*hal ofthe PCC ty.. Ms T Bumh¥n Trustee Ms A Hawkin$ Trustee Date.. aO.03.iOa(4 20103JaoJ t 11
SAINT PHILIPS CHAPEL STREET NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEPIBER 2023 1 ACCOUNTING POLICIES la} Basls of accountirwJ The nanCIal stnEnts have teen prepared in ac4))rdarrR applicable o)unling staThJards. th8 Charilks Act 2011 aKI the Statement of RecomffTrJgJ Practice 4)plIca) to ChIlES preparirg tsir acUnts in aCwrd8re with FRS102. Thè nts have been prepar8J on Ihé going concwn bagls. Th8r& are no mat&lal uertn11eS aul the Gharitys abibty to blin. The charity is a puNic benefit otganisation. Ibl FuTrJ Counting GeTh8ral tunds repr&8ent the funds of the PCC that are not subj&t to any r851riclions as to thdr use and are available for application on the general purposes of PCC. Funds designated for a particular purpjse by PCC are also unrestrkbj. ReStrtal fepresenl the fuThls ofthe PCC Ihat we trIctJ to fvir on the tyFe offund that il relatès to. Eestgnated fuTrJs are furnls sel asiJe by the trustees fciswfbj purpc6es in fvrthew of general obj&tives ofthe chatyty. Restitt&J funds are lo wfic purposes aThJ are lad down by dorK>r. Expendilure mts critaria is harged lo the fuTrJ. Icl Incorne The financial statements irKlude all 1ranwlns, assets and liabilities for which the PCC is respo[Ible in law. They do not irrlude the financial staternents of church group5 that their tnain affilial'on to aTh)ther bc¥Jy Th)r those that are infOal galheriry of church membets. In())mè is recognised on the CrUal5 basis and is allocal&J lo the activSty for vthich it rdates. Idl Expenditure Expendthre is re¢(nIs&j on an acclS basis as a liabilty is IrUrrJ. It it[Je9 any VAT lCh canTh)t b8 fijlty rÉwver8J, Ind 15 k¢ated lo Ihe tiVfy for which it rdat8S. lel Fixej as%ts Tangibl8 fixed ets are inib'alty rneasur8J at ojst aThJ SubSeqnty rneasurvj at cost or yauab'on, net of depreciatm aNI any ifflpairment105ses. DeprecialSon Is reccgnlsed so as to write off the cost or valuation of assets less theSr redUal values over thdr useful Ies.[A full year of depreciatin is charged in the year of puhase aThJ there after on ts followitYJ basis.. IT equikjnenl 20% straHJhl lir Fumitur6 and filtiffjs 20% straHJhl lir lfj Bas financia instruments The charity only entsrs into basic finla1 inslrurnenl transactions that result in the recryJnilKM of financial as*ts and liabilities like trade other debtors, cash al bank and creditors. These basic financial instruments are measured and transacb'on Financial assets and liatililies dassffjj as due within one year are ml anorbs&J. 12
SAINT PHILIPS CHAPEL STREET NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 1 ACCOUNTING POLICIES Icontlnu•d} Igl Peroions The charhy ptkipat8s in Pen5bn Buibjer Sthme section ofthe Church Workers Pek)n Fund IGWPFI lor lay staff. CWPF is adMiSter8d by thè Church of EnglaTrJ Pensbns Board, whkh hokjs the CWPF assets sewately from Ih)se of the Employer aThJ other partKipatsw ernoyerS. CWPF has tv seclons.. 1. the Defin Benefits Sche 2. the PensSon Bulldlng Scheme whlch has 8ubsectlons'. a. a deferred annulty section known as Pensron Builder Classk, and b. a Cash balance Sn knovm as pelf Bulidef 2014 non Bulld•r S¢h•m• Both sections Of1 Penslon Builder Scheme are cl&8s&# as defingj benefft scMe$. P4nslon Bullder Cl•sslc prOd65 a p8nslon, accumulated from contribulM8 pald aThJ converted Into a deferr&J annulty durSng 8rnpIoyrn8nl b&ed on terms sel aTrJ revith¥&J by the Church ol EnglaThJ Pensk)ns Board from1Srne lo Di%retionary Itueasss may also bè adaèa, d8p8ndlng on Investrnenl retur and olherfxtors. P•nslon Bullder 2014 is a cash balance scheme Ihal provides a lump sum which m8mb9rs use to provid8 Eenefils at r8tirernent. Pens1 contributions Tecorded in an account for each rnernbar. Discretionary bjnuses may be added or& rèllr8menl, d8pendlro on Investment retums aTrJ other factors. acc(nt, plu5 any b)nusgs d¥lared is payatle, unredu¢gJ, fr¢Jm 65. There Is rK+ Sub41810n ofassets btheen ernpbyers In sectlon of1h8 P8n8ion Bulljer S¢h6Yne. The scheme Is ¢onsid8r8d lo b8 a multl-8rnployer scherne as de%rlbed In Section 28 of FRS 102. This Is trfavse11 is rol posslble lo atldbule ts Pension Buildgr Scheme'5 ass8ls and Ilaknlib'es to SFeclfic ernpky8rs and m&ans that contributions we aLrnted for as ff the Scheme wwe a fina eonlrfbutksn sch8m8. Thè nSIOnS costs charged to ts SOFA Sn yew are the CLmlribLrtions payabl812023'. £7,487, 2022.. £4,314). A valuatlon of the Penlon Bullder Scherne Is carwj ulce èvery three ye. The most ent valuakn was carrfed out as al 31 Cwter2019. For the Penslon Builder ClasgG section. thè 2019 valuallon revealed a deficit of £4.8rn on the ongolng assumptions usgj Al the mc61 recent annual review effective 1 January 2024, Board chose lo grant a dlscretlonary trM)nus of 6.7%10 both nSIo not yel in paynI and pensH)ns in payment Sn resFecl of SeCe prfor to Aprfl1997'. a1 a bonus on pensions in payment in rewi of post Aprfl >J06 servKe so that Ihe Fensicfi irlease was 5% (where usually il would be calculated bas on InflalK w to 2.5%). Thls lolloEd Improvements in the funding posllion ov8r 2023. Thwe is tx) requlremenl f deffdl payments al the current Ilme. For Ihe Pensbn Builder 2014 section, the 2019 valualSon reveatwJ a surplus of £5.5m on the ongoing assumpti wj. There is no r4uirernent for deficit paym8nts al current fjme. The next valuatlon 15 due as al 31 Ewembw 2022. CabJlalk)rB forthSs are wrrently uTrJerway. The1gJal structure of the stheme is such that rf arOlr ernFJyerfails, thè charty could tecome teSp)nSio for paylrKJ a sh*e of the failed èmployerfs KtnsB)n liablllties. 13
SAINT PHILIPS CHAPEL STREET NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 2 LEGAL STATUS The charity was wlsternl on 22 February 2018 with the Charity Commis5Jn in England Wales. The reglslered Off dlhe ¢harfly is St. PhiliF6 Church, 2 Wilton Place, SaWcfd. M3 6FR. 3 INCOME Unrericled Re•trict•d lun(ts Total 2023 Total 2022 fun(18 DONATIONS AND LEGACIES Plann8J giving 0 off gifts collectio at seNces Grft aid recov8red DonatM)ns from ciganisalicns I,278 18,245 3,515 36,234 1,678 15,567 462 748 40.842 59,293 151,954 33.812 3,97T 36,980 40,842 267,565 135,387 44,677 7,274 32,745 47,104 267,187 208,272 CHARITABLE ACTivmES Event inD)rne Intèrn fees stalulory fees 69 1,380 5.375 1,380 1,9Sg 8,723 7,552 1,331 9,383 7,274 1,449 OTHER INCOME Hire of wemises Bank interesl Diwdwds Donations in 5S3 5,395 11.3 17,846 106 5,215 9,696 17,463 11.398 11,398 TOTAL INCOME 221,994 72,140 294,134 2H,033 14
SAINT PHILIPS CHAP& STREET NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEIIBER 2023 4 EXPENDITURE untrIcted R•strlcted funth T(al 2023 Totsl CHARITABLE ACTMTIES Worship 5,e67 4,769 COMMUNITY Refrest4n8nts fererres events Hospitaity 6,293 13,997 2,138 22,428 13.140 3.574 16,714 19,227 3,618 Ms1ON Church Gwts 4.813 1.6 22,013 29,893 51, 24,529 45,403 29,592 CENTRAL RESOURCES FuTrJrasir ds and youth reswr New Wiw Di8dhlp Ye¥ tranlng General offKe Bullding running ¢L%ts Hire of wemises Repats and maInten4 es aThl w4es PetBkJns Slthents Trdlnl Staff oMfflQjati0n Parish share F88s repahl to dtlwe ACcountaY Bank charg8s Loss on dlspxal tpr&iat 4,129 1,379 1,769 10,WJ Xi,774 4,129 1,379 744 1231 10,857 3J,774 11,3Y2 33,C69 25.645 25,645 114,225 11,781 91,632 4,314 579 4,497 37,881 1.361 6,126 2114 2,114 4,739 30,1XNJ 1,721 4,391 321 4,381 310 3,862 11 10,029 219,645 195.5 45.7 241,330 TOTAL EXPENDITURE 226.991 91757 321,748 276,434 Ied within xojunlary )Np ¥e anJnts du8 to the 8xaniws in Iat b ts examinatiLm of £2,040 12022.. £1,&901. 15
SAINT PHILIPS CHAPEL STREEr NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 5 GRANTS During the yearts charity rnade Ih9followNJ granllsl of £1,OC() or more lo organisations.. Pmject Pearf 28,203 6 EMPLOYED STAFF C08T8 AND NUMBERS 2023 '2022 Salaries and WeS Ernployevs Nl c05ts EM0Ye9 Fenlon c¥)sts 110,807 3,418 7,487 121,712 89,522 1110 4,314 95,946 The a¥ér48 number oflull Umo aTrJ pwt tirn8emoyees duriro the year was 612022.. 41. Dudng the year, Agnleszka Hawkins was pakl reffluneration lotalllng £31,18812022'. £30,576). This was not connected to Iheiriirole as Iruslee. No truste8 was f8imbur88d exFenses12022.' one Iruslee reimbursed £3211. R8verend Gar&th Robion receivèl £100 allow&810 cover food and accomrnodalion ¢osls of hostiNJ an intern. Duflng y8ar, key management pSonn were pJ £31,188 in salary aThJ tonefits12022.' £30,576), Th8re were employees whjse amua r8mun8raticfi was £60,0(KJ N mm. 7 TANGIBLE ASSETS IT Fumltur• & •qulpm•nt flttlngl Totsl COST Al beglnnlng of year Additi5 Al end of year DEPRECIATION Al teginning of r Charge Al end of year NET BOOK VALUE Al end of year Al teglnnlng of year 33,530 16,639 1169 602 50,711 34,132 16,639 16,051 147 16,198 4cI,005 836 3,689 27,643 6,489 9,576 441 588 930 1q164 8 FIXED ASSET INVESThIENTS Endonent fund General lund Total Market value of invesbnents al l Dmdends reinv&sled Gainlllossl on maluation of Inv8sbn8nt assets Mket vdue of Investments al 31 rnber 2 159,284 19,070 1781354 5,395 5,395 17,169 2(K),918 17,169 176,453 24,465 16
SAINT PHILIPS CHAPEL STREET NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 9 DEBTORS 20rJ 2022 Tax 0verable PrepayTrents AccnBJ InLe 3,095 3,176 1,741 2,571 7.488 5,931 10 CREDITORS: amunts falllng dueIn Me year 2023 2022 Othercr&li 7,925 4,020 11 hlOVEMENT IN FUNDS Balancg at 1 January 2023 Transfarn Balanc• at J1 Decomber 2023 GaInlO0) on In¢oTh ExpdItUre0ndum R•strkted lunds Community Outreach New Discipleship Ye Heritage Seabgj Vulwab18 Women Project StrategK Development Fund OUtrh fund ACTS435 Bags of HoFe Project Peart Ukralne 9,258 2,254 1,576 1,570 {6491 15,4341 8,789 3,1PIJ 1,576 1,570 34.881 5,961 1,310 20.773 5,673 182 72,140 134,8811 1,613 8,120 22,753 11,C611 118,3451 128,4261 1,2 10.548 182 24,527 47,144 {94,75n Endowm8nt funds Investment 159,284 159,284 17.169 17,169 176,453 176,453 Deslgnated funds ChaF*I Tots Church Planti Tanzania fund Building R&1evdoprnenl 147 15,670 1841 9.6( 25,270 6.072 21,889 12,4(KJl 12,4841 3,672 31,tK>5 11.6 General funds 45,974 221,994 1224,Y)7) 111,6C()I 31,861 Total funds 274391 294,134 1321,7481 17,169 17
SAINT PHILIPS CHAPEL STREET NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 11 MOVEMENT IN FUNDS [C&NTINUED] The1C41ng are the restricted aThJ d8signabJ funts alaj by the Chlty.. mnwjni The Comrnunity Outreach was set up to fuNI the salary of a Community Manager vtho oversees ItE OLth&h Arjrk with Ihe Ic1 community as well a5 pvjneèring ministy to the disadvantaged. New Wine Disci leshi The New Wine Disapleship year is a cxjurse for rj th8y th8msdves which is r&StriC lo patvj for the expensas of course. In 2018 we re1V a Heritage lottery grant of £10,CKJO towards a prokd Ij.. Saint Philips Church.. LoviThJ aTrJ seng a community through ihe fifst wcdd war. Seedbed Vulnera £5,CKX) granl frorn Segjw to start a rnin¢5try to vulrat1& trnen tho liv8 )rk on str88ts. Strat icDe Fund This is i10m8 from a chUh Commissi¢)npAS Grantto fund saary and orwts for Ihe Operations Mana3er. This rewes8nts grantfundlro 1Ved towards t sdaries of oUtreh Manag¥ and Worker. This represents fuThJs vthich are used to cover (J)sts of fumilure and ublity bills for vulner4e familie5 in c4Jnrnunity. These are fuTrJ5 for the Bags of HoFe prlect ¥thlch offers essenlld gc4]ds lo Ihe horneths a1 sex Wer$. Tr figure inclwles a value a¢ed on donal¥Jns in kir¥J. The wsion of PrClt PeJl is to se8 women wh) 1881 IrdpO in the sex industy, for sex W( is not a ChCe, set free I Into theSr full tthntial. Ths vision ha5 grown cyjl cl years ol exFerience fjrkSng dir&tly with women. partnering wlh organL8 and the desire to meet the urgent need that has been Id1. Funds we held by Saint Philips Chapd Street Fending the up of Propct Pearf as an independent charity. Proiect Pearl (charity numtEr12035C61 was sel up duriro 2023, so these fijnd paid ouito It. slep lions ing kraine In thè small town of Ostroda, Poland, there is a retreat camp calbj Camp Oslr&Ja in the wake of the Irajic w¥ in Ukrane they have taken in170 ukraini refvgees. TY we delivering supplies lo Ihe soldiers on ts IKxder and are bringirrtJ h)pe into the lives of hundr8Js of F0e. We are partnerf with tM in prayer and in financial supp)rt. 18
SAINT PHILIPS CHAPEL STREET NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 11 MOVEMENT IN FUNDS [CONTINUED] This is an èThdMn8nt from th8 sab of a scool In 1973. Suty'ect to confirmation Irom the Dwese, It Chwch underst8 that irthm8 IwhEh Is relnvesled in the Inv8Stmenl fund e&h year) Is avallable for gene use whik capitsl amount initially inve51 is r8strKlgJ. Church has &cèssed the investment fund statements for 201910 2023, thi¢h show a Iota income of £24,465. Work Is ongolNJ lo identtfy the remaSnlng amount of Income that has en gerated sirr£ t inltial capltsl was first Invested, T ChurGh has d8Ct&J not lo Iranslér any funds out of ts Snvestmenl fund this year. Chapel lols is a Parent aThJ Tojdbrgroup Nn vthl¢h Is fvTrJ8d from an approximately £1 Fer F6fythi tJ)naUon aTrd is 88ff fitnd&J. Saint Philips ChaFel Slreèl Is commltted lo planllng a church every 3 to 4 years and therefore we set aslde a regular amount of rnoney in our savirKJ ¥o)unl thrch is rdeas&J as an unrestricted gift or a start up fund for Ihe church plant. Thls Com[seS fvnds set aside lo give lo a Tearfijnd project In Tanzanla. Over fv last few yeafs the GhurGh has experi8rt&J Sn¢ant grovrth and In order to enat4e varK)us mlnSslries to ¢ClInUe on th18 traCtory the trustees have Tnsed the lo redèv81op the bulldlng, We are comrnltted lo ralsiw the ftjnds through ger glvirrfJ as wdl a5 by apYIng lor furmling lo various organisalions aTrJ charltsbl& Irusls. Therefm w8 have crealgJ a designated fuTrJ calbd Buiklir@ Redevdoynenl Fund. 12 ANALYSIS OF FUNDS Unr••trlet•d R•#r1e EndoTh•nt fund• lund• fund8 2023 Fu1 ba18nc85 88 at 31 D8Gember2023 arg rnpr8s•il&slby.' Tangible fixed assets Fixed asset In¥Rstrnents Current assets Current liabilit 6,93) 24,465 39,396 17,9251 62,866 6,930 2W,918 63,923 17,9251 263,846 176,453 24,527 24.527 176,453 Unre9trlct RoJtrl¢tsd Endo*Thént fund• fun fund• Totsl 2022 FuThY b8lanc&s as at 31 Dber2022 8rg rgpTrs9nl&l by.. Taroit4e fiwj assets Fixed asset investments Current assets Current liabilitss 10.164 19,070 42,649 14,0201 67,863 10.164 178,354 89,793 14,0201 274,291 159,284 47,144 47.144 159,284 19
SAINT PHILIPS CHAPEL STREET NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 13 COhlPARATIVE STATEMENT OF FIIIANCIAL ACTMllES FOR THE YEAR ENDED 31 DECEMBER 2022 funds fund8 funds INCOME CatiCfft aThY Charitab18 Olhet inoxjrne 177,169 ,018 267,187 7.767 17,463 Totsl In¢orn¢ 191819 100314 294,033 EXPENDITURE
)1,3rJ 75,111 276,&34 Totsl •xpenditur• 3)1.323 71111 276,*4 NET INCOME I IEXPENDITUREI BEFORE GAINS AND LOSSES 17,yJ4) 24103 17, INVESTMENT LOSSES 123,tdO) 123,tyJI NET INCOME I (EXPENDITURE) BEFORE TRANSFERS 17A04) 24103 P3230) 15,6311 TRANSFERS BEThEEN FUNDS 13,855 (13,855) NET hlOVEMENT 11 FUNDS 6,351 25,103 137,0 (4631) FUND BALANCES AT1 JANUARY 61,512 22,Cb11 196,369 279,9 FUND BALANCES AT 31 DECEIIBER 2022 47,144 159.284 274291
SAINT PHILIPS CHAPEL STREET NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 14 MOVEMENT IN FUNDS PR YEAR COMPARATIVE Ba14nc• at 1 January 2022 Tranthr8 Balan at betlwen 31 Decomber fund• Galnll1088) on Incom8 Expendlturo ondoThen18 R•8trf(ad fund• Communlty OUtrh New Wine Di8cipbship Year Herit49 Se8Jed Vuln8rat48 Women PrO1t strateg Devebprnenl FutKI ACTS435 B$ of HoFe Pro11 Pearl Ukraine 9,432 5.254 1,576 3,C#J8 15,185 115.3591 13,5QK)I 9,258 2.254 1,576 1,570 760 30,854 2,001 22,933 23,768 4,213 100,214 12,1981 130,8541 12,7681 115,2401 19791 14,2131 175,1111 2,380 427 {361 1,613 8,120 22,753 22,041 47,144 Endowm•nt fund• InvestrnenlfvTr 196,369 196,369 123,2301 113,8551 159,284 123.2301 113,8551 159,284 D••lgnal•d fund• Chapel Tols Church PlanJNJ Bulldlng R&J8vebpmenl 104 147 15,670 6,072 21,889 6,070 9,600 10,200 19,800 14,1281 14,1281 6,113 1c4 G•n•ril fund• 55,399 193,715 1197,1951 15,9451 45,974 Total fund• 279,922 294,033 {276,4341 123,ZJOI 274.291 21