Company registration number: 13261866 Charity registration number: 1194269
The Crowborough Weald Gospel Trust
(A company limited by guarantee)
Annual Report and Financial Statements
for the period from 12 March 2021 to 31 March 2022
Redshield Business Solutions Limited Chartered Accountants Suite 3, 1 - 3 Warren Court Park Road Crowborough East Sussex TN6 2QX
The Crowborough Weald Gospel Trust
Contents {continued)
| Reference and Administrative Details | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Independent Examiner's Report | 6 to 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Financial Statements | 10 to 19 |
The Crowborough Weald Gospel Trust Reference and Administrative Details
Chairman C E L Armitstead Secretary D R Buck Charity Registration Number 1194269 Company Registration Number13261866
The charity is incorporated in England. Registered Office Bates Wells 10 Queen Street Place London EC4R lBE Principal Office Limney House St Johns Road Crowborough East Sussex TN6 lRT Independent Examiner Redshield Business Solutions Limited Chartered Accountants Suite 3, 1 - 3 Warren Court Park Road Crowborough East Sussex TN6 2QX
Page 1
The Crowborough Weald Gospel Trust
Trustees' Report
The trust��, who are director� for the purposes of company law, present the annual report together with the financial statements of the charitable company for the period ended 31 March 2022.
Objectives and activities
Objects and aims
The objects of the Charity are to advance the evangelical Christian faith, including (but without limitation) by providing grants or other funding to, and making available property for use by, churches and other Christian charities or groups in particular in Crowborough, East Sussex and the surrounding area that are in sympathy with the Statement of Faith.
Objectives, strategies and activities
The charity set the goal of being in a position to purchase a property next to St. Richard's church in crowborough, to enable future expansion of its premises. To that end it has established an accounting system, registered with HMRC for gift aid, invited donations, and has purchased this property.
Public benefit
The public benefit of purchasing the property mentioned remains at the centre of the trustees' plans for the site's future.
The trust s confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
As stated above the charity's main aim this year has been to secure the property mentioned for the future use of St. Richard's church in its outreach to the local community. This has been achieved in a timely fashion.
Financial review
In this year the charity has raised sufficient funds to achieve its objectives and after purchasing the property has sufficient funds in hand to continue actively planning for the next stage of developing the site.
Policy on reserves
The charity considers it has sufficient reserves at present and will decide on its policy as required for the future.
Investment policy and objectives
The property mentioned above has been made suitable for rental purposes and has been let on a short-term lease pending future development of the site.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Page 2
The Crowborough Weald Gospel Trust Trustees' Report (continued}
Trustees:
C EL Armitstead (appointed 12 March 2021) DR Buck (appointed 12 March 2021) H L Hyde (appointed 12 March 2021) D s Jack (appointed 12 March 2021) PA D Scobell (appointed 12 March 2021)
Chairman: C E L Armitstead (appointed 12 March 2021) Secretary: DR Buck (appointed 12 March 2021)
Structure, governance and management
Nature of governing document
The company is registered as a charitable company limited by guarantee and is registered as charity number 1194269. The company is constituted in accordance with the Memorandum and Articles of Association registered on incorporation.
Recruitment and appointment of trustees
The management of the charity is the responsibility of the Trustees who are elected under the terms of the Articles of Association.
Induction and training of truste s
The trustees have been kept informed of their duties and have discussed their responsibilities during their regular meetings.
Organisational structure
The day to day running of the charity is managed by the Company Secretary.
Financial instruments
Objectives and po/ides
The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity's policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
The charity's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
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The Crowborough Weald Gospel Trust
Trustees' Report (continued}
Credit risk
The charity's principal financial assets are bank balances and cash, trade and other receivables, and investments.
The charity's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
Statement of trustees' responsibilities
The trustees (who are also the directors of The Crowborough Weald Gospel Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the trustees to prepare financial statements for each financial period. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state wh�her applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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The Crowborough Weald Gospel Trust
Trustees' Report (continued)
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
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The Crowborough Weald Gospel Trust
Independent Examiner's Report to the trustees of The Crowborough Weald Gospel Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of The Crowborough Weald Gospel Trust as required by section 386 of the 2006 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 accounting requirements of section 396 of the 2006 Act 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; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland (FRS 102)].
I h�ve no c�ncerns 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.
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The Crowborough Weald Gospel Trust
Independent Examiner's Report to the trustees of The Crowborough Weald Gospel Trust ('the Company') (continued)
u et Morris C artered Accountants ICAEW
Redshield Business Solutions Limited Suite 3, 1 - 3 Warren Court Park Road Crow borou[g] h East Sussex TN6 2QX
Date: ... ;f)2�. Zcz.__"'2-
Page 7
The Crowborough Weald Gospel Trust
Statement of Financial Activities for the Period from 12 March 2021 to 31 March 2022
(Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Unrestricd | Total | ||
|---|---|---|---|
| funds | 2022 | ||
| Note | £ | £ | |
| Income and Endowments from: | |||
| Donations and legacies | 3 | 429,362 | 429,362 |
| Investment income | 4 | 3 484 | 3 484 |
| Totl income | 432 846 | 432 846 | |
| Expenditure on: | |||
| Raising funds Charitable acivities |
5 6 |
(3,660) (13,672) |
(3,660) (13,672) |
| Totl expenditure | (7,332) | (17,332) | |
| Net income | 415 514 | 415 514 | |
| Net movement in funds | 415 514 | 415 514 | |
| Reconciliation of funds | |||
| Total funds carrie forard | 17 | 415514 | 415 514 |
All of the charity's activities derive from continuing operations during the above period.
The notes on pages 10 to 19 form an integral part of these financial statements. Page 8
The Crowborough Weald Gospel Trust
(Registration number: 13261866} Balance Sheet as at 31 March 2022
| zozz | ||
|---|---|---|
| Note | £ | |
| Fixed assets | ||
| Tangible assets | 12 | 263 |
| Investments | 13 | 350 440 |
| 350,703 | ||
| Current assets | ||
| Debtors | 14 | 1,087 |
| Cash at bank and in hand | 15 | 64624 |
| 65,711 | ||
| Creditors: Amounts falling due within one year | 16 | (900) |
| Net current assets | 64 811 | |
| Net assets | 415 514 | |
| Funds of the charity: | ||
| Unrestricted income funds | ||
| Unrestricted funds | 415 514 | |
| Total funds | 17 | 415 514 |
For the financial period ending 31 March 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the charity to obtain an audit of its accounts for the period in question in accordance with section 476; and
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 8 to 19 were approved by the trustees, and authorised for issue on 4 October 2022 and signed on their behalf by: = .. -->. D S Jack &: . .....; ,
Trustee
The notes on pages 10 to 19 form an integral part of these financial statements.
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The Crowborough Weald Gospel Trust
Notes to the Financial Statements for the Period from 12 March 2021 to 31 March 2022
1 Charity status
The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: Bates Wells 10 Queen Street Place London EC4R lBE
The principal place of business is: Limney House St Johns Road Crowborough East Sussex TN6 lRT
These financial statements were authorised for issue by the trustees on 4 October 2022.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) • (Charities SORP (FRS 102)), the Financial Reporting Standard Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. The Crowborough Weald Gospel Trust meets the definition of a public benefit entity under FRS 102.
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The Crowborough Weald Gospel Trust
Notes to the Financial Statements for the Period from 12 March 2021 to 31 March 2022 {continued)
2 Accounting policies (continued)
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Disclosure of long or short period
The accounts have been prepared for a long period, from the date of incorporation of the charity to the accounting date of 31 March.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received.
Donated services and Facilities
Where services or facilities are provided to the charity as a donation that would normally be purchased from our suppliers, this benefit is included in the financial statements at it's fair value unless it's fair value cannot be reliably measured, then at the cost to the donor or the resale value of goods that are to be sold.
Gift aid
Incoming resources from tax reclaims are included in the statement of Financial Activities at the same time as the gift to which they relate.
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The Crowborough Weald Gospel Trust
Notes to the Financial Statements for the Period from 12 March 2021 to 31 March 2022 (continued)
2 Accounting policies ( continued)
Investment income
Rental income is included when receivable. Rental income received for future periods is deferred until that future period.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by fioor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Taxation
Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains and therefore it meets the definition of a charitable company for UK corporation tax purposes. The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
accumulated depreciation and subsequent accumulated impairment losses. Individual fixed assets costing £100.00 or more are initially recorded at cost, less any subsequent
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The Crowborough Weald Gospel Trust
Notes to the Financial Statements for the Period from 12 March 2021 to 31 March 2022 (continued)
2 Accounting policies (continued)
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class
Furniture & equipment
Depreciation method and rate 200/o reducing balance
Investment properties
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
Trade debtors
Trade debtors are amounts due from customers for services provided in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
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The Crowborough Weald Gospel Trust
Notes to the Financial Statements for the Period from 12 March 2021 to 31 March 2022 (continued)
2 Accounting policies ( continued)
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting ,all of its liabilities.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.,
Start up costs
Included in governance costs are legal fees incurred in creating the charity.
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The Crowborough Weald Gospel Trust
Notes to the Financial Statements for the Period from 12 March 2021 to 31 Marc:h 2022 (continued)
3 Income from donations and lega,:ies
| 3 Income from donations and lega,:ies | ||
|---|---|---|
| Unrestricte | ||
| funds | Total | |
| General | funds | |
| £ | £ | |
| Donations and legacies; | ||
| Donations from individuals Gif aid reclaimed Donated serices and facilities |
369,086 49,071 11205 |
369,086 49,071 11205 |
| Total for period ended 31 Marh 20,!2 | 429,362 | 429,362 |
| 4 Investment income | ||
| Unrestriced | ||
| funds | Total | |
| General | funds | |
| £ | £ | |
| Incme from rent | 3 484 | 3 484 |
| Total for period ended 31 March 20212 | 3 484 | 3 484 |
5 Expenditure on raising funds
a) Investment management costs
| Unrestrcted | ||||
|---|---|---|---|---|
| funds | Total | |||
| General | funds | |||
| Note | £ | £ | ||
| other investment management cost; | ||||
| Costs of rent collection | 1,185 | 1,185 | ||
| Propert repairs | 2,148 | 2,148 | ||
| Maintenance charges | 134 | 134 | ||
| Allocted suppor costs | 7 | 193 | 193 | |
| Total for period ended 31 March 2022 | 3 660 | 3 | 660 |
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The Crowborough Weald Gospel Trust
Notes to the Financial Statements for the Period from 12 March 2021 to 31 March 2022 (continued)
6 Expenditure on charitable activities
----- Start of picture text -----
Unrestricted
funds Total
General funds
Note £ £
Governance costs 7 13 672 13 672
7 Analysis of governance and supp,ort costs
Support costs allocated to raising funds
Finance Information Total
Basis ,of costs technology funds
allocation £ £ £
Investment management costs Usage 60 133 193
Total for period ended 31
March 2022 60 133 193
Governance costs
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Unrestricted
funds Total
General funds
£ £
Independent examiner fees
Examination of the financial statements 132 132
Legal fees 10,672 10,672
Other governance costs 2 868 2 868
Total for period ended 31 March 2022 13 672 13 672
8 Net incoming/outgoing resources
Net incoming/outgoing resources for the period include:
2022
£
Depreciation of fixed assets 66
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The Crowborough Weald Gospel Trust
Notes to the Financial Statements for the Period from 12 March 2021 to 31 Mari:h 2022 (continued)
9 Trustees remuneration and expenses
No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.
No trustees have received any reimbursed expenses or any other benefits from the charity during the year.
Donations made by the trustees without any conditions attached totalled £30,388 for the year.
10 Independent examiner's remune1·ation
Examination of the financial statements
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2022
£
132
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11 Taxation
The charity is a registered charity and is therefore exempt from taxation.
12Tangible fixed assets
| 12Tangible fixed assets | ||
|---|---|---|
| Furniture | ||
| and | ||
| equipment | Total | |
| £ | £ | |
| Cost | ||
| Additions | 329 | 329 |
| At 31 March 2022 | 329 | 329 |
| Depreciation | ||
| Charge for the year | 66 | 66 |
| At 31 March 2022 | 66 | 66 |
| Net book value | ||
| At 31 March 2022 | 263 | 263 |
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The Crowborough Weald Gospel Trust
Notes to the Financial Statements for the Period from 12 March 2021 to 31 March 2022 (continued)
13 Fixed asset investments
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Investment properties
Investment
properties
£
Cost or Valuation
Additions 350 440
Provision
At 31 March 2022
Net book value
At 31 March 2022 350 440
There has been no valuation of investment property by an independent valuer.
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14Debtors
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Prepayments
other debtors
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15 Cash and cash equivalents
Cash at bank
16 Creditors: amounts falling due wuthin one year
----- Start of picture text -----
Trade creditors
Accruals
Deferred income
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2022
£
535
1087
2022
£
64 624
2022
202
132
566
900
552
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The Crowborough Weald Gospel Trust
Notes to the Financial Statem1ents for the Period from 12 March 2021 to 31 March 2022 (continued)
17Funds
| 17Funds | |||
|---|---|---|---|
| Balance at | |||
| Incoming | Resources | 31 March | |
| resources | expended | 2022 | |
| £ | £ | £ | |
| Unrestrced funds | |||
| Geneial | 432,846 | (17,332) | 415 514 |
18Analysis of net assets between funds
| 18Analysis of net assts beteen funds | ||
|---|---|---|
| Unresrice | Total funds | |
| funds | at 31 March | |
| General | 2022 | |
| £ | £ | |
| Tangible fixed assets | 263 | 263 |
| Fixed asset investments | 350,440 | 350,440 |
| Current asset | 65,711 | 65,711 |
| Current liabilities | (900) | (900) |
| Total net assets | 415 514 | 415 514 |
19 Related party transactions
There were no related party transactions in the period.
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