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 Year Ended 31 March 2023
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|
|Statement of Financial Activities|7|
|Balance Sheet|8|
|Notes to the Financial Statements|9 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 Number** 13261866
The charity is incorporated in England.
**Registered Office**
**Registered Office** Limney House St Johns Road Crowborough East Sussex TN6 1RT **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 trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2023.
## **Objectives and activities**
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.
The charity has continued to pursue the future expansion of the site of the St Richard’s church in Crowborough. To this end it has continued to work closely with the PCC of All Saints and St Richard’s in establishing the parameters of this development. It has continued to receive donations for this project during this period together with monthly rental income from the property on the adjacent site purchased in the previous financial year.
The public benefit of achieving the future expansion of the St Richard’s church site remains at the centre of the trustees’ plans.
The trustees 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**
The charity has continued to work for the future expansion of this site in conjunction with the PCC by taking part in monthly discussions and providing a ‘proof of concept’ set of plans to establish that a larger building on this site is indeed feasible.
## **Financial review**
In this financial year the charity has continued to attract sufficient funds both to continue its operations and to provide for the future appointment of an architect plus the initial costs of drawing up detailed plans for a new building on this site.
The charity considers it has sufficient reserves at present and will decide on its policy as required for the future.
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 E L Armitstead D R Buck H L Hyde D S Jack P A D Scobell
Chairman: C E L Armitstead Secretary: D R Buck
## **Structure, governance and management**
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.
The management of the charity is the responsibility of the Trustees who are elected under the terms of the Articles of Association.
The trustees have been kept informed of their duties and have discussed their responsibilities during their regular meetings.
The day to day running of the charity is managed by the Company Secretary.
## **Financial instruments**
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.
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.
Page 3
## **The Crowborough Weald Gospel Trust**
## **Trustees' Report (continued)**
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.
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 year. 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:
- select suitable accounting policies and apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
- 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.
## **Small companies provision statement**
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Page 4
##
##
##
##
##
##
## **The Crowborough Weald Gospel Trust**
## **Statement of Financial Activities for the Year Ended 31 March 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)**
|**Note**
**Income and Endowments from:**
Donations and legacies
3
Investment income
4
Total income
**Expenditure on:**
Raising funds
5
Charitable activities
6
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds brought forward
Total funds carried forward
17
**Note**
**Income and Endowments from:**
Donations and legacies
3
Investment income
4
Total income
**Expenditure on:**
Raising funds
5
Charitable activities
6
Total expenditure
Net income
Net movement in funds
**Reconciliation of funds**
Total funds carried forward
17|**Unrestricted**
**funds**
**£**
9,062
16,280
25,342
(4,171)
(5,302)
(9,473)
15,869
15,869
415,514
431,383
**Unrestricted**
**funds**
**£**
429,362
3,484
432,846
(3,660)
(13,672)
(17,332)
415,514
415,514
415,514|**Total**
**2023**
**£**
9,062
16,280|
|---|---|---|
|||25,342|
|||(4,171)
(5,302)|
|||(9,473)|
|||15,869|
|||15,869
415,514|
|||431,383|
|||**Total**
**2022**
**£**
429,362
3,484|
|||432,846|
|||(3,660)
(13,672)|
|||(17,332)|
|||415,514|
|||415,514|
|||415,514|
All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 17.
The notes on pages 9 to 19 form an integral part of these financial statements. Page 7
##
##
|
Balance Sheetasat31|
March|
2023|||
|---|---|---|---|---|
|||2023||2022|
||Note|€||f|
|Fixedassets|||||
|Tangibleassets|72||ztl|263|
|Investments|13|350,440||350 440|
|||350|b51|350 103|
|Currentassets|||||
|Debtors|t4|7,676||r,087|
|Cashatbankandin hand|15|80|869|64 624|
|||82,545||65,7tt|
|Creditors: Amountsfallingduewithinoneyear|16|(1.813)||(e00)|
|Netcurrentassets||80|732|64,811|
|Net assets||43t,383||
415,st4|
|Fundsof thecharity:|||||
|Unrestrictedincomefunds|||||
|Unrestricted funds||437||4155t4|
|Total funds|t7|__-__431&_||____llt-EJ3_|
##
## **The Crowborough Weald Gospel Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023**
## **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: Limney House St Johns Road Crowborough East Sussex TN6 1RT
These financial statements were authorised for issue by the trustees on 16 December 2023.
## **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 Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
## **Basis of preparation**
The Crowborough Weald Gospel Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
## **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.
Page 9
## **The Crowborough Weald Gospel Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)**
## **2 Accounting policies (continued)**
## **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 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 represents amounts received for future periods and is released to incoming resources in the period for which, it has been received.
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.
Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same time as the gift to which they relate.
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.
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Page 10
## **The Crowborough Weald Gospel Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)**
## **2 Accounting policies (continued)**
## **Support costs**
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
## **Governance costs**
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including independent examination, strategic management and trustees meetings and reimbursed expenses.
## **Taxation**
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains 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**
Individual fixed assets costing £100.00 or more are initially recorded at cost.
## **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** 20% 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.
Page 11
## **The Crowborough Weald Gospel Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)**
## **2 Accounting policies (continued)**
## **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.
## **Financial instruments**
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.
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.
Page 12
## **The Crowborough Weald Gospel Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)**
## **2 Accounting policies (continued)**
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.
## **3 Income from donations and legacies**
|Donations and legacies;
Donations from individuals
Gift aid reclaimed
Donated services and facilities
Donations and legacies;
Donations from individuals
Gift aid reclaimed
Donated services and facilities
**4 Investment income**
Interest receivable and similar income;
Other interest receivable
Income from rents|**Unrestricted**
**funds**
**General**
**£**
6,680
1,122
1,260
9,062
**Unrestricted**
**funds**
**General**
**£**
369,086
49,071
11,205
429,362
**Unrestricted**
**funds**
**General**
**£**
1
16,279
16,280|**Total**
**2023**
**£**
6,680
1,122
1,260|
|---|---|---|
|||9,062|
|||**Total**
**2022**
**£**
369,086
49,071
11,205|
|||429,362|
|||**Total**
**2023**
**£**
1
16,279|
|||16,280|
Page 13
## **The Crowborough Weald Gospel Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)**
## **4 Investment income (continued)**
|Income from rents|**Unrestricted**
**funds**
**General**
**£**
3,484
3,484|**Total**
**2022**
**£**
3,484|
|---|---|---|
|||3,484|
## **5 Expenditure on raising funds**
## **a) Investment management costs**
|**Note**
Other investment management costs;
Costs of rent collection
Property repairs
Maintenance charges
Allocated support costs
7
**Note**
Other investment management costs;
Costs of rent collection
Property repairs
Maintenance charges
Allocated support costs
7|**Unrestricted**
**funds**
**General**
**£**
2,931
708
292
240
4,171
**Unrestricted**
**funds**
**General**
**£**
1,185
2,148
134
193
3,660|**Total**
**2023**
**£**
2,931
708
292
240|
|---|---|---|
|||4,171|
|||**Total**
**2022**
**£**
1,185
2,148
134
193|
|||3,660|
Page 14
## **The Crowborough Weald Gospel Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)**
## **6 Expenditure on charitable activities**
|**Note**
Support for Evangelical churches
Governance costs
7
**Note**
Governance costs
7
**7 Analysis of governance and support costs**
**Support costs allocated to raising funds**
**Basis of**
**allocation**
Investment management costs
Usage
**Basis of**
**allocation**
**Finance**
**costs**
**£**
Investment management costs
Usage
60
**Support costs allocated to charitable activities**
**Basis of**
**allocation**
**Finance**
**costs**
**£**
Support for Evangelical churches
56|**Unrestricted**
**funds**
**General**
**£**
3,213
2,089
5,302
**Unrestricted**
**funds**
**General**
**£**
13,672
**Information**
**technology**
**£**
184
**Information**
**technology**
**£**
133
**Administration**
**costs**
**£**
1,260|**Total**
**2023**
**£**
3,213
2,089|
|---|---|---|
|||5,302|
|||**Total**
**2022**
**£**
13,672|
|||**Total**
**2023**
**£**
184
**Total**
**2022**
**£**
193
**Total**
**2023**
**£**
1,316|
Page 15
## **The Crowborough Weald Gospel Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)**
## **7 Analysis of governance and support costs (continued)**
## **Governance costs**
|Independent examiner fees
Examination of the financial statements
Legal fees
Other governance costs
Independent examiner fees
Examination of the financial statements
Legal fees
Other governance costs
**8 Net incoming/outgoing resources**
Net incoming resources for the year include:
Depreciation of fixed assets|**Unrestricted**
**funds**
**General**
**£**
468
361
1,260
2,089
**Unrestricted**
**funds**
**General**
**£**
132
10,672
2,868
13,672
**2023**
**£**
53|**Total**
**2023**
**£**
468
361
1,260|
|---|---|---|
|||2,089|
|||**Total**
**2022**
**£**
132
10,672
2,868|
|||13,672|
|||**2022**
**£**
66|
Page 16
## **The Crowborough Weald Gospel Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023 (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 £50 for the year (2022 - £30,388).
## **10Independent examiner's remuneration**
||||||**2023**|**2022**|
|---|---|---|---|---|---|---|
||||||**£**|**£**|
|Examination|of|the|financial|statements|468|132|
## **11Taxation**
The charity is a registered charity and is therefore exempt from taxation.
## **12Tangible fixed assets**
|**Cost**
At 1 April 2022
At 31 March 2023
**Depreciation**
At 1 April 2022
Charge for the year
At 31 March 2023
**Net book value**
At 31 March 2023
At 31 March 2022|**Furniture**
**and**
**equipment**
**£**
329
329
66
52
118
211
263|**Total**
**£**
329|
|---|---|---|
|||329|
|||66
52|
|||118|
|||211|
|||263|
Page 17
## **The Crowborough Weald Gospel Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)**
## **13Fixed asset investments**
## **Investment properties**
|**Cost or Valuation**
At 1 April 2022
**Provision**
At 31 March 2023
**Net book value**
At 31 March 2023
At 31 March 2022
There has been no valuation of investment property by an independent valuer.|**Investment**
**properties**
**£**
350,440|
|---|---|
||-|
||350,440|
||350,440|
|||
## **14Debtors**
|Prepayments
Other debtors|**2023**
**£**
554
1,122
1,676|**2022**
**£**
535
552|
|---|---|---|
|||1,087|
## **15Cash and cash equivalents**
|Cash at bank|**2023**
**£**
80,869|**2022**
**£**
64,624|
|---|---|---|
## **16Creditors: amounts falling due within one year**
|Trade creditors
Accruals
Deferred income|**2023**
**£**
851
375
587
1,813|**2022**
**£**
202
132
566|
|---|---|---|
|||900|
Page 18
## **The Crowborough Weald Gospel Trust**
## **Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)**
## **17Funds**
|**17Funds**||||
|---|---|---|---|
|**Balance at 1**
**April 2022**
**£**
**Unrestricted funds**
General
415,514
**Unrestricted funds**
General
**18Analysis of net assets between funds**|**Incoming**
**resources**
**£**
25,342
**Incoming**
**resources**
**£**
432,846|**Resources**
**expended**
**£**
(9,473)
**Resources**
**expended**
**£**
(17,332)|**Balance at**
**31 March**
**2023**
**£**
431,383|
||||**Balance at**
**31 March**
**2022**
**£**
415,514|
|||||
|Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets|**Unrestricted**
**funds**
**General**
**£**
211
350,440
82,545
(1,813)
431,383
**Unrestricted**
**funds**
**General**
**£**
263
350,440
65,711
(900)
415,514|**Total funds**
**at 31 March**
**2023**
**£**
211
350,440
82,545
(1,813)|
|---|---|---|
|||431,383|
|||**Total funds**
**at 31 March**
**2022**
**£**
263
350,440
65,711
(900)|
|||415,514|
## **19Related party transactions**
There were no related party transactions in the year.
Page 19