Company registration number.. 14111370 Charity registration number.. 1202344 Manchester CCRC Trust Ltd (A Company limited by guarantee) Annual Report and Financial Statements for ihe Year Ended 31 May 2024 Chris Booth McKellens I l Riverview The Embanknient Business Park Vale Road Heaton Mersey Stockport SK4 3GN
Manehester CCRC Trust Ltd Contents Reference and Administrative Details Trustees, Report 2to4 Statement of Trustees, Re5porisibilities Independent ExaminePs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 910 15
Man¢he$ter CCRC Trust Ltd Reference and Administrative Details Trusttts RM Elsdon-Dew AE Parsons MD Roper GRE Thomas Secretary JM Shippen Charity Registration Number 1202344 Company Registration Number 14111370 The charity is incorporated in England. l Ardwick Green North Manchester M126HD Registered Office Accountants McKellens Chartered Accountants I l Riverview The Embankment Business Park Vale Road Heaton Mersey Stockport SK4 3GN Page I
Manebester CCRC Trust Ltd Trustees, Report The trnstee5, who are diiectors for the purposes of company law, present the annual report together with the rinancial 5tat¢ments of the charitable cotnpany for the year ended 31 May 2024. Objectives and aetivities Objects aims The charity's objects are the advancerneni of the Christian religion in ihe Die5C of Manchester through the provision of a place of worship and by contributing 10 ihe establishmenL renewal and reviralisation of Angli¢3n churches. Objecilves. slr41egl umdaciivilies This financial year has seen the set up and start-up of Fabric Church as a worshipping community in Manchester City Centre. From a standing siart we were able io develop the infrastruciure needed io launch from a rented nightclub venue on 23rd September 2023. This wollld involve a set up and pack {and transpon io and from a local storage facility) of all kit and chairs each week. Despite the need for flexibility, we were able to achieve this using the AV kt that we would later use in our long term venue ensuring that no extra Cost was Incurred as 2 Tesult of this season. We were very grateful to complete on the purchase of Ardwi¢k Barracks on 26th October 2024 - a pllrchase made using a long loan from the Church Commissioners of the Church of England which will be repaid by this trust from year 6 of the project onwards. The Barracks is owned by Manchester CCRC Trust. We met as a church in Factory 251 for 4 months before our first service in our permaneni home of Ardwick Barracks on 14Lh January 2024 following a short period of renovation (using designated church commissioner nds}. Publle benefli The trustees confirni 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. Page 2
Manche$t¢r CCRC Trust Ltd Trustees, Report Achievements and perforrnance Over the course of this financial year, we have witnessed steady numerical gr0h in our Sunday gatherings. as well as the flourishing of key ministries, including.. Sunday Attendance In Ortober 2023 we averaged 67 attendees and by April 2024. Ihis had gro to an average of108 attendees. Student Ministry- Expansion of student outreach, discipleship, and engagement. Kids Mini5try- Development of structured programs for children during services. Alpha Courses - Two courses run successfully. one in a local skate park and anoth¢r at the BaTracks, fostering engagement with those exploring faith. Midweek Groups- E5tablishrnent of small 0upS to encourage community and discipleship. Co-working Space- A new initiative to provide a shared workspace for the community and church members. Additionally, we have been involved ID various comunsty outreach efforts. including partnerships with local organizations and initiaiiyes supporting those in need. As per our funding agreement we have been hegvily financially supported in this last year through the SMIBB grant that we receive via ihe Manchester diocese. This suppon will decrease gradually each year a5 the Church is able to in¢re8singly meet its C05tg. Financial revtew Total income in the year was £294,257 and expenditure amounting 10 £235,934 resulted in a surplus of income over expenditure of £58,323. As per our funding agreement, this year we have been signif)cantly supported through the SMIBB granL received via the Diocege. This support will gradually drease in the ¢OTning years as the ehurch becomes increasingly fEnancially independent. Other key financEal highlights include= Wages and Salaries- £115,467 allocated to staff costs. Donaiions from Individuals- £58.294 received in direci contributions. Rental Income- £4,990 generdted from building rental. Grants frorn Dio¢e5e- £227,973 received to support chuTch operation5. Planned Financial Independen¢e self-sufficiency. A structured plan to transition from external funding towards Page 3
Manchester CCRC Trust Ltd Trustees, Report PIAns for future periods Aims ondkey objecliveiforfulureperiuds Our goals for the next financial year are.. To progress our buildiiig project using extemal fund5 from the ChiiTch Conirnis5ioner5. Roof platlning applivaiion Q4 2024 Roof replacement works Q2 2025 Whole building masterplan planning appli¢atioi) Q2 2014 To move from a culture of start lip to a culture of stability and structure. To Tnove towards financial independen¢¢ by seeking in¢r¢ased congregational giving whilsi also enihusiaslically pursuing external funding from grant fulldit]8 organisations. companies and individual5. To laiinch an evening strvice at 6.30pm Trustees and officers The trustees and tsffi¢ers serving diiring th¢ year and since the year end were as follows.. TTUSte¢s'. RM Elsdon-Dew KB Lulld (resigned 12 Novetnber 20231 MJ McGurk I51gned 7 June 20241 AE Parsons qD Roper GRE Thotnas (appointed I l January 20241 Se¢r¢tary'. JM Shippen Stru¢tUtt? governan¢e and management Nalure ofgoverning documenl The charity is gov¢med b). lis Anicles of Association 2s set out on incorporation on 17th May 2022 and as amended and filed al Companies House on ?Oth JLTne ?023. Thea I report approved by the trustees of the charity on 28 March 2025 aiid si8iied on its behalf by.. MD oper Tru5tE¢ Page 4
Manchester CCRC Trust Ltd Statement of Tru5tees' Responsibilities The trustees Iwho are also the directo of Manchester CCRC Trust Ltd for the purposes of company lawl are responsible for preparing the trustees, report alld tl)e financial 5tat¢m¢nt5 in accordanre with applicable lam. and United Kingdotn Accounting Standards (Untied Kingdom Generallv Accepted Accounting PTacti¢el, including FRS I O? "The Financial Reporting Standard applicable in the L'K ld Republic of Ireland" Company law requires the iruslees to prepare fiiiancial 5tattinents for each finan¢i#l year. Under company law the trustees must not approve the financial staiemenls unless they are satisfied that tliey give a ITU¢ and fair view of the stale of affairs of the charitable company and of the in¢oming resources and application of resources, including its inrome and expenditure. of the charitable company for that period. In preparing these financial statements, th¢ trustees are required to.. select suit2ble accoujiting policie5 aiid apply thern ¢onsistenily- observe the methods and principles in the Charities SORP: make jiidgem¢nts and estimates that are reasonable and prudent.. state whether applicable accout]ting standards, Comprising FRS 102 have been followed, subject to any material dcpartures disLlosed and explained in the financial 5tatemttLts: and prepare the financial staiernents on the going con¢em basis unles$ li is inappropriate to presiime that the charitable ¢oinpanJ will continlle in business. The trustees are responsible for kecping propcr a¢couniing records thai catt disclose with reasonable accuracy at any time the financial position of the charitable company and enabl¢ th¢rn to ensure that the financial statements cotnply with the Companies A¢t 2006. They are also responsible for safeguardiiig the assets of the charitable company and hence for taking reasonable steps for the prevejiiion and detection of fraud and other irregulanties. The trustee5 aT¢ responsible for the maintenance and int¢grity of tht COryM)lat¢ and financial infonnation included on the charitable comparty's website. Legislation governin8 the preparatioii and dis5¢Tnination of fiDancial statements may differ frotn legislation in other jurisdictions. Approv by Ihe trustees of tlie charity on 28 March 2025 and signed on its behalf by.. oper Trustee Page 5
Manchester CCRC Trust Lid Independent Examiner's Report to the trustees of Manchester CCRC Trust Ltd ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2024. Responsibilities and basis of report As the charity's tryste¢s of the Company (and also its directors for the purposes of company law) you are responsibl¢ for the preparation of the accounts in accordance with ihe requiremenis of the Companie5 Act 2006 ('the 2006 Act'l. Having satisfied myself that the actounts of the Company are not required to be audited under Part 16 of the 2006 Aci 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 I'the 2011 Act'l. In carrying out my examinaiion I have followed the Directions given by the Charity Commission under section 145{5)(bl of ihe 2011 Act. Independent examiner'5 Statement Since the Company's OsS income exceeded £250.000 your examiner must be a member of a body listed in section 145 of the 201 l Act. I confirm that l am qualified to undertake the examination because l am a member of , which is one of the listed bodie5. I have completed Iny examination. I confimi that no matters have come to my attention in connection with the examination giving Tne cause to believe.. accounting record5 were not kept in respect of Man¢hester CCRC Trust Ltd as required by section 386 of the 2006 Act; or 2. the accounts do not aectsrd with those records- or 3. the accounts do not comply with the accounting requireEnents of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, whi¢h is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Ststement of Recommended Practice for accounting and Teporting by charities lapplicable to charities preparing their accounts in accordance with th¢ Finan¢ial R¢porting Standard applicable in ihe UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no otheT matters in connection with the examination to which attention should be dra in this report in order to enable a proper understanding of the accounts to be reached. Chris Booth McKellens I l Riverview The Embankment Business Park Vale Road Heaton Mersey Stockport SK4 3GN 28 March 2025 Page 6
Manehester CCRC Trust Ltd Statement of Financial Activities for the Year Ended 31 May 2024 (Including Income and Expenditure Account and Statement of Total Reeognised Gains and Losses) Unrestricled funds Total 2024 Note Income and Endowments from: Donations and legacies Other income 289.267 4.990 289,267 4,990 Totsl income 294,257 294,257 Expenditure on: Charitable activities Other expenditure {223,535) {12.3991 (223,535) 112,i99) Total expendithre (235.9341 1235,934) Net income 58.323 58,323 Nei movement in funds 58,323 58.323 Reconciliation of fund5 Total funds carried fonvard 17 58,323 58,323 Total 2023 Note Incorne and Endowments from: Expenditure on: Net incomel(expenditure) Net ¥novement in funds Reconciliation of funds Total funds carried forward The funds breakdoTh for 2023 is ghown in note 17. 17 The notes on pages 9 to 15 forni an integral part of these f]n3ncial statements. Page 7
Manchester CCRC Trust Ltd (Registration number: 14111370) Balance Sheet as at 31 May 2024 2024 Note Fixed as5et5 Tlgible assets 12 2,404.072 Current assets Debtors Cash at bank and in hand 13 14 490 7,9?8 8,418 Creditors: Amounts fg11ing due within one year 4,1671 Ntt current assets TotAI a55ets le55 current liabilities 2,408.323 Creditors: Amounts f#llithg due after more thgn one year 16 12,350.0001 Net asset5 Funds of the ¢h#rity: Vnrestritted ill¢ome funds Unrestricted funds 58.323 Total funds 58.323 For the finaiicial year ending 31 May 2024 the charity was elltitled to ex¢tDPtion from audit under section 477 of the Companies Act 2006 relating to stnall companies. Director5, re5POt15ibilities'. The member5 have not required the charity to obtain an audit of its ac¢ounis for the year in questaon in accordance with section 476.. and The director5 acknoivledge their responsibilitie5 for complying with the requirements of the Act with respect io accouiitlng records and the PT¢parntiort of accoiints. The financial stattments on pages 7 to 15 were approved by the trustees, and authorised for issue on 28 March 20?5 and Siglled on their behalf by.. RM Els Truste Ropt Trustee The noies on pages 9 10 15 fonn an integral part of thes¢ financial statements. Page 8
Manchester CCRC Trust Ltd Notes to the Financial Statements for the Year Ended 31 May 2024 I Charity statu5 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 ainount not exceeding £1 iowards the assets of ihe charity in the event of liquidation. The address of its registered oifice is.. l Ardwick Green North Manchester M126HD These financial staiemenis were authoTlSed for issue by the trnstees on 28 March 2025. 2 Aceounting policie5 Summary of significant accounting polieies and key accounting e5timate5 The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently appli¢d to all the yea15 presented. unless othenvise staled. Statement ofcompliance The financial stateinents 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 8pplicable in the UK and Republic of Ireland IFRS 102)) (issued in October 20191 (Charities SORP {FRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparatio ManchesteT CCRC Trust Ltd 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 irustees consider that there are no tnaterial untertainties about the charity's ability to continue as a going ctsncern nor any significant areas of un¢ertainty that affect the carrying value of assets held by th¢ ¢harity. Exemption from preparing a cash flow ststement The charity opted to adopt Bulletin I published on 2 February 2016 and have therefore not included a cash flow statement in ihese financial statements. Incorne and endowmeThts All income is recognised onte the charity has entitlem¢nt to the income, it is probable that the income will be received and the atnount of the income receivable can be measured reliably. Page 9
Manchester CCRC Trust Ltd Not¢$ to the Financial Statements for the Year Ended 31 May 2024 Dontsilons und legucie5 Donations are recognised when the charity has been notified in writing of both the amount and selllement date. In the event thai a donation is subject to conditions thai require a level of performance by the charity before the charity is entitled to the funds. the in¢omt is de[ted and not recognised until either those conditions are fully met, or the thllilment Lif ihose conditions is wholly within the control of the charity and it is probable ihat these conditions will be fulfilled in the reporting period. GroNts receivable Grants are Tecognised when the charity has an entitleTnent to the ndS and any conditions linked io the grants have been met. Where perforniance conditions are attached to the grant and are yet to be tnet, the income is recognised as a liability and included on the balance sheet as deferred ineome io be released. Gifl aid Incoming resources from tax reclaims are in¢luded in the Statement of Financial A¢tivitie5 at the same time as the gift to which they relate. 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 expendimre heading that aggregate similar c05t5 to thai category. Where costs cannot be direcily attributed to particular headings they have been allocated on a basis consisieni with the use of resources. with central staff costs allocated on the basis of tiine spent. and depreciation charges allocated on the portion of the assei's use. Other support costs are allocated based on the spread of staff costs. Cliarilable oclivliies Charitsble expenditure comprises those costs incurred by the charity in the delivery of its actLVities and services for it5 beneficiaries. li includes both costs that can be allocated directly io such activities and those costs of an indirect nature necessary to support them. Governance costs These include the costs attributable to the charity's compliance with constitutional and ststuwry requirements, in¢luding audiL strategic management and trustees meetings and reimbursed ¢xpenseg. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of th¢ Finance Act 2010 and therefore li meets the definition of a charitable company for UK COTporation thx purposes. Accordingly. the charity is potentially exeinpt from taxation in respect of income or capital gains received within categories Covered by Chapter 3 Part I l of the Corporation Tax Act 2010 OT Section 256 of the Taxation of Chargeable Gains Act 1992. 10 the extent that such incotne or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £l.000.00 or more are initially recorded at cost. less any subsequent accumulated depreciation and subsequent accumulated impairnient losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation. less any estimated residual v8lue, over their expected useful e¢onomic life as follows= Page 10
Manchester CCRC Trust Ltd Notes to the Finaucial Statements for the Year Ended 31 May 2024 Asset class Property improvetnents Depreeiation method and rate 15 /0 per annum on a siraight line basis 25 /0 per annum on a reducing balance basis Equipment Trade debtor5 Trade debtors are amounts due from customers for rnerchandise sold or services perforn)ed in the ordinary course of business. Trade debtor5 are recolS¢d initially at the transaction price. They are subsequenily measured at amortised cost using the efftIVe interest method, les5 provision for impaimient. A provision for the impaimient of trade debtors is established when there is objective evidence that the chariry will noi be able to collect all atnounts due according to the original temis of the receivables. Cash and cash equivalent5 Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the obje¢tives of the charity. 3 Income frorn donat10115 and l¢g8cie5 Unreslricted funds General Totsl runds Donations and legacies: Donations from individuals Grants, including capital grants; Grants from diocese Other income from donations and legacies 58,294 58,294 227,973 3,000 227,973 3,000 Total for period ended 31 May 2024 289,267 289,267 4 Other illcome Unrestricted fund5 General Total funds Rental income 4,990 4,990 Total for period ended 31 May 2024 4,990 4,990 Pagell
Manchester CCRC Trust Ltd Notes to the Financial Statements for the Year Ended 31 May 2024 S Expenditure on eharitable activities Unrestricted fund5 General Total funds Note Services & activities Staty costs Governance costs 98,721 121.030 3,784 98,721 121,030 3,784 Total for period ended 31 MAY 2024 223,535 223,535 6 Other expenditure Unrestrtcted fllnds General Total funds Note Marketing and publicity Depreciation, amortisation and other similar costs Other re50ur¢es expended 7,402 4.523 474 7.402 4,523 474 Total for period ended 31 May 2024 12,399 12,399 7 An#lysi5 of governanee and support costs Governance costs Unrestricted funds General Total funds Independent examiner fees Examination of the financial statements Other fees paid to examiners Legal & professional fees 660 1.524 1,600 660 1,524 1.600 Total for period ended 31 May 2024 3,784 3,784 8 Trustees r¢rnuneration and expenses No trustees. nor any persons connected with them, have received any remuneration from the chariry during the year. Page 12
Manehester CCRC Trust Ltd Notes to the Financial Statements for tbe Year Ended 31 May 2024 At the beginning of the year, while the bank account was being set up, both trustees and employees paid for a significant number of transaction5 Using personal credit cards, the expenses then being reimbursed io ihem once the fund5 were received in the bank. All of these exp¢n5es were appropriately approved before reimbursement was nthe. 9 StatT costs The aggregate payroll costs were as follows.. 2024 Staff eosts during the year were: Wages and salaries Social security costs Pension costs Other staff costs 15,467 3,603 1.553 407 121,030 The monthly average number of persons (including senior rnanagemeni I leadership team) employed by the charity during the year expressed as full time equivalenis was as follows: 2024 No All employee5 No employee received emoluments of more than £60,000 during the year. 10 Independent examiner's remuneration 2024 Examination of the financial statements 660 Other f¢¢5 to ¢xamin¢r5 All other services 1,524 Page 13
Manchester CCRC Trust Ltd Notes to the Finanei21 Stalements for the Year Ended 31 May 2024 I l Taxation The charity is a registered charity and is therefore exempt from taxation. 12 Tangible fixed assets Land and buildings lrnprovemenls to property Equipment Total Cost Additions 2,350,000 31,546 27,049 2,408,595 At 31 May 2024 2,350,000 31.546 27,049 2,408,595 Depreciation Charge for the year 1,166 3,357 4,523 At 31 May 2024 1,166 3,357 4,523 Net book value At 31 May 2024 2.350,000 30.380 23,692 2,404,072 13 Debtors 2024 Trade debtors 490 14 Cllsh c#$h equivalents 2024 Cash on hand Cash at bank 344 7.584 7,928 15 Creditors: amounts falling due within one year 2024 Other taxation and social security Pension scheme creditor Aecruals 1.979 508 1,680 4,167 Page 14
Manebester CCRC Trust Ltd Notes to the Financial Statements for the Year End¢d 31 May 2024 Other borrowings The Diocesan Board of Finance loan with a Carrying amount of £2,350.00012023 £Nil) is denominated in £ with a nomin81 interest rate of O /0 {2023 00/01. The final instalment is due on 31 December 2052. The loan ss unsecured and is repayable in equal installments commencing in 2028 16 Creditors: amounts falliThg due after one year 2024 Other loans 2,350.000 17 Funds Incoming resources Resources expended Balance at 31 May 2024 Unrestricted funds General 294,257 235,934} 58.323 Unrestricted funds 18 Analysis of net sssets between fllnd5 Unrestricted fund5 General Total funds at 31 May 2024 Tangible fixed assets Current assets Current liabilities 54,072 8,418 8,7391 54,072 8,418 (8,7391 Total net assets 53,751 53.751 19 Related party Iransacti0115 Th¢re were no related party transactions in the year. Page 15
Manchester CCRC Trust Ltd Independent Examiner's Report to the trustees of Manebester CCRC Trust Ltd ('the Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2024. Responsibilitie5 and basis of report As the charity's trustees of ihe Company (and also its directors fL)r the purposes of company law} you are responsible for the PTeparation of the coUnt$ in aceordance 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 Aci and are eligible for independent examination, I report in Te5pect of my examination of YOUT charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Aci'l. In Carrying out my examination I have followed the Directions given by the Charity Cominission under section 145(5llbl of the 2011 Act. Independent examiner's statement Since the Company's gross income exceeded £250,000 your ¢xaminer must be a member of a body listed in section 145 of the 201 l Act. I confiTm that l am qualified to undertak¢ th¢ examination because l am a member of , which is one of the listed bodies. I have COTnpleted my examination. I confm that no matters have come to my attention in connection with the examination giving me cause to believe.. &¢counting records were not kept in respeci of Manchester CCRC Trust Ltd as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records- or 3. the accounts do not comply with the accounting requirement5 of section 396 of the 2006 Act other than any requirement thai the a¢¢ounts give a 'true and fair view which is not a matter considered as part of an independent examination,. or 4. the accounts have not been prepared in accordance with the m¢thods and prlliciples of ihe Statetnent of RecoTnmended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come acr055 no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper undersianding of the a¢counts io be reached. Chris Booth McKellens I l Riverview The Embanknient Business Park Vale Road Heaton Mersey Stockport SK4 3GN 28 March 2025 Page 6