**CHARITY REGISTRATION NUMBER: 1202525** 

## **Chelsea Community Church** 

## **Unaudited Financial Statements** 

# **31 December 2024** 



## **Chelsea Community Church** 

## **Financial Statements** 

## **Year ended 31 December 2024** 

||**Page**|
|---|---|
|Trustees' annual report|**1**|
|Independent examiner's report to the trustees|**5**|
|Statement of financial activities|**6**|
|Statement of financial position|**7**|
|Notes to the financial statements|**8**|





**Chelsea Community Church** 

## **Trustees' Annual Report** 

## **Year ended 31 December 2024** 

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024. 

## **Reference and administrative details** 

**Registered charity name** Chelsea Community Church **Charity registration number** 1202525 **Principal office** Chelsea Community Church Edith Grove London SW10 0LB **The trustees** Rodney Woods, Chair Olusina Anifowose, Secretary Marcos Ravelo, Trustee David Mansfield, Trustee **Chartered Certified Accountants** Robinsons Consulting Limited 5 Underwood Street London N1 7LY 

## **Structure, governance and management** 

## 1. Governing Document 

Chelsea Community Church is governed by its Constitution, adopted on 29 March 2023. 

## 2. Appointment of Trustees 

Trustees are appointed in accordance with the church's Constitution. The standard term for Trustees is three years, after which they may be re-elected. New trustees undergo an induction program and receive ongoing training to fulfil their responsibilities effectively. 

## 3. Management Structure 

The church operates with a hierarchical management structure, with the Trustees overseeing major decisions and delegating day-to-day management to the Minister, church staff, and volunteers. 

## **Objectives and activities** 

## 1. Charitable Objectives 

The object of the CIO is to advance the Christian faith in accordance with the Statement of Belief in the Area of Benefit. The Area of Benefit is Chelsea and the greater London area. 

**1** 



## **Chelsea Community Church** 

## **Trustees' Annual Report** _**(continued)**_ 

## **Year ended 31 December 2024** 

## **Objectives and activities** _**(continued)**_ 

## 2. Key Activities 

In achieving its objects, the CIO may engage in a range of activities, either on its own or with others, including (but not restricted to): 

(a) the celebration of public worship; 

(b) the teaching of the Christian faith; 

- (c) mission and evangelism; 

(d) pastoral work, including visiting the sick and the bereaved; 

(e) the provision of facilities with a Christian ethos for the local community, including (but not restricted to) the elderly, the young and other groups with special needs; and 

(f) the support of other charities in the UK and overseas. 

## 3. Public Benefit 

The Trustees confirm that they have complied with their duty under section 17 of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit. All our activities are undertaken to further our charitable purposes for the public benefit. 

## **Achievements and performance** 

## 1. Celebration of public worship 

Our weekly services have continued to grow and attract a diverse congregation. Throughout 2024, we've seen sustained growth in attendance from the local neighbourhood surrounding the church building. The diverse worship leadership team established in 2023 has developed further, ensuring sustainable service delivery. In 2024, we enhanced our audio system to complement the video and livestreaming capabilities implemented the previous year, significantly improving the worship experience both in-person and online. 

## 2. Community Outreach 

Our Tuesday night small group ministry has continued as a key discipleship resource. A men's boxing group has started on Monday nights to reach men, build fellowship, and share the Gospel. 

## 3. Teaching of the Christian faith 

Our educational offerings expanded in 2024 to include a new discipleship course. The young adults ministry continued, with monthly gatherings for encouragement and prayer. Sermon Club for children has been further developed with age-appropriate materials and activities. 

## 4. Pastoral Work 

The prayer ministry following Sunday services has become a cornerstone of our pastoral care. We continue to provide encouragement and support for people experiencing various crises in their lives. 

## 5. Prayer 

Our prayer initiatives continue to thrive, with consistent attendance at our various prayer gatherings. The pre-service Sunday morning prayer gathering has seen increased participation, creating a strong spiritual foundation for our worship services. In total, we normally have four distinct prayer meetings each week. 

**2** 



## **Chelsea Community Church** 

## **Trustees' Annual Report** _**(continued)**_ 

## **Year ended 31 December 2024** 

## **Financial review** 

## 1. Financial Performance 

In 2024, Chelsea Community Church has maintained financial stability with the Co-operative Bank banking system established in 2023. Our management of accounts through SageOne gives us an accurate perspective on the recent past and the present so that we might plan for the future. This has enabled more accurate financial forecasting and budgeting. 

Throughout 2024, the church maintained a healthy financial position through continued donations, rental income from the church flat and carpark, and prudent resource management. We saw a modest increase in individual giving compared to the previous year, reflecting growing congregational commitment. 

## 2. Reserves Policy 

The Trustees have maintained the reserves policy established previously, ensuring Chelsea Community Church can sustain operations even during financial challenges. The policy maintains reserves equivalent to three-six months of operating expenses, currently standing at £50,000. As of December 2024, our reserves remain above this threshold. 

## 3. Major Financial Activities 

In 2024, our income sources remained consistent with the previous year, including individual donations, rental income from the carpark and church flat, contributions from community users of the building, and continued support from City Temple URC. Because of our consistent income, Chelsea Community Church has begun to meet the costs of its two part-time staff members. 

## **Plans for future periods** 

## 1. General 

We continue to pursue our overarching goal of building Chelsea Community Church into a vibrant, self-sustaining church fellowship. The partnership with City Temple URC has continued to strengthen both congregations, and we have seen encouraging growth in 2024, particularly among families from the surrounding area. We remain committed to balancing traditional church activities with innovative approaches to community engagement. 

## 2. Future Objectives 

Looking ahead to 2025, some of our key objectives include: 

**(a) Community Outreach Expansion** : Our team is considering new and diverse ways of reaching out into the surrounding community. 

**(b) Digital Ministry Enhancement** : Building on our improved audio-visual capabilities, develop more interactive online content and strengthen our social media presence to reach the digitally engaged community. 

**(c) Facilities Development** : We will continue to repair and improve the present facilities so that they support a growing congregation. 

**3** 



## **Chelsea Community Church** 

## **Trustees' Annual Report** _**(continued)**_ 

## **Year ended 31 December 2024** 

## **Statement of trustees' responsibilities** 

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources 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 judgments and estimates that are reasonable and prudent • State whether applicable UK Accounting Standards have been followed • Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation 

## **Risk Management** 

The Trustees have assessed, and continue to assess, the major risks to which the church is exposed, particularly those related to operations and finances, and are satisfied that systems are in place to mitigate exposure to the major risks. In 2024, we continued to review risks to the charity, with particular attention to safeguarding, financial sustainability, and building safety. The Trustees continue to review risks and opportunities at their monthly Trustees' meetings. 

## **Safeguarding** 

Chelsea Community Church is committed to safeguarding and promoting the welfare of children, young people, and vulnerable adults. During 2024, we reviewed and updated our safeguarding policy in accordance with current legislation and best practices. Regular safeguarding reviews are **SIGNED SECURELY** conducted, and a designated Safeguarding Officer oversees all related matters. **14/07/2025 at 10:53:17 AM UTC** 

The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by: 

**SIGNED SECURELY** 

**14/07/2025 at 10:53:17 AM UTC** 

Dr Rodney Woods Chair of Trustees Chelsea Community Church 

**4** 



**Chelsea Community Church** 

## **Independent Examiner's Report to the Trustees of Chelsea Community Church** 

## **Year ended 31 December 2024** 

I report to the trustees on my examination of the financial statements of Chelsea Community Church ('the charity') for the year ended 31 December 2024. 

## **Responsibilities and basis of report** 

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’). 

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 

## **Independent examiner's statement** 

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 

1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 

2. the financial statements do not accord with those records; or 

3. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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. 

I have no concerns 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. 


Joseph Robinson FCCA Robinsons Consulting Limited Chartered Certified Accountants 

5 Underwood Street London N1 7LY 

**5** 



## **Chelsea Community Church** 

## **Statement of Financial Activities** 

## **Year ended 31 December 2024** 

|||||Period from|
|---|---|---|---|---|
|||||29 Mar 23 to|
|||**Year to**|**31 Dec 24**|31 Dec 23|
|||Unrestricted|||
|||funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|£|
|**Income and endowments**|||||
|Donations and legacies|**4**|15,554|15,554|6,031|
|Other trading activities|**5**|34,041|34,041|11,923|
|||`────────`|`────────`|`────────`|
|**Total income**||49,595|49,595|17,954|
|||`════════`|`════════`|`════════`|
|**Expenditure**|||||
|Expenditure on charitable activities|**6,7**|41,330|41,330|13,522|
|||`────────`|`────────`|`────────`|
|**Total expenditure**||41,330|41,330|13,522|
|||`════════`|`════════`|`════════`|
|||`────────`|`────────`|`────────`|
|**Net income and net movement in funds**||8,265|8,265|4,432|
|||`════════`|`════════`|`════════`|
|**Reconciliation of funds**|||||
|Total funds brought forward||68,662|68,662|–|
|||`────────`|`────────`|`────────`|
|**Total funds carried forward**||76,927<br>`════════`|76,927<br>`════════`|4,432<br>`════════`|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

**The notes on pages 8 to 12 form part of these financial statements.** 

**6** 



## **Chelsea Community Church** 

## **Statement of Financial Position** 

## **31 December 2024** 

||||**2024**|2023|
|---|---|---|---|---|
|||**Note**|**£**|£|
||**Current assets**||||
||Debtors|**11**|1,273|–|
||Cash at bank and in hand||78,211|71,017|
||||`────────`|`────────`|
||||79,484|71,017|
||**Creditors: amounts falling due within one year**|**12**|2,557|2,355|
||||`────────`|`────────`|
||**Net current assets**||76,927|68,662|
||||`────────`|`────────`|
||**Total assets less current liabilities**||76,927|68,662|
||||`────────`|`────────`|
||**Net assets**||76,927|68,662|
||||`════════`|`════════`|
||**Funds of the charity**||||
||Unrestricted funds||76,927|68,662|
||||`────────`|`────────`|
|**SIGNED**|**Total charity funds**<br>**SECURELY**|**13**|76,927<br>`════════`|68,662<br>`════════`|



> **14/07/2025 at 10:53:17 AM UTC** These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by: 

## **SIGNED SECURELY** 

**14/07/2025 at 10:53:17 AM UTC** 

Dr Rodney Woods Chair of Trustees Chelsea Community Church 

**The notes on pages 8 to 12 form part of these financial statements.** 

**7** 



**Chelsea Community Church** 

## **Notes to the Financial Statements** 

## **Year ended 31 December 2024** 

## **1. General information** 

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Chelsea Community Church, Edith Grove, London, SW10 0LB. 

## **2. Statement of compliance** 

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011. 

## **3. Accounting policies** 

## **Basis of preparation** 

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. 

The financial statements are prepared in sterling, which is the functional currency of the entity. 

## **Going concern** 

There are no material uncertainties about the charity's ability to continue. 

## **Disclosure exemptions** 

The charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": 

- (a) No cash flow statement has been presented for the Charity. 

- (b) Disclosures in respect of financial instruments have not been presented. 

## **Judgements and key sources of estimation uncertainty** 

No significant judgements have had to be made by trustees in preparing these financial statements. 

## **Fund accounting** 

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. 

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. 

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. 

**8** 



**Chelsea Community Church** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 December 2024** 

## **3. Accounting policies** _**(continued)**_ 

## **Incoming resources** 

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: 

- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. 

- legacy income is recognised when receipt is probable and entitlement is established. 

- income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. 

- income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. 

## **Resources expended** 

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: 

- expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. 

- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. 

- other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. 

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. 

## **Financial instruments** 

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. 

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. 

**9** 



## **Chelsea Community Church** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 December 2024** 

## **3. Accounting policies** _**(continued)**_ 

## **Financial instruments** _**(continued)**_ 

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. 

Debt instruments are subsequently measured at amortised cost. 

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. 

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. 

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. 

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. 

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. 

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 

## **4. Donations and legacies** 

||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|**Donations**|||||
|Donations|15,554<br>`════════`|15,554<br>`════════`|6,031<br>`═══════`|6,031<br>`═══════`|



**5. Other trading activities** 

||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|Rental income|19,200|19,200|7,300|7,300|
|Carpark income|14,841|14,841|4,623|4,623|
||`────────`|`────────`|`────────`|`────────`|
||34,041|34,041|11,923|11,923|
||`════════`|`════════`|`════════`|`════════`|



**10** 



**Chelsea Community Church** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 December 2024** 

## **6. Expenditure on charitable activities by fund type** 

||Unrestricted|**Total Funds**|Unrestricted|Total Funds|
|---|---|---|---|---|
||Funds|**2024**|Funds|2023|
||£|**£**|£|£|
|Charitable activities|39,890|39,890|12,082|12,082|
|Support costs|1,440|1,440|1,440|1,440|
||`────────`|`────────`|`────────`|`────────`|
||41,330|41,330|13,522|13,522|
||`════════`|`════════`|`════════`|`════════`|



## **7. Expenditure on charitable activities by activity type** 

||Activities||||
|---|---|---|---|---|
||undertaken||**Total funds**|Total fund|
||directly Support costs||**2024**|2023|
||£|£|**£**|£|
|Charitable activities|39,890|–|39,890|12,082|
|Governance costs|–|1,440|1,440|1,440|
||`────────`|`───────`|`────────`|`────────`|
||39,890<br>`════════`|1,440<br>`═══════`|41,330<br>`════════`|13,522<br>`════════`|



## **8. Independent examination fees** 

|||Period from|Period from|
|---|---|---|---|
||**Year to**|29 Mar 23|to|
||**31 Dec 24**|31 Dec|23|
||**£**|£||
|Fees payable to the independent examiner for:||||
|Independent examination of the financial statements|1,440<br>`═══════`|–<br>`════`||



## **9. Staff costs** 

The average head count of employees during the year was Nil (2023: Nil). 

No employee received employee benefits of more than £60,000 during the year (2023: Nil). 

## **10. Trustee remuneration and expenses** 

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 

## **11. Debtors** 

Prepayments and accrued income 

**2024** 2023 **£** £ – 1,273 `═══════ ════` 

**11** 



## **Chelsea Community Church** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 December 2024** 

## **12. Creditors: amounts falling due within one year** 

||**2024**|2023|
|---|---|---|
||**£**|£|
|Trade creditors|1,117|915|
|Accruals and deferred income|1,440|1,440|
||`───────`|`───────`|
||2,557|2,355|
||`═══════`|`═══════`|



## **13. Analysis of charitable funds** 

## **Unrestricted funds** 

|**Unrestricted funds**|||||||
|---|---|---|---|---|---|---|
|||At||||**At**|
||1 January||||**31 December**||
||2024||Income|Expenditure|Transfers|**2024**|
||£||£|£|£|£|
|General funds|68,662||49,595|(41,330)|–|76,927|
||`════════`||`════════`|`════════`|`════`|`════════`|
|||At||||At|
||29 March||||31 December||
||2023||Income|Expenditure|Transfers|2023|
||£||£|£|£|£|
|General funds||–|17,954|(13,522)|64,230|68,662|
||`════`||`════════`|`════════`|`════════`|`════════`|
|**Analysis of net assets between funds**|||||||
||||||Unrestricted|**Total Funds**|
||||||Funds|**2024**|
||||||£|**£**|
|Current assets|||||79,484|79,484|
|Creditors less than 1 year|||||(2,557)|(2,557)|
||||||`────────`|`────────`|
|**Net assets**|||||76,927|76,927|
||||||`════════`|`════════`|
||||||Unrestricted|Total Funds|
||||||Funds|2023|
||||||£|£|
|Current assets|||||71,017|71,017|
|Creditors less than 1 year|||||(2,355)|(2,355)|
||||||`────────`|`────────`|
|**Net assets**|||||68,662|68,662|
||||||`════════`|`════════`|



## **14. Analysis of net assets between funds** 

**12**