**REGISTERED CHARITY NUMBER: 1203090** Report of the Trustees and Unaudited Financial Statements for the Period 1 October 2023 to 31 March 2024 for Caersalem Evangelical Church Gorseinon Ashmole & Co First Floor 1 St John's Court Upper Fforest Way Enterprise Park Swansea SA6 8QQ Caersalem Evangelical Church Gorseinon ## Contents of the Financial Statements ## for the Period 1 October 2023 to 31 March 2024 ||Page| |---|---| |Report of the Trustees|1 to 3| |Independent Examiner's Report|4| |Statement of Financial Activities|5| |Balance Sheet|6| |Cash Flow Statement|7| |Notes to the Cash Flow Statement|8| |Notes to the Financial Statements|9 to 12| |Detailed Statement of Financial Activities|13| Caersalem Evangelical Church Gorseinon ## Report of the Trustees ## for the Period 1 October 2023 to 31 March 2024 The trustees present their report with the financial statements of the charity for the period 1 October 2023 to 31 March 2024. The trustees have adopted the provisions of 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) (effective 1 January 2019). Caersalem Evangelical Church was registered with the Charity Commission on 16th May 2023 and became operational in October 2023. The assets of the previous charity were transferred on 1st October 2023. ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The Objects, for which the Charity is established as stated in its governing document is to advance the Christian faith for the benefit of the public within Gorseinon and the surrounding neighbourhood in accordance with the Basis of Faith by providing facilities for Christian worship, prayer, religious education, Bible study, outreach and pastoral care for the local community. ## **Public benefit** The trustees confirm that they have complied with their duty in section 17(5) of the 2011 Charities Act with regard to the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives in planning for future activities. ## **ACHIEVEMENT AND PERFORMANCE** ## **Charitable activities** The Charity has made it a priority to welcome new people and integrate them into the life of the church. This is achieved through the charities principle activity, the promotion of the Christian gospel. It does this for the public benefit by means of its main activities which are as follows. - Regular morning and evening Sunday public worship services - Visiting missionaries and speakers - Sunday School - Friday evening children's and Youth meetings - Mothers and toddlers group - Womens Meetings on Wednesday and Thursday - Bible Study & Prayer meeting on Tuesday evenings - Christianity explored meetings running in a series of an evening a week for six weeks, explaining - the Christian message to those who wish to understand the bible - Supporting financially and in prayer other Christian workers and organisations in the UK and overseas. - Carol Services and other special services - Running regular book groups to encourage the understanding of Christianity - Other activities arranged to encourage hospitality and fellowship All of our meetings are supported by volunteers and are open to all. The charity has a church building and during the year has continued to ensure that the building is maintained to enable it to be used for its activities. Page 1 Caersalem Evangelical Church Gorseinon ## Report of the Trustees ## for the Period 1 October 2023 to 31 March 2024 ## **FINANCIAL REVIEW** ## **Financial position** The results for the period and the financial position of the Charity are shown in the annexed financial statements. The net surplus for the period amounted to £743,921. Freehold Property with a market value of £550,000 was transferred from the previous Charity Caersalem Evangelical Free Church Gorseinon. Bank balances totalling £188,403 were transferred from the previous Charity Caersalem Evangelical Free Church Gorseinon. ## **Reserves policy** The trustees consider that a sum equivalent to a quarter of a years operating expenditure is a sufficient sum of money to have readily available in reserve. Based on this financial year they charity's minimum requirement for reserves would have been £16,009. Actual free reserves were £172,531. ## **FUTURE PLANS** Our future plans are to continue with our main activities to achieve the charities principle activity, the promotion of the christian gospel. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust and constitutes a Charitable Incorporated Organisation. ## **Our Trustees** The Trustees are Andrew Griffiths (Chair), Wynne Hughes and Emrys Roberts. No Trustee receives any payments from the Charity. ## **Our Staff** The Charity has two full time employees, a minister and an evangelist. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Registered Charity number** 1203090 ## **Principal address** 39 Penyrheol Road Gorseinon Swansea SA4 4GA ## **Trustees** A P Griffiths Chair E W Hughes E T Roberts Page 2 Caersalem Evangelical Church Gorseinon Report of the Trustees for the Period 1 October 2023 to 31 March 2024 ## **REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner** Mrs S K Keith FCCA Ashmole & Co First Floor 1 St John's Court Upper Fforest Way Enterprise Park Swansea SA6 8QQ Approved by order of the board of trustees on 23 January 2025 and signed on its behalf by: ..... A P Griffiths - Trustee Page 3 ## Independent Examiner's Report to the Trustees of Caersalem Evangelical Church Gorseinon ## **Independent examiner's report to the trustees of Caersalem Evangelical Church Gorseinon** I report to the charity trustees on my examination of the accounts of Caersalem Evangelical Church Gorseinon (the Trust) for the period 1 October 2023 to 31 March 2024. ## **Responsibilities and basis of report** As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act. ## **Independent examiner's statement** Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies. 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 Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts 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. Mrs S K Keith FCCA The Association of Chartered Certified Accountants Ashmole & Co First Floor 1 St John's Court Upper Fforest Way Enterprise Park Swansea SA6 8QQ 23/01/2025 Date: ............................................. Page 4 ## Caersalem Evangelical Church Gorseinon ## Statement of Financial Activities for the Period 1 October 2023 to 31 March 2024 |Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
807,306
Investment income
3
651
**Total**
807,957
**EXPENDITURE ON**
**Charitable activities**
4
Charitable Activities
64,036
**NET INCOME**
743,921
**TOTAL FUNDS CARRIED FORWARD**
743,921|Restricted
fund
£
-
-
-
-
-
-|Total
funds
£
807,306
651| |---|---|---| |||807,957| |||64,036| |||743,921| |||743,921| The notes form part of these financial statements Page 5 Caersalem Evangelical Church Gorseinon ## Balance Sheet 31 March 2024 |Notes
**FIXED ASSETS**
Tangible assets
8
**CURRENT ASSETS**
Debtors
9
Cash at bank
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
11
Unrestricted funds
**TOTAL FUNDS**|Unrestricted
funds
£
550,000
411
194,710
195,121
(1,200)
193,921
743,921
743,921|Restricted
fund
£
-
-
-
-
-
-
-
-|Total
funds
£
550,000
411
194,710
195,121
(1,200)
193,921
743,921
743,921
743,921
743,921| |---|---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on January 23 2025 and were signed on its behalf by: ............................................. A P Griffiths - Trustee The notes form part of these financial statements Page 6 ## Caersalem Evangelical Church Gorseinon ## Cash Flow Statement ## for the Period 1 October 2023 to 31 March 2024 |Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash provided by operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Interest received
Net cash (used in)/provided by investing activities
**Change in cash and cash equivalents**
**in the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end**
**of the reporting period**|£
744,059
744,059
(550,000)
651
(549,349)
194,710
-
194,710| |---|---| The notes form part of these financial statements Page 7 Caersalem Evangelical Church Gorseinon ## Notes to the Cash Flow Statement ## for the Period 1 October 2023 to 31 March 2024 ## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**ACTIVITIES**|| |---|---| |**Net income for the reporting period (as per the Statement of**
**Financial Activities)**
**Adjustments for:**
Interest received
Increase in debtors
Increase in creditors
**Net cash provided by operations**|£
743,921
(651)
(411)
1,200| ||744,059| ## **2. ANALYSIS OF CHANGES IN NET FUNDS** ||At 1/10/23|Cash flow|At 31/3/24| |---|---|---|---| ||£|£|£| |**Net cash**|||| |Cash at bank|-|194,710|194,710| ||-|194,710|194,710| |**Total**|-|194,710|194,710| The notes form part of these financial statements Page 8 Caersalem Evangelical Church Gorseinon ## Notes to the Financial Statements ## for the Period 1 October 2023 to 31 March 2024 ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** No depreciation is provided on freehold property as the amount that is depreciated is the difference between cost and residual value. In the opinion of the trustees, the residual value of the property equates to at least its carrying value and there is therefore no depreciation to provide. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Pension costs and other post-retirement benefits** The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. continued... Page 9 Caersalem Evangelical Church Gorseinon ## Notes to the Financial Statements - continued for the Period 1 October 2023 to 31 March 2024 |**2.**
**DONATIONS AND LEGACIES**
Donations
**3.**
**INVESTMENT INCOME**
Deposit account interest
**4.**
**CHARITABLE ACTIVITIES COSTS**
Charitable Activities
**5.**
**SUPPORT COSTS**
Charitable Activities
**6.**
**TRUSTEES' REMUNERATION AND BENEFITS**|£
807,306
£
651
Support
Direct
costs (see
Costs
note 5)
Totals
£
£
£
62,836
1,200
64,036
Governance
costs
£
1,200| |---|---| There were no trustees' remuneration or other benefits for the period ended 31 March 2024. ## **Trustees' expenses** There were no trustees' expenses paid for the period ended 31 March 2024. ## **7. STAFF COSTS** |Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the period was as follows:
Total Staff|£
33,816
1,823
1,008| |---|---| ||36,647| ||2| No employees received emoluments in excess of £60,000. continued... Page 10 Caersalem Evangelical Church Gorseinon ## Notes to the Financial Statements - continued for the Period 1 October 2023 to 31 March 2024 |**8.**
**TANGIBLE FIXED ASSETS**
**COST**
Additions
**NET BOOK VALUE**
At 31 March 2024
Freehold Property was valued on 19 November 2024 on an open market
Letting agents.
**9.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other debtors
**10.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**11.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
Mission fund
Capital Fund
**TOTAL FUNDS**|Freehold
property
£
550,000
550,000
basis by Fresh Estate and
£
411
£
1,200
Net
movement
At
in funds
31/3/24
£
£
172,531
172,531
21,390
21,390
550,000
550,000
743,921
743,921
743,921
743,921| |---|---| continued... Page 11 Caersalem Evangelical Church Gorseinon ## Notes to the Financial Statements - continued for the Period 1 October 2023 to 31 March 2024 ## **11. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
Mission fund
Capital Fund
**TOTAL FUNDS**|Incoming
resources
£
229,547
28,410
550,000
807,957
807,957|Resources
Movement
expended
in funds
£
£
(57,016)
172,531
(7,020)
21,390
-
550,000
(64,036)
743,921
(64,036)
743,921| |---|---|---| ## **12. RELATED PARTY DISCLOSURES** There were no related party transactions for the period ended 31 March 2024. Page 12 Caersalem Evangelical Church Gorseinon Detailed Statement of Financial Activities for the Period 1 October 2023 to 31 March 2024 £ |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
**Investment income**
Deposit account interest
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Wages
Social security
Pensions
Insurance
Light and heat
Miscellaneous expenses
Publicity
Mission
Lawn
Child
Manse
Cleaning
Ministry
Maintenance Charges
**Support costs**
**Governance costs**
Accountancy and legal fees
Total resources expended
**Net income**|807,306
651| |---|---| ||807,957
33,816
1,823
1,008
4,315
3,054
4,082
1,201
7,020
280
49
3,138
800
300
1,950| ||62,836
1,200| ||64,036| ||743,921| This page does not form part of the statutory financial statements Page 13