Reg15tered number: 108687 Charlty number: 222262 ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 RPGCC Chartered Aceountanls & Statut¢xy Au¢thtor 40 Gracechurch Street London EC3V 08T
ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH IA company limlted by guarnnteè} CONTENTS Pa9e Reference arKI administratrrfe details of Ihe charity, its Trustees and advise Trustees. report IndeperMJent examirErfs report St*ement of ffinancial activities 10-11 12 Balance sheet 13-14 Notes to the financial ststements 15-33
ANNIE MACPHERSON HOME OF INDUSTRY IINCORPORATEDI OPERATING AS BETHNAL GREEN MISSION CHURCH IA company15mited by guarnntse) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARI, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Bethany Lambert (appointed 15 February 2024) Patricia Davis (resigned 10 September 2023) Phillip Harniess Bemadette Cunningham Company registered numter 108687 Charty registered numttr 222262 Registered offi 305 Cambrtdge Heath Ro&J London E2 9LH Church Minister arKI Charity Secretary Michael Houston Accountants RPG Crouch Chapman LLP Chartered Accountants and Registered ALKlitors 40 Gracechurch Street London EC3V OBT Bankers TSB 404 Bethnal Green Road Bethnal Green London E2 OAH Page 1
ANNIE MACPHERSON HOIAE OF INDUSTRY (INCORPORATED) OPERATING AS BEThNAL GREEN MISSION CHURCH IA company Ilmfted by guarantse TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together with the finanaal statements of the chartty for the 1 January 2023 to 31 DerEmber 2023. The Annual report serves the purposes of both a Trustees, report and a directors, report urvjer company law. The Trustees confirm that the Annual report and rinanGial statements of the charitable company comply with the current statutory requirements. the requirements of the charitabte company's goveming document and the provisions of the Statement of Rewmmended Practice {SORP) applicable to charities preparirvJ their accounts in accordance with the Finanual Reporting Standard appluble in the UK and ReputAK of Ireland (FRS102) (effective 1 January 2019). sin the charity qualifEs as small under section 382 of the Companies Act 2006, the Strategic report Tequired of medium and large companies under the Companies Act 21 (strateg Report arKI Directors, Report) Regulations 2013 has been omttted. ctNes arKJ activities a. Policies and obiectf4es Bethnal Green Mission Churth (BGMC) is a Christian church charitable company limited by guarantee and is governed by a Memorandum arKI Articles of Association and values of faith. BGMC'S founder, Annie Macpherson vfas a contemporary arrfl frieNI of Dr. Thomas Barnardo. came to East London in the early 1e60s housifKJ. unemployment, poverty and disease Yre rife. A 'hOn of industy vras established to "educate religi¢Jusly and promote the elfare of t poor and needy by all manner of EanS.. This w)rk continued in various guises until a buibjing was erected in 1952 to provide Bethnal Green with a med] pradio under the newty f0md National Health Servi. DurirvJ this peri¢yJ. a Christian lOkShoP was opened and, together with a thriving Sunday School. a church was established. In 2018, a fve year redevelopnpnt scheme was completed and a new church buikJiThJ communty spats was opened. This a?rd winning building has gNen BGMC a unique opportunity to provKle the area with a welcoming space for worship, prayer and engagement with a dNerse lange of support. events and actrvrties fof decades to coff. BGMC'S faith values are derived from a commitinent to relationships arKI communty seen in the Trinitarian arKI loving nature of Gi)d, fulty revealed in Jesus Christ. We seek to express these values in our lrfe and mission by being.. a Jesus4entred communty: an inclusNe community., a missional community: a worshippirwJ communty: and a prophetic cornmunty. Our desire is to engage in long temi. relational and innovative work which is relevant to the needs of our diverse communty and which contributes to personal. sc¢ial and spiritual transfomation and llbeirKJ. We do this through empowering and equippir¥J BGMC members, staff and volunteers in the borough and through partnerships with churches. schools. organisations and slatutw agencies. The Beehive is a café, communty hub arKI CO•working space providing high qualty fo(MJ. coffee. tea and hospttality. It is a not-for-prorrt entsrpris8 With a desire to use any money made to drive quality and to support and equip those from dadvantaged backgrounds through partnership and opportunrty. Following in the footsteps of the Victorian legaty of BGMC'S founder, Annie Macphetson, the airn of The Beehive is to brirvJ hope to those on the margins of our modern4Iay society. Annie Macpherson's "Home of Industry. became a noted feature of the East ErKI and was known locally as the 'Beehive'. The Beehive's desire is to recreate the welcoming and hospitable community founded all those years ago. and to become a 'noted feature" of its 0, both for its high standards of quality and for its socialty transformative legacy. The café operates with 3 ftjll time staff and a team of
ANNIE MACPHERSON HOME OF INDUSTRY IINCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH IA company Ilmlted by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and a¢tNities (Contin1) volunteers from BGMC, other local churches and the communty. This collaborative WOTk enables the café to be a genuine partnership betvRen a diverse range of local people and organisations. The café is able to utilise the neighbouring green Spa of Paradise Gardens and a group of communty gardeners now meets to support the rejuvenation arKI maintenance of thts previousty neglected space. In setting objectives and planning for aclivities. the Twstees have given due consideration to general guidance published by the Charity Commission relating to wblic benefit. including the guidance 'Publi¢ benefrt". running a charity (P82)'. b. Activities undertaken lo achieve ot¥e¢tives 2023 was a busy year in the life and work of Bethnal Green Mission Church. The church building and café continued to offer a lCOm1ng environment for peop to enter. both during the week and on Sundays. As a result, the worshippir¥J communty has grown numerically, Kryth several people moving into the area aThJ CoMing a part of BGMC. The nurnbe and dNersty of Feople attending Sunday worship and midwEek small groups hwie grown during the year. As new people are welcomed into the BGMC communty from many different backgrounds and viith a varEty of stories, gifts and creatrve talents, there are new opportunitw and dlngeS in wotship. pastoral care and mission. The life of BGMC has certainly been enriched by this. Our annual church NEekend avray in June was again signfficant. as had the opportunity to baptise three people in a lake near the hotel. In the summer. Y took 12 members of BGMC on our annual retreat to County Cork. In September a long-serviThJ member of BGMC arKI trustee stepped down from her leadership responsibilities after 20 years. We have been very grateful for her hard work. viisdom arKI commitment to people arKI the communty of Bethnal Green foT many years. During the year BGMC was able to support several people finan¢ialty as the cost-of4iving crtsis has continued to be ChaIngIng for many local people. The BGMC Youth Team ran a monthly Frmlay night youth programme during the year. YourKJ peopl8 attend BGMC vRre irwolved in a sidential at Hopper5. Kent in June. There were further opportuntlies for training for BGMC'S senior Youth Worker durityj 2023. In March, he participated in a Trauma Sensitive PeacebuildirrfJ coutse run by practitioners in Sarajevo, Bosnia. In September he joined a cohort of Christian Leaders lor the Wmonth Joumey of HO Pilgrimage. This inclLKled residentials to a variety of UK PeaCernang organisations in the UK and Northem Ireland. This has forged strong relationships with several peacemakers in the UK and cNerseas. c. Main activities urKlertaken lo furttrr the charitS purposes for the public benef Art Wellbeing Workshops have been a free opportunty for adults in the surrounding area to use the church space on a fortnightty basi8 to practi their creativty within a social setting. Each Art Wellbeing Workshop focused on a different activty that is achievable for anyone regardless of artisti¢ ability. wth a gUlar attendance of 20-30 people. The people vèho attended often displayed a range of emotions -often anxiety. shyness. hostilrty. and liredness. To provide people with a regular, creative and sociable oudet has been transfomiative to many for their confidence and interactions. Many mention a sense of achievement and relaxation by the erKI of the session. Page 3
ANNIE MACPHERSON HOME OF INDUSTRY IINCORPORATEDI OPERATING AS 8ETHNAL GREEN MISSION CHURCH (A Company limited by guarantse) TRUSTEES. REPORT {CONTINUED} FOR TrIE YEAR ENDED 31 DECEMBER 2023 Objectives and activities (continued) 'Crafternoons' have been children and famity-focused arts and crafts sessions which took place during the summer and Vnter school holidays. Over 25 families have atlended these sessions. Adults enjoyed being provided Vth a Spa where they could relax and enjoy refreshments, and many decided to join in th the craft activities their chiklren, who delighted in all the dtverse activrf(ies on offer. During February and March of 2023, BGMC partnered wrth Growth Nht Shelter to provide support and meals for 15 guests every Tuesday evening and overnight. This took place in the church building for the first time since the tEginning of the COVID-19 pandemic. A wide-ranging leam of volunteers from BGMC, friends of the café. and contacts through the communty programme worked to cafe for the guests during the evening. ovemlght and moming. Volunteers were responsible for providing dinner. and breakfast. thecking on guest welfare and being around to support guests. At the start of the year, many local charilies were providirKJ Wami Spa$ in their buildings to seek to alleviate the burden placed on people ty the rising cost of electrictty and gas bills. BGMC joined this initiative and provided a Warm spa on Wednesdays for January arKI Febnjary, from 1 Oam-3pm. The purpose was to provide a space for people to sk*nd the day, rf they were homeless, in unstable accommodation, or could not afford the electricity bills to keep their homes comfortable during the day. We found that the majority of attendees to the Wami spa Ere women who struggled to afford their electfictty bills, and sought company during the day. Many responded positively to craft activities where they coukl practice new skills, and a sense of friendship and community became quickly established within the group. On this basis, we decwjed to launch Craft & Company in April 2023 in place of Warm Space, to more directly address the needs of those who attended. It offers crafting opportunities and a hospitable and welcoming space for friendship, for peop experiencing isolation and loneliness. Both of these relational craft and art-related projects are led by our Operations Manager and volunteers from BGMC. In February 2023, BGMC dance workshops were launched by a member of BGMC and the leadership team, to further diversfy the use of the space and to offer an exciting way to exercise, meet others, and learn new skills. The dan classes take place vRekly a¢vJ altemate beiween beginner and intermediate levels to make it available to everyone. Another new initiative in 2023 was to galvanise our partnerships with a local charity and set up a weekly football session for asylum seekers and refugees in Tower Hamlets. This decision was made in response to the grOVng number of asylum seekers and refijgees settling in London, with no means to worf( or study, or receive general support. Funding for this project was received by the East End Community Foundation, as we worked in partnership with the sock?1 prescritr$ assigned to Whitechapel House. where many were accommodated. This project began in July 2023 and have seen over 70 men take part. Thi5 has been very beneficial for their physical and mental health as well as having a positive impact on their friendships. We have been able to provide football boots, clothing and the pitch hire and staff and volunteers to enable this to be a project they Could trust to be there every week. Additionally. we have been able to offer housing. mental health and financial support to several men whom we have got to know. Page 4
ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATED) OPERATING AS 8ETHNAL GREEN MISSION CHURCH (A company limlted by guarnntee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities (continued) Additional events and activities that have taken place during the year re Communtty Carol Singing, Gardening sessions in Paradise Gardens and Bethnal Beats the Beehive, a monthly poetry and spoken word event. The Beehive t has been a gocrfj year of trading at The BeehNe filled wilh new staff, volunteers, regular and passing customers and continued friendships wilh local ISInesSes. We glad celebrated our 5th Birthday in Juty 2023 with friends from the local communty. We have been con51Stently busy, regularty hosting morning breakfast rushes and bigger groups for lunch. This increased considerably when the Young V&A reopened on 1st July meanirKJ school holidays and weekends became especially busy from when the museum opens at 10affl, to lunch sel¢e. to late aftemoon coffee & cake trips. Revenue for July and August increased by 300%. Our food menu remains a simple offering of breakfasts, toast & toasties wth either Homemade Soup or Salad specials depending on the season. Some of our popular newer options have been garlic mushrooms. cashew & buttemut smash or lettu. pea & mint on toast - these are more sustainable and cost-effective options than our previoLLS 'avocaJo on toast. best-selling menu item. We rolled out a menu-wide price increase on April 1st 2023 to account for the rising cosls of energy, ingredients, cleaning products and staff wages. Within these changes, we also reduced the price of altemative milks in a bid to not be seen as laxing. vegans for making sustainable choices. The Beehive continues to attract vulnerable regulars and customers aThJ we are aldyS considering ways that we can support these individuals. We are grateful to have a building with such excellent reSoUrS including showers and laundry facilities so we are mindful that we want to think oreativety about some of the ways VE can generously support our most vulnerable customers in line with our values whilst also maintaining boundaries for OUT team. One addition we are glad to have implemented this year is our 'Pay It Forward. Wall where oustomers can purchase either a round of toast or a drink for £2.50 vthi¢h can then be claimed by a customer who cany afford one themselves. We have hosted many volunteers over the last year from different walks of life. These people have contributed greatly to the functioning and values of the Beehive and we hope that it has been a life- affirming experien for them as 11. During the year lead a team of volunteers from BGMC and from the flats and houses adjacent to BGMC to help manage and cuttivate Paradise Gardens (a local parkl which the cafélchur¢h has an entrance onto. This inVoeS planting, pruning, weeding and litter picking and 15 a sociable enwronment to make new friends *thi1st making a difference to the local space. Face to Face Therapeutic Mentoring The relationship between BGMC and the school has continued to strengthen. BGMC has 2 SeNice Level Agreements {SLAs) with the school to provKle Therapeutic Mentoring with boys in Years 7-11s. This offers 8 sessions per week which are triaged to offer weekty. twolthree weekly or fixed-term pla5. The second SLA provides a Counsellor to support students in the Sixlh Form with Integrative Counselling and Coaching for up to 8 students. Additional work has taken place outside the 8 places offered. The workers have relocated in school to a designated WElkbeing area. comprising two log cabins and a counselling room. They work with a Courksellor from Place to Be, a national youth mental health organisation. Page 5
ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH IA company limited by guarnntee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities (continued) The Feast BGMC has continued to be a signfficant partner organisation to The Feast Youth Project Tower Hamlets in providing office space, support of the Hub Manager and volunteers and other in-kind support through the involvement of two of its church leaders. The Youth Worker was seconded for 7.5 hours per week to support the Hub Manager. The project aims to Work in the interfaith youth space to strengthen communty cohesion telPen young people from diverse faith communities. Highlights have comprised the following: Leading lessons with the Year 9 cohort of 180 students on Developing Identty and Wellbeing. Hosting Faith Walks vlith students from Bobby Moore Academy and Waterside Academy. Leading Youth Encounters throughout the year. Running a Youth Residential in July which young people from the church attended. Organising an Interfaith Heritage Walk. Organising a Communty fftar during Ramadan. Partnering wth GrowTH Night Shelter for young people to support wtth set up, provide hospitality and be invo]ved in Youth Encounters. Oak London Over the last year. the Oak London programme has proved its effectiveness and sustainabilty and has strengthened wtth regard to its content and appeal. We have added new workshops based around trauma, mental health. and drugs and alcohol v4hich have been made possible by a widenin9 community of volunteer experts. The most notable piece of progress in the last year has been the relationship we have created with Tower Hamlets coun1 including the probation team and communty mental health team. Two-thirds of the referrals for our last programme carr£ through these channels. This has given us Ihe opportunity to work with a growing number of young men coming out of prison, or at risk of offending. Once again. these young men have thrived during the retreat at Trinity Col*e, continuing to show the amazing impact of individuals having the opportunity to spend time within a posiiNe communty. Finances In order to increase the delivery of our communty projects, events aThJ actNities in the church building, BGMC has drawn upon some of its reseNes in 2023. The increase in gas and electricity and some extra building costs have added to this situation. However, through the generosity of its members and a diverse range of income, BGMC has been able to sustain its level of financial and holistic support for a range of projects and people. We have benerrted from several grants for our work. particular in the Oak London project and youth work. We are very grateful for the support from the following trusts and charities: The Jack Petchey Fund NHS NEL Social Prescribing Fund Pemberton Bames Trust Queen Adelaide Charity Sir Halley Stewart Trust Page 6
ANNIE MACPHERSON HOME OF INDUSTRY ONCORPORATEO) OPERATING AS 8ETHNAL GREEN MISSION CHURCH (A company Ilmlted by guardnlee) TRUSTEES, REPORT ICONTINUEO) FOR THE YEAR ENDED 310ECEMBER 2023 Achievements and rfonnance a. FurKlraising Policy We do not employ a professTonal fundraiser and all fundraising done through nomial actNities of slaff and volunteers. Fundraising is predominantly from memter giving, and this is monitored regularSy. No complaints Ere received about the churchs furnyraising actr¥ities. We have fully complied with GDPR regulations. This will prevent unreasonable intrusion on a person's privacy. b. Investment policy Subject to the oVeiding provisions of the Trustees, Acts. the charity has the power to make any investments which the Trustees see fft. Financial review . Going concem After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable fvture. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further detsils regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserwes policy It is the policy to maintain unrestricted funds. which are the free reserves of the chaiity. at a level that takes into consideration our rent possession of a new building and the running costs that are evofving as a result of the paTrJemic. It also takes into account the future expenditure that will needed as BGMC oversees the running of the Beehive Cafe. creates new projects and for the possibilty of the church purchasing a local residential property for the purposes of our charitable and missional purposes. The Trustees consider that the current level of reserves is in accordan* with their aspirations and the ievel required in future yearswill be assessed as new projects are introduced in response to local need. c. Risk Management The Trustees have examined the major strategic. busines5 and operational risks which the church faces and confirm that systems have been established to monitor those fisks so that the necessary steps can be taken to lessen them. Page 7
ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH IA company limited by guarnntee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 d. Financial Results During the year Charity had total ir)come of £2,733 (2022.. £273.558}. made up of restricted income of £28,187 (2022: £23,379) unrestricted incorne of £208.546 {2022'. £250,179}. The main drtver for the de¢rease in income was the inclusion of a more sizeable chunk of interest on a loan in the previous years. Expendiiure durirvJ the year arnounted to £334,960 (2022: £277.188). made up of restricted expenditure of £48,443 (2022.. £38,300) and unrestricted expenditure of £286.517 (2022.. £238,888>. The overall increase is largety due to increased restrided funts spendirKJ and a general increase in costs across most areas of the church. The trustees nSider this as a positive development. as rt is reflective of the increased actsvity wittiii Ihe chwch. arnj particularty its rEvRr projects. such as Oak London. This resulted in a net deficit of £97.964 (2022: £4.415). represented try a deficrt of £20.256 (2022: £14,921) on Testricted funds and a deficit of £77.708 {2022: surplus of £10,5C6) on unrestricted funds. Due to sufficient IKIUKI funds, mainty in the fomi of cash. the trustees do not consKler thi8 to be a problem. The results detailed abtrrfe show the charws performan after taking irto account total (equallfftg unrestricted) losses on investffEnts of £538 (2(Y22: £785). Total fuThJs at the year end amounted to £1.214.234 (2022: £1,312.198), rewesented ty restricted funds of £631.287 (2022: £651.542) aThJ unrestricled funds of £582.947 (2022: £660,656). Structure 0Veman and man emeThl a. Constftution Annie Ma¢pherson Home of Industry (In¢ory)orated) 0rating As Bethnal Green Mission Church is registered as a charitable cornpany h'mrted by guaiantee aTrJ vras set up by a Memorandum and Artides of Association. b. MethLKls of appointment or election of Trustees The management ol the charity is the responsibihty of the Trustees are elected arKI ¢o-OPted under the terms of the Trust deed. c. Organisational structure and decision4nakirvJ policies The decisions telatirKJ to the charFtable company are made by the Directors. who are aL80 the Trustees of the charity, together fomi a church leadership team which includes the Church Minister and Youth Worker. The Directors are elected in the Annual General Meeting of which not less than ten days clear notice has en gNen. The leadership team meet at least quarterly to receive reports from staff. voluntsers and other workers and to teview activities. operating policies and financial progress. Page 8
ANNIE MACPHERSON HOME OF INDUSTRY {INCORPORATEDI OPERATING AS BETHNAL GREEN MISSION CHURCH (A ¢ompany Ilmlted by guardnteel TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Structure, goverTran and management (continued) d. Pay policy for key management personnel The salaries of senior management are miewed annually. Salary velS are benchmarked using comparatives for similar organisations. Small companies note In preparing this report, the directots have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 20C6. Statement of Trustees. responsibilrties The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance wtth applicable law and Unf(ed KirvJdom Accounting StsrKJards (United Kingdom Generally Accepted Accounting Practi). Cornpany law requires the Trustees to prepare financial statements for each financial 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 charity and of its incoming reSoUrS and application of resources. including its income and expenditure. for that period. In preparing these financial statements, the Trustees are required to: select suitable accounting polic$ and then ap them consistenuy; observe the methods and principles of the Charilies SORP (FRS 102): make judgments and accounting estimates that are reasonable and pThent. state Ythether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the finan¢ial statements- prepare the financial statements on the going conr basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charty's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enabk them to ensure that the financial statements Comp with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonabte steps for the prevention and detection of fraud and other irregularities. Approved by ord r of the members of the board of Trustees and sTrgned on their tehalf by: PHar les$ Trusteel Director Date: 21t Page 9
ANNIE MACPHERSON HOME OF INDUSTRY (INcoRFRATEDj OPERATING AS BETHNAL GREEN MISSION CHURCH (A company Ilmlted by guardntee INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent Examinerfs Report to the Trustees of Annie Macpherson Home of Industry (Incorporated) Operating As Bethnal Green Mission Church ('the charity) I report to the charity Twstees on my examination of the accounts of the charity for the year ended 31 December 2023. Responsibilities and Basis of Report As the Trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that tl* accounts of the charty are not required to be audited urvjer Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying oui my examination I have fo15owed the Directions given by the Charty Commission under section 145(5)(b) of the 2011 Act. Independent Examinerfs Statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting reCoS were not kept in respect of the charity as required by section 386 of the 2006 Act., or the accounts do not accord with those records: or the accounts do not comply wrth the accounting requirements of section 396 of the 2006 Act other than any requirement that the aOUnts give a Ifue and fairf view which is not a matter considered as part of an independent examination" or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommetyled Pradice for accounting arKI reporting by charities [applicable to charities preparing their accounts in accordance Nmth the Financial Reporting Slandard applicable in the UK and Republic of Irelatul (FRS 102)]. I have no conM$ and have come across no other matters in connection with the examination to which attention shoukl be drawn in this report in order to enab a proper understsrKling of the accounts to be reached. Page 10
ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH IA company limited by guarantee) INDEPENDENT EXAMINER'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 This report is made solely to the chanty's Trustees, as a b(xJy, in accordance with Part 4 of the Charities (Accounts and Reports) Regulatiorts 2(K)8. My work has been undertaken so that I might state to the charity's Trustees those Matte l am required to state to them in an Independent examine¢s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibilty to anyone other than the Gharity and the charrty's Trustees as a b&ly. for my work or for this report. Signed.. Jeremy Tyrrell FCA RPG Crouch Chapman LLP Chartered Accountants and Registered Auditors 40 Gracechurch Street London EC3V OBT Page11
ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATED) OPERAMNG AS BETHNAL GREEN MISSION CHURCH IA company limited by guarnntee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and kgacies Investments 28.187 143.516 65.030 171.703 65,030 173,810 99.748 Total income 28.187 208,546 236.733 273,558 Expenditure on: Charitable activities 48,443 286.517 334,960 277,188 Total expenditure 48.443 286.517 334,960 277.188 Net expenditure before not galnslllossesl on Investrnents Net gainsl(losses) on investments (20,256) (77.971) 263 {98,227) 263 (3,630) {785) Net rnovemgnt In funds (20.256) {77.708) {97,W) (4.415) Reconclllatlon of funds: Total funds brought forward Net movement in funds 651,543 {20,256) 660,655 (77,708) 1,312,198 (97.W) 1.316.613 (4.415) Totsl funds carrled for*ra 631.287 582.947 1,214,234 1.312.198 The Ststement of Financial Aciivslies indudes all gains and losses recognised in the year. The notes on pages 15 to 33 fomi part of these financial statements. P8ge 12
ANNIE PAACPHERSON HOME OF INDUSTRY ONCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH IA company Ilmited by guardrttee) REGISTERED NUMBER: 108687 BALANCE SHEEr AS AT 31 DECEMBER 2023 2023 2022 Note Flxed assets Tangible assets Investments 12 3.525.700 50.394 3.569.723 50,131 13 3,576,094 3.619,854 Currgnt assets Debtors Cash at bank and in haTh 14 778,052 150,225 858,110 135,394 28.277 993,504 Creditors." amounts falliThJ due within one year 1S (94,699) (74.935) Net Current assets 833.578 918.569 Total assets less current Ilabllltles 4.409.672 4.538,423 Creditors.. amounts falling due after more than one year 16 (3.195.438) (3.226,225) 1.312,198 Net assets 8xcludlng pèn$k>n asset 1.214,234 Total net assets 1.214.234 1,312.198 Charty funds Restricted funds Unrestricted fvnds 18 631.287 582.947 651.543 660,655 18 Total funds 1.214,234 1,312,198 Page 13
ANNIE MACPHERSOM HOME OF INDUSTRY (INCORPOIIATED) OPERATING AS 8ETHNAL GREEN MISSION CHURCH (A company Ilmlted by guarnntee) BALANCE SHEEf {CONTINUED) AS AT 31 DECEMBER 2023 The charty was enliued to exemption fmm aIrt under secAion 477 of the Companies Act 20(. The members have not required the company to obtain an a111 for the year in question in accordan Vth sectton 476 of Coffpanies Act 2. The Trustees acknovAedge their responsibilrties for comtAying with the requirements of the Act with respect to accounb'ng records and preparation of financial statements. The financial statements have been prepared in accordance vath the prlis1onS applicable to entities subject to the small companies regime. TIE finanoal statements were apwoved aThJ authorised for issue by the Trustees and signed on their tehaff by.. madett• Cunnlng reasurerl Di Date: The notes on pages 15 to 33 fcth part of these financial statements. Page 14
ANNIE MACPHERSON HOME OF INDUSTRY {INCORPORATEDI OPERATING AS BEfHNAL GREEN MISSION CHURCH {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General information Annie Macpherson Home of Ir)dustry (Incorporated) is a private company limited by guarantee inGorporated and registered in England and Wales. company number 00108687. Its registered office address is 305 Cambridge Heath Road. London E3 9LH. The tnjstees explicitty and unreservedty confirm the ¢harity's Complian with FRS102. The principal activtty of the company continued to be that of promoting welfare and education in a religious context. Accounting policies 2.1 Basis of re aration of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities: Stalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019). the Financial Reporting Standard applicab in the UK Republic of Ireland (FRS 102) and the Companies Act 2006. Annie Macpherson Horne of lrnlustry (Incorporated) Operating As Bethnal Green Mission Church meets the definition of a public benefit entty under FRS 102. Assets and liabiltties are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Com n status The company is a charity and is limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability of members is limited to £1. These financial statements have been prepared in GBP and all amounts are rounded to the nearest £. 2.3 Goin conrn The Trustees consider that there are no material uncertainties about the charty's ability to continue as a going concern for the foreseeable future. this being at least 12 months from the date on which the balance sheet was sKJned. Page 15
ANNIE MACPHERSON HOME OF INDUSTRY {INCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH IA Company Ilmited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting tK)licies (continued) 2.4 Income All income is recognised once the ¢harty has entrtlement to the income. it is probable that the income VI11 be received and the amount of income re¥able can be measured reliabty. The recognition of income from kgacies is deperKlent on establishing entrtlement, th8 probability of receipt and the abilty to estimate with sufficient accuracy the amount re1Vable. Evidence of entitlement to a legacy exists when the charty has sufficient evidence that a gtft has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the exeGutor is satisfth that the property in question will not required to satisfy claims in the estate. Receipt of a legacy must be recognised en it is probable that it will be reIVed and the fair value of the amount receivable, which will generalty be the exrEcted cash amount to be distributed to the charity. can b& reliab measured. Rental incoffE is accounted for n the peri in which it falls due. Income tax recoverable in relation to donations recerrfed under Gift Aid or deeds of covenant is recognised at the tinE of the donation. Income tax receTable in relation to investment income is recognised at the time the investment income is receivable. Other income is recognksed in the period in thich it is rS¥able and to Ihe extent the gotsjs have been pyovided or on completion of the service. 2.5 Ex nditure Expenditure is recognised On there ts a legal or constructNe obligation to transfer economic benefrt to a third party. it is probable that a transfer of economic tenefits will be required in settlement and the amount of the obligation can be measured reliabty. Expenditure is classifEd ty activty. The costs of each actNty are made up of the total of direct costs and shared costs. In¢l1ng support costs inVoed in undertaking each activty. Direct costs attributable to a single activty are allocated directty to that actNty. Shared costs which contribute to more than one activty and support Costs which are not attributable to a single activty are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activiknes is Thicurred on directty undertakirKJ the actNities which fijrther the charty's objectives. as as any associated support costs. Grants payable are charged in the year %then the offer is made except in those cases where the offer is conditional. such grants being recognised as expenditure en the conditions attaching are fulfilled. Grants offered subject to conditions which have not teen met at the year end are noted as a commitment, but not accrued as expenditure. All expenditure incluSNe of irrecoverable VAT. Page 16
ANNIE MACPHERSON HOME OF INDUSTRY {INCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH (A company Ilmlted by guarnnlee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.6A rtionment of wsts betb%een activities All costs are apportioned betb%Een activilies based on actual costs incurred. 2.7 Interest receivab Intest on funds held on deposit is included when receivable and the amount can tse measured reliably by the charity- this is nomally upon notification of the interest paid or payable by the institution with 4thom the funds are deposited. 2.8 Tan ible red assets de reciation Tangible fixed assets costing £1.000 or more are capitalised and re¢ognised when fLrture economic benefits are probable and the cost or value of the asset Can be measured reliably. Tangible fixed assets are initially recogni8ed at cost. After recognilion. under the ¢ost mi)del, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intsnded yrkIng Condition should te included in the measurement of cost. Depreciation is charged so as to allocate the cost of tarvJible fixed assets less their residual value over their estimated useful lives. . Depreciation is provNJed on the followirwJ bases: Freehold propety Long-term leasehok property Fixtures and ffttings Computer equipment - 2% straight line method 125 years - 40% reducing balan method 3 years straight line method 2.9 Investments Fixed asset investments are a form of financkgl instrument and are initialty recognised at their transadion ¢ost and subsequentty measured at fair value at the Balance sheet date. unless the value cannot be measured reliabty in which case it is measured at cost less impairment. Investment gains and losses. whether realised or unrealised, are combined and presented as'Gainsl(Losses) on investments. in the Statement of financial activities. Investments in subsidiaries are valued at cost less provision for impalmnt. Investments held as fixed assets are shown at cost less provision for impairment. 2.1 ODebtors Trade and other debtors are recognised at the setuement amount after any trade discount offered. Prepayments are valued at the afflount prepaid net of any trade discounts due. Page 17
ANNIE MACPHERSON HOME OF INDUSTRY {INCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH (A company limited by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.11 Liabilities and rovisions Lrabiliknes are recognised when there is an obligation at the Balan sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, arKI the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charty anticipates it will pay to settle the debt or the amount it has ceiVed as advanwl payments for the goods or sep4iGes it must provide. Provisions are rneasU at Ihe best estimate of the amounts required to settle the obligation. Vlhere the effect of the time value of money is material, the provision is based on the present value of those amounts. discounted at the pre-tax discount rate that reflects the risks specffic lo the liabilty. The unwinding of the discount is reGognised in the Statement of financial activbties as a finance cost. 2.12Financial instruments The charity only has financial assets and financial liabilities of a kind that qualfy as basic financial instruments. Basic financial instruments are initially recogntsed at transaction value and subsequently rrEasured at their settlement value with the exception of bank loans V•hich are subsequently measured at amortised cost using the effective interest meth(NJ. 2.13Headleases The grant of the headlease is credited to the SOFA over the peric¥J of the headlease. 2.14Pensions The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charty to the fund in respect of the year. 2.15Fund accounti General funds are unrestricted funds vthich are available for use at the discretion of the Trustees in furtherance of the general obpctives of the charity and which have not been designated for other purposes. Designated funds CprIse unrestricted funds that have tEen set aside by the Trustees for particular purposes. The aim use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds vh)ith are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administeriThJ such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income. gains and losses are allocated to the appropriate fund. Page 18
ANNIE MACPHERSON HOME OF INDUSTRY IINCORPORATEDI OPERATING AS BETHNAL GREEN MISSION CHURCH (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {continued) 2.16Cash Ftow Statement The financial statements do not indude a cash flow statement because the charty, as small reporting entty. is exempt from the requirement to prepare such a statement under the Charities SORP (FRS 102). 2.17Consolidation The company is exempt under S. 398 of the Companies Act 20( arrtj uThler S. 139 of the Charities Act from the Tequirement to prepare consolidated financial statements as it and ils substdiary fom a small group. The accounts therefore present infomiation about the company as an indNKlual undertaking and not about its group. Critical accounting estimates and areas ofju(Jment Estimates and judgments are continualty evaluated arwj are based on historical experien and other factors, incI1Th3 expectations of future events that are believed to be reasonable under the Circumstan$. Critical accounting estimates and assumpts"ons: The charity makes estimates and assumptions ConMIng the fuiure. The iesutting accounting estimates and assumptions will. definrtion, seldom equal the related actual resulis. The estimates arvj assumptions that have a signfficant risk of causing a material adjustment to the carying amounts ol assets and liabilrties within the next fancIal year are discussed below. Critical areas of judgment: Depreciation Depreciation is based on the estimed useful Ibfe of the assets beirvJ depreciated, and. in the case of the leasehohj propety. the length of the lease. The useful lives of the assets are based on experien and Industry-specif benchmarks. Accruals Accruals are estimates based on eXpnCe or involS TeceNed after the year end. Recharge of costs to the subsidiary Costs are recharged based on a percentage vthich refiects the estimated use of the resources by the subsidiary. Page 19
ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH (A ¢¢ynpany limited by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations and kgaues Restricted funds 2023 restricted funds 2023 Total funds 2023 Donations Legaaes Grants Similar incoming resour¢es 16,402 91.012 255 49,610 2,639 107.414 255 61.395 2,639 11,785 28.187 143,516 171,703 Un- Restricted restricted funds funds 2022 2022 Total funds 2022 Donations Legacies Grants Similar incoming resources 2,980 97.133 7,599 45,500 199 1rJ).113 7,599 65,899 199 20,399 23.379 150.431 173,810 Page 20
ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH (A c¢>mpany limlted by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 Inveslrnent incorr restricted funds 2023 Total funds 2023 Rental income from church properties Dividends and interest received 64,875 155 64,875 155 65,030 65,030 restricted funds 2022 Total funds 2022 Rentsl income from church properties Dividends and interest reiVed 63,150 36,598 63,150 36.598 99,748 99.748 Analysis of grants Grants to Grants to Institutions Indivhjua 2023 2023 Total funds 2023 Grants 1.600 14,808 16,408 Grants to Grants to Institulions Indivhyuals 2022 2022 Total funds 2022 Grants 2,100 1,780 3,880 Page 21
ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH (A company limlted by guarnntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Anatysts of eXpEndItu on Charilab activities Summa fund Restricted funds 2023 restricted funds 2023 Total 2023 Direct costs 48.443 286.517 334,960 Restricted restricted funds funds 2022 2022 Total 2022 Direct costs 238.888 277.188 Analysis of extEnditure by aclNities Adivities Grant undertaken furmjing of directty actNrties 2023 2023 Total funds 2023 Direct costs 318,552 16,408 334.960 Adi¥iti2s undertaken direclty 2022 Granl fuThJing of activities Total funds 2022 2022 Direct costs 273.308 3,880 277,188 Page 22
ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATED) OPERATING AS 8ETHNAL GREEN MISSION CHURCH (A company limlted by guarnnte•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2023 Anatysis of expeThJiture by actNilies (continued) Analysis of direct costs Total funds 2023 Total funds 2022 Staff costs Depreciation Advertising & Marketing Legal & Professional Bank & finance costs Service Charges & Counc41 Tax Cleaning Equipment & Materials Consulting other Expenditure Printing. Postsge & Ststionery Insurance Utiltbes Event's & Artivities Repairs & Maintenance Professional Development staff supervision Subsuiptions Telephone & Intemet Food & Refreshments Travel 118.701 45.143 114,115 45,294 5.785 20,585 27,549 1,385 4.583 1.287 507 9,319 14,592 24.565 565 1.632 1.010 926 1,083 13.436 12,869 19,501 1.238 27,494 15.893 29.285 2.031 1.950 1,841 3.945 3,848 4,718 1.520 1.391 4.578 2,732 4,144 318,552 273,308 Independent examinevs remuneration The independent examirE¢s remuneration j2022: auditors remumeration) amounts to an independent examiner fee of £1,660 r2022 - £5,485), and accountsncy Sery1$ of £2,612 (2022- £2,500). Page 23
ANNIE MACPHERSON HOME OF INDIJSTRY (INCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH IA company Ilmlted by guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Staff costs 2023 2022 Wages and salaries Social security costs Contribution to defined ¢ontribuiion pension schemes 110.863 4.466 3.372 107,016 3.921 3.178 118,701 114,115 The average number of persons empw ty the charity during the year was as follows: 2023 2022 No. Trustees Church Running Special Projects No employee teceived remuneration amounting lo mre than £60.0(YJ in either year. Key management comwises the Church Minister. Total key management remuneration for the year amounted to £31,608 (2022: £31.352). In add5tion to wages and salaries as disdosed abtr. the church incurred and recharged costs of £131.012 (2022.. £98,540) for an average of 12 (2(Y22: 8) staff members working at the BeehNe. the chartys subisdiary, as disdosed in note 18. 11. Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other L*neffts {2022 - £NIL). During the year ervjed 31 De¢ember 2023. no Trustee expenses have been incurred (2022 - £ NIL). Page 24
ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH (A company Ilmlied by guarantse NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Tangible fixed assets Long.term leasehobj Fixtures and Computer property fthings equiprrEnt Freehold propety Total Cost or valuation At 1 January 2023 Additions 1.053.310 2.713.455 56.671 3.823.436 1,119 1.119 At 31 Decemter 2023 1,053.310 2.713.455 56.671 1,119 3,824,555 reciation At 1 January 2023 Charge for thè year 105.330 21.1 102.266 21.726 46.117 2.070 253.713 45.142 280 At 31 December 2023 126.396 123.992 48.187 280 298.855 Net book value At 31 Dernber 2023 926.914 2.589.463 839 3,525.700 Al 31 Dernber 2022 947,980 2,611,189 10.554 3.569.723 The freehold land and buildings broh1 forward consisted of a property at 67 Ellesmere Road. The leasehold land arKJ buikliws broughl foTh¥ard comprise a flat at 10 Multery House in Bethnal Green. which was tequeathed to the charity M 1 January 1988 with 120 years of its lease remaining. In 1991. the property was revalued and a provi8ion of £35,000 vms made against the original gifted vatue of £80,000. A cost ffigure of £45.000 is shown as the cost value applicable. The propErty has not been subpct to any fijrther revaluations Sin it is the long term intention of the Trustees to use the leasehobj propety for charitable purposes. In 2018 lease was extended at a cost of £9.383 and ks disclosed urmjer leasehold additK+ns. Leasehold land and I¢J1rS also irtlude the church building at 305 Cambrrdge Heath Road at an original cost of 2.659.072 in 2018. The woperty is depreciated over the lrfe of the lease, which is 125 years commencirvJ in 2018. Page 25
ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH (A company Ilmlted by guarantoel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Fixed asset investments Investments other fixed in subsidiary Unlisted asset companies investments investments Total Cost or valuation At 1 January 2023 Revaluations 820 {28) 49,310 291 50.131 263 At 31 December 2023 792 49,601 50,394 Net book value At 31 Dember 2023 792 49.601 50,394 At 31 Dember 2022 820 49,310 50,131 Unlisted investments at market value comprise the charity's COIF Charities Investment Fund. All the fixed asset investments are held in the UK. Other fixed asset investments include a c(kinvestment in a property alongside Bethany Lambert, who became a trustee on 15 February 2024. This investment entitles the charity to a 9.33°1o Stake in the property. The investment has been facilitated by an original loan to the trustee of £40.000. This loan is repayable on or tefore 16 NovemtEr 2032 and has been made at an annual interest Tate of 2Yo. 14. Debtors 2023 2022 Due within one Amounts owed by group uTrJertakings Oiher debtors Prepayments and accrued income ear 415,683 362,121 248 417,800 438.498 1,812 778.052 858,110 Included in other debtors within one year is a loan of £360.671 (2022.. £421.898) made in connection wilh the redevelopffEnt. The loan carries interest at 5% per annum and is now repayable on demand. Amounts Ov by group undertakings are interest free and repayable on demand. Page 26
ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATED) OPERATING AS BEfHNAL GREEN MSSSION CHURCH IA company limited by guaAntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Creditors: Amounts falling due within one year 2023 2022 Mortgage Other loans Other credttOTS Accruals and deferred income 6.814 24,270 56,344 7,271 6.886 24,270 35,794 7,985 94,699 74,935 16. Creditors: Amounts falliThJ due after more than one year 2023 2022 Mortgage Other creditors 331,564 338,081 2,863,874 2,888,144 3.195.438 3,226,225 The aggregate amount of liabilities payable or repayab wholW or in part more than five years after the reporting date is= 2023 2022 Payable or repayable by instalments Payable or repayable other than by instalments 299,714 306,304 2,742,524 2,766.794 3,042.238 3,073.098 The mortgage is repayable within 30 years commencing on 1 December 2016 years and is secured against the freehold property. The interest rate on the mortg4e was. on average, 5.96% in the year to 31 Dernber 2023. Other creditors represent the grant of the headlease for the property at 305 Cambridge Heath Road to the Thornsett Estates over the period of 125 years. Page 27
ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH IA company Ilmlted by guarants¢) NOTES TO THE RNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Financial instruments 2023 2022 Financial assets Financial assets measured at fair Val through income arvj expenditure 50,394 50,131 Financial assets measured at am0sed cost represent the charivs red asset investment. Page 28
ANNIE MACPHERSON HOME OF INDUSTRY {INCORPORATED) OPERATING AS BETHNAL GREEN MISSION CHURCH (A company limlted by guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Statement of fvnds statement of funds - current year Balance at 31 Gainsl December (Losses) 2023 Balan at 1 January 2023 In¢ome Expenditure Unrestricted Desi nated funds Buihjing Repairs Charitable Purposes Continuation 127.240 127,240 145.0(M) 145,000 272.240 272,240 General fijnds General Funds 388.415 208.546 (286,517) 263 310,707 Total Unrestricted funds 660.655 208.546 (286.517) 263 582,947 Restricted funds Redevelop-ment FurKI 67 Ellesmere Road Oak London Jack Petchey Foundation Special Offerings 58,403 572.980 17,871 1.172 1.117 58,403 551,914 13,037 2,573 5,360 (21.066) (18.573) (384) (8,420) 13.739 1.785 12,663 651.543 28,187 {48.443) 631,287 Total of funds 1.312.198 236,733 (334,960) 263 1.214,234 Page 29
ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATEO) OPERATING AS BETHNAL GREEN MISSION CHURCH (A company limlted by guarnntse} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. StstenEnt of fuThJs {continued) The Redevelopment Fund represents restricted funds for the redevelopment of the church building. 67 Ellesmere Road represents the restricted element of the freehold land and buildings of proFerty located at 67 Ellesmere Road, London. Oak London represents a project which seeks to equip young men aged 18 and above at risk of offending vAth the means to change direction of their lives through the provision of a residential course and mentoring programme. The transfer out of Oak London does not represent a funds transfer as such. but is a correction of a misallocation of restricted expendf(ure in 2021. vthere £3.600 ¥*re erroneous allocated to general fvnds. The Jack Petchey Foundation is a proie¢A to pr(y4ide opportunities to young people across London. The special offerirvjs fund represents collecitons made for indr¥DJual, usualty small. purposes. Page 30
ANNIE MACPHERSON HOME OF INDUSTRY (INCORPORATED) OPERATING AS BEThNAL GREEN MISSION CHURCH IA company limlted by guarnntee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Statement of fijnds (continued) Statement of fijnds - prior year Balan at 31 Gainsl December (Losses) 2022 Balance at 1 January 2022 Transfers inloui Income Exkxnditure Unrestricted Des nated Building Repairs Chatitable Purposes Continuation 127.240 127,240 145.(KlO 145,000 272,240 272,240 General funds Genera5 Funds 374,310 250.179 (238,889) 3.600 (785) 388,415 Total 646,550 250.179 (238,889) 3,600 (785) 660,655 Restricted Redevelo ment Fund 67 Ellesmere Road Oak London Jack Pelchey Foundation Special Offerings 58.403 58.403 594,046 16,814 (21.066) (16,524) 572,980 17,870 21,180 (3,600) 1.399 (22n 1,172 800 81)0 (482) 1,118 670.063 23,379 {38,299) {3,600) 651,543 Total of funds 1,316,613 273.558 (277,188) (785) 1,312,198 Page 31
ANNIE MACPHERSON HOME OF INDUSTRY IINCORPORATEDI OPERATING AS BETHNAL GREEN MISSION CHURCH IA company Ilmited by guarnntse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Anatysis of net assets between funds Analysis of net assets between funds- current year Restricted funds 2023 restricted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year credito due in more than one year 551.913 2,973,787 3.525,700 50.394 50.394 79.919 848,358 928,277 (545) {94,154) {94,699) (3,195,438) {3.195.438) Total 631,287 582,947 1,214,234 Analysis of net assets belween funds - prior yeaT Endowment Restricted fiJnd5 funds 2022 2022 restricted funds 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Debtors due after more than one year Current assets Creditors due vthin one year Creditors due in more than one year 572,980 2,996,743 3,569,723 10,035 50,131 40,096 914,941 993,504 {74,935) (74,935) {3,226,225) (3,226,225) 40.096 (40,096) 78,563 Total 651,543 660,655 1,312,198 20. Related party transactions In addition to the matters highlighted in note 13. the church was owed £415.683 at 31 December 2023 (2022.. £417,800) by its subsidiary, BGMC Trading Ltd. Expenditure of £6,449 (2022- £5,276) was recharged to BGMC Trading Ltd for the common use of resources. Salary costs of £132.433 (2022.. £98.540) were incurred by the church and passed on to the subsidiary via its intercompany loan. Total donations made by tnjstees amounted to £24,300 (2022.. £24,340). Page 32
ANNIE MACPHERSON HOME OF INDUSTRY IINCORPORATED) OPERATING AS 8ETHNAL GREEN MISSION CHURCH IA ¢¢)mpany Ilmlted by guarnnlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 21. Principal subsidiaries The following was a sUbSl8ry undertaking of the charty: Name Company number Registered offlce or prlnclpal Prlnelpal actlvlty place of buslness BGMC Trading Limited 10441684 305 Cambridge Heath Road. Operation of a cafe London. E2 9LH Class of shares Holdlng Ordinary Shares 100% The financial resutts of the subsidiary for the year vRre: Name Profftl(Loss) Expenses for the year Income Net assets 8GMC Trading Limtled 218.333 (228.712) (10.379) (55,410) P8ge 33