| Page | |
|---|---|
| Reference and Administrative Information | 3 |
| Trustees' Report | 4-5 |
| StatementofTrustees' Responsibilities | 6 |
| Independent Auditor's Report | 7-9 |
| StatementofFinancial Activities | 10 |
| Balance Sheet | 11 |
| StatementofCash Flows | 12 |
| Notes to the Financial Statements | 13 - 20 |
| Supplementary Information relating to the Financial Statements | 22 |
| Unrestricted | Restricted | Total | Unrestricted | Restricted | Total | ||
|---|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Funds | Funds | Funds | ||
| 2023 | 2023 | 2023 | 2022 | 2022 | 2022 | ||
| Notes | £ | £ | £ | £ | £ | £ | |
| Incoming Resources | |||||||
| Voluntary Income | 7.1 | 42,933 | 22,554 | 65,487 | 205,820 | 2,314 | 208,134 |
| Charitable activities | |||||||
| Religious Ministry, | 7.2 | 211,250 | 45,972 | 257,222 | 173,536 | 49,845 | 223,381 |
| Retirement Welfare, | |||||||
| Restoration and Missions | |||||||
| Investments | 7.3 | 188,332 | 2,833 | 191,165 | 136,428 | 154 | 136,582 |
| Totalincomingresources | 442,515 | 71,359 | 513,874 | 515,784 | 52,313 | 568,097 | |
| Resources Expended | |||||||
| Charitable activities | 8.1 | 763,325 | 21,709 | 785,034 | 929,678 | 841 | 930,519 |
| Net gains/(losses) on | (86,201) | (86,201) | 56,027 |
56,027 | |||
| investments | |||||||
| Netincoming/outgoing | (407,011) | 49,650 | (357,361) | (357,867) |
51,472 | (306,395) | |
| resources beforetransfers | |||||||
| Gross transfers between | |||||||
| funds | |||||||
| Other recognised gains/(losses): | |||||||
| Surplus/(deficit) for the | (407,011) | 49,650 | (357,361) | (357,867) |
51,472 | (306,395) | |
| financial year | |||||||
| Unrealised gains/(losses) | 250,000 | 250,000 | |||||
| onproperty | |||||||
| Net movementinfunds | (157,011) | 49,650 | (107,361) | (357,867) |
51,472 | (306,395) | |
| forthefinancialyear | |||||||
| Reconciliationoffunds: | |||||||
| Total funds beginningofthe | 20 | 9,442,202 |
310,583 | 9,752,785 | 9,589,933 | 469,247 | 10,059,180 |
| year | |||||||
| Totalfundsattheendof | 9,285,191 | 360,233 | 9,645,424 | 9,232,066 | 520,719 | 9,752,785 | |
| theyear |
| 2023 | 2022 | ||
|---|---|---|---|
| Notes | £ | £ | |
| FixedAssets | |||
| Tangible assets | 13 | 5,817,067 | 5,649,524 |
| Investments | 14 | 1,314,661 | 1,409,423 |
| 7,131,728 | 7,058,947 | ||
| CurrentAssets | |||
| Debtors | 15 | 59,820 | 62,594 |
| Cash at bank andinhand | 16 | 2,475,514 | 2,649,272 |
| 2,535,334 | 2,711,866 | ||
| Creditors:Amountsfallingduewithinoneyear | 17 | (21,638) | (18,028) |
| Net CurrentAssets | 2,513,696 | 2,693,838 | |
| TotalAssetslessCurrentLiabilities | 9,645,424 | 9,752,785 | |
| Funds | |||
| Restricted trust funds | 360,233 | 520,719 | |
| General fund (unrestricted) | 9,285,191 | 9,232,066 | |
| Totalfunds | 20 | 9,645,424 | 9,752,785 |
| 2023 | 2022 | ||
|---|---|---|---|
| Notes | £ | £ | |
| Cashflowsfromoperatingactivities | |||
| Net movementinfunds Adjustmentsfor: |
(107,361) | (306,395) | |
| Unrealised gains and losses on property | (250,000) | ||
| Depreciation | 89,006 | 107,903 | |
| Interest receivable and similar income | 30,480 | (94,122) | |
| Movements in working capital: | (237,875) | (292,614) | |
| Movementindebtors Movement in creditors |
2,774 3,610 |
(2,142) 568 |
|
| Cash usedinoperations | (231,491) | (294,188) | |
| Cashflowsfrominvestingactivities | |||
| Interest received | 16,485 | 263 | |
| Dividends received | 26,774 | 23,256 | |
| Payments to acquire tangible assets | (6,549) | (21,159) | |
| Payments to acquire investments | (404,852) | (246,596) | |
| Receipts from salesofinvestments | 425,875 | 270,278 | |
| Net cash generated from investment activities | 57,733 | 26,042 | |
| Net decreaseincashandcashequivalents | (173,758) | (268, 146) | |
| Cash andcashequivalentsatthebeginningoftheyear | 2,649,272 | 2,917,418 | |
| Cash andcashequivalentsattheendoftheyear | 16 | 2,475,514 | 2,649,272 |
| 7.2 | CHARITABLE ACTIVITIES | Unrestricted | Restricted | 2023 | 2022 | |
|---|---|---|---|---|---|---|
| Funds | Funds | |||||
| £ | £ | £ | £ | |||
| Religious Ministry | 211,250 | 211,250 | 173,536 | |||
| Retirement Welfare | 45,972 | 45,972 | 46,769 | |||
| Missions | 3,076 | |||||
| 211,250 | 45,972 | 257,222 | 223,381 | |||
| 7.3 | INVESTMENTS | Unrestricted | Restricted | 2023 | 2022 | |
| Funds | Funds | |||||
| £ | £ | £ | £ | |||
| Investment Income | 188,332 | 2,833 | 191,165 | 136,582 | ||
| 8. | EXPENDITURE | |||||
| 8.1 | CHARITABLE ACTIVITIES | Direct | Other |
Support | 2023 | 2022 |
| Costs | Costs |
Costs | ||||
| £ | £ | £ | £ | £ | ||
| Religious Ministry | 65,516 | 37,397 | 660,412 | 763,325 | 929,678 | |
| Retirement Welfare | 10,433 | 10,433 | 671 | |||
| Restoration | 96 | 96 | 82 | |||
| Missions | 11,180 | 11,180 | 88 | |||
| 65,516 | 37,397 | 682,121 | 785,034 | 930,519 | ||
| 8.2 | SUPPORT COSTS | Charitable | 2023 | 2022 | ||
| Activities | ||||||
| £ | £ | £ | ||||
| Community Expenses | 251,257 | 251,257 | 220,744 | |||
| General Office | 75,340 | 75,340 | 54,998 | |||
| Services charges | 11,010 | 11,010 | 11,093 | |||
| Insurance | 59,862 | 59,862 | 55,298 | |||
| Repairs and Renewal | 77,916 | 77,916 | 304,075 | |||
| Investment Management Fees | 8,561 | 8,561 | 9,106 | |||
| Legal and Professional (Governance) | 88,169 | 88,169 | 50,905 | |||
| Audit Fees (Governance) | 6,560 | 6,560 | 6,560 | |||
| Accountancy Services (Governance) | 14,440 | 14,440 | 14,440 | |||
| Curia Costs (Governance) | 5,562 | |||||
| Depreciation | 89,006 | 89,006 | 107,903 | |||
| 682,121 | 682,121 | 840,684 | ||||
| 9. | ANALYSIS OF SUPPORT COSTS | |||||
| Basisof | 2023 | 2022 | ||||
| Apportionment | £ | £ | ||||
| Community Expenses | Activity | 251,257 | 220,744 | |||
| General Office | Staff Time | 75,340 | 54,998 | |||
| Services charges | Activity | 11,010 | 11,093 | |||
| Insurance | Activity | 59,862 | 55,298 | |||
| Repairs and Renewal | Activity | 77,916 | 304,075 | |||
| Investment Management Fees | Activity | 8,561 | 9,106 | |||
| Legal and Professional (Governance) | Usage | 88,169 | 50,905 | |||
| Audit Fees (Governance) | Administration | 6,560 | 6,560 |
| NOTES TO THE FINANCIAL | NOTES TO THE FINANCIAL | STATEMENTS | continued | |
|---|---|---|---|---|
| for the | financial year ended 28 February 2023 | |||
| Accountancy Services (Governance) | Administration | 14,440 | 14,440 | |
| Curia Costs (Governance) | Administration | 5,562 | ||
| Depreciation | Unrestricted Activities | 89,006 | 107,903 | |
| 682,121 | 840,684 | |||
| 10. | NET INCOMING RESOURCES | 2023 | 2022 | |
| £ | £ | |||
| Net Incoming Resources are stated | after charging/(crediting): | |||
| Depreciation of tangible assets | 89,006 | 107,903 | ||
| Auditor's remuneration: | ||||
| - audit services | 6,560 | 6,560 | ||
| 11. | INVESTMENT AND OTHER INCOME | 2023 | 2022 | |
| £ | £ | |||
| Rent receivable - other income | 147,906 | 113,063 | ||
| Royalties received | 414 | |||
| Insurance claims receivable | 15,056 | |||
| Covid-19 grant received | 12,025 | |||
| Bank interest | 13,990 | 263 | ||
| Investment income | 29,269 | 22,842 | ||
| 191,165 | 163,663 |
The average number of persons employed (including executive trust follows: |
ees) during the financial y | ear wasas |
|---|---|---|
| 2023 | 2022 | |
| Number | Number | |
| Trustees | 5 | 5 |
| Administration&Retreat House | 5 | 5 |
| 10 | 10 | |
| The staff costs (inclusiveoftrustees' salaries) comprise: | 2023 | 2022 |
| £ | £ | |
| Wages and salaries | 63,838 | 68,024 |
| Pension costs | 1,678 | 1,586 |
| 65,516 | 69,610 |
| TANGIBLE FIXED ASSETS | |||||
|---|---|---|---|---|---|
| Landand | Investment | Fixtures, | Motor | Total | |
| buildings | properties | fittingsand | vehicles | ||
| freehold | equipment | ||||
| £ | £ | £ | £ | £ | |
| CostorValuation | |||||
| At 1 March 2022 | 4,683,558 | 1,700,000 | 85,726 | 64,511 | 6,533,795 |
| Additions | 6,549 | 6,549 | |||
| Revaluation | 250,000 | 250,000 | |||
| At 28 February 2023 | 4,683,558 | 1,950,000 | 92,275 | 64,511 | 6,790,344 |
| Depreciation | |||||
| At 1 March 2022 | 776,128 | 66,209 | 41,934 | 884,271 | |
| Charge for the financial year | 78,149 | 5,213 | 5,644 | 89,006 | |
| At28February 2023 | 854,277 | 71,422 | 47,578 | 973,277 | |
| Netbookvalue | |||||
| At28February 2023 | 3,829,281 | 1,950,000 | 20,853 | 16,933 | 5,817,067 |
| At28February 2022 | 3,907,430 | 1,700,000 | 19,517 | 22,577 | 5,649,524 |
| INVESTMENTS | ||
|---|---|---|
| Other | Total | |
| investments | ||
| Investments | £ | £ |
| Fairvalue | ||
| At 1 March 2022 | 1,409,423 | 1,409,423 |
| Additions | 404,852 | 404,852 |
| Disposals | (425,875) | (425,875) |
| Revaluations | (73,739) | (73,739) |
| At 28 February 2023 | 1,314,661 | 1,314,661 |
| Netbookvalue | ||
| At 28 February 2023 | 1,314,661 | 1,314,661 |
| At 28 February 2022 | 1,409,423 | 1,409,423 |
| 15. | DEBTORS | 2023 | 2022 |
|---|---|---|---|
| £ | £ | ||
| Prepayments and accrued income | 59,820 | 62,594 | |
| Prepayments and Accrued Income consistsofa prepayment of insurance. | |||
| 16. | CASH AND CASH EQUIVALENTS | 2023 | 2022 |
| £ | £ | ||
| Cash and bank balances | 616,947 | 573,262 | |
| Cash equivalents | 1,858,567 | 2,076,010 | |
| 2,475,514 | 2,649,272 | ||
| 17. | CREDITORS | 2023 | 2022 |
| Amounts falling due within one year | £ | £ | |
| Taxation and social security costs (Note 18) | 2,819 | 568 | |
| Other creditors | 1,359 | ||
| Accruals and deferred income | 17,460 | 17,460 | |
| 21,638 | 18,028 |
| 18. | TAXATION AND SOCIAL SECURITY | 2023 | 2022 | |
|---|---|---|---|---|
| £ | £ | |||
| Creditors: | ||||
| PAYE/NI | 2,819 | 568 | ||
| 19. | RESERVES | |||
| Funds | Investment | Total | ||
| property | ||||
| reserve | ||||
| £ | £ | £ | ||
| At the beginningofthe year | 9,209,992 | 542,793 | 9,752,785 | |
| 250,000 | 250,000 | |||
| Deficit for the financial year | (357,361) | (357,361) | ||
| At the endofthe year | 8,852,631 | 792,793 | 9,645,424 |
| 20. | FUNDS | ||||||
|---|---|---|---|---|---|---|---|
| 20.1 | RECONCILIATION OF MOVEMENTINFUNDS | Unrestricted | Restricted | Total | |||
| Funds | Funds | Funds | |||||
| £ | £ | £ | |||||
| At 1 March2021 | 9,589,933 | 469,247 | 10,059,180 | ||||
| Movement during the | financial year | (357,867) | 51,472 | (306,395) | |||
| At28February 2022 | 9,442,202 | 310,583 | 9,752,785 | ||||
| Movement during the | financial year | (157,011) | 49,650 | (107,361) | |||
| At 28 February 2023 | 9,285,191 | 360,233 | 9,645,424 | ||||
| 20.2 | ANALYSIS OF MOVEMENTSONFUNDS | ||||||
| Balance | Income | Expenditure | Transfers | Gains and | Balance | ||
| 1 March | between | losses | 28 February | ||||
| 2022 | funds | 2023 | |||||
| £ | £ | £ | £ | £ | £ | ||
| Restrictedfunds | |||||||
| Retirement Welfare | 219,729 | 70,013 | 10,433 | 279,309 | |||
| Restoration | 4,276 | 96 | 4,180 | ||||
| Missions | 86,578 | 1,346 | 11,180 | 76,744 | |||
| 310,583 | 71,359 | 21,709 | 360,233 | ||||
| Unrestrictedfunds | |||||||
| General | 9,442,202 | 356,314 | 763,325 | 250,000 | 9,285,191 | ||
| Totalfunds | 9,752,785 | 427,673 | 785,034 | 250,000 | 9,645,424 | ||
| 20.3 | ANALYSISOFNET ASSETSBYFUND | ||||||
| Fixed | Financial | Current | Current | Total | |||
| assets | fixed | assets | liabilities | ||||
| - charityuse | assets |
||||||
| £ | £ | £ | £ | £ | |||
| Restricted trust funds | 360,233 | 360,233 | |||||
| Unrestricted general funds | 5,817,067 | 1,314,661 | 2,175,101 | (21,638) | 9,285,191 | ||
| 5,817,067 | 1,314,661 | 2,535,334 | (21,638) | 9,645,424 |