2022-12-31-accounts - The Stable Trust

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WEST PARK CHURCH, WOLVERHAMPTON – ANNUAL REPORT FOR 2022

1 Details of Charity

Name: The Stable Trust (“the Church” and “The Trust”) Charity Registration No: 251378

Principal address: West Park Church, Connaught Road, Wolverhampton, WV1 4PN Names of Trustees: S Doyle, R Gough, P Bradley, A Male, J Wilkes, A Sargent, C Smith, I Leadbeater

Church Elders: Andrew Whitehead (Minister), Steve Doyle and Adrian Sargent Church Deacons: Paul Bradley and Courtney Smith

Banker: Santander

Savings accounts: CAF Bank, Nationwide and Hampshire Trust Bank.

Independent Examiner: Peter Jelfs

2 Governance

The Charity is an unincorporated charitable trust established under a Deed of Trust dated 22 December 1967. The current practice is for office holders in the Church, namely Elders and Deacons, to be appointed as Trustees. The day to day operations of the Trust are conducted in the name of West Park Church. The Trustees held an AGM and one business meeting during the year.

The Elders of the Church meet formally at least twice per month, and meet (on separate occasions) with the Deacons once each month.

3 Objectives

The objective of the Trust is to promote the Christian Faith for the public benefit in accordance with the Deed of Trust dated 22 December 1967, in particular, but not exclusively, by spreading the Gospel of the Lord Jesus Christ through the following:

Maintaining a place of public worship for the service of Almighty God
Maintaining and observing its Christian doctrines
Helping to support and care for missionaries worldwide
Informing members, friends and the wider public of the charity’s activities
Promoting spiritual teaching in a wide sense
Promoting a clear set of values on morals and ethics
Encouraging righteous behaviour for the benefit of public well-being.

•Encouraging every Church member to be an ambassador for the gospel and to use their initiative and take opportunities to speak about their faith, and providing pastoral care for Church members.

4 Public Benefit

The Trustees have regard for the Charity Commission’s guidance on the public benefit requirement. They are aware of the need to ensure that West Park Church, Wolverhampton

is meeting its obligation to provide public benefit. The Church’s purposes comply directly with the following of the Charities Acts descriptions of “charitable purpose”

a) the advancement of religion

[In each of the objectives listed in paragraph 3 above, the objective is to advance the Christian religion]

b) the prevention or relief of poverty

[From time to time needs and situations are made known to the Church leaders, by the charity’s friends, so that the church can be involved in giving to relieve poverty]

c) the advancement of education

[Theological education is advanced through the specific work of those appointed to preach and teach within the Church and by those missionaries who are supported by the Church]

The promotion of the Christian faith tends to lead to deep-rooted changes for the better in the lives of those who embrace it, and these changes are evident in the behaviour and attitude of Church members, for example in the way they conduct themselves as citizens, employees, parents, and neighbours. This is also borne out in the corporate life of the Church as it provides a place where people are befriended, encouraged and helped in various ways through the weekly activities and special events .

5 Achievements and Performance

The year under review was marked by a continued emphasis on the ministry of the word (preaching/teaching) and prayer, with Bible teaching every Sunday, and at the mid-week meeting. The minister takes most Sunday services and contributes to many mid-week meetings. A weekly meeting for young people aged between 12 and 21 has continued to be well supported and appears to be effective. The Church is also heavily involved in a weekly open air meeting in the City Centre, where the Christian message is proclaimed to passersby and literature given to bystanders.

In 2022 the following additional one-off activities took place:

A presentation by Roop Chopra while he was home from India
A meeting led by Slavic Gospel Association;
A presentation by SASRA
A presentation by the African Bible University
A presentation by Creation Ministries International.

On the two Saturdays leading up to Christmas we distributed leaflets around neighbouring properties advertising our Christmas services.

The Church maintains a website which provides information about the Church and its activities (www.westparkchurch.co.uk). This year it has generated a higher than usual volume of enquiries about the Christian faith, as well as facilitating people to attend services and special meetings.

Many of the sermons preached in the Church are uploaded onto a website dedicated to preaching, and feedback has shown that these are heard by people in the UK and in other countries.

The Church promotes the Christian Faith through the work of partners in other places, and does this primarily through financial support and praying for their work to succeed. The groups in question have the same or broadly similar objectives to the Church, and in 2022 included the following:

Rool Lal Ram, India
Denis and Edna Goodwin, Gibraltar
Slavic Gospel Association (Timothy Korches, Romania) (SGA)
Albanian Evangelical Mission (AEM)
Middle East Reformed Fellowship (MERF)
Pastors Training International (PTI)
Missionary Aviation Fellowship

Most of these provide regular written reports thus demonstrating accountability to the Church.

The following factors affect the ability of the Church to achieve its objectives:

The availability of Church members to contribute their time, energy and financial resources to the life, work and witness of the Church. We recognise with pleasure that during this exceptionally challenging and difficult year, our members have taken it upon themselves to look out for one another, running errands, making phone calls and making sure that the most needy and vulnerable in particular are safe and well.
Ensuring training is given in all matters spiritual and temporal so that gifts and skills can be identified and developed, effective succession assured, and the future of the work safeguarded.

6 Financial Review

The independently examined financial statements for the year ended 31 December 2022 are presented alongside this report. (Note: As the Church’s receipts are less than £250,000, the trustees have again opted for an Independent Examination of the Accounts).

A Financial Position

The accounts for the year ended 31 December 2022 showed an operating profit of £11,399 with cash balances held of £68,679, and savings account balance of £292,989 (in respect to the proceeds from the sale of No.21 Park Road West in 2021).

B Principal Financial Management Policies

The Trust operates two current accounts. Monthly bank reconciliations are carried out on these accounts. Two signatures (from a list of three authorised signatories) are required for each cheque regardless of the amount.

During the year savings accounts were opened with Nationwide and Hampshire Trust Bank to hold the proceeds from the sale of No.21 Park Road West. Two signatures (from a list of three authorised signatories) are required to disinvest any money from these accounts with any disinvestment only allowed to be transferred to the Trustees nominated Santander current account.

Monthly management accounts are operated on a cash flow basis showing income and expenditure on a cash received basis. The annual audited accounts include a profit and loss account and balance sheet using an accruals basis.

Property is valued in accordance with the last insurance valuation dated 16 November 2012.

Monthly management accounts are presented to the officers of the Church along with the presentation of quarterly cashflow statements to the Church. Annual accounts are presented at the Church AGM and audited accounts presented at a meeting of the Trustees of the Trust. These audited accounts are required to be submitted to the Charities Commission by 31 October each year.

C Reserves Policy

The officers of the Church have set up a designated ‘building reserve account’ to meet any large unexpected expenses. Any surplus funds after the day to day operating running costs are transferred to this reserve account. The Reserves Policy is reviewed annually by the officers of the Church in accordance with Charity Commission guidelines.

D There are no funds held in deficit. The Trust’s policy is to never borrow any money from financial institutions.

E Principal funding sources

The Church is financially dependent on the voluntary support of members and friends. Regular tax efficient giving is encouraged wherever possible and at the year-end there were several active individuals using various Gift Aid schemes to support the activities of the church. Additional income is derived from individual gifts and bank interest.

F Depreciation of Assets

The Trust does not hold any depreciating assets. Its principal fixed assets are property; the Church building and 20 Park Road West.

G Investments:

Fixed asset investments - The Church is the beneficial owner (subject to relevant trusts) of the freehold property known as West Park Church, Connaught Road, Wolverhampton, and the adjoining property 20 Park Road West. The Church building was last professionally valued for re-instatement insurance purposes in 2012 and is presently index linked insured for £2.5 million with No.20 Park Road West insured for £345,000. The market value of 21 Park Road West, when sold in 2021, was c£300,000, and the near identical property 20 Park Road West would have been valued for a similar amount at the time.

Other non-monetary fixed assets have not been valued in recent years.

Liquid assets - the investment policy is to maintain a low-risk liquid position. The aim is therefore to maintain balances in accounts that attract market competitive deposit account bank interest but with low-risk institutions. This has come to the fore as a result of receiving a capital receipt following the sale of 21 Park Road, and savings accounts have recently been opened in several institutions in order to spread the risk.

H Insurance Policy

Our policy is to adequately insure the assets and other risks. Insurances held include: Buildings, Fixed Assets, Contents, Employers and Volunteers Liability, Public Liability, Property Owners Liability, Trustees Indemnity, Legal Expenses, Money, Occupational Personal Accident for Employees and Volunteers.

I Trustee Remuneration and Related Parties

None of the Trustees receive remuneration or other benefit for their work for the charity. There was one related party transactions reported in the year between the Trust and a Trustee or third party with contractual relationships with the Trust. (Note: this related to a contract for electrical works, carried out by a relative of a certain Trustee. The conflict of interest was highlighted at the time and recorded appropriately in the minutes of the meeting concerned). There were no payments made to Trustees during the year.

J Fundraising

The Trust does not undertake material fundraising activities.

7 Plans for Future Periods

Additional efforts to promote the Christian Faith will be considered in the year ahead, including continuing open air preaching, distributing literature, continuing to train and equip Church members, and holding special meetings including ReachAcross, CMI and SGA.

It is the wish of the Church leaders to identify and bring before the Church another man who could be the next assistant pastor, when Tom Millward’s period with us has concluded.

It is also hoped to provide training in various aspects of church life and discipleship, in order to equip members for works of service and, if possible, to extend the pool of leaders in various aspects of church life, particularly in recognised leadership roles, including trusteeship. It is acknowledged that a conscious and systematic approach will be required in order to pass on the required knowledge so that more people are equipped in every aspect of leading and running a church.

8 Trustees’ Responsibilities in Relation to the Financial Statements

The Trustees are responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice).

They are responsible for preparing financial statements for each financial year that give a true and fair view of the Trust’s incoming resources and application of resources during the period, and its “state of affairs” at the end of each year.

In preparing the financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently
observe the methods and principles in the Charity Commission requirements
make judgements and estimates that are reasonable and prudent
prepare the financial statements on the going concern basis
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

9 Statement of Disclosure of information to Independent Examiner

There is no relevant examination information of which the Trust’s independent examiner is unaware; and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant examination information and to establish that the examiner is aware of that information

February 2023

The Stable Trust Trustees Report and Financial Statements Registered Charity Number 251378 For the year ended 31 December 2022

The Stable Trust Trustees Report 8nd Flnanci31 Statements For the year ènded 31 DÈcember 2022 Report of the Trustee Introductlon The Trustees present their report with the financial statements of the charity for the year ended 31 Dember 2022. The Trustees have adopted the provisions of Accounting and Reporting by Ch3ritie5'. Statement of Recommended Practi applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20151. Structure, Governance and Management The charity is controlled by its governing document, a deed of trust, and constitutes an unintorporated charlty. RegFStered Charity number 251378. Principal addres5 West Park Church, Connaught Road. Wolverhampton, West Midlands, WVI 4PN. Trustees S Doyle (Chairman) P Bradley R Gough A Male l Leadbeater A Sargent C Smith J Wilkes Independent examiner Peter Jelfs Signed for and on behalf of the Trustees.. S Doyle Trustee: Date..

CHARITY COMMISSION FOR F.NCJl.AND AND WAI.ES Independent examiner's report on the accounts .,Se¢tlo.ri A Report to the trust8eS The Stable Trust On accounts for the year ended 318t December 2022 Charlty no lif any 251378 Set out on pages I report to the trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 3111212022. Responslblllties and basls of report As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Acl'>. I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions glven by the Charity Commission under section 145{5)(b) of Ihe Act. Independent I have completed my examination. I confirm that no material matters have examinerfs statement come to my attention in connection with the examination which gives me cause to believe that in, any material respect= the accounting records were not kept in accordance with sedion 130 of the Charities Act. or the accounts did not accord wilh the accounting records., or the accounts did not comply with the applicable requirements concerning th8 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 und8rstanding of the accounts lo be reached. Slgned: Date.. 2 Zo Name: Peter Jelfs Relevant professlonal qualificationls) or body (If any): FC Address: 1 Cartwright Avenue, Worcester, WR4 ONZ IER Oct 2018

The StableTru5t Trvstee5 Report and Flnanclal Statements Forthe year ended 31 DeCeMr 2022 Statement of Financial Activities Aor the yeor ended 31 December2022 UnTe51rÈcted Fund5 2022 Restrlcted Funds 2022 Total 2022 2021 Receipts CovenantEiving Gifts Inland Revenue Missionary gifts Offerlng Gift- No 21 Park Road West Loan repayment Bank interest Bank compensation El@ttrlclty sub-station rÈnt 47,442 15,150 15,071 17,426 8.098 47.442 15,150 15,071 17,426 8,098 47,237 15,000 17,952 17.051 6,695 2,100 400 4,400 291 150 4,400 1,142 150 L3 851 13 13 108.041 851 108.892 106,455 Sale of A5set5 No.21 Park Road West 295,000 Total Receipt5 108.041 851 108,892 401,455 Expenditure Salaries and pensions Mi55ionary gtFt5 ElÈttrlc, g3s, water. and Council tax Building expen5 Insurance Audlo recording Visitlng preachers Sundrles Outre3ch Gwts Legal costs Intèrestfree loan 147,7411 127,0761 17,4041 13,3301 12,2711 12,2511 11,6901 11,2751 11,3011 12421 12,9121 147,7411 127.0761 174041 13.3301 12,2711 12.2511 11,6901 11.2751 11,3011 12421 12,9121 141,1561 126,2011 17,2951 122,9841 12,8111 12,4161 11.9891 11,8051 16691 11571 111,4541 14,8001 Totsl Payments 197,4931 197A931 1123,7371 Net ReIPtS / IPaymentsl 10,548 851 11,399 277,718 Cash funds at the 5tartof the year 58,131 292,138 350.269 72,551 Cash funds 3t theyeal end 68,679 292,989 361,668 350,269

The StableTrust Tru5tee5 Report and Flnanclal St8tement5 Forthe year ended 31 DecÈmbÈr 2022 Statement of Assets and Liabilities os ot31 De£ember2022 202Z 2021 Cash Fund5 Cash-current account Cash- Ving5 accounts 106,202 255,466 293.009 57,260 Net a55et5 4tthÈ yearend 361,668 350,269 The financial statements were approved by the Trustees and signed on Its behalf by: S Doyle Trustee Director.. Date..

The 5t3ble Trust Trustees Report and Flnanclal Statements Forthe year ended 31 December 2022 Notes Iforming port of thefinonciulstutement5} Basis of preparatlon The financial statements of the Charity, which 15 a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their atcounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ire13nd IFRS 1021 (effective l January 201SI', Financial Reporting standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charitie5 Act 2011. The financial statements have been prepared under the historical cost convention. Accounting policie5 (u) Income und expenditure Inwme All income 15 recognised in the Statement of Financial Aetlvitles tsnce the CharSty has entitlement to the funds, it 15 probable that the income will be received, and the amount can be measured reliablv. Expenditure Liabilities are recoEnised as expenditure as soon a5 there is a legal or constructive obligation cotnmitting the charity to that expenditure, It Is probable that a transfer of economic benefits will be required in settlement and the amount of the oblig3tion can be rneasured 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 ba515 con515tent with the use of resources. Toxution The Charity is exempt from tax on its charitable activities. (b) Funds Unrestricted funds can be used in accordance with the chèrltable objectives at the discretion of the Trustees. Restricted fund5 can only be used for particular restricted purposes within the objects of the charity. Re5tiictions arise when specified by the donoT or when funds are ralsed for particular restricted purpose5. Further explanation of the nature and purpose of each fund is included in the note5 to the flnancial statements.

The Stable Trust Tru5teÉs Report and Flnanclal statements For the year ended 31 Dec2mber 2022 Notes (continued) Trustees Remuneratlon There were no Trustees, remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021. There were no Trustees, expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021. Movement in Funds 31 DetembÈi 2021 Net Movement in 31 DecÈmber 2022 FLtnds Unrestritted Fund5 Re5thcted Funds 58,131 292,138 10,548 851 68.679 292,989 Total 350,269 11,399 361,668 Related party transactions There were no related party transactions for the year ended 31 December 2022.