REGISTERED COMPANY NUMBER: 07780681 (England and Wales)

REGISTERED CHARITY NUMBER: 1147429

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

The St Nicholas Cole Abbey Centre for

Workplace Ministry Limited

Page

Reference and Administrative Details

1

Report of the Trustees

2

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

to

7

Cash Flow Statement

8

Notes to the Cash Flow Statement

9

Notes to the Financial Statements

10

to

17

TRUSTEES

G A Brisk

R P Tett (resigned 27.7.2024)

T J C Evans

A N M Wales

T Owusu-Sekyere

P K M Fung

D A H Orr

D A C Meiklejohn (appointed 26.9.2024)

COMPANY SECRETARY

S G Burden

REGISTERED OFFICE

114 Queen Victoria Street

London

EC4V 4BJ

REGISTERED COMPANY NUMBER

07780681 (England and Wales)

REGISTERED CHARITY NUMBER

1147429

INDEPENDENT EXAMINER

Garside and Co. Limited

Suite 631, Linen Hall

162-168 Regent Street

London

W1B 5TG

BANKERS

Reliance Bank Limited

Faith House

23-24 Lovat Lane

London

EC3R 8EB

The trustees of The St Nicholas Cole Abbey Centre for Workplace Ministry Limited (SNCA), who are also directors of the charity for the purposes of the Companies Act 2006, present their financial statements of the charity for the year ended 31 December 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)': (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives

The objects of SNCA are to advance the Christian faith for the benefit of the public, through:

• Ministry of an evangelistic and teaching nature to the local working community

• Supporting other similar ministries by providing facilities for staff

• Providing facilities that enable small group and one-to-one meetings, and other occasional events

• Ensuring that our primary facility is fit for purpose

Activities

During the financial review period, SNCA has conducted the following principal activities:

• Provision of oversight to the ministries of St Nick's Church (SNC), Fleet Street Talks (FST), London Bridge Talks (LBT), and St Nick's Talks (SNT) and Victoria Talks (VT).

• Weekly lunchtime Bible talks on Tuesdays, Wednesdays, and Thursdays, facilitated by LBT, FST, SNT and VT respectively.

• Weekly Sunday morning services run by SNC.

• Weekly morning Bible studies for local Christian workers.

• Weekly small group Bible studies on Wednesday evenings.

• Termly Word Ministry Training courses specifically for people involved in SNC, through which individuals are trained and equipped to understand the Bible better for themselves and to teach it to others in a variety of contexts.

• Occasional evening evangelistic events aimed at people who are investigating the Christian faith.

• Christianity Explored courses run at various points in the year for people to investigate the Christian faith and the claims of Jesus.

• A significant number of people participating in one-to-one Bible studies and discipleship.

• Three weekends of Bible teaching, prayer, and fellowship for people involved in SNC and/or Wednesday evening small groups.

• Welcoming members of the public, who come into the St Nick`s building thanks to the activities of the Wren coffee shop; and introducing them to the ministry events through posters, flyers and conversations.

Public benefit

The trustees have considered the Charity Commissioners' Guidance on Public Benefit and, in particular, the specific guidance on Charities for the Advancement of Religion and are satisfied that the activities of SNCA fall within such guidance.

ACHIEVEMENTS AND PERFORMANCE

The trustees consider that the main achievement of SNCA in the financial period has been the public proclamation of the gospel through services conducted by the ministries of SNC, FST, LBT, SNT and VT as well as through Bible studies, one-to-one ministry, and other events.

FINANCIAL REVIEW

Financial position

In the financial year to 31 December 2024 SNCA's total income was £575,013 (2023: £545,846). The income comprised donations and gifts of £499,030 (2023: £473,377) and other activities of £75,983 (2023: £72,469). SNCA's total expenditure in the period was £615,918 (2023: £638,365), resulting in a net expenditure for the year of £40,906 (2023: net expenditure of £92,512 ). Total staff costs were £184,297 (2023: £194,211), being 30% of total expenditure (2023: 31%).

Reserves

SNCA's reserves policy is to establish reserves at a level which equates to at least two months charitable expenditure.The trustees believe this provides a suitable level of working capital that protects the charity's core work as well as providing funding for unforeseen and unexpected events or opportunities.

As at 31 December 2024, SNCA had cash at bank and in hand of £100,127 (2023: £106,061), which represented a little less than two months of total expenditure.

We launched a Capital Giving Appeal at the start of 2025 in order to increase the level of our reserves. The response has been positive to date

FUTURE DEVELOPMENTS

We are prayerfully hoping to help launch a new Sunday congregation meeting in the Clapham Junction area from September 2025. We are thankful that our number of attendees is growing in the morning service, and wish to ensure there is enough space for everyone to meet. We have put our plans on hold for an evening service until the Clapham Junction church is established and we can reassess the need and resources available. We continue to need additional space for the children’s work on Sunday mornings. We continue to explore suitable options for additional space.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Safeguarding

In 2024 there were no applicable requirements imposed by a Code of Practice under section 5A of the Safeguarding and Clergy Discipline Measure 2016. We have continued to have due regard to the House of Bishop’s guidance.

Trustees

SNCA's articles of association appoints the trustees to manage the affairs of SNCA and to exercise all the powers of SNCA. In considering the appointment of new trustees, the existing trustees must have regard to the skills, knowledge, and experience needed for the effective administration of SNCA. Every trustee must subscribe and adhere in belief and lifestyle to the doctrines set out in Article 3 of the articles of association. There are no formal procedures for the induction of trustees. Trustees are provided with appropriate training when required and have regard to training recommended by the Church of England.

Trustee Meetings

The trustees meet ordinarily 3-4 times a year and on an ad hoc basis when required. Trustee meetings are chaired by Greg Brisk, Trustee of SNCA. The trustees take appropriate decisions on the operation of SNCA. The trustees also adopt policies to comply with legislation in the areas of health and safety, child protection, and conflicts of interest.

Day to day financial matters are delegated by the trustees to SNCA's treasurer, Perry Fung, and its finance manager, Caroline Fishlock. The trustees have oversight of financial matters, including approval of major items of expenditure and the annual budget. Day to day ministry matters are delegated to the Reverend Chris Fishlock, who reports on those matters to the trustees regularly.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Comprehensive safeguarding and financial policies are in place as well as a staff handbook outlining acceptable practices. Secondary approval, oversight and regular reporting to the management and trustees is in place for all important and significant decisions to provide this assurance

Approved by order of the board of trustees on 4 September 2025 and signed on its behalf by:

G A Brisk - Trustee

Independent examiner's report to the trustees of The St Nicholas Cole Abbey Centre for Workplace Ministry Limited ('the Company') on Revised Financial Statements

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.

Responsibilities and basis of report

As the charity's trustees of the Company (and also 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 the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act 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; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Gareth Owen Hughes ACA

Garside and Co. Limited

Suite 631, Linen Hall

162-168 Regent Street

London

W1B 5TG

4 September 2025

2024

2023

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

499,030

-

499,030

473,377

Other trading activities

3

63,073

-

63,073

62,765

Investment income

4

64

-

64

41

Other income

5

12,846

-

12,846

9,663

Total

575,013

-

575,013

545,846

EXPENDITURE ON

Raising funds

6

29,848

-

29,848

18,481

Charitable activities

7

Charitable Activities

529,879

25,681

555,560

612,259

Restricted Activities

30,510

-

30,510

-

Loan written off

-

-

-

7,625

Total

590,237

25,681

615,918

638,365

NET INCOME/(EXPENDITURE)

(15,224

)

(25,681

)

(40,905

)

(92,519

)

RECONCILIATION OF FUNDS

Total funds brought forward

134,127

254,642

388,769

481,288

TOTAL FUNDS CARRIED FORWARD

118,903

228,961

347,864

388,769

2024

2023

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

12

15,236

228,961

244,197

271,499

Investments

13

2

-

2

2

15,238

228,961

244,199

271,501

CURRENT ASSETS

Stocks

14

3,610

-

3,610

3,935

Debtors

15

23,877

-

23,877

36,082

Cash at bank and in hand

100,127

-

100,127

106,061

127,614

-

127,614

146,078

CREDITORS

Amounts falling due within one year

16

(23,949

)

-

(23,949

)

(28,810

)

NET CURRENT ASSETS

103,665

-

103,665

117,268

TOTAL ASSETS LESS CURRENT LIABILITIES

118,903

228,961

347,864

388,769

NET ASSETS

118,903

228,961

347,864

388,769

FUNDS

17

Unrestricted funds

118,903

134,127

Restricted funds

228,961

254,642

TOTAL FUNDS

347,864

388,769

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 4 September 2025 and were signed on its behalf by:

G A Brisk - Trustee

Cash flows from operating activities

Cash generated from operations

1

(5,879

)

(19,840

)

Net cash used in operating activities

(5,879

)

(19,840

)

Cash flows from investing activities

Purchase of tangible fixed assets

(119

)

-

Interest received

64

41

Net cash (used in)/provided by investing activities

(55

)

41

Change in cash and cash equivalents in the reporting period

(5,934

)

(19,799

)

Cash and cash equivalents at the beginning of the reporting period

106,061

125,860

Cash and cash equivalents at the end of the reporting period

100,127

106,061

1.	RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

2024

2023

£

£

Net expenditure for the reporting period (as per the Statement of Financial Activities)

(40,905

)

(92,519

)

Adjustments for:

Depreciation charges

27,421

29,465

Interest received

(64

)

(41

)

Decrease in stocks

325

385

Decrease in debtors

12,205

36,525

(Decrease)/increase in creditors

(4,861

)

6,345

Net cash used in operations

(5,879

)

(19,840

)

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

106,061

(5,934

)

100,127

106,061

(5,934

)

100,127

Total

106,061

(5,934

)

100,127

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

a) Basis of preparation and assessment of going concern

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective from 1 January 2019 and the Charities Act 2011.

The St Nicholas Cole Abbey Centre for Workplace Ministry Limited (SNCA) constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the SNCA's ability to continue as a going concern.

The financial statements include all transactions, assets and liabilities for which the SNCA is responsible in law.

b) Funds structure

Unrestricted funds represent the funds of the SNCA that are not subject to any restrictions regarding their use and are available for application on the general purposes of the SNCA.

Unrestricted funds may become designated funds where funds have been reserved for a particular purpose by the SNCA.

Restricted funds represent donations, legacies or grants received for a specific object, or invited by the SNCA for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund.

The SNCA does not usually invest separately for each fund except where amounts involved are material. Where there is no separate investment, interest is apportioned to individual funds on an average balance basis.

c) Income recognition

All incoming resources are recognised when received by or on behalf of the SNCA.

All income is reported gross of any associated expenditure.

Grants and Legacies to the SNCA are accounted for as soon as the SNCA is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the SNCA is probable.

Interest earned on bank deposit accounts is accounted for when received.

d) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis.

e) Current assets

Amounts owed to the SNCA at the year end in respect of fees, gift aid recoverable or other income are shown as debtors, less provision for amounts that may prove uncollectible.

f) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

g) Taxation

The charity is exempt from corporation tax on its charitable activities.

h) Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to leasehold property - in accordance with the terms of the lease

Fixtures and fittings - 20% on cost

Computer equipment - 33.3% on cost

i) Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

j) Investments

Investments are valued at market value at 31 December. Realised and unrealised gains or losses on investments are dealt with in the Statement of Financial Activities.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2.	DONATIONS AND LEGACIES

2024

2023

£

£

Donations & gifts

490,725

467,271

Donations toward catering cost

8,305

6,106

499,030

473,377

3.	OTHER TRADING ACTIVITIES

2024

2023

£

£

Book sales

1,744

1,995

Rental income

503

6,030

Other income-weekend away

25,975

20,254

Other income-utilities contribution

5,659

4,970

Other income-telecom mast

20,211

19,292

SNCA Events income

8,981

10,224

63,073

62,765

4.	INVESTMENT INCOME

2024

2023

£

£

Interest

64

41

5.	OTHER INCOME

The Other income amount of £12,846 consists of £10,026 (2023: £9,633) for the provision of staff for Distaff Lane Coffee and £2,820 (2023: £30) of sundry income.

6.	RAISING FUNDS

Other trading activities

2024

2023

£

£

Books purchased for resale

2,537

2,217

Catering expenses

27,311

16,264

29,848

18,481

7.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 8)

Totals

£

£

£

Charitable Activities

544,897

10,663

555,560

Restricted Activities

30,510

-

30,510

575,407

10,663

586,070

8.	SUPPORT COSTS

Governance costs

£

Independent examiner's fees - current year

5,250

Legal fees

4,676

9,926

Bank charges

737

10,663

9.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

27,421

29,465

10.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustee remuneration and benefits for the financial year under review (Jan - Oct 2023: stipends: £62,601, clergy accommodation costs: £62,609 and clergy mobile phone fees: £397).

Trustees' expenses

There were no trustee expenses for the financial year under review (2023: £3,135.73).

11.	STAFF COSTS

2024

2023

£

£

Wages and salaries

153,049

161,523

Social security costs

8,076

9,017

Other pension costs

23,172

23,671

184,297

194,211

Key Management Personnel

The annual payments to the London Diocesan Fund in respect of stipends amounted to £82,640 (2023: £80,300) and were the total costs for the Key Management Personnel for the year.

In addition, Key Management Personnel (who are also clergy) were paid accommodation costs (rent, council tax and water rates) amounting to £98,840 (2023: £78,990) as well as clergy mobile fees of £403 (2023: £401).

The average monthly number of employees during the year was as follows:

2024

2023

Administrative staff

5

4

Ministry staff

3

3

8

7

No employees received emoluments in excess of £60,000.

12.	TANGIBLE FIXED ASSETS

Improvements

to

Fixtures

leasehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

521,452

69,729

6,282

597,463

Additions

-

119

-

119

At 31 December 2024

521,452

69,848

6,282

597,582

DEPRECIATION

At 1 January 2024

257,077

62,968

5,919

325,964

Charge for year

25,681

1,377

363

27,421

At 31 December 2024

282,758

64,345

6,282

353,385

NET BOOK VALUE

At 31 December 2024

238,694

5,503

-

244,197

At 31 December 2023

264,375

6,761

363

271,499

13.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

MARKET VALUE

At 1 January 2024 and 31 December 2024

2

NET BOOK VALUE

At 31 December 2024

2

At 31 December 2023

2

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

Distaff Lane Coffee Limited

Registered office: United Kingdom

Nature of business: Coffee Shop

%

Class of share:

holding

Ordinary £1

100

14.

STOCKS

2024

2023

£

£

Book inventory

3,610

3,935

15.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,155

5,117

Other debtors

-

8,800

Accrued income (includes

unclaimed Gift Aid)

9,980

9,977

Prepayments

12,742

12,188

23,877

36,082

16.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

4,679

9,537

Accruals and deferred income

19,270

19,273

23,949

28,810

17.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.24

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

134,127

(15,224

)

118,903

Restricted funds

Restricted fund

254,642

(25,681

)

228,961

TOTAL FUNDS

388,769

(40,905

)

347,864

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

575,013

(590,237

)

(15,224

)

Restricted funds

Restricted fund

-

(25,681

)

(25,681

)

TOTAL FUNDS

575,013

(615,918

)

(40,905

)