LEGACY CHURCH WALSALL A REGISTERED CHARITY NUMBER . 1052776 ADDRESS: Corporation Street. Walsall, West Midlands, WSI 3QR. INDEX TO ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2020 Page Descriptio Independent Examinevs Report Balance Sheet Statcmcnt of Financial Activities Notes to thc Accounts 5t0 9
Ih"DEPEIYDENT EXAINflNER'S RFPORT TOTHE TRUSTEESOF LLC.AC.Tr C.IILIRCII II'ALSALL A registered charl. numr.. 1052776 FOR THE I'EAR EYDED 31ST DECEMBER 2020 The report r¢lates to fJn8ncia] SteTents set out from page 2 10 9. Respective rts]bothsibilitie5 of trusttts examiner The trustees are Tes7)on5ible for the prepardiion of tht accounts. The charitt%R5 tfusrees consider rh21 an audii is noi required for this )'ear under section 144 of the Charities Aa 2011 (the Charities Act ) alld that an independeni examirtOtiOn 15 nccdcd. It is mi responsibility. to- EAamine the under section 145 of the Charitics Act - To follow the procedures laid dom'n in the genera] Diretlions given b). the chri, Commission (under seaion 14515llb)of the Chariiies A¢L and - To stait %vhether parti¢ular [nalte hai'e come to mi. attention. Basi5 of independent examiner's report M!. examinatjon "aS carried out in accord3n¢¢ wilh the General Dircaions en b!, the Charit). Lommissiontrs. An Lxatnination includes a rekieH' ofihe ac£ouniine records kept bi. the charity and L compari50n of the account5 prettted w'ith those records. Ii s0 in¢lud¢5 wnsiderdtion of an>. unusual ilcrns or disclosure5 in the accoun and SCL*ing oiplanations from j'ou as irustees onc¢mtng anv such mallers. The Pm¥cdurts knndertak.en do ttot provide all ihe ¢i'id¢nce ih21 M'ould be required in an audi¢ and consequenilv no opiniort is gilen as TO ivhether ihe accounts present a'lrue and fairf view and the rep)rt is limited to those tnatters sei out in the Stement below. Indtpend¢D¢ ¢l#rniDtr'$ stattmtnt In connection 'Ith examination, no matter has comt LO mi. atlcntion to indirne thaL 111 Accounts have noi been kept in accordanct w.ith settion 386 ofthe Companies Act 2006. 121 The accounts do noi accord 'Ith such rccoTds. 131 WthtTt accounts art prcpared on an accrua15 basi& Ii'hether the!. fail to complN '1th releTrtrant a¢cuunling requiretnents under 5eaion 396 of th¢ CotnpaTries Aa ?(M)6.or arc not consijent with th¢ C-harities SORP IFRS 1021 141 An), maiter i¥hich the examiner bdiel'es should be drdwn LO th¢ al110 of the reader io gain a proper understandino of ihe accounts. SusaD Le15 TrCCA 6 Park Road New'bridg¢ Newport. NPI 14RF Dal¢- 12th October 2021 Page I
LF.GACY CHURCH WALSALI. BALANCE SHF.ET AS AT 31ST DECEMBER 2020 Notes Unrestricted Restricted Fttnds Funds 2020 Tolal Funds 2020 Total Funds 2019 2020 FIXED ASSETS 101,218 101,218 102,455 101.218 101,218 102,455 CURREN'T ASSETS Prepayments Cash at Bank Cash in Hand 57.544 124 6,827 64,371 124 49,827 2,576 57.668 6,827 64,495 52,403 CURRENT LIABILITIES - Amounts falling due within one year 12 1,140 1,140 1.140 1.140 i6.528 1.140 63,3)5 1,140 51,263 NET CURRENT ASSETSILIABILITIES 6.827 TOTAL ASSETS LESS CURRENT LIABILITIES 157,746 6.827 164,573 153,718 LONG TERM LIABILITIES Arnounts falling due afi¢r more than one year NET ASSETS £157.746 £6.827 £164,57J £153.718 FUNDS Accumulated Fund Designated Fund Other Funds 157.746 157,746 143,178 6,827 6.827 10.540 TOTAL FUNDS £li7.746 £6.827 £164.57J £li3,718 Approved by the Board of Trustees on Idaie) 4- | . ( Li and signed on its behalf by : Chainnan(l ) Trustee {2) Page 2
LEGACY CHURCH WALSALL STATEMENT OF FIIYANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2020 Notes Unrestricted Restricted Funds Funds 2020 2020 Total Funds 2020 Total Funds 2019 Incoming Resources Income Gcncral Jnv¢stment Income Other Incorne 77,070 77,070 30 82,947 45 Total Incoming Resources 77.100 77,100 82.992 Costs of Generating Funds Operating Costs Resources Expended Direel Charitable Expetxditure Ministry Fellowship Gifts Property 37.810 217 i.274 9.4)3 37.810 289 5,274 9.453 52,825 40,735 4,395 5,905 23.935 74,970 72 io 72 Management And Administration Administration 6,li8 6,138 2,967 6.138 6,138 2,967 Other Expenditure Other Resources Expended 58.891 72 58.963 76.541 Net incoming resource5 before transfer5 Trnnsfers utilsed1Re7eaSed 18,209 -3,641 -72 -3.641 18,137 -7.282 5,055 Net Movement in Funds for year Fund Balances brought forWd 14.568 14J.178 10,855 153.718 5.055 148.663 10.540 Fund Balances carried fonvard £li7,746 £6,827 £164,573 £153,718 Page 3
Lf.CJACY CFtURCH WAI.SALL NOTTr.S TO THF. ACCOUNTS FOR THE YF.AR EhTDF.D 31 ST DECEMBER 2020 ACCOUNTING POLICIES The folloivino accounting policies havc b¢¢n used consistently in dealing with items which are considered material in relation to the financial stalements. Accountin Convention The financial statements have b¢¢n prcpaied under the historical cost convention other than certain freehold property which is included at valuation. In preparing the financia] slatements the charity follows besi practice as laid dowTJ in the Statement of Rccommcnded Practice Accounting and R¢FKTrrting bv Charities (revised 2005) and ihe Chariiies Act 199). Incomin Resources Voluntary income is received by waj of donations and gifts and is included in incoming resources when these are receivable. Interest receivable is included when it is receiiicd. Resources Ex ended Resources eipended are included in the Statement of Financial Activities on an aCcnS basis, inclusive of any Value Added which cannot be recovered. reciation Freehold Land and Buildin Deprcciation is onlv proi'ided on freehold land and buildings here the Trustees eonsider that the remaining useful life is less than 50 Jears. The rate of d¢prcciation is 20/0 on a straight line basi5. ui ment Furniture. fixtures and fitlin s and Motor Vehicles D¢preciation has been charged at 200/0 per annun] on a straight line basis. Taxalion As a registered charit), the Church benefits from rates relief and is generally exempt from Jncome Tax and Capital Gains Tax bui not from Value Added Tax. Irrecoverable Value Added Tax is inclllded in the cost of those items to w,hich li relai¢s. Income lax recovered on deeds of covenants and Gift Aid donations are credited to the general unrestricted fimds. Fund Accountin l. Unreslrictcd funds comprise those funds which the Trustees are free lo use in accordance with ihc charitable objects. 2. D¢signatcd funds are unrestricted fimds eannarked by the trustees for particular purposes. 3. R¢slri¢t¢d funds are funds which have been given for particular purposes. The restrictlon being placed by the donor. Page 4
LEGACY CHURCH WALSALL NOTE I . TANGIBLE FIXED ASSETS AS AT 31ST DECEMBER 2020 DF.PRF.CIATION METHOD- 'STRAIGHT LINE,. DEPRLCIATION ANNUAL RATES:_ 2/0 20/0 20/0 200/0 20% MOTOR H.4rtF.I,S IYSTRIIT OTrFIC'E BI'ILDING Firri%i GS AIIDIO I'IPhlN 'EHIC'LES TOTAL COST Opening balance Disposals Additions 152,852 14.998 6.798 1,737 1,445 177,830 CLOSING BALANCE 152.852 14,998 6.798 1,737 1.445 177,830 DEPRECIATION Opening balance Disposals Charge for year 51,968 13.053 7.172 ,737 1,445 75,375 1.237 1,237 CI.OSING BAI.ANCE 51,968 14,290 7,172 1,737 1.445 76,612 NET BOOK VALUE At beginning of year £100.884 £1.945 -£374 £0 £0 £102,455 At end of year £100.884 £708 £0 £0 £101,218
LEGACY CHURCH WALSALL NOTE 3 CAPITAL FUYDS OPENING BALANCE INFLOW OUTPLOW CLOSING BAI.ANCE Restricted Restricted Funds Transfer To Accumulated 10,540 72 3,641 3,713 10,468 -3,641 6,827 10,540 Designated Unrestricted Accumulated Fund Trdnsfer From Restricted 143.178 77.100 58.891 3,641 62,532 161,387 -3.641 157.746 143,178 77,100 TOTAL £153,718 £77,100 £66,24) £164,573 'OTE 4 IN'COME GENL EIL4L Unrestricted Restricted TOTAI. 2020 TOTAI. 2019 2020 2020 Offerings, Collections. Donations Covenants / Gift Aid Gifts Missionary Room hire Building Fund 4,361 49,198 4,361 49,198 8.372 57,529 504 504 1,060 95 11,244 Tax Refunds Response Funding Other Income Childrens Camp Tuckshop Soul R Pathfinders 10.911 10.000 2.096 10.911 i 0.000 2.096 140 274 £82,948 TOT AL £77,070 £0 £77,070 Page 6
LEGACY CHURCH WALSALL NOTE 5 INVESTMF.NT INCOME Investment income was derived from surplus funds king placed on short tenn deposit with the bank. NOTE 6 OTHF.R INCOME NOTE 7 EXPENDITURE MINISTRY [Tnrtstr*ied Restricted TOTAL 2020 TOTAL 2019 2020 2020 Preaching and Teaching Visiting ministry, Teaching Resources Ministry Resources Magazines Outreach Other TOTAL 35.281 775 35,281 775 32,364 600 2.179 5,237 43 313 1.753 £0 £37.810 £40,736 NOTE 8 EXPENDITURE FELLOWSHIP [TDresrri¢red Restricted TOI'AL 2020 TOTAL 2019 2020 2020 Transport Catering Functions Flowrs/Chocs Activities Dr¢am¢rs Soul R Go Kidz Go Pathfinders Other Dcprecialion 1,217 217 217 70 1,670 ,200 72 72 239 TOTAL £217 £72 £289 £4.396 Page 7
LEGACY CHURCH WALSALL NOTE 9 EXPENDITURE GiFrs Ilnre5tricted Restricted TOTAL 2020 TOTAL 2019 2020 2020 Overseas UK.Missions Needy AOG Cont Church Personnel TOTAL .636 600 1,636 600 200 527 325 2.713 £5.274 325 2.713 £5,274 3,269 1,910 £5,906 £0 NOTE 10 EXPEI%DITURE PROPERTY I"ttrestri¢ted Restricted TOTAL 2020 TOTAL 2019 2020 2020 Repairs Cleaning Electricity Gas Ins./Water Sky 1,888 828 939 2,073 1,978 510 ,237 £9,453 1.888 828 939 2,073 1,978 510 1,237 £9,453 13,857 1,167 2,194 1,403 331 1.237 £23,935 Depreciation TOTAL £0 NOTE I I EXPENDITURE ADMINISTRATION l-nre5trirted Restricted TOTAL 2020 TOTAL 2019 2020 2020 Postagelstat Website/lnternet subLleenccs CCPAS Prof.Fees I,egal Fees TOTAL 614 257 889 177 .200 3,000 614 257 889 177 1,200 3.000 £6,138 483 328 955 145 1,056 £0 £2,967 Page 8
LEGACY CHURCH WALSALL NOTE 12 I'llrcstricted R&stricted TOTAL 2020 TOTAL 2019 2020 2020 Accruals PA YE Liability Loan TOTAL 600 540 600 540 600 540 £1,140 £0 £1,140 £1.140 NOTE 13 TRUSTEES REMUNE114TION AND OUT OF POCKET EXPENSES 2020 2019 Trustees Remunerdtion Trustees mentoring and pasioral work. 27,861 Trustees Out of Pocket Expenses Trustees Iravel and mectino attendance. 2,510 2,113 Page 9