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2023-12-31-accounts

Lea Valley Church

Report and Accounts Year ended 31 December 2023

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

LEA VALLEY CHURCH

CHARITY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees

Geoff Ace Timothy Gutmann Ian Liddle Denise Fitch Mark Jones (appointed 10 May 2023)

Key Management (in addition to Trustees)

Tanith Ace Hayley Gutmann

Holding Trustees

Denise Fitch David Lawrence

Governing Document

Deed of Trust dated 16 January 1997, as amended by adoption of a new Model Assembly of God Deed on 8 October 2009

Charity Registration Number

1054351

Principal Address

Lea Valley Church Monkswood Avenue Waltham Avenue Essex EN9 1LB

Independent Examiner

Sarah Crispin ACA Stewardship 1 Lamb's Passage London EC1Y 8AB

Bankers

HSBC plc

Contents Page
Charity Information 1
Trustees' Annual Report 2-6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Accounts 10-18
Detailed Statement of Financial Activities with Comparatives 19

Page 1

LEA VALLEY CHURCH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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

Public benefit

The Lea Valley Church exists to build a community of Christian believers who will impact Waltham Abbey, the Lea Valley region, London, the nation and the world beyond (Acts 1:8).

When planning our activities for the year and the services on offer to the local community, the Trustees have considered the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. In particular, we try to encourage ordinary people to live out their faith in every area of their lives as part of the Lea Valley Church community and the wider community. We also try to encourage people within the local community to find faith through attending our meetings and establishing friendships. Many within our church community have found spiritual, emotional and physical healing and we are keen that others in the local community receive the same benefits.

The great majority of the charity's meetings and events are open to the public. Indeed, it is a key aim of the charity to attract newcomers into the various activities of the church so that they can participate in and benefit from all that the church has to offer.

The charity values the diversity currently evidenced by the church membership and the wider community of those who interact directly with the church, and the charity is hopeful of seeing the diverse demographic of Waltham Abbey and the Lea Valley Region fully reflected in the church.

Volunteers

The church council and the holding trustees realise the huge amount of time given by volunteers to help the church run. The financial accounts cannot truly show the level of gifts in terms of time rather than money that these hours represent. However, they greatly acknowledge all the work volunteers contribute and would like to thank all of them.

Page 2

LEA VALLEY CHURCH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

In November 2023 we made Christian Action Against Antisemitism (CAAA) one of our main ministries following the horrific acts seen in Isreal on 7 October 2023. This ministry was already being run by Pastors Tim and Hayley Gutmann, but, the decision was taken to ensure this ministry received the adequate funding it needed to support the Jewish community both in the UK and abroad. This Ministry is well supported by the church both financially, in prayer and action and the many rallies hosted by CAAA.

Lea Valley Church continues to offer community-based art group meetings and ‘Community Cuppa’ or weekly coffee morning, which is popular with the lonely and older people within our community. Additionally, we continued to host a weekly meeting of AA, we continue our programme of faith-based events, including running an Alpha Course, discipleship and Bible courses, and weekly life groups.

FINANCIAL REVIEW

Financial position

The attached financial statements summarise the incoming and outgoing resources for the year together with the Balance Sheet as at 31st December 2023.

Total income has decreased from £205,159 to £185,832. Total expenditure decreased from £198,848 to £190,526, resulting in an accounting deficit of £4,694.

The church has honoured all financial obligations and we are very grateful to every giver who has supported Lea Valley Church in what continues to be a challenging financial season. Going forwards into 2024, increasing mortgage and energy costs in particular will need to be accommodated, but we trust that God will continue to provide and to build His Church in our locale of which we are a part.

Page 3

LEA VALLEY CHURCH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL REVIEW (continued)

Investment policy and objectives

We do not specifically give grants to individuals or invest church funds in shares, stocks or moneymaking schemes.

Reserves policy

The trustees and church council have agreed that it would be prudent to have three months’ working capital available. We continue to work towards this.

Other reserves are held in property which is used for the charitable objectives of the church.

FUTURE PLANS

Lea Valley Church continues to change and to grow – and we have been pleased to welcome many newcomers into our congregation. The church will continue to require the help and commitment of many volunteers to make it a success, but we know that this is exactly what God has planned for us and we are grateful for the continuing positive impact the church has on Waltham Abbey.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

In late 2009 we updated our organisational structure to the New Model Deed for Local Assemblies of God in Great Britain and Ireland.

Recruitment and appointment of new trustees

Four members of the Church Council are also the Trustees of the Charity and they are appointed in line with the process set out in the AOG Model Deed. Holding Trustees are appointed by the Church Council and the Chairman of the Church Council has the casting vote if required, although in all circumstances to date the appointments have all been unanimous.

Trustees and Holding Trustees are offered training as required.

Page 4

LEA VALLEY CHURCH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Wider network

The church is affiliated to the Assemblies of God (AOGUK) and Timothy and Hayley Gutmann (Senior Pastors) and Geoffrey Ace (Associate Pastor) are recognised and ordained ministers with the Assemblies of God UK. The church is also a member of the Evangelical Alliance.

Related parties

The church employees are: Timothy and Hayley Gutmann as Senior Pastors and Geoffrey and Tanith Ace as Associate Pastors. All pastors are part-time at present and currently they are the only paid employees.

Risk management

The church H&S risk assessment was updated during 2016 identifying possible risks and associated controls to reduce those risks.

The risk assessment is regularly updated as appropriate, and all Government guidance and suggested controls have always been adopted. Specifically, protection of the children in our care is paramount and this will never knowingly be compromised.

It should be noted that it is the policy of this church to adhere to our Children's Protection Policy Document which we will enforce if circumstances require. A copy is available for perusal if required.

Page 5

LEA VALLEY CHURCH

TRUSTEES' ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

RESPONSIBILITIES OF TRUSTEES UNDER CHARITY LAW

The trustees are responsible for preparing the trustees' annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing these financial statements, the trustees are required to:

  1. select suitable accounting policies and apply them consistently;

  2. observe the methods and principles in the Charities SORP;

  3. make judgements and estimates that are reasonable and prudent;

  4. state whether the applicable accounting standards have been followed, subject to any material

departures disclosed and explained in the financial statements; and

  1. prepare the financial statements on a going concern basis unless it is inappropriate to presume

that the charity will continue in operation.

The trustees are responsible for keeping proper accounting records that 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 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

APPROVAL

This report was approved by the trustees and signed on their behalf by:

Geoff Ace

Geoff Ace (Oct 3, 2024 12:14 GMT+1) _______ GEOFF ACE (TRUSTEE) Oct 3, 2024 Date: _______

Page 6

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

LEA VALLEY CHURCH ('the Charity')

I report to the charity trustees on my examination of the accounts of the Charity for the year ended 31 December 2023 on pages 8 to 19 following, which have been prepared on the basis of the accounting policies set out on pages 10 to 12.

Responsibilities and basis of report

As the charity’s trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s 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:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

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

  3. the accounts do not comply with the applicable requirements concerning the 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 understanding of the accounts to be reached.

Sarah Crispin

Sarah Crispin (Oct 3, 2024 14:15 GMT+1)

Sarah Crispin ACA Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: Oct 3, 2024

Page 7

LEA VALLEY CHURCH

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Total income and endowments
EXPENDITURE ON:
Charitable activities
4
Total expenditure
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13		 Unrestricted
Funds
£
177,288
1,702
178,989
133,592
133,592
45,397
(59,819)
(14,422)
78,888
64,466		 Restricted
Funds
£
6,843
-
6,843
56,934
56,934
(50,092)
59,819
9,727
701,480
711,207		 Total
Funds
2023
£
184,130
1,702
185,832
190,526
190,526
(4,694)
-
(4,694)
780,368
775,673		 Total
Funds
2022
£
205,039
120
205,159
198,848
198,848
6,311
-
6,311
774,057
780,368

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The notes on pages 10-18 form part of these accounts.

Page 8

LEA VALLEY CHURCH

BALANCE SHEET

AS AT 31 DECEMBER 2023

Note
FIXED ASSETS
Tangible assets
6
CURRENT ASSETS
Debtors
7
Cash at bank and in hand
8
CREDITORS: Amounts falling
due within one year
9
Net current assets / (liabilities)
Total assets less current liabilities
CREDITORS: Amounts falling due
10
after more than one year
TOTAL NET ASSETS
FUND BALANCES
13
Unrestricted Funds
General funds
Restricted Funds		 Unrestricted
Funds
£
21,248
21,248
14,880
31,220
46,100
(2,882)
43,218
64,466
-
64,466
64,466
-
64,466		 Restricted
Funds
£
1,133,175
1,133,175
344
3,045
3,389
(16,076)
(12,687)
1,120,488
(409,281)
711,207
-
711,207
711,207		 Total
Funds
2023
£
1,154,423
1,154,423
15,224
34,265
49,489
(18,958)
30,531
1,184,955
(409,281)
775,673
64,466
711,207
775,673		 Total
Funds
2022
£
1,162,710
1,162,710
15,239
46,848
62,087
(21,714)
40,373
1,203,084
(422,716)
780,368
78,888
701,480
780,368

The financial statements were approved by the Board of Trustees and were signed on its behalf by:

Geoff Ace --------------------------------------Geoff Ace (Oct 3, 2024 12:14 GMT+1) GEOFF ACE Oct 3, 2024 Date: _______

Charity number: 1054351

The notes on pages 10-18 form part of these accounts.

Page 9

LEA VALLEY CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

1 Statutory Information

The charity is a trust registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention.

These 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) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income

Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from church retreats and other events and courses.

Page 10

LEA VALLEY CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

2 Accounting Policies (continued)

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured

li bl

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

The cost of raising funds is not significant and has not been separately disclosed.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.

e) Tangible fixed assets

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Improvements to property 10-25% on reducing balance Fixtures and fittings 25% on reducing balance Computer equipment 25% on reducing balance Motor Vehicles 25% on reducing balance

No depreciation is charged in respect of freehold land and buildings as the residual value of the property after its estimated useful life is anticipated to be at least the carrying value of the property shown in the financial statements.

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Pension scheme arrangements

The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

g) Taxation

The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income

h) Financial instruments

The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).

i) Exemption from preparing a cashflow statement

The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.

Page 11

LEA VALLEY CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

2 Accounting Policies (continued)

3 Donations and legacies

Donations of cash and similar
Income tax recoverable
4
Income from charitable activities
Church activities
4
Charitable expenditure
a
Costs incurred directly on specific activities
Employment costs
Travel costs
Telephone and utilities
Catering
Equipment
Ministry Costs
Conferences and training
Property Costs
Grants payable (note 4c)
b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Other
Administration
Subscriptions and professional fees
Loan interest payable
Depreciation of tangible fixed assets
Insurance
Total expenditure		 2023
£
154,484
29,646
184,130
2023
£
1,702
1,702
2023
£
76,961
3,844
6,178
1,679
2,196
10,491
1,591
6,239
109,180
25,490
134,669
2,400
3,196
5,596
2,520
2,270
31,742
8,287
5,442
55,857
190,526		 2022
£
175,251
29,788
205,039
2022
£
120
120
2022
£
75,642
3,500
5,448
2,356
3,968
1,846
1,480
35,032
129,273
23,560
152,833
2,220
1,823
4,043
1,843
2,410
23,547
10,413
3,759
46,015
198,848

The fee payable to the independent examiner for preparing and examining the accounts was £2,400.

Page 12

LEA VALLEY CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

4 Charitable expenditure (continued)

c Grants payable

Grants payable
Grants for UK and overseas mission
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
Grants for the relief of poverty
The charity's principal grants to institutions comprised:
Assemblies of God UK		 Institutions
£
3,600
3,600
Institutions
£
3,600
-
3,600		 Individuals
£
21,890
21,890
Individuals
£
19,960
-
19,960
2023
£
3,600
3,600		 2023
£
25,490
25,490
2022
£
23,560
-
23,560
2022
£
3,600
3,600

5 Analysis of staff costs, the cost of key management personnel and trustee remuneration

The average monthly number of employees during the year was 4 (2022: 4). Most of the charity's activities are carried out by volunteers.

No staff received salaries at a rate of more than £60,000 per annum.

The charity's key management comprise the trustees and the key staff named on the Charity Information page. Total employment benefits payable to key management for the year were as follows:

Other
Employer
Wages &
employment
pension
salaries
benefits
contributions
Trustees:
Geoff Ace
13,260
530
Timothy Gutmann
27,360
1,094
Key management connected to trustees:
Tanith Ace
13,260
530
Hayley Gutmann
18,400
736		 2023
£
13,790
28,454
13,790
19,136
75,170

The following amounts were payable in the previous year:

following amounts were payable in the previous year:
Other
Employer
Wages &
employment
pension
salaries
benefits
contributions
Trustees:
Geoff Ace
13,195
528
Timothy Gutmann
26,220
1,049
Key management connected to trustees:
Tanith Ace
13,195
528
Hayley Gutmann
19,300
736		 2022
£
13,723
27,269
13,723
20,036
74,750

Page 13

LEA VALLEY CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

5 Analysis of staff costs, the cost of key management personnel and trustee remuneration (continued)

In addition the charity incurred expenditure totalling £403 (2022: £456) in respect of the customary provision of accommodation to Timothy Gutmann (trustee) and Hayley Gutmannn (key management), so that they could better perform their duties. Geoff Ace (trustee) and Tanith Ace (key management) also receive the benefit of the customary provision of accommodation but no direct or discernable cost to the charity has been incurred in this respect.

6 Tangible fixed assets

Cost
At 1 January 2023
Additions
At 31 December 2023
Accumulated depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
7
Debtors
Falling due within one year:
Tax recoverable
8
Cash at Bank and in Hand
Cash at bank with immediate access
Petty cash		 Freehold Improvements
Property
to property
£
£
1,112,392
91,710
-
-
1,112,392
91,710
-
62,195
-
3,086
-
65,281
1,112,392
26,429
1,112,392
29,515		 Fixtures and
fittings
£
15,937
-
15,937
15,769
42
15,811
126
169		 Computer
equipment
£
1,525
-
1,525
1,515
2
1,518
7
10		 Motor
Vehicles
27,500
-
27,500
6,875
5,156
12,031
15,469
20,625
2023
£
15,224
15,224
2023
£
34,265
-
34,265		 Total
2023
£
1,249,065
-
1,249,065
86,354
8,287
94,641
1,154,423
1,162,710
2022
£
15,239
15,239
2022
£
46,848
-
46,848

Page 14

LEA VALLEY CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

9 Creditors: liabilities falling due within one year

itors: liabilities falling due within one year
Taxation and social security
Other creditors
Accruals
Loans
itors: amounts falling due after more than one year
Loans		 2023
£
-
482
2,400
16,076
18,958
2023
£
409,281
409,281		 2022
£
(667)
461
2,220
19,700
21,714
2022
£
422,716
422,716

10 Creditors: amounts falling due after more than one year

11 Loans and finance leases

The liabilities for loans referred to in notes 11 and 12 fall due for repayment as follows:

Repayable:
Within one year
Between one and five years
After five years		 By
instalments
16,076
56,397
352,885
425,357		 2023
2022
£
£
16,076
19,700
56,397
78,800
352,885
343,916
425,357
442,416
Bank loans		 2023
2022
£
£
16,076
19,700
56,397
78,800
352,885
343,916
425,357
442,416
Bank loans
442,416

The bank loan referred to in the above notes is secured on the church freehold land and buildings in Waltham Abbey. Interest is payable at a variable rate, which at the balance sheet date was 7.75%. The loan is being repaid in monthly instalments and must be repaid in full by 30 September 2038.

12 Pension commitments

During the year employer’s pension contributions totalling £2,891 (2022: £2,840) were payable to defined contribution personal pension schemes. Pension contributions totalling £482 (2022: £350) were owing at the balance sheet date.

Page 15

LEA VALLEY CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

13 Funds

During the year the movements in the charity's funds were as follows:

General Unrestricted Funds
Restricted Funds
Mission
CAAA
Building
Organ Loft Refurbishment Fund
Share Fund
Minibus Fund
Aggregate of funds		 Opening
balance
2023
£
78,888
-
-
669,976
5,905
390
25,209
701,480
780,368		 Incoming
resources
2023
£
178,989
2,300
1,810
1,488
-
413
833
6,843
185,832		 Outgoing
resources
2023
£
(133,592)
(13,062)
(3,554)
(31,742)
(590)
-
(7,986)
(56,934)
(190,526)		 Transfers
in the year
2023
£
(59,819)
10,762
1,744
47,313
-
-
-
59,819
-		 Gains and
losses
2023
£
-
-
-
-
-
-
-
-
-		 Closing
balance
2023
£
64,466
-
-
687,035
5,314
803
18,055
711,207
775,673

The transfers referred to above were made for the following reasons:

a) Transfer from the General Fund to the Mission Fund to cover the deficit in gifts to specific missionaries during the year.

b) Transfer from the General Fund to the CAAA Fund to cover the deficit in costs for this ministry.

c) Transfer from the General Fund to the Building Fund, which represents mortgage repayments being made from the General Fund bank account in the year.

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

assets and liabilities of the various funds were as follows:
Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after one year		 General
Designated
funds
funds
£
£
21,248
-
14,880
-
31,220
-
(2,882)
-
-
-
64,466
-
Unrestricted Funds		 Restricted
funds
£
1,133,175
344
3,045
(16,076)
(409,281)
711,207		 2023
£
1,154,423
15,224
34,265
(18,958)
(409,281)
General
funds
£
21,248
14,880
31,220
(2,882)
-
64,466
775,673

Page 16

LEA VALLEY CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

13 Funds (continued)

In the previous year the movements in the charity's funds were as follows:

General Unrestricted Funds
Restricted Funds
Mission
Building
Organ Loft Refurbishment Fund
Quest - Fellowship of the Sword
Share Fund
Minibus Fund
Aggregate of funds		 Opening
balance
2022
£
119,570
-
647,677
6,561
218
30
-
654,486
774,057		 Incoming
resources
2022
£
161,803
2,935
6,613
-
-
360
33,449
43,356
205,159		 Outgoing
resources
2022
£
(152,345)
(13,843)
(23,547)
(656)
(218)
-
(8,239)
(46,503)
(198,848)		 Transfers
in the year
2022
£
(50,141)
10,908
39,233
-
-
-
-
50,141
-		 Gains and
losses
2022
£
-
-
-
-
-
-
-
-
-		 Closing
balance
2022
£
78,888
-
669,976
5,905
-
390
25,209
701,480
780,368

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

Tangible fixed assets
Debtors
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after one year		 General
Designated
funds
funds
£
£
23,789
-
12,764
-
44,349
-
(2,014)
-
-
-
78,888
-
Unrestricted Funds		 Restricted
funds
£
1,138,922
2,475
2,499
(19,700)
(422,716)
701,480		 2022
£
1,162,710
15,239
46,848
(21,714)
(422,716)
General
funds
£
23,789
12,764
44,349
(2,014)
-
78,888
780,368

The Mission Fund represents restricted gifts made by the congregation for specific missionaries and is paid out the by church in full.

The Christian Action Against Antisemitism Fund represents money given to fund the ministry of Christians advocating for discriminated Jewish people and raising awareness of anti-semitism in the UK.

The Building Fund represents the value of the church building purchased in 2008 together with the donations to this fund, less the mortgage and loan liabilities outstanding.

The Organ Loft Refurbishment Fund represents money given for the specific purpose of the organ loft refurbishment and upkeep.

The Minibus Fund represents the value of a vehicle purchased for the church's use in 2022, together with donations to this fund and associated expenditure, including depreciation.

Page 17

LEA VALLEY CHURCH

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2023

14 Transactions with related parties

During the year the charity:

Except as disclosed in note 5 'Analysis of staff costs', there have been no other transactions with related parties during the year.

Page 18

LEA VALLEY CHURCH

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 DECEMBER 2023

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
Total income and endowments
EXPENDITURE ON:
Charitable activities:
4
Total Expenditure
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
13		 General
Designated
2023
2023
£
£
177,288
-
1,702
-
178,989
-
133,592
-
133,592
-
45,397
-
(59,819)
-
(14,422)
-
78,888
-
64,466
-
Unrestricted funds		 Restricted
2023
£
6,843
-
6,843
56,934
56,934
(50,092)
59,819
9,727
701,480
711,207		 Total
2023
£
184,130
1,702
185,832
190,526
190,526
(4,694)
-
(4,694)
780,368
775,673		 General
Designated
2022
2022
£
£
161,683
120
161,803
-
152,345
152,345
-
9,459
-
(50,141)
-
(40,682)
-
119,570
-
78,888
-
Unrestricted funds		 Restricted
2022
£
43,356
43,356
46,503
46,503
(3,147)
50,141
46,994
654,486
701,480		 Total
2022
£
205,039
120
205,159
198,848
198,848
6,311
-
6,311
774,057
780,368

Page 19