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2021-03-31-accounts

Annual Report and Financial Statements for the Year Ended 31 March 2021

Living Rock Trust

Charity registration number: 1082876

Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF

LIVING ROCK TRUST

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Cash Flow Statement 8
Notes to the Financial Statements 9 to 16

LIVING ROCK TRUST

Reference and Administrative Details

Trustees Christopher Alton Richard Knapp Kathryn Boden Sadie Batstone (appointed 1 April 2020) Principal Office Station Road Stoney Stanton Leicestershire LE9 4LU Charity Registration 1082876 Number Independent Examiner G W Schulz ACMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF Bankers Barclays Bank plc Town Hall Square Leicester Leicestershire LE1 9AA

Page 1

LIVING ROCK TRUST

Trustees' Report

The Trustees present the annual report together with the financial statements of the charity for the year ended 31 March 2021.

Structure, governance and management

Nature of governing document

Living Rock Trust is a registered charity, number 1082876, and is constituted under a Trust deed.

Organisational structure

The Trustees are responsible for the management of the Trust and the Elders of the Church are responsible for the spiritual government of the Church which the Trust supports.

Risk management

The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Objectives and activities

Objects and aims

The charity supports the activities of Living Rock Church, a church promoting the Christian Gospel with congregations meeting across Leicestershire, Warwickshire and Staffordshire. The objects of the charity are:

(a) The proclamation and furtherance of the gospel of God concerning his Son, Jesus Christ Our Lord and the preaching and teaching of the Christian faith.

(b) The relief of persons who are in conditions of need, hardship and distress, or who are aged or sick.

Public benefit

The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Achievements and performance

Review of activities

The church which the Trust supports continues to grow and now meets in four locations - Stoney Stanton, Tamworth, Market Harborough and Coalville. The church continues to work extensively in the community; the church building and the facilities are regularly used throughout the week for this purpose.

C Alton, R Jones, S Russell, R Pemberton, P Chapman, W Lyon and M Shuter continue as pastors of the church.

Page 2

LIVING ROCK TRUST

Trustees' Report

Church operations were severely impacted by the COVID-19 pandemic. Government advice was to stop meeting and encourage staff to work from home where possible.

Building use was limited and the government furlough scheme was accessed for the staff whose role is related to a functioning building. The church utilised online platforms and localised life groups to maintain activity and has followed government guidelines closely throughout. Church operations are starting to open and the building is being used again in line with government guidelines. Finances remain strong as members continue to support the Trust financially.

Financial review

Income for the year amounted to £886,229 (2020: £814,820) and expenditure £772,105 (2020: £814,930). The surplus was added to funds brought forward, with unrestricted funds being £1,391,135 at the year end, and restricted funds £47,888.

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.

Page 3

LIVING ROCK TRUST

Trustees' Report

Statement of Trustees' Responsibilities

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

The law applicable to charities requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

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, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The Trustees 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.

The annual report was approved by the Trustees of the charity on 9 December 2021 and signed on its behalf by:

......................................... Richard Knapp Trustee

Page 4

LIVING ROCK TRUST

Independent Examiner's Report to the trustees of Living Rock Trust

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 6 to 16.

Respective responsibilities of Trustees and examiner

As the charity’s Trustees of Living Rock 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 Living Rock 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 given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

Since Living Rock Trust's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Chartered Institute of Management Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of Living Rock Trust 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 accounting 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.

...................................... G W Schulz ACMA

Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF

9 December 2021

Page 5

LIVING ROCK TRUST

Statement of Financial Activities for the Year Ended 31 March 2021

Note
Unrestricted
funds
£
Income and Endowments from:
Donations and legacies
2
795,302
Charitable activities
3
2,905
Other income
4
34,868
Total income
833,075
Expenditure on:
Charitable activities
5
660,487
Total expenditure
660,487
Net
income/(expenditure)
172,588
Net movement in funds
172,588
Reconciliation of funds
Total funds brought
forward
1,218,547
Total funds carried
forward
12
1,391,135		 Restricted
funds
£
53,154
-
-
53,154
111,618
111,618
(58,464)
(58,464)
106,352
47,888		 Total
2021
£
848,456
2,905
34,868
886,229
772,105
772,105
114,124
114,124
1,324,899
1,439,023		 Total
2020
£
767,895
44,967
1,958
814,820
814,930
814,930
(110)
(110)
1,325,009
1,324,899

The notes on pages 9 to 16 form an integral part of these financial statements. Page 6

LIVING ROCK TRUST

Balance Sheet as at 31 March 2021

Note
Fixed assets
Tangible assets
8
Current assets
Debtors
9
Cash at bank and in hand
Creditors: Amounts falling due within one year
10
Net current assets
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
12		 2021
£
1,015,781
11,244
418,569
429,813
(6,571)
423,242
1,439,023
47,888
1,391,135
1,439,023		 2020
£
996,854
15,660
316,141
331,801
(3,756)
328,045
1,324,899
106,352
1,218,547
1,324,899

The financial statements on pages 6 to 16 were approved by the Trustees, and authorised for issue on 9 December 2021 and signed on their behalf by:

......................................... Richard Knapp Trustee

The notes on pages 9 to 16 form an integral part of these financial statements. Page 7

LIVING ROCK TRUST

Cash Flow Statement for the Year Ended 31 March 2021

Note
Cash flows from operating activities
Net cash income/(expenditure)
Adjustments to cash flows from non-cash items
Depreciation
Working capital adjustments
Decrease/(increase) in debtors
9
Increase/(decrease) in creditors
10
Net cash flows from operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
8
Sale of tangible fixed assets
Net cash flows from investing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March		 2021
£
114,124
40,085
154,209
4,416
2,815
161,440
(59,012)
-
(59,012)
102,428
316,141
418,569		 2020
£
(110)
35,662
35,552
(2,165)
(1,347)
32,040
(12,801)
1,287
(11,514)
20,526
295,615
316,141

The notes on pages 9 to 16 form an integral part of these financial statements. Page 8

LIVING ROCK TRUST

Notes to the Financial Statements for the Year Ended 31 March 2021

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis of preparation

Living Rock Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

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

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Page 9

LIVING ROCK TRUST

Notes to the Financial Statements for the Year Ended 31 March 2021

Tangible fixed assets

Individual fixed assets costing £750 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Land and buildings 2% on a straight line basis
Fixtures and fittings 33.33% on a straight line basis
Computer equipment 33.33% on a straight line basis
Building improvements 10% on a straight line basis

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Liabilities

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Fund structure

Unrestricted income funds are general funds that are available for use at the Trustees's discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Page 10

LIVING ROCK TRUST

Notes to the Financial Statements for the Year Ended 31 March 2021

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2 Income from donations and legacies

Donations and legacies;
Donations
Gift aid reclaimed
Grants, including capital
grants;
Government grants		 Unrestricted
funds
General
£
648,170
109,995
37,137
795,302		 Restricted
funds
£
53,124
30
-
53,154		 Total
2021
£
701,294
110,025
37,137
848,456		 Total
2020
£
647,809
120,086
-
767,895

3 Income from charitable activities

Unrestricted
funds
General
£
Events and outreach
2,905		 Total
2021
£
2,905		 Total
2020
£
44,967

4 Other income

Unrestricted
funds
General
£
Other incoming resources
34,868		 Total
2021
£
34,868		 Total
2020
£
1,958

Page 11

LIVING ROCK TRUST

Notes to the Financial Statements for the Year Ended 31 March 2021

5 Expenditure on charitable activities

Note
Ministry support
Training
Meeting
Expenses
Other gifts
Building
expenses
Administration
Legal and
professional
Independent
examination
Depreciation
Staff costs
7		 Unrestricted
funds
General
£
227,982
935
57,483
41,186
-
23,413
997
2,160
7,405
298,926
660,487		 Restricted
funds
£
-
-
-
41,724
37,214
-
-
-
32,680
-
111,618		 Total
2021
£
227,982
935
57,483
82,910
37,214
23,413
997
2,160
40,085
298,926
772,105		 Total
2020
£
239,509
3,963
102,014
80,867
37,396
33,474
1,313
2,580
35,912
277,902
814,930

6 Trustees remuneration and expenses

During the year the charity made the following transactions with Trustees:

Christopher Alton

Christopher Alton received ministry support payments of £3,249 (2020: £Nil) during the year.

No Trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No Trustees have received any reimbursed expenses or any other benefits from the charity during the year.

Page 12

LIVING ROCK TRUST

Notes to the Financial Statements for the Year Ended 31 March 2021

7 Staff costs

The aggregate payroll costs were as follows:

7 Staff costs
The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs		 2021
£
270,874
22,492
5,560
298,926		 2020
£
256,337
17,070
4,495
277,902

The number of persons (including senior management team) employed by the charity during the year was as follows:

during the year was as follows:
2021 2020
No No
Staff 14 13

No employee received emoluments of more than £60,000 during the year

Page 13

LIVING ROCK TRUST

Notes to the Financial Statements for the Year Ended 31 March 2021

8 Tangible fixed assets

8 Tangible fixed assets
Land and
buildings
£
Furniture
and
fixtures
£
Computer
equipment
£
Cost
At 1 April 2020
1,375,167
84,704
35,788
Additions
-
-
7,239
At 31 March
2021
1,375,167
84,704
43,027
Depreciation
At 1 April 2020
387,142
83,303
28,360
Charge for the
year
27,503
701
6,704
At 31 March
2021
414,645
84,004
35,064
Net book value
At 31 March
2021
960,522
700
7,963
At 31 March
2020
988,025
1,401
7,428
9 Debtors
Accrued income
10 Creditors: amounts falling due within one year
Other taxation and social security
Accruals		 Computer
equipment
£
35,788
7,239		 Building
improvements
£
Total
£
- 1,495,659
51,773
59,012
51,773
1,554,671
-
498,805
5,177
40,085
5,177
538,890
46,596
1,015,781
-
996,854
2021
£
2020
£
11,244
15,660
2021
£
2020
£
3,991
-
2,580
3,756
6,571
3,756
43,027 51,773
28,360
6,704		 -
5,177
35,064 5,177
7,963 46,596
7,428 -
2021
£
11,244
2021
£
3,991
2,580
6,571
2020
£
-
3,756
3,756

Page 14

LIVING ROCK TRUST

Notes to the Financial Statements for the Year Ended 31 March 2021

11 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to - £5,560 (2020 £4,495).

12 Funds

Unrestricted funds
General
General Funds
Restricted funds
Building fund
Acts 4:34 fund
Flood victims fund
Kenya food aid
Zambia housing
Benevolence fund
Total funds		 Balance at
1 April
2020
£
1,218,547
93,292
11,913
1,147
-
-
-
106,352
1,324,899		 Incoming
resources
£
833,075
22,730
12,997
-
14,195
510
2,722
53,154
886,229		 Resources
expended
£
(660,487)
(69,894)
(23,150)
(1,147)
(14,195)
(510)
(2,722)
(111,618)
(772,105)		 Balance at
31 March
2021
£
1,391,135
46,128
1,760
-
-
-
-
47,888
1,439,023

Page 15

LIVING ROCK TRUST

Notes to the Financial Statements for the Year Ended 31 March 2021

Balance at
1 April
2019
£
Unrestricted funds
General
General Funds
1,199,422
Restricted funds
Building fund
125,587
Acts 4:34 fund
-
Flood victims fund
-
125,587
Total funds
1,325,009
13 Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Incoming
resources
£
769,156
32,604
11,913
1,147
45,664
814,820
Unrestricted
funds
General
£
969,653
428,053
(6,571)
1,391,135
Unrestricted
funds
General
£
903,562
318,741
(3,756)
1,218,547		 Resources
expended
£
(750,031)
(64,899)
-
-
(64,899)
(814,930)
Restricted
funds
£
46,128
1,760
-
47,888
Restricted
funds
£
93,292
13,060
-
106,352		 Balance at
31 March
2020
£
1,218,547
93,292
11,913
1,147
106,352
1,324,899
Total funds
at 31
March
2021
£
1,015,781
429,813
(6,571)
1,439,023
Total funds
at 31
March
2020
£
996,854
331,801
(3,756)
1,324,899

Page 16