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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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