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2021-03-31-accounts

THE BRIDGE CHURCH HAYLING ISLAND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

CHARITY REGISTRATION No: 1085253

Independent Examiners Ltd

2 Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF

THE BRIDGE CHURCH HAYLING ISLAND

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CONTENTS
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Page 3 Legal and Administrative Information
Page 4 Independent Examiners Report to the Trustees
Pages 5 to 6 Trustees Report
Page 7 Statement of Financial Activities
Page 8 Balance Sheet
Pages 9 to 16 Notes to the Financial Statements

2

THE BRIDGE CHURCH HAYLING ISLAND

LEGAL AND ADMINISTRATIVE INFORMATION

CHARITY NUMBER 1085253 START OF FINANCIAL YEAR 1 April 2020 END OF FINANCIAL YEAR 31 March 2021 CHURCH LEADER Mrs Mary Dennison TRUSTEES AT 31 MARCH 2021 Mr Paul Dennison Mrs Sandy Harmer Mr John Pitt Mr Barry King Mr Keith Peake

The existing trustees appoint any new trustees following the provisions laid out in the Charity's governing instrument.

GOVERNING INSTRUMENT Declaration of Trust dated 18th December 2000

OBJECTS

ADDRESS

30 Mengham Lane Hayling Island Hampshire PO11 9NW

PRIMARY BANKERS Barclays Bank 54 Lombard Street London EC3P 3AH

INDEPENDENT EXAMINER

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

3

INDEPENDENT EXAMINERS REPORT TO THE

TRUSTEES OF THE BRIDGE CHURCH HAYLING ISLAND

Report to the members of The Bridge Church Hayling Island on the accounts for the year ended 31 March 2021 set out on pages 7 to 16.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the Charities Act) and that an independent examination is needed.

It is my responsibility to:

Basis of independent examiner's statement

My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the organisation and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In the course of my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that:

  2. proper accounting records are kept (in accordance with section 130 of the Charities Act); and

  3. accounts are prepared which agree with the accounting records and comply with the

  4. accounting requirements of the Act; or

  5. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Keith Richards Independent Examiners Ltd

2 Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF

Dated: 28th January 2022

4

THE BRIDGE CHURCH HAYLING ISLAND

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The principal activities of the church continue to be:

a) To advance the Christian faith in this country and overseas; by following and proclaiming the principles and truths of the Bible; by arranging public and other meetings for worship, praise, evangelism, teaching, study and encouragement and prayer; by supporting other churches on Hayling Island and in SE Hants and nationally where appropriate, sharing these objectives.

b) To relieve persons in need and hardship both in this country and overseas. The church has supported initiatives on Hayling Island and runs the Bridge Advice Centre for all areas of advice, but specialising in debt, benefits and form filling. We also provide a Foodbank and Crisis Fund and drop-in centre. We have provided financial support to an area around Bhadrachalam, Andhra Pradesh, India to support orphans and the local community as evidenced in the annual accounts.

c) To advance Christian education by providing assistance at schools and colleges on Hayling Island and surrounding areas of SE Hants. Part of the financial support to the Indian orphans covers some of their education.

Review of Annual Activities

We support other churches on the island on an informal basis. Our Church Leader continues to visit a number of churches, both locally and further afield and local schools.

We continue to provide direct support to India for Orphans in the hostel at Rajivnagar.

Where possible, impacted by the Covid-19 pandemic, we have continued with community outreach programmes as appropriate and within national guidelines, incorporating Computer courses, a Pre-School Group and The Bridge Advice Centre providing debt and benefits advice. This work is affiliated to Frontline Debt Advice (UK) Charity No 1134908. Coffee and tea are provided in a friendly atmosphere where members of the public can meet with various representatives of community groups - this has only been done within the national guidelines in place at that time..

We have continued the work of the food bank and crisis fund with the support of local churches, with referrals from local agencies and individuals. We also help with some homelessness and the needs of people trying to return to work. We have provided some financial help.

Contribution made by volunteers

All our actiivties are operating with the help of volunteers:-

5

THE BRIDGE CHURCH HAYLING ISLAND

TRUSTEES REPORT (continued) FOR THE YEAR ENDED 31 MARCH 2021

Review of financial position at 2021 year end

We exited the 2919-20 Financial Year having completed the major project work relating to the refurbishment of the Bridge Church. There was only minimal expenditure in 2020-2021 which came from the existing building fund which remains in credit.

Our activities were much reduced by the Covid-19 pandemic. However whilst we had a reduced income from the Cafe, albeit that is not a high income, our expenditure on utilities was reduced accordingly.

Our membership and tithing remained strong during the financial year, putting us in a secure position for the future.

Reserves

Following the major investment programmed in 2019-2020, we have been in a good position to maintain a good level of reserves as in previous years.

Trustees Responsibilities

The Charities Act 2011 and Charity (Reports and Accounts) Regulations require 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 surplus of the charity for that period. In preparing those financial statements the trustees are required to:

John Pitt, one of the longstanding trustees died in January 2021. We respectfully acknowledge the enormous contribution he made to the Bridge Church over many years. No immediate plans were made to nominate a replacement, and this action is deferred to 2021-2022 Finacial Year.

The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the charity. 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. The Trustees met four times during the 2020-2021 Financial Year.

Signed on behalf of the trustees by Trustee Barry King

Date: 28th January, 2022

6

THE BRIDGE CHURCH HAYLING ISLAND

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2021

INCOME AND ENDOWMENTS
Notes
FROM:
Donations and Legacies
2a
Investments
2b
Charitable Activities
2c
TOTAL INCOME
EXPENDITURE ON:
Charitable Activities
3a
TOTAL
NET INCOME/(EXPENDITURE)
Transfers between funds
8,9
NET MOVEMENT IN FUNDS
Reconciliation of funds:
Total Funds Brought Forward
Total Funds Carried Forward		 Unrestricted Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
2020/21
2019/20
£
£
£
£
£
46,431
21,890
1,988
70,309
99,007
8
0
0
8
289
0
0
0
0
1,245
46,439
21,890
1,988
70,317
100,541
19,262
10,389
28
29,680
46,732
19,262
10,389
28
29,680
46,732
27,177
11,500
1,960
40,637
53,809
3,750
(3,750)
0
0
0
30,927
7,751
1,960
40,637
53,809
239,496
8,064
6948
254,509
200,700
270,423
15,815
8,908
295,146
254,509

Movements on all reserves and all recognised gains and losses are shown above. All of the charity's operations are classed as continuing.

The notes on pages 9 to 16 form part of these financial statements.

7

THE BRIDGE CHURCH HAYLING ISLAND

BALANCE SHEET

AS AT 31 MARCH 2021

Notes
Fixed Assets:
Tangible assets
4
Current Assets:
Cash at Bank and in Hand
5
Debtors and Prepayments
6
Total Current Assets
Creditors:amounts falling due
7
within one year
Net Current Assets:
TOTAL ASSETS LESS CURRENT
LIABILITIES
7a
NET ASSETS
Funds of the Charity
General Funds
Restricted Funds
8
Designated Funds
9
Creditors:Amounts due in more than
one year		 Unrestricted Designated
Restricted
31-Mar-21
31-Mar-20
Funds
Funds
Funds
Total
Total
£
£
£
£
£
384,680
0
0
384,680
369,195
26,407
15,680
8,908
50,994
45,832
0
135
0
135
0
26,407
15,815
8,908
51,129
45,832
876
0
0
876
13,087
25,531
15,815
8,908
50,253
32,745
410,211
15,815
8,908
434,933
401,940
139,787
0
0
139,787
147,432
270,424
15,815
8,908
295,146
254,509
270,423
0
0
270,423
239,496
0
0
8,908
8,908
6,948
0
15,815
0
15,815
8,064
270,423
15,815
8,908
295,146
254,509

Approved by the Trustees on 28th January 2022

Signed on their behalf by Barry King, Trustee

8

THE BRIDGE CHURCH HAYLING ISLAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

Basis of Preparation:

The financial statements of the charity have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) - (Charities SORP (FRS102)) and applicable accounting standards.

The Bridge Church Hayling Island meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.

Preparation of accounts on a going concern basis

Preparation of the accounts is on a going concern basis. The Trustees are of the view that the level of reserves will support the charity going forward.

The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.

1. ACCOUNTING POLICIES

Donations are accounted for gross when received.

Legacies are accounted for when their receipt is certain and can be properly quantified.

Investment income is included in the accounts in the year it is receivable.

The church does not make formal appeals for funds, and expenditure on these items is therefore not material.

e) Grants Payable:

The church makes grants to other organisations whose charitable objects complement its work. They are accounted for in the year in which they are paid.

f) Governance Costs:

This represents direct expenditure on the governance of the church. Most of the management is carried out without charge by volunteers. This intangible cost is not included in the Statement of Financial Activities since there is no measurable cost to volunteers for their service.

g) Fixed Assets:

Fixed assets are measured at cost.

h) Depreciation:

Depreciation has not been charged on the land as it is assumed to have an unlimited useful life.

Depreciation has not been charged on the Church or Manse premises, because in the opinion of the Trustees, the residual value of the asset is not less than the original cost.

Depreciation on other fixed assets are calculated on a straight line basis over their expected useful life, at the following rates:

ing rates:
Computer Equipment 25%
Music Equipment 25%
Projection Equipment 25%
Fixtures and Fittings 25%

9

THE BRIDGE CHURCH HAYLING ISLAND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES (continued)

i) Support Costs

Support costs not attributable to a single activity are apportioned between the significant activities being supported, on a basis consistent with the use of the resources.

2. INCOME AND ENDOWMENTS FROM: Unrestricted Designated Restricted TOTAL TOTAL
Funds Funds Funds 2020/21 2019/20
a) Donations and Legacies £ £ £ £ £
Tithes & Gifts 10,943 15,640 540 27,123 54,685
Gift Aid Donations 23,880 6,250 1,448 31,578 44,322
Tax Refund 11,608 11,608 0
46,431 21,890 1,988 70,309 99,007
b) Investments
Bank Interest 8 0 8 289
8 0 0 8 289
c) Charitable Activities
Cafe Sales 0 0 0 0 978
Sundry Income 0 0 0 0 267
0 0 0 0 1,245

10

THE BRIDGE CHURCH HAYLING ISLAND

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2021

Unrestricted Designated Restricted TOTAL TOTAL
Notes Funds Funds Funds 2020/21 2019/20
3. EXPENDITURE ON:
a) Charitable Activities
Direct costs
Cafe Purchases 52 0 0 52 1,239
Charitable Giving:
Charitable Help 375 0 0 375 0
Donations 390 0 0 390 510
Foodbank/Crisis 0 4,648 0 4,648 5,435
India Orphans 0 0 28 28 0
Kenya 0 0 0 0 0
Ministry Gifts 817 0 0 817 450
Pioneer 800 0 0 800 1,200
Event - Christmas evening 0 0 0 0 0
Event - Cameo 0 0 0 0 0
Resource Costs 76 0 0 76 138
Sub-total direct costs 2,510 4,648 28 7,187 8,971
Support costs
Premises
Bridge Advice Centre - running costs 1,337 0 0 1,337 1,645
Building Rent 0 0 0 0 3,076
Cleaning and Premises Expenses 3 0 0 3 0
Repairs & Maintenance 147 0 0 147 0
Utility Costs 2,708 0 0 2,708 3,776
Total premises costs 4,195 0 0 4,195 8,497
Staff costs and human resources
Conferences and Training 0 0
Manse Lease Rental Scheme 7,091 0 0 7,091 11,036
Salary Costs 1,250 0 1,250 5,000
Total staff costs and human resources 8,341 0 0 8,341 16,036
Administration costs
Administration Expenses 232 0 0 232 274
Advertising & Publicity 0 0 0 0 100
Depreciation 0 0 0 0 580
Equipment Expensed 55 0 0 55 2,318
License & Subscriptions 375 0 0 375 358
Refreshment Costs 0 0 0 0 11
Sundry Expenses 101 0 0 101 56
Website 173 0 0 173 173
Total administration costs 936 0 0 936 3,870

11

THE BRIDGE CHURCH HAYLING ISLAND

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2021

3. EXPENDITURE ON:
Governance costs
Accounts preparation & examination
Bookkeeping
Insurance Costs
Legal & Professional Fees
Mortgage Interest
Mortgage Setup Costs
Total governance costs
TOTAL CHARITABLE ACTIVITIES
4. TANGIBLE FIXED ASSETS
Notes
a) Charitable Activities (continued)		 Unrestricted
Designated
Restricted
TOTAL
TOTAL
Notes
Funds
Funds
Funds
2020/21
2019/20
876
0
0
876
876
144
0
0
144
144
1,753
0
0
1,753
1,968
508
0
0
508
3,930
0
5,741
0
5,741
2,139
0
0
0
0
300
3,281
5,741
0
9,021
9,358
19,262
10,389
28
29,680
46,732
Land &
Computer
Music
Projection
Fixtures &
Buildings
Equipment
Equipment
Equipment
Fittings
Total
£
£
£
£
£
£
General Fund		 Unrestricted
Designated
Restricted
TOTAL
TOTAL
Notes
Funds
Funds
Funds
2020/21
2019/20
876
0
0
876
876
144
0
0
144
144
1,753
0
0
1,753
1,968
508
0
0
508
3,930
0
5,741
0
5,741
2,139
0
0
0
0
300
3,281
5,741
0
9,021
9,358
19,262
10,389
28
29,680
46,732
Land &
Computer
Music
Projection
Fixtures &
Buildings
Equipment
Equipment
Equipment
Fittings
Total
£
£
£
£
£
£
General Fund
3,281
5,741
0
9,021
9,358
19,262
10,389
28
29,680
46,732
Computer
Music
Projection
Fixtures &
Equipment
Equipment
Equipment
Fittings
Total
£
£
£
£
£
General Fund
Land &
Buildings
£
Cost
01-Apr-20
Additions
Disposals
Cost at
31-Mar-21
Depreciation
01-Apr-20
Charge
Disposals
Depreciation at
31-Mar-21
Net Book Value
31-Mar-21
Net Book Value
31-Mar-20		 369,195
0
0
0
0
369,195
15,485
0
0
0
0
15,485
0
0
0
0
0
0
384,680
0
0
0
0
384,680
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
384,680
0
0
0
0
384,680
369,195
0
0
0
0
369,195

Land and Buildings comprises: Land at Beach Road, Hayling Island. Title number SH 46083. Freehold 67 Beach Road, Hayling Island. Title number HP494305.

All fixed assets are used for direct charitable purposes. Some of the furniture, computers and equipment is used both for direct charitable purposes and the management and administration of the church.

The annual commitments under non-cancelling operating leases and capital commitments are as follows:

31 March 2021: £0

31 March 2020: £0

12

THE BRIDGE CHURCH HAYLING ISLAND

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2021

5. CASH AT BANK AND IN HAND Unrestricted Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
31-Mar-21
31-Mar-20
£
£
£
£
£
Bank accounts
Cash in hand		 26,706
15,680
8,908
51,293
46,131
(299)
0
0
(299)
(299)
26,407
15,680
8,908
50,994
45,832
6. DEBTORS AND PREPAYMENTS
Gift Aid Tax Recoverable
Payroll
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
Accrued for future HMRC liabilities
Independent Examiners Fees		 Unrestricted Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
31-Mar-21
31-Mar-20
£
£
£
£
£
0
0
0
0
0
0
135
0
135
0
0
135
0
135
0
YEAR
Unrestricted Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
31-Mar-21
31-Mar-20
£
£
£
£
£
0
0
0
0
1,211
876
0
0
876
876
Trustee Loans* 0
0
0
0
11000
876
0
0
876
13,087

7.a) CREDITORS: AMOUNTS FALLING DUE IN MORE THAN ONE YEAR

Stewardship Church and Charity Lending 31-Mar-21
31-Mar-20
£
£
139,787
147,432
139,787
147,432

13

THE BRIDGE CHURCH HAYLING ISLAND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2021

8. RESTRICTED FUNDS Balance
Balance
01-Apr-20
Income
Expenditure
Transfer
31-Mar-21
India Fund £
£
£
£
£
6,948
1,988
28
8,908
6,948
1,988
28
0
8,908

India Fund : Funds collected are used to support the work of an orphanage in India and other projects and to finance the church leaders travel expenses to India.

The restricted funds of the charity are represented by cash reserves.

Transfers represent reimbursement to the general fund for transactions for restricted funds.

8.a) PRIOR YEAR MOVEMENT ON RESTRICTED FUNDS

India Fund Balance
Balance
01-Apr-19
Income
Expenditure
Transfer
31-Mar-20
£
£
£
£
£
3,891
3,057
6,948
3,891
3,057
0
0
6,948

9. DESIGNATED FUNDS

Balance
Transfers
Transfers
Balance
01-Apr-20
Income
In
Expenditure
Out
31-Mar-21
£
£
£
£
£
£
The Building Fund
Food Bank Crisis Fund
Tax Reserve		 0
8,145
0
5,741
2,404
0
6,853
13,745
0
4,648
0
15,950
1,211
0
300
0
1,646
(135)
8,064
21,890
300
10,389
4,050
15,815

The designated funds of the charity are wholly represented by cash reserves.

The Building Fund: Money collected in order to fund the building extension.

A Transfer of £2404 out of the designated building fund has been made due to the capital expenditure on the church extension.

The Food Bank Crisis Fund: Money collected to help run the service, which also helps with homelessness.

The Tax Reserve Fund: Money set aside to pay the tax liability of our church leader. The money is deducted from the salary paid to her.

9.a) PRIOR YEAR MOVEMENT ON DESIGNATED FUNDS

The Building Fund
Food Bank Crisis Fund
Tax Reserve		 Balance
Transfers
Transfers
Balance
01-Apr-19
Income
In
Expenditure
Out
31-Mar-20
£
£
£
£
£
£
117,651
53,781
0
2,439
(168,993)
0
5,902
6,387
0
5,435
-
6,853
637
0
1,200
626
-
1,211
124,190
60,168
1,200
8,501
(168,993)
8,064

14

THE BRIDGE CHURCH HAYLING ISLAND

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2021

10. STAFF COSTS AND NUMBERS AND THE COST OF KEY MANAGEMENT PERSONNEL

Gross Wages and Salaries
Employer's National Insurance Costs
Employer's Pension Contributions		 2020/21
2019/20
£
£
1,250
5,000
0
0
0
0
1,250
5,000

As at the end of this financial year the Charity employed 1 full time staff member (as at the end of the previous financial year 1 full time) in the following areas:

Activities in Furtherance of the Charity's Objects 1
1
1
1

No employee received emoluments in excess of £60,000 during this year (2019/20 - none). Staff are responsible for their own reporting to HMRC for tax and national insurance.

The key management personnel of the charity comprise the Board of Trustees and Church Leader. No Trustees are remunerated. The total employee benefits (including employer national insurance and employer pension contributions) of the key management personnel of the charity were £1250 (2019/20: £5000)

The church does not pay pension contributions on behalf of any employee, although a stakeholder pension scheme is offered to those who wish to contribute. The staging date for auto enrolment date for the church was April 2017. A pension scheme is available to eligible employees and employer contributions will be budgeted for and will be made in accordance with legislation.

11. CURRENT YEAR ANALYSIS OF
NET ASSETS BY FUND		 Unrestricted Designated
Restricted
31-Mar-21
31-Mar-20
Funds
Funds
Funds
Total
Total
£
£
£
£
£
Fixed Assets
Net Current Assets
Liabilities (due in more than one		 384,680
0
0
384,680
369,195
25,531
15,815
8,908
50,253
32,745
139,787
0
0
139,787
0
year)
11.a) PRIOR YEAR ANALYSIS OF
NET ASSETS BY FUND
Fixed Assets
Net Current Assets
Liabilities (due in more than one
year)
270,424
15,815
8,908
295,146
401,940
Unrestricted Designated
Restricted
31-Mar-20
31-Mar-19
Funds
Funds
Funds
Total
Total
£
£
£
£
£
369,195
0
0
369,195
369,195
16,208
9,589
6,948
32,745
32,745
147,432
0
0
147,432
0
237,971
9,589
6,948
254,509
401,940

15

THE BRIDGE CHURCH HAYLING ISLAND

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2021

12. PAYMENTS TO TRUSTEES, MINISTERS AND RELATED PARTIES

Apart from the payments detailed in note 12a, no other payments were made to trustees or any persons connected with them during this or the previous financial period. No other material transaction took place between the organisation and a trustee or any person connected with them.

M Dennison, a related party to trustee P Dennison received salary payments of £1249.98 during the financial year. During 2020/21 £1645 self assessment tax was paid to HMRC on her behalf (2019/20: salary £3,800, tax deducted £1,200, self assessment tax paid £626 and £1,211 carried forward for future liability).

12a). MANSE LEASE SCHEME

With effect from 1st November 2004 Mary and Paul Dennison (Trustee) agreed to rent 1 Stead Close to The Bridge Church, Hayling Island at an initial cost of £750 per month for a period of 1 year and thereafter from year to year. Rent being payable on the 28th day of each month. The rental and associated costs (council tax and statutory water charges) are shown below:

Rental
Associated Costs		 TOTAL
2020/21
£
6,582
509
7,091		 TOTAL
2019/20
£
9,000
2,036
11,036

No other payments were made to trustees or any persons connected with them during this financial period. No material transaction took place between the charity and a trustee or any person connected with them.

13. RISK ASSESSMENT

The trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining the free reserves stated, combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.

14. RESERVES POLICY

The trustees have considered the level of reserves they wish to retain, appropriate to the charity's needs. This is based on the charity's size and the level of financial commitments held. The trustees aim to ensure the charity will be able to continue to fulfil its charitable objectives even if there is a temporary shortfall in income or unexpected expenditure. The trustees will endeavour not to set aside funds unnecessarily.

15. PUBLIC BENEFIT

The charity acknowledges its requirement to demonstrate clearly that it must have charitable purposes or ‘aims’ that are for the public benefit. Details of how the charity has achieved this are provided in the trustees report. The trustees confirm that they have paid due regard to the Charity Commission guidance on public benefit before deciding what activities the charity should undertake.

16. PROPERTY EXTENSION

During the year ended 31st March 2020, Bridge Church, 67 Beach Road, Hayling Island has undertaken a significant extention and once finished the property will be valued at £425,000. The Charity made a capital contribution of £140,000 and the remaining £150,000 costs was provided by a mortgage from Stewardship Church and Charity Lending secured on the Land & Buildings over a 15 year fixed term period at an annual interest rate of 4% making monthly repayments of £1,115.46. The mortgage commenced on the 25th November, 2019 with mortgage maturity on the 24th November 2034.

Debt Maturity Analysis 1 year 13,386 2-5 years 53,542 5+ years 72,859 Total Outstanding 139,787,787787

139,787,787787

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