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2022-03-31-accounts

THE BRIDGE CHURCH HAYLING ISLAND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

CHARITY REGISTRATION No: 1085253

Independent Examiners Ltd

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

THE BRIDGE CHURCH HAYLING ISLAND

CONTENTS

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 2021 END OF FINANCIAL YEAR 31 March 2022 CHURCH LEADER Mrs Mary Dennison TRUSTEES AT 31 MARCH 2022 Mr Paul Dennison Mrs Sandy Harmer 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

a)

To advance the Christian faith in accordance with the statement of beliefs in Hayling Island and the United Kingdom and in such other parts of the World as the Trustees may from time to time think fit and other such purposes which are exclusively charitable according to the Law of England and Wales and are connected with the chartable work of Bridge Church, Hayling Island.

b)

To relieve persons who are in conditions of need or hardship or who are aged or sick and to relieve the distress caused thereby, in Hayling Island and the United Kingdom or in other parts of the World as the Trustees may from time to time think fit.

c) The advancement of Christian education in Hayling Island and the United Kingdom or in such other parts of the World as the Trustees may from time to time think fit.

ADDRESS 67 Beach Road Hayling Island Hampshire PO11 DJD

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 2022 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 accounting requirements of the Act; or

  4. 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: 29th January, 2023

4

THE BRIDGE CHURCH HAYLING ISLAND

TRUSTEES REPORT

FOR THE YEAR ENDED 31 MARCH 2022

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.

Within our activities we incorporate Computer Courses, a Pre-School Group, and The Bridge Advice Centre which provides debt and benefits advice. The work of the Bridge Advice Centre is affiliated to Frontline Debt Advice (UK), Charity No 1134908. The Bridge Cafe offers coffee and tea and other refreshments in a friendly atmosphere where members of the public can meet with various representatives of community groups. All our activities are undertaken within the national guidelines in place at that time.

We support other churches on the island on an informal basis. Our Church Leaders continue to liase with a number of churches, both locally and further afield, and also the local schools.

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

We continue to operate the Food Bank and Crisis Fund with the support of local churches, and individual donations. We manage this working with the other churches, local agencies and government organisations, and liaising with The Bridge Advice Centre. The objective is to give 'a hand up' and not just provide 'a hand out'. We also assist with some homeless situations and the needs of people trying to return to work. We have provided some financial help where considered appropriate.

Contribution made by volunteers

All our activities are operating with the help of volunteers and are as listed below:-

5

THE BRIDGE QIURCIF HAYL1116 ISLAND TRiISfEES REPORT (tontinued) FOR THE YEAR E14DED 31 PIARCH 2021 We e¥ited thÈ 2020-2021 FIna￿al Year havin9 compkted two yeats of mahjr project work relatlng to the refurbishment of The Bridge Church. Thwe was only minimal expenditure in 2021-2022 which came from the exisung building fund, wl¥ich remains in crediL Our activities were much redurd foSfving the Covid-19 pandemi Howe￿ whI￿t we had a reduced income from the Cate, albelt that Is not a high irtome. our expenditure on utfjlfjt￿ was reduceil ac£ordingty. There were some sionificant d￿r¥)￿S trj membershlp in 2021-2022. A numter of rew mernber5, who joined between 2019 and 2021, deoded to leave. Whilst that impacta1 our irKome. the costs assrxiated with the Nnning of The Bridge Church were readily covered by tithityj and other Ir￿rne. We remain in a g(x)d finanool position. Following the major Investm￿ progr4mwne. we have been in a gcKJ positi.on to maintsin a good level of reserves as In previous year5. The Charities Art 2011 and (Tharrty (Report5 and AcLX)Ulltsl Regutstions wulre the trustees to prepare finanaal statements for each finanoal year Y4hich give a tnje afid fair view of the state of affairs of the charity and of the surplLS of the ch6nty for that peri(¥l. In weparing those fiTra￿al ststements the trustees a￿ required to.. Selert suitable accounting polities and apply them consistently • Make judgements an& estimates that are reasonable and p￿￿t • Prepa￿ fin4ncial Statements on the going basts untess it ￿ inapwDme to pre5urne that the charity will continue in existen￿. John Pitt. one of the longstanthng trLtsrÉes d￿d in January 2021. as recorded in the 2020-2021 Charity RwrL It was planned to revlew a repla(ment In 2021-2022. Imrt thts was wt on hold, and ill be reviewed in the fvbJre. The trustees are responyble for keeping proper acciyJnbng rE¢WtJs. whKh dis(kne with ￿$￿Adble •C￿raCY at anv time the f¢nancial position of the tharity. They are olso reSpOn￿￿É for safeguanling the assets of the charity and hence for taking reasonable steps for the prpventK)n ond detection of ftaud and other irregularities. The Trustees met forrnally tV4ice during the 2021-2022 Finanoal Year. The tru5tee5 to hold nut1￿￿1￿ irrfDrmal rneeting5. not all docutnented. to add￿$ appropriats day-to-day ￿sUeS. The trustees conslder The Bridge Church is In a sO￿d as we w forward irrto 2022-2023. Signed on beha￿ of the iTUSW by Barry KINJ Signature.. .01,20&5

THE BRIDGE CHURCH HAYLING ISLAND

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 MARCH 2022

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
2021/22
2020/21
£
£
£
£
£
37,887
3,031
1,418
42,336
70,309
3
0
0
3
8
3,099
0
0
3,099
0
40,989
3,031
1,418
45,438
70,317
32,739
9,399
0
42,138
29,680
32,739
9,399
0
42,138
29,680
8,250
(6,369)
1,418
3,300
40,637
(18,907)
15,232
3,675
0
0
(10,657)
8,863
5,093
3,300
40,637
270,423
15,815
8908
295,146
254,509
259,766
24,678
14,001
298,446
295,146

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 CHURai HAYLXNG ISLAtID AS AT 31 MARCH 2021 UTrrE5trirted Desiynated Restricted 31-Mar-22 31-Mar-21 Funds Fu￿S Funds Total Total Fixed Assets." Tangible a55ets 387,127 387,127 384,68 Current ksets.. Cash al Bank and in HaThJ 5.681 24.543 135 14.001 44.226 135 50.994 135 Debtors and Prepayrnents Totsl Current Assets 24.67 61 1.139 Creditors: amounts Pdlling due within one year 900 876 Net ￿rrent Assets: 4.781 24.678 14.001 43,461 50,399 TOTAL A55ETS LESS CURREKr LIABILITIES 391.909 24.678 14,001 430.588 435.079 Cred6tors". Amounts due sn rn¢￿ than one year 7a 132,142 132.142 139,787 NET ASSETS 14.001 298.446 295 292 Funds of the Charfty General Funds Rest￿cted Funds Designated Funds 259,766 259,766 14.001 24,678 270,569 8.908 15,815 24.678 15 14. 95, 92 Approved by the TnJ5tees on 29.01.202£ SlgTred on th b hatf by Barry Klng, Trustee

THE BRIDGE CHURCH HAYLING ISLAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

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.

b) Legacies:

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.

d) Fund Raising and Publicity Costs:

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 2022

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 2021/22 2020/21
a) Donations and Legacies £ £ £ £ £
Tithes & Gifts 8,905 2,411 470 11,786 27,123
Gift Aid Donations 19,835 620 948 21,403 31,578
Tax Refund 8,575 8,575 11,608
37,887 3,031 1,418 42,336 70,309
b) Investments
Bank Interest 3 0 0 3 8
3 0 0 3 8
c) Charitable Activities
Cafe Sales 1,611 0 0 1,611 0
Sundry Income 1,488 0 0 1,488 0
3,099 0 0 3,099 0

10

THE BRIDGE CHURCH HAYLING ISLAND

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2022

Unrestricted Designated Restricted TOTAL TOTAL
Notes Funds Funds Funds 2021/22 2020/21
3. EXPENDITURE ON:
a) Charitable Activities
Direct costs
Cafe Purchases 821 0 0 821 52
Charitable Giving:
Charitable Help 1,305 0 0 1,305 375
Donations 150 0 0 150 390
Foodbank/Crisis 0 9,399 0 9,399 4,648
India Orphans 0 0 0 0 28
Kenya 0 0 0 0 0
Ministry Gifts 300 0 0 300 817
Pioneer 0 0 0 0 800
Event - Christmas evening 0 0 0 0 0
Event - Cameo 0 0 0 0 0
Resource Costs 13 0 0 13 76
Sub-total direct costs 2,590 9,399 0 11,989 7,187
Support costs
Premises
Bridge Advice Centre - running costs 2,170 0 0 2,170 1,337
Building Rent 0 0 0 0 0
Cleaning and Premises Expenses 411 0 0 411 3
Repairs & Maintenance 902 0 0 902 147
Utility Costs 2,284 0 0 2,284 2,708
Total premises costs 5,767 0 0 5,767 4,195
Staff costs and human resources
Manse Lease Rental Scheme 0 0 0 0 7,091
Salary Costs 14,339 0 0 14,339 1,250
Total staff costs and human resources 14,339 0 0 14,339 8,341
Administration costs
Administration Expenses 675 0 0 675 232
Advertising & Publicity 0 0 0 0 0
Depreciation 0 0 0 0 0
Equipment Expensed 236 0 0 236 55
License & Subscriptions 548 0 0 548 375
Refreshment Costs 17 0 0 17 0
Sundry Expenses 0 0 0 0 101
Website 0 0 0 0 173
Total administration costs 1,475 0 0 1,475 936

11

THE BRIDGE CHURCH HAYLING ISLAND

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2022

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
Cost
01-Apr-21
Additions
Disposals
Cost at
31-Mar-22
Depreciation
01-Apr-21
Charge
Disposals
Depreciation at
31-Mar-22
Net Book Value
31-Mar-22
Net Book Value
31-Mar-21
a) Charitable Activities (continued)		 Unrestricted
Designated
Restricted
TOTAL
TOTAL
Notes
Funds
Funds
Funds
2021/22
2020/21
0
0
0
0
730
948
0
0
948
144
1,689
0
0
1,689
1,753
191
0
0
191
508
5,741
0
0
5,741
5,741
0
0
0
0
0
8,568
0
0
8,568
8,875
32,739
9,399
0
42,138
29,534
Land &
Computer
Music
Projection
Fixtures &
Buildings
Equipment
Equipment
Equipment
Fittings
Total
£
£
£
£
£
£
384,680
0
0
0
0
384,680
2,447
0
0
0
0
2,447
0
0
0
0
0
0
General Fund
387,127
0
0
0
0
387,127
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
387,127
0
0
0
0
387,127
384,680
0
0
0
0
384,680

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 2022: £0

12

THE BRIDGE CHURCH HAYLING ISLAND

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2022

5. CASH AT BANK AND IN HAND Unrestricted Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
31-Mar-22
31-Mar-21
£
£
£
£
£
5,681
23,619
14,001
43,301
51,293
Bank accounts
Cash in hand 0
924
0
924
(299)
5,681
24,543
14,001
44,226
50,994
6. DEBTORS AND PREPAYMENTS
Gift Aid Tax Recoverable
Payroll		 Unrestricted Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
31-Mar-22
31-Mar-21
£
£
£
£
£
0
0
0
0
0
0
135
0
135
135
0
135
0
135
135
  1. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued for future HMRC liabilities
Independent Examiners Fees		 Unrestricted Designated
Restricted
TOTAL
TOTAL
Funds
Funds
Funds
31-Mar-22
31-Mar-21
£
£
£
£
£
0
0
0
0
0
900
0
0
900
876
900
0
0
900
876

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

Stewardship Church and Charity Lending 31-Mar-22
31-Mar-21
£
£
132,142
139,787
132,142
139,787

13

THE BRIDGE CHURCH HAYLING ISLAND

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 MARCH 2022

8. RESTRICTED FUNDS Balance
Balance
01-Apr-21
Income
Expenditure
Transfer
31-Mar-22
£
£
£
£
£
India Fund 8,908
1,418
0
3,675
14,001
8,908
1,418
0
3,675
14,001

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
9. DESIGNATED FUNDS
The Building Fund
Food Bank Crisis Fund
Tax Reserve		 Balance
Balance
1-Apr-20
Income
Expenditure
Transfer
31-Mar-21
£
£
£
£
£
6,948
1,988
28
8,908
6,948
1,988
28
0
8,908
Balance
Transfers
Transfers
Balance
01-Apr-21
Income
In
Expenditure
Out
31-Mar-22
£
£
£
£
£
£
0
0
18,633
0
0
18,633
15,950
3,031
924
9,399
(4,595)
5,910
(135)
0
270
0
-
135		 Balance
Balance
1-Apr-20
Income
Expenditure
Transfer
31-Mar-21
£
£
£
£
£
6,948
1,988
28
8,908
6,948
1,988
28
0
8,908
15,815
3,031
19,827
9,399
(4,595)
24,678

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

The Building Fund: Money collected in order to fund the building 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
1-Apr-20
Income
In
Expenditure
Out
31-Mar-21
£
£
£
£
£
£
0
8,145
0
5,741
2,404
0
6,853
13,745
0
4,648
-
15,950
1,211
0
300
0
1,646
(135)
8,064
21,890
300
10,389
4,050
15,815

14

THE BRIDGE CHURCH HAYLING ISLAND

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2022

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		 2021/22
2020/21
£
£
14,339
1,250
0
0
0
0
14,339
1,250

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 (2020/21 - 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 £14,339 (2020/21: £1250)

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-22
31-Mar-21
Funds
Funds
Funds
Total
Total
£
£
£
£
£
Fixed Assets
Net Current Assets
Liabilities (due in more than one		 387,127
0
0
387,127
384,680
4,781
24,678
14,001
43,461
50,253
132,142
0
0
132,142
139,787
year)
11.a) PRIOR YEAR ANALYSIS OF
NET ASSETS BY FUND
Fixed Assets
Net Current Assets
Liabilities (due in more than one
year)
259,766
24,678
14,001
298,446
295,146
Unrestricted Designated
Restricted
31-Mar-21
30-Mar-20
Funds
Funds
Funds
Total
Total
£
£
£
£
£
384,680
0
0
384,680
369,195
25,531
15,815
8,908
50,253
32,745
139,787
0
0
139,787
147,432
270,424
15,815
8,908
295,146
254,509

15

THE BRIDGE CHURCH HAYLING ISLAND

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2022

12. PAYMENTS TO TRUSTEES, MINISTERS AND RELATED PARTIES

No 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.

1 year
2-5 years
5+ years
Debt Maturity Analysis
Total Outstanding		 7,645
30,580
93,917
132,142

16