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2020-08-31-accounts

COMPANY REGISTRATION NUMBER: 4238391 CHARITY REGISTRATION NUMBER: 1088755

Overflow Church (formerly The Storehouse Church) Company Limited by Guarantee Unaudited Financial Statements

31 August 2020

ROBIN DILLAMORE LTD

Chartered Accountants & Business Advisers

The Melbourne Centre, Melbourne Road Blacon, Chester. CH1 5JQ

Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Financial Statements

Year ended 31 August 2020

Page
Trustees' annual report (incorporating the director's report) 1
Independent examiner's report to the trustees 11
Statement of financial activities (including income and
expenditure account) 13
Statement of financial position 14
Notes to the financial statements 15
The following pages do not form part of the financial statements
Detailed statement of financial activities 26
Notes to the detailed statement of financial activities 27

Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 August 2020

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 August 2020.

Reference and administrative details

Registered charity name

Overflow Church (formerly The Storehouse Church)

Charity registration number 1088755 Company registration number 4238391 Principal office and registered c/o Hoole Lighthouse Centre office Westminster Road Hoole Cheshire CH2 3AU

The trustees

AJ Luton Resigned as trustee 31 08 20 SL Frith Secretary from 01 09 20 JM White Resigned as trustee 31 08 20 RC Toan Chairman from 22 04 18 P Stevens SD Glover Appointed as trustee 01 09 20 Company secretary SL Frith Independent examiner Anna C R Benjumea MA ACA Robin Dillamore Ltd Chartered Accountants & Business Advisers The Melbourne Centre Melbourne Road Blacon Chester CH1 5JQ

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 August 2020

Structure, Governance and Management

As a church we continually seek wisdom and accountability in both the spiritual development of the Church and the way in which it operates. In doing this, each of the areas of government, governance and the day-to-day management of the Charity must be clearly accountable to the organisation as a whole.

These priorities are reflected in our structure and in the governance and management arrangements as outlined below.

Structure

The key components of the Church governance and management structure are its Board of Trustees, Pastor, Eldership and CORE leadership team. Both employed staff and volunteers play a crucial role in our ability to deliver our objectives. Our goal is to see 75% of all ages actively involved in serving as part of our extended team.

Government

The Church had two congregations from September of 2019. The Winsford congregation is led by the Pastor under the spiritual guidance of Hoole Baptist Church Chester (HBC Chester). The Pastor is assisted by the support and local guidance of a Church Eldership. The Eldership currently consists of the Pastor and two mature believers from within The Storehouse Church. From September 2019, two leaders from the Shrewsbury (Bayston Hill) congregation were released to carry the leadership of the Shrewsbury congregation with support and input from Kingdom Faith Church.

The governance of the Church and Charity is vested in the Trustees as a body corporate. The Board of Trustees oversees the vision and strategies of the Church and provides appropriate checks and balances to the governance of the Charity. The full Board meets four times each year. Due to Covid19, April and July’s meetings were held on zoom rather than in person.

The current Board comprises church members from both the Winsford and Shrewsbury congregations, together with an ‘external’ trustee who is involved in similar work and is experienced in Christian ministry but is not part of the day-to-day activity at The Storehouse Church. The appointment of experienced Christian ministers to the Board from other Christian traditions brings depth and breadth to strategic and pastoral issues. Mr RC Toan is a retired Anglican minister with long experience of the West Cheshire Church network and of The Storehouse Church.

When a trustee vacancy arises, the Pastor and Chairman agree a shortlist of suitable candidates which is presented to the Trustees. Appointments take account of the balance of the Board to ensure the Charity operates with reference to good practice as well as the diversity of skill and experience. The final appointment is made by the Trustees as set out in the Memorandum and Articles of Association.

New trustees are either familiar with how a church runs because they themselves have experience or are mature members of The Storehouse Church. This enables each to be able to make an early contribution to the working of the Board. Copies of applicable documentation regarding the role of the Trustees (Charity Commission guide CC3 ‘The Essential Trustee: what you need to know’ and the

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 August 2020

Companies House ‘Directors and Secretaries Guide’) are provided, along with copies of the Memorandum and Articles of Association, copies of minutes and accounts.

Trustees actively review the major risks that the Church faces, both generally and specifically. In the current year, the greatest risks are assessed to be:

This analysis was reviewed in Q4 of 2019 by a team comprising of Trustees, Elders and CORE Team.

Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website. At the time of writing this report, a full update of the website has been completed ensuring all information is correct and that the website complies with GDPR legislation.

Management

The Board of Trustees has delegated day-to-day management to the Pastor, assisted by the Church’s leadership (CORE Team) and staff.

The CORE Team, comprising of the Pastor, Elders and key leaders covering all aspects of Church life, meets together bi-monthly to consider implementation of vision and strategy. This includes all areas of activity, planning and effectiveness but also matters of finance, human resources and health and safety.

Wider leadership works with team members both at our Winsford and Shrewsbury congregations for our Sunday meetings and in leading home-based groups mid-week.

From September of 2019, due to the leaders of the Shrewsbury congregation being recognised as pastors and therefore taking responsibility of the spiritual direction, including the vision and strategy for the Shrewsbury congregation, we changed our management structure to the following:

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 August 2020

Partnering with Other Organisations

The Church recognises the benefit of collaborative working where there are shared values and objectives. This enables more efficient delivery of the Charity objectives and increases local cohesion between similar organisations.

The organisations with which the Church works in partnership include:

Kingdom Faith Church provides oversight, training, resources and visiting teams to help us pursue our charitable objectives locally. This is particularly for the Shrewsbury congregation with the Winsford congregation no longer receiving this input from Jan 2020 due to increased input from HBC Chester.

Link Up continues to be a key part both of our local activity but also with key church, community and civic partners across West Cheshire. A key element of our giving as The Storehouse Church is our release of the Pastor for this wider work which the Trustees see as a core part of our mission as a charity.

Since the appointment of Paul Stevens as pastor, commencing in January 2019, our partnership with HBC, particularly regarding the Winsford congregation, has continued to develop well and this led to the decision of the Winsford congregation no longer requiring input from Kingdom Faith Church. HBC provides oversight, support and resources including preachers and worship leaders. The Kingdom Alliance that was formed is working well and continues to develop. The Shrewsbury congregation received less support of HBC from September 2019 due to them connecting more to Kingdom Faith Church.

Objectives and Activities

Objectives and Mission Statement

The primary objectives of The Storehouse Church are:

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 August 2020

Our mission statement is:

Real people meeting a real God.

From November 2019, the Winsford congregation changed their mission statement to line up with the HBC Chester mission statement and to reflect the change of focus. The new vision and mission statements are:

The Shrewsbury congregation kept the original mission statement of:

Activities

In addressing the above objectives, our activities fall into three main categories:

The Bible tells us that one of the purposes of ministry is to train and equip people for works of service, and so our activity seeks not only to deliver our objectives in the most effective way but also to teach and train others to do the same.

We endeavour to minimise support costs and focus on investing our resources into providing the relational support necessary for church life, in particular the ministry and community angles.

Grants are made, wherever possible, to those with whom the Church is in relationship. This reasonably assures Trustees that funds are used in accordance with our charitable objectives:

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 August 2020

Summary

In summary, we seek;

Achievements and performance

In the reported year, The Storehouse Church has looked to achieve the following:

The Trustees are pleased to report the following progress made in these areas.

Maintaining financial surplus and reduction of financial backlog

During the reported year, the focus remained to stabilise the finances of the church, including making repayments towards the Member’s loan with the aim of clearing the loan by the end of August 2020.

Over this financial year, we have continued to make great progress in reducing the financial backlog and working towards having a financial surplus. We were able to pay off £13,100 towards the loan therefore completely clearing it.

We did have to make some tough decisions due to Covid-19 and the impact this had on income and to achieve our goal of paying back the loan. We made our Office Manager redundant as we closed our Winsford church office and moved our office base to the Hoole Lighthouse Centre in Chester. Hoole Baptist Church offered the use of their facilities for free, therefore, allowing us to make considerable financial savings.

The impact of making our congregation aware of giving through BACS was very significant in helping our finances this year as Covid-19 affected our ability to hold meetings in person. We continue to review our budget to make savings and review our income.

We finished the financial year with a surplus of £12,689.

Transition to the new Pastor

The new pastor has been in post since December 2018. The transition with the new pastor has gone very well. The Storehouse Church has two congregations, one in Winsford and one in Shrewsbury (Bayston Hill). The transition for the Winsford congregation has led to a change of vision and direction. As mentioned in last year's report, the physical distance between Shrewsbury and Cheshire has made this transition harder. As we sought to maintain and develop relationships, it became clearer

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 August 2020

that the vision for developing church life and mission that the new pastor and the Alliance with HBC Chester brought, was different to that held by the Shrewsbury congregation and leaders. So, the Trust explored the best options to ensure that both congregations are able to pursue their vision and objectives.

Main achievements for both the Shrewsbury and Winsford congregations

Our main achievement this year, is how we have adapted to the restriction placed on us by Covid19. Since the March 2020 lockdown, how we meet has been hugely impacted. This has created lots of challenges which as a church we have coped with well. For the Winsford congregation, we have joined with HBC to do joint Sunday meetings that are lived streamed twice a month and held online video meetings for the other Sundays. We have helped with teaching some of the congregation how to use these platforms. Our attendance has dropped but due to circumstances we feel the small drop is a big achievement.

For the Shrewsbury congregation, the lockdown has resulted in them being able to offer practical help to the local food hub and provide practical help for the members of the congregation who were selfisolating. They have adapted well and maintained connection to the whole congregation through connecting with Kingdom Faith Church online meetings, 1:1 walks, meeting in outdoor spaces in line with government guidelines, they have also become much better at using technology and will be taking this forward into next year.

Explore Missional Communities model

We started a trial Missional Community, however, due to Covid-19 this Missional Community has been postponed. We have continued teaching to help be prepared to start Missional Communities when lockdown restrictions change.

Reviewing and exploring the future for the Shrewsbury congregation

A big achievement this year has been reviewing what is best for the Shrewsbury congregation. Our Chair of Trustees and a member of the CORE Team along with the Pastor and Shrewsbury pastors, have been working through this throughout the year. We finished the year with the plan that Shrewsbury would become its own church with its own charitable organisation starting in September of 2020. As part of this process, we have put in place as many foundations as possible to help the Shrewsbury Church to be a success. This includes:

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 August 2020

We are excited to see how both churches flourish from September 2020 as they start their new journey as two churches.

As part of this process, the Trustees agreed for the Shrewsbury congregation to have the Storehouse Church name and for Storehouse Church Winsford to change its name. Its new name will be Overflow Church from 1[st] September 2020.

Plans for future periods

The Trustees have identified priorities in the following areas for The Storehouse Church’s future focus.

Immediate and strategic

As we look to our next financial year, the main goal is to maintain the financial surplus that we have. We will be looking at how we continue to meet and gather this year with Covid-19 restrictions likely to be affecting what we can do, this therefore includes when we may be able to start Missional Communities.

We plan on further developing our relationship with HBC Chester and reviewing how this Kingdom Alliance can be most effective in helping both churches achieve their vision and mission as this continues to be a huge benefit to the Storehouse Church (soon to be Overflow Church).

We plan to help ensure that the transition of changing our name goes well, both for the current congregation and ensuring the community know we have changed our name rather than disappeared.

Governance

Due to the Shrewsbury congregation becoming The Storehouse Church Shropshire and due to being its own organisation from September 2020, one trustee, who is one of the pastors of the Shrewsbury congregation, has resigned from the Trust, as well as the Company Secretary, in order to concentrate on the Storehouse Shropshire Church. We thank them for all they have done and pray for blessing and success. We also had another trustee step down. The Trustees made the decision to replace only one trustee, this being Mrs SD Glover, who is one of the leaders and trustees of HBC Chester. We saw this as a way to help represent the increasing relationship of both churches.

Employee involvement

Employed and Volunteer Staff

The Church values both its volunteers and employees highly and the provision of trained and dedicated personnel is a priority for the Church. We have deployed both employees and volunteers in leadership roles within the Church. In turn, these individuals lead, manage and support others who help with activities and events.

We seek to manage staff fairly and professionally. Our staff handbook provides all staff with detailed information about policies and procedures regarding financial, employment, organisation and decisionmaking matters. This particularly covers the area identified on the Charity Commissioners’ checklist of good practice and documentation, the delegation of authority.

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 August 2020

Financial review

Overview

The reported year resulted in a surplus totalling £12,689 for the year ending 31[st] August 2020 (2019 £3,096).

The full financial statements and associated policies and notes are included at the end of this report, with some of the key points noted below.

Income

Income was again reduced from prior year to £48,970 down from £56,238.

Expenses

Expenses reported show a reduction from £53,142 in 2018-2019 to £36,281 in 2019-2020. This is due to continuing measures implemented by the Trustees to reduce costs in response to decreased income during the year and the Covid-19 pandemic.

Assets

Debtors of £2,042 comprise mainly: Gift aid claim of £1,482 and other miscellaneous debtors of £560.

Fixed Assets of £3 comprises: Motor vehicles of £3 (after depreciation).

Cash at bank includes general operating reserves which are held at the level agreed by the Trustees. The Storehouse Church’s normal practise is to utilise its resources to the maximum in order to fulfil its mission but aims to maintain sufficient reserves to pay all its bills and to retain one month’s salary expenses in reserve.

Liabilities

Creditors of £3,756 comprise mainly: employer’s pension contributions of £2,174, miscellaneous expenses of £107, an accrual for professional fees of £875 and deferred income for booking fees for The Big Weekend of £600.

The employer’s pension contributions have been paid into employee’s pension funds post year-end.

An interest free loan of £10,000 from a Church Member provided cash at the start of the 2016-17 financial year and was extended in 2018-19 to £13,100. The loan balance was fully repaid by the 31[st] August 2020.

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 August 2020

Trustees’ Responsibilities Statement

The trustees (who are also the directors of Overflow Church for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice}.

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website.

Independent examiner

The charity’s independent examiner is Anna Benjumea of Robin Dillamore Ltd, Chartered Accountants and Business Advisers.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption provided by section 415A of the Companies Act 2006.

The trustees' annual report was approved on 23[rd] April 2021 and is signed on behalf of the Board of Trustees by:

S Frith

04/05/2021 11:29:19

S L Frith Charity Secretary

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Overflow Church

Year ended 31 August 2020

I report on the financial statements for the year ended 31 August 2020 set out on pages 13 to 24, which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes.

Respective responsibilities of trustees and examiner

The trustees are also the directors of the company for the purposes of company law and are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) or under Part 16 of the Companies Act 2006 (the Companies Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's report

My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity 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 you as 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 next statement.

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Overflow Church (continued)

Year ended 31 August 2020

Independent examiner's statement

In connection with my examination, I have reasonable cause to believe that (1) in all material respects the requirements:

(2) there are no material matters to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

……………………………….

Anna C R Benjumea MA ACA Robin Dillamore Ltd Chartered Accountants & Business Advisers The Melbourne Centre Melbourne Road Blacon Chester CH1 5JQ

Date: 4[th] May 2021

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

31 August 2020

2020 2019
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 5 45,414 3,549 48,963 56,233
Other income 6 - - - -
Investment income 7 - 7 5
--------------------------- ----------------------- --------------------------- --------------------------------
Total income 45,421 3,549 48,970 56,238
=========================== ======================= =========================== ================================
Expenditure
Expenditure on charitable activities 7,8 36,281 - 36,281 53,142
--------------------------- ----------------------- --------------------------- --------------------------------
Total expenditure 36,281 - 36,281 53,142
=========================== ======================= =========================== ================================
--------------------------- ----------------------- --------------------------- --------------------------------
Net income / (expenditure) and net
movement in funds 9,140 3,549 12,689 3,096
=========================== ======================= =========================== ================================
Transfers between funds 3,800 (3,800) - -
Reconciliation of funds
Total funds brought forward (11,111) 3,336 (7,775) (10,871)
--------------------------- ----------------------- --------------------------- --------------------------------
Total funds carried forward 1,829
===========================		 3,085
=======================		 4,914
===========================		 (7,775)
================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 15 to 24 form part of these financial statements.

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Statement of Financial Position

31 August 2020

2020 2019
£ £ £
Fixed assets
Tangible fixed assets 13 3 4
Current assets
Debtors 14 2,042 509
Cash at bank and in hand 6,625 8,729
--------------------------- -----------------------
8,667 9,238
Creditors: amounts falling due within one year 15 3,756 17,017
--------------------------- ---------------------------
Net current assets / liabilities 4,911 7,779
--------------------------- -----------------------
Total assets less current liabilities 4,914 (7,775)
--------------------------- -----------------------
Net assets / liabilities 4,914 (7,775)
=========================== =======================
Funds of the charity
Restricted funds 3,085 3,336
Unrestricted funds 1,829 (11,111)
--------------------------- -----------------------
Total charity funds 17 4,914
===========================		 (7,775)
=======================

For the year ending 31 August 2020 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime, and in accordance with the Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

These financial statements were approved by the board of trustees and authorised for issue on 23[rd] April 2021, and are signed on behalf of the board by:

R Toan 04/05/2021 12:18:25 Robert Toan

R C Toan (Chairman) Director

The notes on pages 15 to 24 form part of these financial statements.

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 August 2020

1. General information

The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is c/o Hoole Lighthouse Centre, Westminster Road, Hoole, Cheshire, CH2 3AU.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2020

3. Accounting policies (continued)

Fund accounting

Funds held by the Church are either:

Unrestricted general funds - These are funds that can be used in accordance with the charitable objects at the discretion of the Trustees; or

Restricted funds - These are funds that can only be used for particular restricted purposes within the objects of the Church. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Reserves

Overflow Church's (formerly The Storehouse Church) normal practice is to utilise its resources to the maximum in order to fulfil its mission, but aims to maintain sufficient reserves to pay all bills and one month's salary expenses.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

Resources expended

Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any Value Added Tax which cannot be recovered.

Direct Charitable Expenditure

Directly attributable expenditure has been allocated to the appropriate fund. Where costs have been shared the expenditure has been allocated to funds on the basis of their estimated consumption of expenses.

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2020

3. Accounting policies (continued)

Tangible assets

Individual fixed assets costing £500 or more are initially recorded at cost.

Depreciation is first charged in the month following acquisition and in the last full month before disposal and is calculated on the cost of estimated value of the assets as follows:

Vehicles - 30% pa reducing balance basis Office Equipment - 25% pa straight line basis PA Equipment - 20% pa straight line basis Fixtures & Fittings - 10% pa straight line basis

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures & fittings - Straight Line Depreciation over 10 Years
Motor Vehicles - 30% Depreciation on Reducing Balance
Equipment - Straight Line Depreciation over 4 Years
Stage Equipment - Straight Line Depreciation over 5 Years

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including

any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2020

3. Accounting policies (continued)

Financial instruments (continued)

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Limited by guarantee

The charity is a registered company limited by guarantee and has no share capital.

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2020

5. Donations and legacies

Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Donations
Tithes, Offerings & Donations 39,310 3,248 42,558
Gift Aid on above 6,104 301 6,405
--------------------------- ----------------------- ---------------------------
45,414 3,549 48,963
=========================== ======================= ===========================
Unrestricted Restricted Total Funds
Funds Funds 2019
£ £ £
Donations
Tithes, Offerings & Donations 47,148 1,333 48,481
Gift Aid on above 7,662 90 7,752
--------------------------- ----------------------- ---------------------------
54,810 1,423 56,233
=========================== ======================= ===========================
6. Other income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2020 Funds 2019
£ £ £ £
Other income - - - -
============== ============== ============== ==============

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Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2020

7. Expenditure on charitable activities by fund type

Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Ministry Costs 30,054 – 30,055
Mission Fund Gifts & Donations 4,908 – 4,908
Other Gifts & Donations 420 – 420
Governance costs 899 – 899
--------------------------- ----------------------- ---------------------------
36,281 – 53,142
=========================== ======================= ===========================
Unrestricted Restricted Total Funds
Funds Funds 2019
£ £ £
Ministry Costs 43,639 963 44,602
Mission Fund Gifts & Donations 7,039 – 7,039
Other Gifts & Donations 50 120 170
Governance costs 1,331 – 1,331
--------------------------- ----------------------- --------------------------------
52,059 1,083 53,142
=========================== ======================= ================================

8. Expenditure on charitable activities by activity type

Activities
undertaken Support Total funds Total funds
directly costs 2020 2019
£ £ £ £
Ministry Costs 30,054 – 30,054 44,602
Mission Fund Gifts & Donations 4,908 – 4,908 7,039
Other Gifts & Donations 420 – 420 170
Governance costs – 899 899 1,331
--------------------------- ----------------------- --------------------------- --------------------------------
35,382 899 36,281 53,142
=========================== ======================= =========================== ================================
Net expenditure
Net expenditure is stated after charging/(crediting):
2020 2019
£ £
Depreciation of tangible fixed assets 1 1
============== ==============
Independent examination fees
2020 2019
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 875 875
======================= =======================

9. Net expenditure

10. Independent examination fees

- 20 -

Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2020

11. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

2020 2019
£ £
Wages and salaries 19,833 25,614
Social security costs - -
Employer contributions to pension plans 29 482
--------------------------- ---------------------------
19,862
===========================		 26,096
===========================

The average head count of employees during the year was 3 (2019: 4). The average number of full-time equivalent employees during the year is analysed as follows:

2020 2019
No. No.
Production Staff 1 2
Administrative Staff 2 2
-------------- --------------
3 4
============== ==============

No employee received employee benefits of more than £60,000 during the year (2019: Nil).

12. Trustee remuneration and expenses

One trustee has been paid remuneration or received other benefits from employment with the charity or a related entity.

Mr P Stevens was paid a gross salary of £12,800.

He also received an Employee Mileage allowance of £813.15.

The trustees donated a total amount of £9,997 during the year to the charity (2019 - £10,350).

13. Tangible fixed assets

Fixtures and Motor PA &
fittings vehicles Equipment Electrical Total
£ £ £ £ £
Cost
At 1 September 2019
and 31 August 2020 6,663 2,014 13,140 13,909 35,726
======================= ======================= =========================== =========================== ===========================
Depreciation
At 1 September 2019 6,663 2,010 13,140 13,909 35,722
Charge for the year – 1 – – 1
----------------------- ----------------------- --------------------------- --------------------------- ---------------------------
At 31 August 2020 6,663 2,011 13,140 13,909 35,723
======================= ======================= =========================== =========================== ===========================
Carrying amount
At 31 August 2020 – 3 – – 3
======================= ======================= =========================== =========================== ===========================
At 31 August 2019 – 4 – – 4
======================= ======================= =========================== =========================== ===========================

- 21 -

Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2020

14. Debtors

2020 2019
£ £
Income tax recoverable 1,482 461
Other debtors 560 48
----------------------- -----------------------
2,042 509
======================= =======================
Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors - 583
Social security and other taxes - -
Loans - 13,100
Other creditors 3,756 3,334
--------------------------- ---------------------------
3,756
===========================		 17,017
===========================

15. Creditors: amounts falling due within one year

Restricted donations of £3,800 were made during the year towards the repayment of the interest free loan. An additional £9,300 was used from the unrestricted funds of the charity to ensure its full repayment.

16. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £29 (2019: £482).

17. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At Transfers At
1 September 31 August
2019 Income Expenditure 2020
£ £ £ £ £
Unrestricted Fund (11,111) 45,421 (36,281) 3,800 1,829
======================= =========================== =========================== =========================== ===========================
Restricted funds
At Transfers At
1 September 31 August
2019 Income Expenditure 2020
£ £ £ £ £
Restricted Fund 3,336 3,549 - (3,800) 3,085
============== ======================= ======================= =========================== ==============

Restricted funds

- 22 -

Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2020

18. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Tangible fixed assets 3 – 3
Current assets 5,582 3,085 8,667
Current liabilities (3,756) – (3,756)
--------------------------- -------------- ---------------------------
Net assets 1,829 3,085 4,914
=========================== ============== ===========================

19. Statement of cash flows

Total Total Total Prior year Note
funds funds
£ £
Cash flows from operating activities:
Net cash provided by (used in) operating activities (2,104) 707 (Note 21)
Cash flows from investing activities:
Dividends, interest and rents from investments - -
Proceeds from the sale of property, plant and equipment - -
Purchase of property, plant and equipment - -
Proceeds from the sale of investments - -
Purchase of investments - -
Net cash provided by (used in) investing activities - -
Cash flows from financing activities:
Repayments of borrowing - -
Cash inflows from new borrowing - -
Receipt of endowment - -
Net cash provided by (used in) financing activities - -
Change in cash and cash equivalents in the reporting
period		 (2,104) 707
Cash and cash equivalents at the beginning of the reporting 8,729 8,022 (Note 21)
period
Change in cash and cash equivalents due to exchange rate - -
movements
Cash and cash equivalents at the end of the reporting
period		 6,625 8,729 (Note 21)
0. Reconciliation of net income / (expenditure) to net cash flow from operating activities
Current year
Prior year
£ £
Net income/(expenditure) for the reporting period (as per 12,689 3,096
the statement of financial activities)
Adjustments for:
Depreciation charges 1 1
(Gains)/losses on investments - -
Loss/(profit) on the sale of fixed assets - -
(Increase)/decrease in stocks - -
(Increase)/decrease in debtors (1,533) 1,153
Increase/(decrease) in creditors (13,261) (3,543)
Net cash provided by (used in) operating activities (2,104) 707

20. Reconciliation of net income / (expenditure) to net cash flow from operating activities

- 23 -

Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 August 2020

21. Analysis of cash and cash equivalents

Current Year
Prior Year
£
£
Cash in hand
6,625
Notice deposits (less than 3 months)
-
Overdraft facility repayable on demand
-
Total cash and cash equivalents
6,625		 8,729
-
-
8,729

- 24 -

Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Management Information

Year ended 31 August 2020

The following pages do not form part of the financial statements.

- 25 -

Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Detailed Statement of Financial Activities

31 August 2020

2020 2019
£ £
Income and endowments
Donations and legacies
Tithes, Offerings & Donations 42,558 48,481
Gift Aid on above 6,405 7,752
--------------------------- ---------------------------
48,963 56,233
--------------------------- ---------------------------
Other income
Other income - -
Investment income
Bank interest receivable 7 5
-------------- --------------
--------------------------- --------------------------------
Total income 48,970 56,238
=========================== ================================
Expenditure
Expenditure on charitable activities
Wages and salaries 19,833 25,614
Employer's NIC – -
Pension costs 29 482
Legal and professional fees 899 1,331
Depreciation 1 1
Office, Admin and Premises Costs 10,191 18,505
Mission Fund Gifts & Donations 5,328 7,209
--------------------------- --------------------------------
36,281 53,142
--------------------------- --------------------------------
--------------------------- --------------------------------
Total expenditure 36,281 53,142
=========================== ================================
--------------------------- --------------------------------
Net income / (expenditure) 12,689 3,096
=========================== ================================

- 26 -

Overflow Church (formerly The Storehouse Church)

Company Limited by Guarantee

Notes to the Detailed Statement of Financial Activities

31 August 2020

31 August 2020
2020 2019
£ £
Expenditure on charitable activities
Ministry Costs
Activities undertaken directly
Ministry Costs - wages/salaries 19,833 25,614
Ministry Costs - employer's NIC – -
Ministry Costs - pension costs 29 482
Depreciation 1 1
Office, admin and premises costs 10,191 18,505
--------------------------- ---------------------------
30,054 44,602
--------------------------- ---------------------------
Mission Fund Gifts & Donations
Activities undertaken directly
Mission Fund Gifts & Donations 4,908 7,039
----------------------- -----------------------
Other Gifts & Donations
Activities undertaken directly
Other Gifts & Donations 420 170
-------------- --------------
Governance costs
Governance costs - accountancy fees 875 875
Governance costs - costs of trustees' meetings 24 23
Governance costs – legal advice - 433
----------------------- -----------------------
899 1,331
----------------------- -----------------------
--------------------------- --------------------------------
Expenditure on charitable activities 36,281 53,142
=========================== ================================

- 27 -

This Document has been Signed with a secure electronic signature via E-Sign.

Document Details

Title Overflow Church Accounts y.e. 31.08.20
Author Sara Frith (saralfrith@gmail.com)
Document Created on Tue, 04 May 2021 11:28:41
Digital Fingerprint ydt0qagk-LgvLEaAsTvAbo8Sic4oHw

Document Signers Scan/Click the QR Code to view signature information

Name Sara Frith
Email saralfrith@gmail.com
Status SIGNEDat Tue, 04 May 2021 11:29:20 UTC+01:00
Signature Fingerprint BE7SOp6bVrnJaL88QQBFhjR_QGuSHA
Name Robert Toan
Email bobtoan@gmail.com
Status SIGNEDat Tue, 04 May 2021 12:18:25 UTC+01:00
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Document History

Tue, 04 May 2021 12:18:26 Robert ToanSigned the Document
Tue, 04 May 2021 11:29:22 Email Notification sent toRobert Toan
Tue, 04 May 2021 11:29:21 Sara FrithSigned the Document
Tue, 04 May 2021 11:28:41 Email Notification sent toRobert Toan
Tue, 04 May 2021 11:28:41 Sara FrithCreated the Document