Charity registratlon numbor 1094001 Company registration number 044452791England and Wales) FOREST TOWN CHURCH TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOREST TOWN CHURCH TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustoos Anthony Michael Rlst Anneke Ilthelan Edmund Chan Clive Case Gareth Houghton Secrolary P Miller Charhy numbor 1094001 Company number 04445279
FOREST TOWN CHURCH TRUST CONTENTS Page Tru'stees. report Statement of trustees, responsibilities Independent examiner's report Statement of financial activities Balance sheet 9-10 Notes to the financial statements
FOREST TOWN CHURCH TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in a¢¢ordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Asso¢iation, th8 Companies Act 2006 and 'Accountlng and Reporting by Charities.. Stalemenl of Recommended Practice applicable lo charities preparing their accounts in accx)rdance with the Financial Rep¢)rting Standard appllcable In the UK and Republic of Ireland (FRS 102). (as amended for aCCntIng periods comm8ncing from 1 January 2019). ObJectlva8 and actfvltle• The charitS objects are to advance the Christian faith in a¢¢ordance wlth the statement of tlief5 appearing in its Memorandum and Artlcles of Association, to relieve persons who are in conditions of need or hardshlp and such other charitable purpose as shall. in the opinlon of the trustees, further to the work of the church. Public benefit The trustees have paid due regard to guidance issued by the Charity Commission In decldlng what actlvlties the chaTily should undertake. Forest Town Church Trust is a multicultural, multi-generational Chrislian church with the objèct of advanclng the Christian Falth. In accordance with the statement of beliefs app8arlng in Its Memorandum and Articles ofAssoGlation and such other charitable purposes as shall, In the option of the trustees. further the wtyk of the Churth. Vthen plannlng the charfty'8 actlvltles for the year. the trustees have complied with thelr duty In SeGtlon 17 of the Charlties Act 2011 to have due règard to guidance published by the Charity Commission, induding public benefit guidance. The charity has met Its public benefit requirement through enabling ordinary people to live out thelr falth as part of the church clMunItY by inter alia.. Worshlp gatherlngs and Prayer me8tlng8 open to all., teachlng about the Gospel of the Chrl8tlan faith,. and developing knowledge and trust in Jesus. Provlsion of pastoral care for people in the community,. Provision of courses In Important lrfe skllls such as money management and parenting. and Mi981onary and outreach work, tx)th locally and abroad. Achlovoment• and porfornianc• Slgnificant activlties and achievements agalnsl obfvcliv8S We look back on thls last year vrith gratitude and much joy. 11 has again been a really solid year of grovélh at FTC and also a productive and fruitful year In m155ion and outreach. In Aprll 2024 we had a total of 420 adults and 125 children in the contact list of the church. This 9rovAh is also reflected In an Increase In our Income whlch we are grateful for. We contlnue to hold our regular Sunday mornlng times of worshlp and also home groups which meet each week. Other regular events are our 'Grounded' course for new members whlch have each quarter and al80 welcome lunches for vSsltors which we have ev8ry SIX w8eks. These meals are always a highlight for ug a$ we meet the new people that God is adding to us. Another encouraging addition to our calendar this year has been the hosling of a monthly pastors breakfast at Ffc for other local church leaders. This is always well attended and Is a tlme of encouragement and prayer for le8der8 In our dty. Some hlghlights of the year included a misslon trip to Cambodia In Aprll with a team from our chuth. It is aNvays a joy to go and minlster in Cambodia to local church leaders there who work with Bunna Yin. a friend the have known for many years. He has done amazlng work there. Another hlghlight in Aprll was the gathering for a Passover meal with the whole church as part of our Easter celebrations. This was a significant moment for many in the church and deepened and enriched our understanding of the events of the passion week and resurrection Sunday.
FOREST TOWN CHURCH TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 In May bve launched an evening meeting called Sunday at six. This was to give another opportunity for people to gather who might not be able to come on Sunday morning for whatever reason. Vle are encouraged to see how this is growing and adding into the life of our church family. In June we were able to welcome Ashley and Nadine Bell from Bryanston South Africa for a weekend d ministry into FTC which proved to be a significant weekend. They lead the church in SA that sent Ant and Helen to plant FTC here in the UK. It was wonderful lo havè thern with us again and to celebrate all that has happened over the last 20 years. In July Helen was inviled to speak at a woman's Conference h05ted by Jesus Gemeinde in Dresden Gemany vthich was a happy event. After this she started her masters course at St Miletus College in London. We are sure that the church will enjoy the full benefit of all that she is leaming over the years that lie ahead and we are happy that v can invest into her ministry in thls way. In September we had the joy of welcoming Chisom Ofjiewulu onlo our staff team. With the growth in our children's ministry since COVID we felt il necessary to invest further into this area. Chisom has come onlo our staff to work with the youth in particular and has already added much joy and life to the Youth ministry. We are grateful for her ministry. In Sept8mber wg a150 had Wayne and Rene Neupèr from Germany for a weekend of ministry with us. Ilve had a day away with all of our broader leadership team and it was a joy for them to be able to Sow into our church in this vmy. In October Helen was able to Iravel to Zug in Switzerfand to speak al 8 ladies retreat for 'Lift Church. there. It wa$ another opportunity to go and encourage another local church. At the end of October we welcomed Bunna Yin and team from Cambodia for a long weekend with us at FTC. They were visrting a number of churches in the UK and It was a joy to have them here in th8 UK and for our church to meet Ihem in person. At the end of October we tr8velled to Dreseden wlth a team from the church to be part of the 'Activale' conference. This is run by the Activate network which is a team of church leaders that are involved in church planting into Eastern Europe and other parts of the world. It was encouraglng lor all of us to be part of this. In November Ant was able to travel to India for 10 days wtlh Wayne Neuper from the Actlvat8 team. There they preached at some evangelisti¢ ¢wsade events and also did leadership training in conferences with local church leaders. This was a productive and fruittul timè for the churches and leaders there. Sn the second half of November we hosted a team from Summit Trek coaching the US to do some training with a key group of business rfiople In our church. This was wrth the view to launch a business forum lo help business people in the market place and to help people in our church to have tools to share their fallh in the market place. The business forum has since launched thls year and is proving to be an outstanding ministry in the church. Lastly in November Ant and Helen and a team travelled down to Sl Auslell to encourage 'l4lJhlle River Church" a local church there with whom we have a friendship. Again it was an encouraging and fruitful time. In Decembèr we enjoyed our nomial Christmas programme and it is always a highlight to see how many visitors we and through the church over the Christmas and New Year period. The new year in January got off to a flying start. Anl was asked to do five days of leadership traning in Sophla Bulgaria with some church planleis there. 11 was a joy lo go and see what 15 happening there and how new church's are being planted and to be a part oflhis In a small way. In February Jonny and Alex De Garis were Inviled by Ashley and Nadine Bell to SA to the church in 8ryanston there. They received some training In worship and exposure lo other areas of the thurch that will help them with what they are responsible for here. 11 was a great opportunity for them to exposed lo another church context and to be encouraged there. And lastly in March we look our staff team lo hear Tom Holland and Justin Brierly speak at Westminster chapel on the 'Surprising rebirth of belief in God" the ts'tle of Justin's new book. 11 was a most slimulaling and Encouraging eveningl In summary - this last year has been enlarging and encouraging and we look back on all that has been achieved and sovm into many areas with much gratitude to God and his people.
FOREST TOWN CHURCH TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Flnancial rnviow The charitys Income from donations and activities increased during the year, up from £305,535 in 2023 to £349,365. Expenditure decreased from £327.73110 £312,922. The ¢harity held total funds at 31 st March 2024 of £2,004,199{2023.' £1,967.7561 of which £1,998,337 yre unrestricted (2023.. £1,964,215), £0 designated12023.' £0) and £5,862 (2023.. £3,541) restricted. Of the unrestricted funds £1,968.921 (2023.. £1,941,790) can only be realised by disposing of the church building., this figure is calculated using the book value less the mortgages charged over the building. The charity has free reserves of £29,415 (unrestricted reserves less the realisable book value of fixed assets as defined above) at 31 st March 202412023= £22,425). The trustees do not have a reserves policy which cov8r8 the free resep48s but the management are taking steps to improve the free reserve position. It 18 the policy of the charity that cash be maintained at a level to maintain adequate funds to cover salarias and rental agreements if needed, and to save towards repayln9 the mortgage on church building. The Ifustees set a budget annually and monitor cash flow to ensure their Ilabilities can be met. During the year the tharity's cash posltion Improvèd, but Is not yet at a level which would fully sallsfy th8 policy. Conslderalion Is glven to ways In which additional funds may be raised. The tru$te8s have assessed the major risks to which the charlty18 exposed, and are satisfied that systems are In place to mltigate exposure to the malor risks. The charty18 funded primarily through donatlons recelved from members of the church congregation. The funds re¢elved 8r8 used to pay staff, repay the mortgage and malntsln Ihe church buildin9. Thls expendilur8 enabled the church to provide church services for the benefit of the church members and the l¢)cal community,. thigh the provlslon of th8s8 86rvlces it has achleved Its objectlves durlng tho year. Th8 tru8t888 plan to contlnue to operate the church'8 core activltie8. belng the provlslon of ehurth sepiic68 for the benefit of Ihe local community and to have a positive Impact on the liv88 of those attending through the promotlon of Chrlstlan value8. One of the obvlous way8 that people were affected by the lockdown was finandally. Many people, were lurfoughed or had their working hours reduced. We felt as trustees that we could help in a small way by setting up benevolence lund to help individuals that might be affected over th8 course of the year. We agreed that would conslder requests for help on a case by case basis and that our help would be only for a limited period and also would hav8 a cèiling of how much we would give for each sltuatlon. We have helped a number of church members this year and It has been a privilege lo be In a position to do 80. Structure, govemanco and management The charity Is a company Ilmlted by guarantee and govemed by It's Memorandum and Articles ofAssoclation. The trustees, who are also the directors for the purpose ol company law, and who served during the yeaT and up to the date of slgnature of the financial 8tatem8ntS W8r8: Win Walker (Retired 13 March 2024) Anthony Michael Rist Ann8ke Vjhelan Edmund Chan Clive Case Gareth Houghton
FOREST TOWN CHURCH TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Recniilment and appoinlmènl of Iwstees The trustees are appointed in accordance wilh the guidance s8t out In the Chafilies Commission, the requirements set out by the Companies Act 2006, and the requirements set out in the Memorandum and Arti¢les of Association. Trustees are appointed by ordinary resolution, provided the appointee meets all the requirements. New trustees are nominated from within the congregation by the existing trustees and elders who are the Memb8rs of the charity. New trustèes are provided with details of the charity's goveming documents. trustee r8POrts and finanual statements and a full background on the charity's activities. Thèy are also encouraged to access the Charlty Commission website for details of trustee responsibilities, governance guidelines and legalfties. induction process has been devised to ensure new trustees become fully familiar with the workings of the charity following their appoinlmenl. The appointed tnjstees are then registered with Companies Housè by the Charity secretary. None of the trust8e$ has any beneficial interest in the company. All of Ihe Iruslees are members of the company and guarantèe to contribute £10 In the event of a winding up. Day to day operation of the charity 1$ delegated to Anthony Ri8t, who Is consldered key management personnel. The trustees, report was approved by the Board ol Trustees. Ant ony Michael Rist Dlrector and T Stee Dale.. 11(L(%y
FOREST TOWN CHURCH TRUST STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trusteès. who are also the directors of Forest Town Church Trust for the purpose of company law, are responsible for preparin9 the Trustees, Report and the financial statements In accordance with applicable law and United Klngdom Accounting Standards (United Kingdom G8nerallyAccepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which gNe a true and fair view of the state of affairs of the charity and of the incoming resources and applicakn'on of resources. in¢ludin9 the in¢ome and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to.. select suitable arxounting pollcies and then apply them consistently,. - observe the methods and prlnclples in the Charilies SORP: make ludgements and estlmates that are ieasonable and prudent; slate whether applicable UK Accounting Standards have been followed, 8ubject to any materlal departures disdosed and explalned In the financlal 8tatement8,' and prepare the financlal statement8 on the going concem ba81s unle88 It18 inappropriate to pre8um8 that the charlty wlll contlnue In operation. The trustees are rasponslble for keeping adequate accountlng records that disclose wllh reasonable accuracy at any tlmè the financial posltion of the charhy and enable them to ensure that the financlal statements comply with the Companies Act 2006. They ar8 a180 responsible for safeguarding the assets of the charity and hence for taking rea80nable steps for the prevenllon and detection of fraud and other Irregularitie8.
FOREST TOWN CHURCH TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FOREST TOWN CHURCH TRUST I feport to th8 trustees on my examination of Ihe financial statements of Forest Tovm Church Trust (the charity} for the year ended 31 Mar¢h 2024. Responsibililies and basls of rèport As the trustees of the charity (and also its directors lor the purposes of company lawl you are responsible for the preparation of the financial statements in accordance Vth the Tequirements of the Companies Act 20(E (the 2006 Act). Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of the charity's finanual statements carried out under section 145 of the Charities Act 2011 Ilhe 2011 Ad). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(bl ol the 2011 Act. Indopendent éxamlnorfs stat•mont Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed In section 145 of the 2011 Act. I confirm that l am qualified to undertake the examlnation bècause l am a member of Institute for Chartered Accountants in England and Wales {ICAEW), which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connectlon wlth the examination giving me cause lo believe that in any material respect.. accounting records were nol kept in respect of the charity as required by section 386 of the 2006 Act; or the financial statements do not accord wrth those records.. or the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement Ihal the account8 give a twe and fair vlew whlch Is not a matter considered as part of an independent examination; or the financial statements have not been prepared in accordance wlth the methods and PTin¢lples of the Statement of Recommended Practice for a¢untIng and reportin9 by charittes applicable to charities preparing their accounts in accordance With the Financial Reporting Standard applicable in Ihe UK arKI Republic of Ireland IFRS 102). I have no concerns and have come across no other mallers in connection with the examination to whlch attention should be drawn in this report In order to enable a proper derstanding of the financial stalemenls lo be Teached. Nlcholas Corden, ACA Sheraton House Lower Road Chorleywood Hertfordshire W03 5LH
FOREST TOWN CHURCH TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Currnnt financlal year Unrostrictod Rostrlcted fund$ funds 2024 2024 Total Total 2024 2023 Not•s Donations and legacles Charitabl8 activitl8S Other trading activities Investments 337,825 8,038 1,093 253 4,156 341,981 6,038 1,093 253 304,522 1,013 Total Incomo 345.209 4,158 349,385 305,535 Charitable activities 311,087 1,835 312,922 327.731 Net Incomlngl{outgolng) rowurco8 34,122 2,321 36,443 {22,196) oth•r r•cognlMd galns and lts•••• Revaluation of tanglble fixed assets Other galns or10$888 560,000 13 Not movement In funds 34,122 2,321 38,443 537,838 Fund balances at 1 Aprll 2023 1,964,215 3,541 1,967,756 1,429,918 Fund balances at 31 March 2024 1,998,337 5,862 2,004,199 1,967.756 The statement of financial activlties Include8 all galns and Iosp*es recognised in the year. The statement of financial activltles Includes all gains and losses recognised In the year. All income and expenditure derive from continuing activities. The 8tatement of financial activities also complles with the requir8m8nts for an income and expenditure account under the Companies Act 2006.
FOREST TOWN CHURCH TRUST STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Prlor flnanclal yèar Unrnstrlctèd Oeslgnated Rostricted funds funds funds Tolal 2023 2023 2023 2023 Nota8 Donations and legacies Other trading activities 296,232 1,013 8,290 304,522 1,013 Total Income 297,245 8,290 305,535 Charitable acts'vities 267,294 45,451 14,986 327,731 Gross transfers between funds Not Incomlngl{oulgolng) rosource8 (1,079) 28,872 12,408) (47,859) 3,487 (3,209) (22,196) Other rocognlged galns and lossos Revaluation of tangible fixed assets Other gains or Ios8es 560,000 34 580,000 13 Net movemont In funds 588.906 (47,859) 13,209) 537,838 Fund balances at 1 April 2022 1,375,309 47,859 6,750 1,429,918 Fund balancol at 31 March 2023 1,964,215 3,541 1,987,756
FOREST TOWN CHURCH TRUST BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets 14 2.213,097 2.243,481 Current assets Stocks Debtors Cash al bank and in hand 15 16 175 5,841 39,825 5,789 46,082 51,851 45,641 Credltors: amounts falllng du• wlthln ono yoar 18 (74,479) (78,288) N•t curr•nt Ilablllti 122,628) (32,647) Total a88•ts1088 curr•nt Ilabllltlo8 2,190,469 2,210,834 Crodftors: amounts falllng duo •ft•r moro than on• yoar 19 (188,270) {243,078) Not a•iot• 2,004.199 1,987,758 Th• funds of th• eharlty Restricted income lund8 Unrestricted funds 20 21 5,862 1,998,337 3,541 1,964,215 2,004,199 1,967,756
FOREST TOWN CHURCH TRUST BALANCE SHEET (CONTINUED) ASAT31 MARCH 2024 The charity is entitled to th8 exemption from the audit requirement contained in Section 477 of the Companies Act 2006. lof the year ended 31 March 2024. The trustees acknowledge thelr responslbililies for ensuring that the charity keeps accounting records which compty with section 386 of the Act and for preparing financial stotemenls vthich give a true and fair view of Ihe state of affairs ol the company as al Ihe end of the financial year and of ils incoming resources and applicaion of resources, including its income and expendilure. for th8 flnancial year in accordance yth the requlrem8nts of sections 394 and 395 and which otheprtise comply with the requireménts of the Companle8 A¢t 2006 relating to financial statoments, so lar as applicable lo the company. The members have not requlred Ihe company lo oblaln an audll of118 financlal slatèmenl$ for the year In question In accordance wllh section 476. Thèse finanrial stalaments have been prepared in accordance with the provisions applicable to c(xnpanles subject lo the small companles regime. The financial stateme 27.11.2024 8 were approved byihotrusleeson......................... Anthony MIC 81 Rist Dlr•ctor and Tru•t•• Company reg58lrats.on nUMr 04445279 {England and Walesl 10-
FOREST TOWN CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng polkl•8 Charlty Infomiatlon Forest Town Churth Twst is a private company limited by guarantee incorporated In England and Wa18s.The registered office is The Venue, Lyon Way, StAlbans, Hertfordshire, AL4 OL8. 1.1 A¢¢ountlng convention The financial statements have been prepared In accordance with the charity's govemlng document, the Companies Act 2008, FRS 102 'The Financial Reporting Standard applicablè in the UK and Republlc of Ireland. ('FRS 102.) and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities prepaTlng their accounts in accordance with the Financlal Reporting Slandard applicable in the UK and Republic of Ireland {FRS 102)" (effective 1 January 2019). The charlty 1$ a Public Benefit Entity as defined by FRS 102. The ch8rlty has taken advanta98 of the provlsions in the SORP for charities not to prepare a statnent of Cash Flows. The financlal statements are prepared In sterflng, whlch Is the functlonal currency of the ¢harfty. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the hlstorical cost convention, modified to indude the revaluallon of freehold properties and to include Investrnent propertles and certain financial InstrLments at falr value. The prlncipal accounting policies adopted are set out below. 12 Golng cone•rn At the time of approvlng the finandal statement8, the trustees have a reasonable expe¢tatlon that the charlty has adequate resources to contlnue In operatlonal existence for the for88eeable future. Thus the trustees continue to adopt the golng concem basis of accountlng In preparing the financlal statements. 1.3 Charlt•bl• fund• Unrestricted funds are available for use at tho dl8cretlon of the trustees in furtherance of thelr charitable oblectlves. Re8trlcted funds are subject to specific conditions by donors or grantor8 as to how they may be used. The purposes and use8 of the restricted funds are set out In the not88 to the financial slatements. 1.4 Incom• Income Is recognised when the charity is legally entitled to it after any pertomianc8 condrtions hav8 been mel, the amounts can be measured reliably, and it is probable that income will be received. Cash donatlons ar8 r8cognlsed on recelpt. other donations are recogni98d once the charlty has been notified of the donation, unles$ perfomiance conditions require deferral of the amount. Income tax recoverable In relatlon to donations recelved under Glft Aid or deeds of Covenant is recognised at the time of the donati. 1.5 Expondlture Resourc8S 8xpend8d are Included In the Statement of Flnanclal Actlvittes on an accruals basis and where relevant are stated inclusive of VAT. Govemance costs comprise all costs relating to public accountability of the charity and its compliance with regulatlon and good pradi¢e. These costs include Costs relating to the Independent Examlnatlon. 11
FOREST TOWN CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (Continuad 1.6 Tanglblfr flxed ass•ts Tangible fixèd assets are initially measured al c05t and subsequently measured al cost or valuation. net of depreciation and any impairment losses. Freehold land and buildings are revalued every &5 years bas8d upon the ¢urrent market value with any Impairment below cost being recognised within expenditure on charitable activities. All gains are recognised within the revaluation reserve, unless they represent the reversal of previous losses which have passed through charitable expendilure; in this case they arè reversed through charitable expenditure to the extenl of the previous impaifment. Depreciation is recognised so as to wrrle off the cost or valuation of assets18$s Ihelr residual values over their useful lives on the following bases.. Freehold land and buildings Fixtures and fittings Computers MotOT vehicles Audio Equipment None 250h straight line basis 25% straight line basis 25% straight line basis 25% straight line basis The gain or loss arising on the disposal of an ass8t is detemilned as the diff8rencè between the Sale proceeds and the carrylng value of the asset, and Is re¢ognised in the statement of financial activities. 1.7 Impalrnlent of flxad assot• At each reporting end date, the charity revlews the carrying amoun18 of its tanglble 8888ls to determine whether there is any Indication that those assets have Suffered an impaimient loss. If any such IndatIOn exisls, the rewverable arUnt of the asset Is estimated In order to determine the extent of the impalrment loss (if any). 1.8 Slocks stocks are slated at the lower of cost and estimated selling price less costs lo complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads Ihat have been Incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and Cost. Net realisable value 18 the estimated selllng price less all estimated costs of completion and costs to be incurred in marketing, Selling and distribution. 1.9 Cash and ca•h equlvalent8 Cash and cash equivalents include cash in hand, deposit5 held al call wilh banks, other short-term liquid investments with original maturities ol three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings In current liabilities. 1.10 Flnanelol Instruments Baslc flnanclal assots The Company only has financial assets and financial liabilities of a kind Ihal qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. 1.11 Employoe ben•flts The charity operates a money purchase pension scheme. The contributions due in the year are charged to the Statement of Financial Activities as they fall due. 12-
FOREST TOWN CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critl¢al accountlng estlmates and Judgement8 In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the Carrying amount of assets and liabilities that are not Teadily apparent from other sources. The estimates and associated assumptions are based on hlstorlcal experience and other factors that are consldered to be relevant. Actual results may differ from these estimates. The estimates and underfylng assumptions are reviewed on an ongoing basls. Revlslons to accounting estimates are recognised in the period in which the estimate Is revlsed vthere the revision affects (lY that Period, or In the period of the revision and future periods where the revision 8ffeds both current and future periods. Income from charttablo actlvltlo• Unr•strlctod Unre8trlctod funds fund• 2024 2023 Other In¢om• Other income 6.038 Incom• from oth•r tradlng actlvltl•• Unr••trlctod Unr08trlctod funds fund• 2024 2023 Membershlp subscriptions and sponsorshlps 1,093 1,013 Income from Investmonts Unrostrfctod Unrostrlct•d fund8 fund8 2024 2023 Interest recelvable 253 13-
FOREST TOWN CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expendlture on charllablè actlvltios Unrèstrlcted Restrlcled Funds Funds 2024 2024 Total Unrestrictod Rostrlcted Funds Funds 2023 2023 Total 2024 2023 Direct co$t8 Staff costs Dèpreciation and impairment Premises Expenses Du8s and Subscriptions Insurance Interest Paid Miscellaneous Expenses Prlnting, Posting and Stationary Hospitallty Travel Costs Trainlng Leaders, singles and malage Weekends Marketing and Events Telephone Costs Outreach IIVork 108.119 108,119 90,566 90,566 31,584 21,461 4,100 5.396 12,142 1,330 31.584 23,296 4,100 5,396 12.142 1,330 20,859 75,695 3,690 4,749 11,626 1,375 20,859 82,736 3,690 4,749 11,626 1,375 1.835 7,041 4,551 6,185 4,515 3,520 4,551 6,185 4,515 3,520 3,122 5,997 3,357 171 3,122 5,997 3,357 171 3,413 1,327 1,529 10.130 3,413 1,327 1,529 10,130 2,482 627 1,306 2.212 2,482 627 1,306 2,212 219,302 1,835 221,137 227,834 7,041 234,875 Grant funding of activities (see note 7} 9,170 9,170 12,650 12.650 Sharo of 8UPPOrt and governance co8t8 (see note 8 Support 69,381 Governance 13,234 69,381 13,234 63,745 16.461 63,745 16,461 311,087 1,835 312,922 320.690 7,041 327,731 Analysls by fund Unrestricted fvnds - general Unrestricted funds - designated funds Restricted funds 311,087 311,087 267,294 267,294 45,451 7,945 45,451 14,986 1,835 1,835 7,041 311,087 1,835 312,922 320.690 7,041 327,731 14-
FOREST TOWN CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Grants payablo Unrestrl¢tod Unrostricted Funds Funds 2024 2023 Grants to institutions-. UFM (A Worsop) Daughters of Cambodia UCCF Young Life Ukrainian Church 3,600 2,012 1,200 3,800 1,000 1,200 600 3,000 6,812 9.400 Grants to Indivlduals 2,358 3,250 9.170 12,650 15-
FOREST TOWN CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance o$t8 costs 2024 Support Governancè ¢osl$ costs 2023 Staff costs Bank charges Telephone Information technology costs 64,406 1,329 1,529 84,406 1,329 1,529 59,496 974 1,306 59,496 974 1,3C6 2,117 2,117 1,969 1,969 Independent Examination Fees Accountancy 2,472 10.762 2,472 10,762 2,472 13,989 2,472 13,989 69,381 13,234 82,615 83.745 16,461 80,206 Analysed between Charitable activlties 69,381 13,234 82,615 63.745 16,461 80,206 Governance cosls includes payments to the independent examiners of £2,472 (2023: £2,472) for independent examlnation fees. Not movoment In fund8 2024 2023 The net movement in funds is Stated after chargingllcrediling}'. Fee5 payable for th8 independent examination of the charity's financial statements Depreciation of owned tangible fixed assets 2,472 31,584 2,472 20,859 10 Trusteos Ouring the year 8 director and trustee, Anthony Risl, was pald a salary of £28,849 for pastoral services in accordance with the clause5 governing the remuneration of trustees contained in the Memorandum of Association. Total contributions of £11,641 were paid in respect of the trustee's pension In the year. It Is the trustees, view that in order lo apply Biblical prln¢iples it 1$ necessary for the Eldership team to be represented on the board of directors. As a leam is that of a husband and wife. the spouse of the full time Elder is paid a salary for the work undertaken. Trustee Clive Case was paid a salary of £11,671 (2023.. £9,719) for his work as part of the pastoral team. Total contributions of £2,594 were paid in SpeCt of the trustee's pension in the year. No other Trustees received any remuneration or ber)efits from the charity during the year. 18-
FOREST TOWN CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employ008 The average monthly number ol employees during the year was: 9 2024 Numbor 2023 Numbor Minister (director and trustee) Leader Administrative Youth worker Pastoral support Bulldings manager Tolal Employm•nt costs 2024 2023 Wages and 8alarle8 172,525 150,082 The totsl amount of employee beneffts pald to key management per8onn81 for thelr ser4l¢e8 to the charlty were £41,152 (2023: £45,118). There were no employees whose annual remuneration was more than £60,000. Romunerallon of key managemont por•onno1 The remuneration of key management personnel was as follow8.. 12 T•xatlon The charity is exempt from lax on Income and galns falling within section 505 of the Taxes Act 1988 or sectlon 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to ils charitable objects. 13 Other galns or108808 Unrgstrfcted Unr••trlcted funds funds gonèral g•n•ral 2024 2023 Foreign exchange gains (34) Total (34) 17-
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FOREST TOWN CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Tanglblo flxed assels (Contlnued) Land and buildings with a carrylng amount of £1,680,000 was revalued at 28th October 2022 by Brasler Fr88th, independent valuers not connected with the charity on the basis of market value. The valuation conforms to Intemational Valuation Standards and was based on recent market transactions on arm's lèngth terms for similar properties. This propety was valued at £2,240,000. and has been revalued In the a¢Unts to reflect this. The historic ¢ost of the property was £1,423,224. 15 Stocks 2024 2023 Finished goods and g¢)ods for resale 175 16 Debtors 2024 2023 Amounts falllng due wlthln one yèar.. Other debtors Prepayments and accrued income 5,769 5,165 676 S,769 5,841 17 Loans and ovordrafts 2024 2023 Bank loans 243,079 298,210 Payable wlthln one year Payable after one year 56,809 186,270 55,132 243,078 The bank loans are Secured by a charge over the charity's freehold property and other fixed assets. A bank loan of £600.000 was obtained from Clydesdale Bank PLC in Awil 2008. This is a capital repayment loan, repayable over 20 years. Inte$t 1$ charged on the mort9age at a rale of GBP Llbor + 1.25%. The amount outstanding at 31 st March 2024 was £168,928 {2023.' £203,348). A bank loan of £274,000 was obtained froffl Clyd8sdale Bank PLC In November 2008. Thls 1$ a capital repayment loan. repayable over 20 years, with no capital payments for the first 29 months. Interest is charged on the mortgage al a rate of GBP Libor + 1.5%. The amount outstanding at 31st March 2024 was £78,807 (2023.. £94,864). 19-
FOREST TOWN CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 Credltors: amounls falllng due wlthin one yoar 2024 2023 Notos Bank loans Trade creditors Accruals and deferred income 17 56,809 14.270 3,400 55,132 20,134 3,022 74,479 78,288 19 Cr•dltors: amounts falllng due after more than one y•ar 2024 2023 Nole8 Bank loans 17 186,270 243,078 20 Restrlcted funds The restricted funds of the charity Comprise the unexpended balances of donations and grants held on trust subject to specific condtlions by donors as to how they may be used. At 1 Aprll 2023 Incomlng Rosourc•8 r•sourcg$ •xpended Transf•r* Al 31 March 2024 Relugee Fund Oversea$ missions Hardshlp Covid-19 fund Guitar Fund 700 1.580 1,281 700 (1,580) (255) 1,006 4,156 4,156 3.541 4,156 (1,835) 5,862 Previous ygar: Al 1 Aprll 2022 Incoming Resources résou09 oxpendod Transfers Al 31 March 2023 Refugee Fund Overseas missions Dau9hters of Cambodia Hardship Covrd-19 fund 950 6,340 1,000 (250) (13.738) {1,000) 700 1,580 5,489 3,487 1,261 1,261 6.750 8.290 14,986 3,487 3,541 -20-
FOREST TOWN CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Restricted funds (Contlnued) All restrictions arise Nthen spedfied by the donor or when funds are raised for a particular purpose. The Overseas mlssions fund arises from donations received by the charity to support missionary wo completed in Cambodia and various other countries when members of the church vlslt. Daughters of Cambodia fund arlses vthen the charity receives donations for "Daughters of Cambodia" a NGO bas8d in Cambodia to which the charity provides grant funding. The Hardship Covi&19 fund 1$ a benevolence fund set up to help Individuals affected by the pandemic on case by case basis. 21 UnMstrl¢tod fund• The unrestricted funds of the charity comprise the vnexpended balances of donation$ and grants vthlch are not subject to specifi¢ Conditions by donors and grantors as lo how they may be used. These include deslgnated funds which have been set aslde out of unr8strided funds by the trustees for spedfic purposes. At 1 Aprll 2023 Incomlng Rosources r•sourco• oxpendod Transfers Galn$ and At 31 March 108se8 2024 General funds Revaluation reserve 1.077,439 345,209 (311.087) 1,111,581 888,776 888,776 Prevlous yèar: Incomlng R••oure•g r•sourco• •XP8nd Tran•f•rs Galn• and At 31 March losses 2023 2022 Mission fund Roof fund General funds 2,408 45.451 1.000,874 (2,408) (45,451) (221,843) 297,245 1,329 1,077,439 1,048,533 297,245 267,294 {1,079) 1,077,439 Revaluation reseNe 326,776 560.000 888,776 Misslon fijnd represents budgeted funds set aslde for mlsslon whl¢h did not occur during the year due to the Covid 19 pandemic. Roof fund represents funds set aside to complete the refurbishment of the church roof. -21
FOREST TOWN CHURCH TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 22 Analysis of net assets between funds Unrèstricted funds 2024 Reslrictèd funds 2024 Total 2024 At 31 March 2024". Tangible assets Current asselsl{liabililies) Long lemi liabilrties 2,213,097 {28,490) {186,270) 2,213,097 (22,628) (186,2701 5,862 1,998,337 5,862 2,004,199 Unrestrlcled funds 2023 R08trlctod funds 2023 Total 2023 At 31 Mar¢h 2023: Tangible asse18 Current asselsl(liabllitles) Long iemi liabilities 2,243,481 (36,188) 1243,0781 2.243.481 (32,647) (243,078> 3,541 1.964.215 3,541 1,987,7 23 Relatod party transactlons During the year, total unrestricted donations were received by the charity from the trustees of £38,100 {2023'. £40,550). Helen Rist. received a gross salary of £24,342 (2023.. £23,334), for services as part of the Eldership team. -22-