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2021-08-31-accounts

Redeemer Worthing Ltd

Report and Accounts Year ended 31 August 2021

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

REDEEMER WORTHING LTD

CHARITY INFORMATION

FOR THE YEAR ENDED 31 AUGUST 2021

Directors/Trustees

Karen Lyon Stuart Britton Christine Goodban Stephen Myerscough (resigned 13 September 2021) Ulrike Skinner (appointed 13 September 2021) Peyman Bandar (appointed 13 September 2021) Matthew Sellens (resigned 19 July 2021) Chris James (resigned 13 September 2021)

Key Staff
Key Staff Rodney Haggar
Joel Tostevin
Peter Saner
Matthew Sellens
Governing Document Memorandum and Articles of Association
Charity Registration Number 1096530
Company Registration Number 04664258
Registered Office 44 Guildbourne Centre
Worthing
BN11 1LZ
Independent Examiner Archie McDowall
Stewardship
1 Lamb's Passage
London
EC1Y 8AB
Bankers Cafbank Ltd
West Malling
Contents Page
Charity Information 1
Trustees' Annual Report 2-7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10
Cashflow Statement 11
Notes to the Accounts 12-19
Detailed Statement of Financial Activities with Comparatives 20

Page 1

DIRECTORS’ REPORT

The Directors (regarded as Trustees of the Charity) present their report and unaudited financial statements for the year ended 31 August 2021.

The financial statements comply with current statutory requirements and the Statement of Recommended Practice, Accounting and Reporting by Charities, issued in March 2005. Redeemer Worthing Limited (previously known as Jubilee Community Church Limited) was incorporated on 12[th] February 2003 as a company limited by guarantee and registered as a charity on 14[th] March 2003. The charity’s name was officially changed to Redeemer Worthing Ltd on 27[th] April 2020 with the approval of Companies House and subsequently the Charity Commission.

From this point forward in this document, Redeemer Worthing, shall be referred to as ‘ the Church ’.

The Church met online during the first half of the financial year before it started to meet at the upper floor of the Guildbourne Centre (GBC) in the centre of Worthing retail district; initially with a limited congregations to meet UK government guidelines related to the global Covid-19 pandemic.

OUR PURPOSES, AIMS AND PUBLIC BENEFIT

The main areas of charitable activity of the Church are the advancement of the Christian faith and the provision of relief, education and assistance for persons in conditions of need, hardship or distress. In order to achieve this, the objects of the company are as follows:

When planning our activities for the year, the Trustees and Members (church directional team) of the charity have considered the Charity Commission’s guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. The review of activities below reflects how we have implemented this through a range of activities, which we consider to be in line with both this guidance and our objectives.

REVIEW OF THE YEAR’S ACTIVITIES (2020-21)

Church Activities

The Church is continually looking for strategies to bring help not just to its members but also to the local town, the UK and internationally. This report reflects aspects of each of these three components. In each area of activity, the Trustees recognise, and are sincerely grateful for, the volunteers who contribute so much to all that happens in the life of the church.

Guildbourne Centre – New Home for Redeemer Worthing Limited

After 15 years of searching for a permanent meeting venue, the Church signed a long term lease on 13[th] September 2020 with the owners of the GBC in Worthing for the first floor of the

2

centre. The conversion works started in September 2020 and were completed to budget in May 2021. The conversion included a large meeting venue for the Church to gather, office space for the Church staff team, storage space for Foodbank and multi-use space.

In September 2020, a subletting company ‘The Rooms (Worthing) Ltd’ (Company number 11750254) was established to allow the Church to sublet the space to others when not in use by the church. The raising of funds will help contribute towards venue costs when not being used by the Church and as a mechanism to finance the furthering of the charity’s objectives. The subletting of rooms and space follows 2 approaches:

Covid-19 Pandemic

The Covid-19 global pandemic impacted the activities of the church, like all businesses and charities in the UK. During the first half of this reporting period, the Church continued to meet virtually through the following various online means in accordance with UK government guidelines.

The completion of the refurbishment of the GBC in spring 2021 correlated with the relaxing of UK government guidelines and therefore on June 23[rd] 2021, the Church was able to hold its first in person meeting since March 2020. Guidelines were followed through the wearing of masks, social distancing and restricted number in attendance. As and when the law has allowed, the church has met physically for small socially distanced groups at the GBC.

Giving

Over the year church members have given £508,930 including recovery of tax through Gift Aid.

This has been used both for the active ministries of the church and for gifts to other charitable causes both in the UK and internationally.

Church Family

All are welcome to attend our regular Sunday services and, since we have been able to physically meet again, we have seen an average attendance of 130 since 31st August 2021. Sunday service attendance has not returned to the situation prior to the first lockdown in March 2020, which is a shared story with other churches. However, we have been pleased to welcome a number of new people, some of whom have connected with us through online church, since we have started to gather on a Sunday in our new town centre venue at the GBC.

In addition to Sunday gatherings, church members meet midweek in small fellowship groups.

We also have ministries to a wide range of groups:

3

Development of Leadership

The Directional Team of Redeemer established a new Eldership team for the church in July 2021 and this consisted of

The team will look to add further Elders to this team during the next 24 months.

Starting March 2021, the church also benefited from a part time voluntary internship of Theo Walden.

Evangelism

Sharing the good news of the gospel is core to our life as a church. Through the Alpha Course, guest services and various other events, opportunity was made for many to hear the gospel. Some found a new faith and some were baptised.

Young People

We value highly the work with all our children on Sunday mornings, whatever their age. Fun activities based on biblical teaching for the younger children and regular teaching for our older children and teens take place. This includes:

Redeemer Tots

This is for babies and pre-school children of church and non-church parents and started at the GBC in September 2021 and is already seen a number of visitors from the local community

College and Students

Foundry – for 15-18’s

Foundry youth group gives young people the opportunity to experience God, to build solid friendships in the process, and to discover God’s purpose for their lives. It also provides spiritual preparation for those who are going on to university. The group meets regularly midweek for social activities, worship, prayer and discussion.

Overseas Mission

We continued to be involved with the family of Regions Beyond churches around the world. We have continued to develop links with various churches and projects in Dubai, South Africa, India, Sierra Leone and the Philippines.

Local Mission

We have a target of planting 5 new churches over time within a one-hour drive of Worthing. These churches will be established with the help of the church but operate as autonomous, independent churches. The first of these local church plants was Trinity Church in the

4

neighbouring town of Littlehampton. Trinity was established in September 2018 with a team of 30 people mainly originating from the Church.

Worthing Foodbank

The church is proud to have started the Worthing Foodbank under the auspices of the Trussell Trust. On the announcement of national lockdown in March 2020 and the onset of business closures, the demand for Foodbank services increased significantly.

Since March 2020, there has been an increase in need to provide a delivery service to distribute food packages by using volunteer packers and drivers, rather than only providing the food through collection. Foodbank moved to the GBC in June 2021 and now the office, collection centre and short-term food storage are all located there.

FINANCIAL REVIEW

Incoming Resources

Total incoming resources for the year increased from £439,589 in 2020 to £550,930 in 2021. Of this £216,421 including gift aid reclaim was raised for the Guildbourne Centre building project.

Resources Expenditure

Total resources expended for the year remained at a similar level to last year (£366,665 in 2020 to £366,386 in 2021). In addition, £876,242 was spent on fitting out the Church’s new home in the Guildbourne Centre, and has been capitalised in these accounts.

Funds and Balance Sheet

The movement in total funds for the year is a net increase of £184,544 reflecting the additional resources received to fund the expenditure on the building and fitting out costs to the Guildbourne Centre. At the year-end total funds held were £912,595 of which £767,796 are General funds being unrestricted and undesignated. This balance is in line with the Church’s reserves policy.

PLANS FOR THE COMING YEAR

The key objectives to be addressed during the coming year (2021-22) are:

GOVERNANCE AND DIRECTORS

Of the directors set out on page 1 the following changes occurred during the year ending 31 August 2021.

5

Although the charity memorandum states a minimum of 3, the team agreed to identify replacements in readiness for the September meeting - this was duly met.

The directors are regarded as the trustees of the charity for the purpose of the Charities Act 2011.

The board of directors, who meet four times a year, are responsible in law for implementing the strategic decisions and direction given by the Eldership/Directional Team of the Church. Directors are appointed by the Members at the Annual General Meeting. The Directors may also appoint a director to serve until the next Annual General Meeting, at which time he or she would cease to hold office but would be eligible for election.

The Directors monitor finance, risk management and internal control.

The directors delegate the running of the charity to the Eldership/Directional Team of the Church set out on page 1. The Eldership/Directional Team oversees the achievement of the objectives of the charity, day-to-day operational decisions and the co-ordination and direction of the church’s work. Progress is monitored regularly by the directors.

The directors are members of the church and bring experience and expertise in business, accounting, public sector and charity sector and law. Training is provided to board members as required.

Directors’ responsibilities

The directors (who are also Trustees of the Church) are responsible for preparing the Director’s Report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Directors (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 the year. In preparing these financial statements, the Directors are required to:

The directors are responsible for keeping accounting records which disclose with reasonable accuracy, the financial position of the charity and which enable them to ensure that the financial statements comply with the Companies Act 2006.

They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Internal control and risk management

The directors have overall responsibility for the Church’s system of internal control. Such a system can provide only reasonable and not absolute assurance against errors or frauds. There is a clear delegation of the directors’ authority through the Eldership/Directional Team to the rest of the charity.

The Church operates a planning and budgeting system with an annual budget approved by the board of directors. Significant changes are subject to specific approval. A financial reporting system compares results with the budget on a bi-monthly basis.

The directors are satisfied that systems are in place to monitor, manage and mitigate the Church’s exposure to major risks. They consider that maintaining the Church’s reserves at the policy levels and reviewing internal controls and risks will provide the Church with adequate risk assurance and sufficient resources in the event of adverse conditions. They also recognise that the nature of some of the Church’s work requires active acceptance and

6

management of some risks when undertaking activities to achieve the objectives of the charity.

RESERVES POLICY

The directors review the charity’s reserves policy regularly in the light of Charity Commission guidance. There are three categories of reserves held.

General funds are unrestricted and the charity’s policy is to maintain these at a level of between two to three months of regular church giving income.

Designated funds arise from the setting aside of some general giving against the identified need to maintain a fund with which to be able to assist members of the church who have a particular need.

Restricted funds arise where gifts are received for specific purposes. Expenditure is distributed in line with these requirements.

INVESTMENT AND TREASURY POLICY

In keeping with the reserves policy, funds are maintained to meet foreseeable recurring expenditure. It is not the charity’s general policy to commit to investments. During recent years with a view to the economic situation some investments have been made. No new investments have been made during the year to 31[st] August 2021.

EMPLOYEES

The work of Redeemer Worthing relies on the commitment and hard work of its valued staff. Communication links are maintained through team meetings and other channels. The full and part-time staff during the financial year 2020-21 were:

INDEPENDENT EXAMINER

Archie McDowall BA, CA of Stewardship was appointed independent examiner at the Annual General Meeting and a resolution to re-appoint him will be proposed at the next Annual General Meeting.

Approved by the directors and signed on their behalf by:

Stuart Britton

Name: Stuart Britton Director

Date: 23 May 2022

7

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF

REDEEMER WORTHING LTD ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2021 on pages 9 to 20 following, which have been prepared on the basis of the accounting policies set out on pages 12 to 13.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company 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 your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants of Scotland, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Archie McDowall, BA CA

25 May 2022

Institute of Chartered Accountants of Scotland

Stewardship 1 Lamb's Passage London EC1Y 8AB

Page 8

REDEEMER WORTHING LTD

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2021

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Investments
4
Other income
Total income and endowments
EXPENDITURE ON:
Charitable activities
5
Total expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
14
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
14		 Unrestricted
Funds
£
481,168
54
646
481,869
334,930
334,930
-
146,938
407,713
554,652
267,586
822,238		 Restricted
Funds
£
68,653
-
408
69,061
31,456
31,456
-
37,606
(407,713)
(370,108)
460,465
90,357		 Total
Funds
2021
£
549,821
54
1,055
550,930
366,386
366,386
-
184,544
-
184,544
728,051
912,595		 Total
Funds
2020
£
364,087
69,771
5,730
439,589
366,665
366,665
-
72,924
-
72,924
655,127
728,051

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The statement of financial activities also complies with the requirements for an income and expenditure account required by the Companies Act 2006.

The notes on page 12-20 form part of these accounts.

Page 9

REDEEMER WORTHING LTD

BALANCE SHEET

AS AT 31 AUGUST 2021

Note
FIXED ASSETS
Tangible assets
7
Investments
8
CURRENT ASSETS
Stock
9
Debtors
10
Cash at bank and in hand
11
CREDITORS: Amounts falling
due within one year
12
Net current assets / (liabilities)
Total assets less current liabilities
CREDITORS: Amounts falling due
13
after more than one year
TOTAL NET ASSETS
FUND BALANCES
14
Unrestricted Funds
General funds
Designated funds
Restricted Funds		 Unrestricted
Funds
£
830,861
1
830,862
-
20,319
177,178
197,498
(91,122)
106,376
937,238
(115,000)
822,238
767,796
54,442
822,237
-
822,237		 Restricted
Funds
£
-
-
-
4,916
-
85,441
90,357
-
90,357
90,357
-
90,357
-
-
-
90,357
90,357		 Total
Funds
2021
£
830,861
1
830,862
4,916
20,319
262,619
287,855
(91,122)
196,733
1,027,595
(115,000)
912,595
767,796
54,442
822,237
90,357
912,595		 Total
Funds
2020
£
-
-
-
2,184
7,334
739,112
748,630
(20,579)
728,051
728,051
-
728,051
174,593
92,993
267,585
460,465
728,051

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006 however, in accordance with Section 145 of the Charities Act 2011, the accounts have been examined by an independent examiner and their report has been included in these financial statements.

The directors (who are the charitable company's trustees for the purposes of charity law) acknowledge their responsibilities for:

(a) ensuring that the charitable company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its net income or expenditure for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Trustees and were signed on its behalf by:

Stuart Britton

Name: Stuart Britton

Date: 23 May 2022 Charity number: 1096530 Company Number 04664258

The notes on page 12-20 form part of these accounts.

Page 10

REDEEMER WORTHING LTD

FOR THE YEAR ENDED 31 AUGUST 2021

CASH FLOW STATEMENT

Note
2021
£
Cash flows from operating activities:
Net cash provided by (used in) operating activities
a
284,695
Cash flows from investing activities:
Dividends, interest and rents from investments
54
Proceeds from sale of investments
-
Net cash provided by/(used in) investing activities
54
284,750
b
739,112
Note a: Reconciliation of net income/(expenditure) to net cash flow from operating activities
2021
£
184,544
Adjustments for:
Depreciation charges and provisions for impairment
45,381
(Gains)/losses on investments
-
Dividends, interest and rents from investments
(54)
(Increase)/decrease in stocks
(2,732)
(Increase)/decrease in debtors
(12,985)
Increase/(decrease) in creditors
70,542
Net cash provided by (used in) operating activities
284,695
Note b: Analysis of cash and cash equivalents
2021
£
Cash at bank with immediate access
262,131
Petty cash
489
Total cash and cash equivalents
262,619
Net income/(expenditure) for the reporting period (as per the statement of
financial activities)
Cash and equivalents at the beginning of the year
Change in cash and equivalents in the reporting period		 2020
£
4,959
69,771
174,663
244,434
249,393
473,922
2021
£
74,665
65
-
(69,771)
-
-
-
4,959
2020
£
738,624
489
739,112

Page 11

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

1 Statutory Information

The charity is a charitable company limited by guarantee and is incorporated in the United Kingdom. The company's registered number and registered office address can be found on the Company Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention as modified by the revaluation of certain assets, which are measured at fair value through the Statement of Financial Activities.

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. In making this assessment the trustees have considered the impact of Covid-19 and have concluded that its impact on net income will not be material.

b) Income

Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

When donated goods, services and facilities are distributed or consumed, an expense in respect of those items is included in the Statement of Financial Activities. At the year end any goods that have not been distributed or consumed are recognised as stock; donated fixed assets are capitalised.

The charity has taken the view that it has only one charitable activity, namely the advancement of the Christian faith, and all income from donations, legacies and charitable activities is in respect of this one activity.

c) Expenditure Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

The Charities SORP requires charities with income over £500,000 to allocate costs to the various activities undertaken by the charity. The nature of the work of the church is considered to be so integrated that the core charitable activity costs are considered to be for the one activity.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

Page 12

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

d) Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects. The nature of the restriction determines whether the endowments represent permanent endowments or expendable endowments.

e) Tangible fixed assets

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Equipment Over 3 to 10 years Furniture 20 years Fit-Out costs 20 years

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f)

Investments

Fixed asset investments are held to generate income and for their investment potential. Investments are valued as follows:

i) Listed investments are valued at their market value (fair value) at the balance sheet date. ii) Unlisted investments are measured at cost less impairment where it becomes apparent that the amount that could be realised is less than cost.

Impairment losses and losses arising on the disposal of social investments are included in the Statement of Financial Activities under the heading 'Expenditure on charitable activities'. Gains arising on the disposal of social investments are included in the Statement of Financial Activities under the heading 'Other income'. All other gains and losses on investment assets are included in the Statement of Financial Activities under the heading 'Net gains / (losses) on investments'.

g) Stocks

Stocks of donated items held for distribution to beneficiaries are measured at fair value; stocks of goods donated for the charity's own use are valued at an estimate of their value to the charity.

h) Pension scheme arrangements

The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds.

i) Taxation

The charity has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

j) Critical accounting estimates and areas of judgement

The trustees do not consider that there are any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

Page 13

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

3 Donations and legacies

General Donations
Donations in kind
Government Job Retention Scheme grants
Other grants receivable
Income tax recoverable
Donations in kind comprise the following:
Goods donated for:
Foodbank
4
Investment income
Bank interest
Profit on disposal of property
5
Charitable expenditure
Core activities
£
a
Costs incurred directly on specific activities
Church activities
13,940
Staff costs
164,694
Outreach
-
Community Projects
-
Donations in kind expensed (note 4e)
-
Grants payable (note 4f)
8,526
187,160
b
Costs incurred on support & administration
Governance costs
4,800
Administration support costs
79,958
Depreciation of tangible fixed assets
45,381
Stock wastage
-
Other
168
130,307
Total expenditure
317,467
In the previous year, charitable expenditure was as follows:
Core activities
£
c
Costs incurred directly on specific activities
Church activities
38,830
Staff costs
168,856
Outreach
3,588
Community Projects
939
Donations in kind expensed (note 4e)
-
Grants payable (note 4f)
27,365
239,577
d
Costs incurred on support & administration
Governance costs
4,800
Administration support costs
59,166
Depreciation of tangible fixed assets
65
Stock wastage
-
Other
501
64,532
Total expenditure
304,109		 2021
£
433,525
20,814
19,911
-
75,571
549,821
2021
£
20,814
20,814
2021
£
54
-
54
Foodbank
£
7,513
19,798
-
-
18,082
-
45,393
-
3,526
-
-
-
3,526
48,919
Foodbank
£
10,259
18,182
-
-
26,680
-
55,122
-
631
-
6,803
-
7,434
62,556		 2020
£
283,768
28,864
-
3,437
48,019
364,087
2020
£
28,864
28,864
2020
£
911
68,860
69,771
2021
£
21,453
184,492
-

-
18,082
8,526
232,553
4,800
83,484
45,381
-

168
133,833
366,386
2020
£
49,089
187,038
3,588
939
26,680
27,365
294,698
4,800
59,797
65
6,803
501
71,967
366,665

The fee payable to the independent examiner for preparing and examining the accounts was £4,800 (2020: £4,800).

Page 14

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

e Donations in kind expensed in year

Donations in kind expensed in year
Donated goods distributed in year
Grants payable
Grants for UK and overseas mission
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
The charity's principal grants to institutions comprised:
Regions beyond
Issachar Alliance Training Base
Joy in the City
Jubilee Church Hull
Grants to institutions for less than £1,000 each		 Individuals
£
926
926
Individuals
£
5,000
5,000		 2021
£
18,082
18,082
Institutions
£
7,600
7,600
Institutions
£
22,365
22,365
2021
£
6,600
1,000
-
-
-
7,600		 2020
£
26,680
26,680
2021
£
8,526
8,526
2020
£
27,365
27,365
2020
£
15,665
-
3,000
2,000
1,700
22,365

f Grants payable

6 Analysis of staff costs, the cost of key management personnel and trustee remuneration and expenses

Gross wages, salaries & benefits in kind
Employer's National Insurance costs
Pension costs
Other pay costs
Total staff costs		 2021
£
157,595
12,265
13,537
1,095
184,492		 2020
£
153,555
12,265
14,509
6,709
187,038

The average monthly number of employees during the year was 8 (2020: 8). Most of the charity's activities are carried out by volunteers.

No staff received salaries at a rate of more than £60,000 per annum.

During the year key management received employment benefits totalling £69,715 (2020: £86,368).

No trustees received employment benefits in either the current or preceding year.

No expenses (2020: £nil) were paid to, or for, the trustees.

Page 15

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

7 Tangible fixed assets

Cost
At 1 September 2020
Additions
Disposals
At 31 August 2021
Accumulated depreciation
At 1 September 2020
Charge for the year
Eliminated on disposal
At 31 August 2021
Net book value
At 31 August 2021
At 31 August 2020		 Fixtures
fittings and
equipment
£
33,673
31,383
(29,020)
36,036
33,673
3,138
(29,020)
7,791
28,245
-		 Computer
Equipment
£
4,447
-
(3,447)
1,000
4,447
-
(3,447)
1,000
(0)
-		 Furniture
£
-
38,320
-
38,320
-
1,916
-
1,916
36,404
-		 Fit Out
Costs
£
-
806,539
-
806,539
-
40,327
-
40,327
766,212
-		 Total
2021
£
38,120
876,242
(32,467)
881,895
38,120
45,381
(32,467)
51,035
830,861
-

On 13 September 2020 the Church signed a 20 year lease on 1st Floor, Guildbourne Centre, Worthing. Fit out and other costs have been capitalised and will be depreciated over the length of the 20 year lease.

8 Fixed asset investments

d asset investments
Cost or fair value brought forward
Purchases during the year
Cost or fair value carried forward		 Unquoted
2021
shares
£
-
-
1 2
1
1
1		 2020
£
-
-
-

UK unquoted shares – In September 2020, a subletting company ‘The Rooms (Worthing) Ltd’ (Company number 11750254) was established to allow the Church to sublet the space to others when not in use by the church.

9 Stock

Donated goods
For distribution to beneficiaries
Debtors
Falling due within one year:
Tax recoverable
Prepayments
Other debtors
Falling due after one year
Loans to group undertakings
Total debtors		 2021
£
4,916
4,916
2021
£
3,435
144
4,643
8,222
12,097
12,097
20,319		 2020
£
2,184
2,184
2020
£
3,270
2,050
2,014
7,334
-
-
7,334

10 Debtors

The church has granted a loan of £10,000 to The Rooms Worthing Ltd, a 100% owned subsidiary. The loan is interest free, unsecured and will be repaid as funds become available.

11 Cash at Bank and in Hand

h at Bank and in Hand
Cash at bank with immediate access
Petty cash		 2021
£
262,131
489
262,619		 2020
£
738,624
489
739,112

Page 16

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

12 Creditors: liabilities falling due within one year

Escrow account
Accruals
itors: amounts falling due after more than one year
Loans (note 15)		 2021
£
50,000
41,122
91,122
2021
£
115,000
115,000		 2020
£
-
20,579
20,579
2020
£
-

13 Creditors: amounts falling due after more than one year

14 Funds

During the year the movements in the charity's funds were as follows:

Designated Funds
Mission funds
Building fund
Foodbank Body Basics
Fit Out costs
Fusion and church camp
Gather fund
In Need Fund
Internship Fund
Rent - GBC rent etc
Roomsworthing Fund
Soup Run & Night Shelter
Youth Work
General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Special offerings
Contingency Fund
Foodbank
City Hill Fund
Aggregate of funds		 Opening
balance
2021
£
49,125
43,868
-
-
-
-
-
-
-
-
-
-
92,993
174,591
267,583
220
410,491
49,670
84
460,465
728,049		 Incoming
resources
2021
£
-
115,947
597
100,474
-
-
840
-
-
313
1,200
-
219,371
262,498
481,869
442
1,355
67,264
-
69,061
550,930		 Outgoing
resources
2021
£
-
-
(99)
-
-
-
(500)
(58)
-
(313)
(100)
(127)
(1,197)
(333,734)
(334,930)
-
-
(30,837)
-
(31,456)
(366,386)		 Transfers
in the year
2021
£
(49,125)
(159,815)
172
(100,474)
-
5,168
547
1,424
40,000
-
4,756
621
(256,725)
664,439
407,713
-
(411,846)
514
3,000
(407,713)
-		 Gains and
losses
2021
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Closing
balance
2021
£
-
-
670
-
-
5,168
887
1,366
40,000
-

5,856
494
54,442
767,794
822,235
662
-
86,611
3,084
90,357
912,592

Transfers

The restricted Contingency fund was established to ringfence donations given to fund the church's acquisition and fit out of its new venue. All the funds have been spent in line with the donors' wishes and capitalised in these accounts. This transfer reflects the church's spending on capital costs.

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

Tangible fixed assets
Investments
Stock
Debtors
Cash at bank and in hand
Creditors falling due within one year
Creditors falling due after more than one year		 General
Designated
funds
funds
£
£
830,861
-
1
-
-
-
20,319
-
122,737
54,442
(91,122)
-
(115,000)
-
767,796
54,442
Unrestricted Funds		 Restricted
funds
£
-
-
4,916
-
85,441
-
-
90,357		 2021
£
830,861
1
4,916
20,319
262,619
(91,122)
(115,000)
General
funds
£
830,861
1
-
20,319
122,737
(91,122)
(115,000)
767,796
912,595

Page 17

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

In the previous year the movements in the charity's funds were as follows:

Designated Funds
Mission funds
Building fund
Regions Beyond Fund
General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Special offerings
Contingency Fund
Foodbank
South Africa
International Workers
City Hill Fund
Aggregate of funds		 Opening
balance
2020
£
49,125
-
-
49,125
144,359
193,484
-
443,428
18,076
-
53
84
461,641
655,125		 Incoming
resources
2020
£
-
43,868
8,615
52,482
321,403
373,885
4,503
534
60,667
-
-
-
65,704
439,589		 Outgoing
resources
2020
£
-
-
(12,115)
(12,115)
(287,105)
(299,220)
(4,283)
(33,471)
(29,073)
-
(619)
-
(67,445)
(366,665)		 Transfers
in the year
2020
£
-
-
3,500
3,500
(4,066)
(566)
-
-
-
-
566
-
566
-		 Gains and
losses
2020
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Closing
balance
2020
£
49,125
43,868
-
92,993
174,591
267,583
220
410,491
49,670
-
-
84
460,465
728,049

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

Tangible fixed assets
Stock
Debtors
Cash at bank and in hand
Creditors falling due within one year		 General
Designated
funds
funds
£
£
-
-
-
-
7,334
-
187,839
92,993
(20,579)
-
174,593
92,993
Unrestricted Funds		 Restricted
funds
£
-
2,184
-
458,281
-
460,465		 2020
£
-
2,184
7,334
739,112
(20,579)
General
funds
£
-
-
7,334
187,839
(20,579)
174,593
728,051

Mission Fund is money set aside to help those in need, locally and internationally.

Building fund is money set aside to be used for the acquisition of a lease and development costs for the church's new premises. Foodbank Body Basics fund is to support the church's foodbank serving the local area

Fit Out Costs Fund was created to set aside funds needed to fit out the church's new building Gather fund is for donations to support the church's joint church camping weekend.

In Need Fund is for donations to support need problems that arise.

Internship Fund is for donations to support the work of interns within the church.

Rent fund GBC is an amount set aside from donations to pay for rent, service charges & insurance

for the Guildbourne Centre in its early years.

Roomsworthing Fund aims to support the work of the church's subsidiary, The Rooms Worthing Ltd, in its work serving the local community.

Soup Run and Nightshelter Funds are for use for the service to the homeless.

Youth Work Fund is for the work amongst the youth of the church.

Special offerings fund is in respect of a collection for grants to be made overseas. Contingency Fund is designed to pay for any unforeseen events and could include a building project City Hall Fund is to fund the church's work in Asia

Foodbank Fund is to support the church's foodbank serving the local area International Workers Fund is for all other international work supported by the church

Page 18

REDEEMER WORTHING LTD

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2021

15 Loans and finance leases

The liabilities for concessionary loans referred to in note 10 fall due for repayment as follows:

Repayable:
Within one year
Between one and five years
After five years		 Otherwise
than by
instalments
-
115,000
115,000		 By
instalments
-
-
-		 2021
2020
£
£
-
-
115,000
-
-
-
115,000
-
Concessionary loans		 2021
2020
£
£
-
-
115,000
-
-
-
115,000
-
Concessionary loans
-

The concessionary loans are interest free and unsecured; they are being repaid when funds become available. The latest date by which all loans must be repaid in full is 1 October 2025.

16 Operating lease commitments

The charity has an operating lease for its church building in the Guildbourne centre, Worthing. The minimum amount payable (until the next break clause and ignoring the potential effect of future rent reviews) in respect of this lease is as follows:

Within one year
Between one and five years
After five years
Payments falling due:		 2021
£
39,528
118,584
-
158,112		 2020
£
-
-
-
-

During the year the charity was charged £38,112 (2020: £nil) for its operating lease.

17 Transactions with related parties

During the year the charity received donations totalling £72,732 (2020: £46,061) from related parties (which includes trustees, members of key management and anyone closely connected to them).

During the year the charity received loans of £15,000 and £10,000 from Paul and Janet Tostevin, who are related to Joel Tostevin, a member of the charity's key management. The loans are unsecured and interest free, as decribed in note 14.

Except as disclosed in note 5 'Analysis of staff costs', there have been no other transactions with related parties during the year.

18 Subsidiaries

Details of the church's subsidiary at 31 August 2021 are as follows:

Class of
Registered shares % Held
Name of Undertaking Office Nature of business held direct
The Rooms (Worthing) Ltd 44 Guildbourne Property letting and Ordinary 100%
Centre, Worthing management

Page 19

REDEEMER WORTHING LTD

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 AUGUST 2021

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Investments
Other income
Total income and endowments
EXPENDITURE ON:
Charitable activities:
5
Total Expenditure
Net gains/(losses) on investments
Net income/(expenditure)
Transfers between funds
14
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
14		 General
Designated
2021
2021
£
£
261,797
219,371
54
-
646
-
262,498
219,371
333,734
1,197
333,734
1,197
-
-
(71,236)
218,174
664,439
(256,725)
593,203
(38,551)
174,591
92,993
767,794
54,442
Unrestricted funds		 Restricted
2021
£
68,653
-
408
69,061
31,456
31,456
-
37,606
(407,713)
(370,108)
460,465
90,357		 Total
2021
£
549,821
54
1,055
550,930
366,386
366,386
-
184,544
-
184,544
728,049
912,595		 General
Designated
2020
2020
£
£
249,304
52,482
69,761
-
2,337
-
321,403
52,482
287,105
12,115
287,105
12,115
-
-
34,298
40,368
(4,066)
3,500
30,232
43,868
144,359
49,125
174,591
92,993
Unrestricted funds		 Restricted
2020
£
62,301
10
3,393
65,704
67,445
67,445
-
(1,742)
566
(1,176)
461,641
460,465		 Total
2020
£
364,087
69,771
5,730
439,589
366,665
366,665
-
72,924
-
72,924
655,125
728,051

Page 20