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2024-03-31-accounts

CHARITY REGISTERED NUMBER : 1097758 COMPANY REGISTERED NUMBER 04645456

RIVERSIDE CHURCH TAUNTON

STATEMENT OF ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2024

Tove Accountancy Ltd Office 6, Town Hall 86 Watling Street East Towcester Northants NN12 6BS

RIVERSIDE CHURCH TAUNTON LEGAL AND ADMINISTRATIVE INFORMATION

Registered Charity No. 1097758
Registered Company No. 04645456
Trustees Mr Michael Taylor
Mrs Gine Glover
Mr Nigel Glover
Mr John Hilton (Treasurer)
Mr Keith Packer (Chair)
Correspondence address Riverside Church
The Exchange
Hamilton Road
Taunton
Somerset
TA1 2EQ
Independent Examiner Tove Accountancy Ltd
Office 6, Town Hall
86 Watling Street East
Towcester
NN12 6BS
Bankers Lloyds Bank
31 Fore Street
Taunton
Somerset, TA1 1HN
Constitution The charity converted to a CIO on 16th February 2024
Governing Document The charity is controlled by its governing document, memorandum and
articles of association dated 23rd January 2003 and as amened by a
Special Resolution dated 18th May 2003
A board of Trustees administers the charity and meets on a
regular basis throughout the year.
Area of Operation Somerset and Zambia

Objectives

The advancement of the Christian faith and the worship of God in the County of Somerset and elsewhere by any means whatsoever. The relief of persons who are in conditions of need, hardship, or distress or who are aged or sick and the advancement of education on the basis of Christian principles.

RIVERSIDE CHURCH TAUNTON TRUSTEES REPORT FOR THE YEAR ENDED 31ST MARCH 2024

1. Structure, Governance and Management

(a) Following the approval of the Charity Commission, the charity changed its legal structure from a Company Limited by Guarantee to a Charitable Incorporated Organisation (CIO) on 16 February 2024. At that time, its Governing Document changed from a Memorandum and Articles of Association to a Constitution based on the Association Model for CIOs provided by the Charity Commission.

(b) The charity is managed by a board of Trustees who have remained in post throughout the reporting period. The Trustees are:

Mr Keith Packer (Chairman) Mr John Hilton (Treasurer) Mr Nigel Glover Mrs Gine Glover Mr Michael Taylor

(c) The power of appointing new trustees is vested in the existing trustees who are also the initial members of the CIO. However, the Constitution allows for other members to be admitted to the CIO and, consequently, be involved in the selection of new charity trustees in the future.

2. Objectives and Activities

(d) In preparation for the change of legal structure, and to ensure that the object of the charity is better aligned with the Statement of Faith and Mission Statement of the Church, the object of the charity has been amended, with the approval of the Charity Commission, to:

“The advancement of the Christian faith in accordance with the Statement of Faith ( at Schedule 1 of the Constitution) and the Mission Statement (at Schedule 2 of the Constitution).

3. Risk Management

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

4. Achievements and Performance

(f) The Trustees met on six occasions during the year and also met with the operational leadership team of the church.

(g) The church has continued to be a member of the Harvest Alliance network of churches. The church has also continued to network with other local churches and organisations.

(h) The Exchange is the main gathering place for Riverside Church activities. The church gathers there regularly, and the building is used for many other activities either by the church for the benefit of the local community or by local clubs and organisations. The number of people participating in the church’s worship services has grown during the period of the report.

(i) The church’s support for, and link with, Zambian churches has continued but no visits were made during the period of the report.

RIVERSIDE CHURCH TAUNTON TRUSTEES REPORT CONTINUED

FOR THE YEAR ENDED 31ST MARCH 2024

5. Financial Review

The charity made a surplus in the year of £15,219 (2023 - surplus £4,234. The charity made an operating surplus in the year (not including the gains/losses on investments) of £12,939 (2023 - surplus £6,470).

Total income reduced by 8.8%. Gifts and offerings and Gift Aid reduced by 16.7% compared to the previous year. Buildings lettings increased by 54% compared to 2023.

Total expenditure reduced by 19.7% compared to the previous year.

At the year-end, the charity held funds totalling £285,201, of which £1,555 was held in restricted funds.

6. Investment Policy and Performance

The charity has no investment policy. Funds are held in a bank account to enable easy access.

7. Reserves Policy

At the year-end the charity's cash reserves totalled £48,662 (2023 - £38,002) (Net current assets less restricted funds). This amounts to approximately 12 months' unrestricted expenditure.

The trustees are aware that the church roof will need major repairs soon, and phase one is budgeted at £20,000, and is likely to commence in 2024.

The trustees consider these reserves to be adequate for the needs of the charity.

8. Public Benefit

The Trustees have noted the Charity Commission's publishes guidance on the Public Benefit requirement under the Charities Act 2011. The charity carries out a range of activities in accordance with its charitable aims. They consider that the activities described below provide benefit to those who worship at the Church to the wider community in Taunton and surrounds and indeed to the United Kingdom and world.

RIVERSIDE CHURCH TAUNTON STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31ST MARCH 2024

Trustees' Responsibilities

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.

In preparing the financial statements, the trustees are required to:-

The trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time, the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and the applicable charities regulations. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed Declaration of Trustees:

Signed Print Name

15th August 2024 …............................... Trustee Dated: …................. John Hilton - Trustee

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RIVERSIDE CHURCH TAUNTON

I report to the trustees on my examination of the accounts of the above charity for the year ended 31st March 2024 as set out on the following pages.

Responsibilities and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in any material respect:-

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.

Donna Rowan Gold

Dated 15.08.24

Donna Rowan Gold For and on behalf of: Tove Accountancy Ltd

Office 6 Town Hall, 86 Watling Street East, Towcester, Northants, NN12 6BS

RIVERSIDE CHURCH TAUNTON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024

Note
INCOME
Donations and Legacies
3
Charitable Activities
3
Investment Income: Bank interest
3
Total Income
EXPENDITURE
Charitable Activities
4
Total Expenditure
Net gains/(Losses) on investments
Net income/(expenditure)
Transfers between funds
Net movement in funds
Transposition diff b/f
Movement in Zambia designated capital
Total funds brought forward
Total funds carried forward		 2024
2024
2024
2023
2023
2023
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
Funds
Funds
Funds
Funds
Funds
Funds
£
£
£
£
£
£
44,737
5,100
49,837
53132
8276
61,408
14,387
14,387
9321
9,321
327
327
42
42
59,451
5,100
64,551
62,495
8,276
70,771
47,172
4,439
51,612
48,613
15,688
64,301
47,172
4,439
51,612
48,613
15,688
64,301
2,975
2,975
(2,236)
(2,236)
0
15,253
661
15,914
11,646
(7,412)
4,234
0
(769)
769
0
(6,787)
6,787
0
0
0
14,484
1,430
15,914
4,859
(625)
4,234
(89)
(89)
0
(606)
(606)
0
13,789
1,430
15,219
4,859
(625)
4,234
269,857
125
269,982
264,998
750
265,748
283,646
1,555
285,201
269,857
125
269,982

RIVERSIDE CHURCH TAUNTON BALANCE SHEET

FOR THE YEAR ENDED 31ST MARCH 2024

Note
Tangible Fixed Assets
Tangible Assets
8
Investments
9
Current Assets
Debtors
10
Cash at bank
12
and in hand
Current Liabilities
Amounts falling due
11
within one year
Net Current Assets
Total assets less current liabilities
Funds of the Charity
Restricted funds
Unrestricted funds
Total Funds		 2024
£
13,323
38,499		 2024
£
200,000
34,984		 2024
£



13,785
26,163		 2023
£
200,000
32,009




285,201 270,136
1,555
283,646		 125
270,011
285,201 270,136

Trustees responsibilities in relation to financial statements

Charity Law requires the Trustees to prepare financial statements for each financial year which comply with the regulations set out in the Charities Act 2011.

On behalf of the trustees

Signed ….......................... Trustee Date …............... Print Name John Hilton - Trustee

RIVERSIDE CHURCH TAUNTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024

1. BASIS OF PREPARATION

1.1 Basis of accounting

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. These accounts 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) issued on 16 July 2014 and with the Charities Act 2011.

1.2 Going concern

There are no material uncertainties related to events or conditions that cast significant doubt on the charity's ability to continue as a going concern.

1.3 Change of accounting policy

The accounts present a true and fair view and no changes have been made to the accounting policies adopted.

1.4 Changes to accounting estimates

No changes to accounting estimates have occurred in the reporting period (3.46 FRS102 SORP).

1.5 Material prior year errors

No material prior year errors have been identified in the reporting period (3.47 FRS102 SORP).

2. ACCOUNTING POLICIES

2.1 Income

Recognition of income

These are included in the Statement of Financial Activities (SOFA) when:

▪ the charity becomes entitled to the resources;

▪ it is more likely than not that the trustees will receive the resources; and

▪ the monetary value can be measured with sufficient reliability

Offsetting

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS102 SORP or FRS102.

Grants and donations

Grants and donations are only included in the SoFA when the general income recognition criteria are met (5.10 to 5.12 FRS102 SORP).

RIVERSIDE CHURCH TAUNTON NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024

Debtors and prepayments

Gift Aid receivable is included in income when there is a valid declaration from the donor. Any Gift Aid amount recovered on a donation is considered to be part of that gift and is treated as an addition to the same fund as the initial donation unless the donor or the terms of the appeal have specified otherwise.

Prepayments are valued at the amount prepaid net of any trade discounts due.

Volunteer help

The value of any voluntary help received is not included in the accounts but is described in the trustees' annual report.

Income from interest

This is included in the accounts when receipt is probable and the amount receivable can be measured reliably.

Cash

Cash at bank includes short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.2 Expenditure and liabilities

Liability recognition

Liabilities are recognised where it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

Grants with performance conditions

Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output.

Grants payable without performance conditions

These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to a grant which remain in control of the charity.

Redundancy cost

The charity made no redundancy payments during the reporting period.

Deferred Income

No material item of deferred income has been included in the accounts.

Provisions for liabilities

A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.

RIVERSIDE CHURCH TAUNTON NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31ST MARCH 2024

Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the financial period. Pension contributions are charged to the Statement of Financial Activities as they become payable.

The funds of the charity

Funds held by the charity are:

Unrestricted funds

These are funds that are not subject to any restrictions regarding their use and are available for application within the charitable objectives for the general purposes of the charity.

Restricted income Funds

These are funds which can only be used for particular restricted purposes within the objectives of the charity. Restrictions arise when specified by the donor or when the funds are raised for particular purposes.

Financial Instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

RIVERSIDE CHURCH TAUNTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024

Tangible fixed assets for use by the charity

Freehold property

Freehold property has been measured at historical cost. No depreciation has been charged as the property is maintained to such a standard that the estimated residual value is not less than the cost.

Tangible fixed assets are capitalised if they can be used for more than one year, and cost at least £1,500.

Fixed asset investments

Investments are included at current market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

3. INCOME
a) Donations and Legacies
Gifts and offerings
Gift Aid tax refunds
b) Charitable activities
Pastoral Care
Buildings Lettings
c) Investment income: Bank interest
Total Income		 2024
2024
2024
2024
2023
Unrestricted
Designated
Restricted
Total
Total
Funds
Funds
Funds
Funds
Funds
£
£
£
£
£
37,220
0
5,100
42,320
52,383
7,517
0
0
7,517
9,025
44,737
0
5,100
49,837
61,408
0
14,387
14,387
9,321
14,387
0
0
14,387
9,321
327
327
42
327
0
0
327
42
59,451
0
5,100
64,551
70,771

RIVERSIDE CHURCH TAUNTON NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31ST MARCH 2024

4. EXPENDITURE
Expenditure on Charitable Activities
Charitable giving
Employment costs
Fees
Youth and Children's work
Premises: refreshments and cleaning
Premises: repairs and maintenance
Premises: utility costs
Insurance
Telephone and internet
Payroll and administrative costs
Printing post and stationery
Subscriptions and licences
Website costs
Equipment
Training costs
Gifts to speakers
Pastoral care
Bank charges
Accounting and Independent examination
Sundry expenses
Total expenditure		 2024
2024
2024
2024
2023
Unrestricted
Designated
Restricted
Total
Total
Funds
Funds
Funds
Funds
Funds
£
£
£
£
£
5,091
0
4,439
9,530
19,222
17,504
0
0
17,504
22,334
0
0
0
0
0
530
0
0
530
135
802
0
0
802
2,247
9,763
0
0
9,763
6,241
3,693
0
0
3,693
3,796
2,630
0
0
2,630
2,423
1,027
0
0
1,027
347
810
0
0
810
1,072
117
0
0
117
127
0
0
0
0
616
635
0
0
635
515
520
0
0
520
1,552
70
0
0
70
294
1,387
0
0
1,387
1,507
746
0
0
746
0
146
0
0
146
287
1,316
0
0
1,316
1,321
384
0
0
384
265
0
0
0
0
47,172
0
4,439
51,612
64,301
47,172
0
4,439
51,612
64,301

RIVERSIDE CHURCH TAUNTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024

5. DETAILS OF CERTAIN ITEMS OF EXPENDITURE
5.1 Fees for examination of the accounts
Independent examiner’s fees
Other fees paid to the independent examiner
6.1 Staff Costs
Salaries and wages
Social security costs
Pension costs (defined contribution scheme)
Other employee benefits
Total staff costs
6. PAID EMPLOYEES		 2024
£
900
0
900
2024
£
17,278
226
17,504		 2023
£
1,321
0
1,321
2023
£
22,055
0
279
0
22,334
No employees received employee benefits (excluding employer pension costs) for the reporting
period of more than £60,000
6.2 Average head count in the year
Charitable activities
2
7. DONATIONS PAYABLE greater than £1000
2024
£
Zambia
5,841
Harvest Alliance Tithe
1,639
Besom
1,320
8,800
Grants to Individuals and Institutions under £1000
Grants to Individuals & Institutions
730
Total
9,530
4
2023
£
6,872
1,494
1,320
6,872
12,350
19,222

RIVERSIDE CHURCH TAUNTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024

8. TANGIBLE FIXED ASSETS

Freehold land and buildings
9. INVESTMENTS
Standard Life - Elevate Cash, Elevate GIA
Balance brought forward
Gain/(loss) in the year
Balance carried forward
10. DEBTORS AND PREPAYMENTS
Prepayments
Gift Aid refunds due
Pastoral Care loans
Buildings lettings
Other
11. CREDITORS AND ACCRUALS
Accruals
Other creditors
12. CASH AT BANK
Lloyds Bank Accounts
Cash in hand		 2024
£
200,000
2024
£
32,009
2,975
34,984
2024
£
3,425
8,473
0
1,425
0
13,323
2024
£
900
706
1,606
2024
£
38,414
85
38,499		 2023
£
200,000
2023
£
32,009
32,009
2023
£
3,662
9,021
0
1,012
90
13,785
2023
£
900
921
1,821
2023
£
26,009
154
26,163

RIVERSIDE CHURCH TAUNTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Fund Balances at 31st March 2024 are represented by:
Tangible Fixed Assets
Current Assets
Creditors: amounts falling due within one year		 Unrestricted
Designated
Restricted
Total
Funds
Funds
Funds
Funds
£
£
£
£
234,984
0
0
234,984
50,268
0
1,555
51,822
(1,606)
0
0
(1,606)
283,646
0
1,555
285,201

13. DESIGNATED FUNDS

There were no restricted funds in the financial period.

14. RESTRICTED FUNDS

Current financial year

Zambia Fund
Food Box
Hardship Fund
Christmas Gifts
Roof fund
s financial year
Zambia Fund
Food Box
Hardship Fund
Christmas Gifts		 Fund
balances b/f Income
Expenditure
Transfers
between funds
Fund
balances c/f
£
£
£
£
£
0
3,628
(3,489)
139
125
125
0
291
291
0
181
(950)
769
(0)
1,000
1,000
125
5,100
(4,439)
769
1,555
Fund
balances b/f Income
Expenditure
Transfers
between funds
Fund
balances c/f
£
£
£
£
£
7,526
(14,938)
7,412
0
125
125
625
(625)
0
750
(750)
0
750
8,276
(15,688)
6,787
125

Previous financial year

RIVERSIDE CHURCH TAUNTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024

ANALYSIS OF FUNDS

Current year

Fixed assets
Current assets
Current Liabilities
Net Assets
s year
Fixed assets
Current assets
Current Liabilities
Net Assets		 Unrestricted
funds
Restricted
funds
Totals
£
£
£
234,984
0
234,984
50,268
1,555
51,822
(1,606)
0
(1,606)
283,646
1,555
285,201
Unrestricted
funds
Restricted
funds
Totals
£
£
£
232,009
232,009
39,823
125
39,948
(1,821)
(1,821)
270,011
125
270,136

Previous year

Zambia Fund: Established to provide relief of persons who are in conditions of need or distress in Zambia. Additional gifts totalling £nil (2023 - £7,412) were transferred from the unrestricted funds. A balance of £139 (2023 - £nil) was carried forward to be given in the current year.

Food Box: Gifts specially given to the organisation Food Box. A balance of £125 (2023 - £125) is carried forward to be spent in the current year.

Hardship Fund: Gifts specifically given to individuals in need in the community. A balance of £291 (2023 - £nil) is carried forward to be spent in the current year.

Christmas Gifts: £181 (2023 - £750) was raised to give gifts to various individuals in need at Christmas. A total of £950 was spent. The difference of £769 was made up by a transfer from general funds.

Roof fund: £1,000 was received during the year towards the roof fund, and carried forward to the current year.

RIVERSIDE CHURCH TAUNTON NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024

15. PAYMENTS TO TRUSTEES

During the financial year, Mr C Stone received £ nil (2023 - £5,144) gross salary and £ nil (2023 - £92) employer pension as church worker of Riverside Church, Taunton, in furthering the charity's objectives.

Gine Glover is a trustee and received £318 (2023 £1,335) gross salary during the year as a cleaner.

Stuart Glover spouse of Gine Glover (a Trustee) and son of Nigel Glover (a Trustee) received a gross salary of £13,766 (2023 - £12,800) and £ 226 (2023 - £187) employer pension as Church Administrator.

During the year £nil (2023 - £294) was paid to Mick Taylor for Leadership Team training. The training was delivered by an independent training organisation.

The charitable companies' governing document allows for the employment of trustees/directors as long as the majority of trustees/directors are not employed.

Conflicts of interest are taken into account in all discussions in relation to the employment of the above trustees/directors with trustees/directors withdrawing from any meeting where their employment is discussed.

The trustees' insurance includes trustees indemnity insurance.

The following trustees' reimbursements were paid for the year ended 31st March 2024:

J Hilton
K Packer
Nigel Glover		 169.30
Visiting speakers and courier fees
677.34
Messy church refreshments and materials
667.20
Communion wine and Christmas gifts reimbursement
1,513.84

There were no reimbursements recorded for the year ended 31st March 2023.

No further remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any trustee/director or any person or persons known to be connected with any of them.

16. LEASE OR HIRE PURCHASE AGREEMENTS

No finance leases or hire purchase agreements were undertaken in the financial period.