**Charity Registration No.** **1102538 Company Registration No. 04734618 (England and Wales)** ## **OSWESTRY CHRISTIAN CENTRE** # **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FINANCIAL YEAR ENDED 28[th] FEBRUARY** **2021** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|P Dogget| |---|---| ||R Field| ||S J Jones| |**Charity number**|1102538| |**Company number**|04734618| |**Registered ofce**|10a Lower Brook Street| ||Oswestry| ||Shropshire| ||SY11 2HG| |**Independent examiner**|Rachel Pitaway AAT| ||3 The Terrace| ||Welshampton| ||Ellesmere| ||Shropshire| ||SY12 0PL| ## **CONTENTS** |Trustees’ report|1-2| |---|---| |Independent examiner’s report|3| |Statement of fnancial actvites|4| |Balance sheet|5| |Notes to the fnancial statements|6-12| ## **TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT)** _**FOR THE YEAR ENDED 28[TH] FEBRUARY 2021**_ The trustees present their report and financial statements for the year ended 28[th] February 2021. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity’s memorandum and articles of association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS ) (efective 1 January 2019)”. ## **Objectives and activities** The charity's objects are the propagation and sale of Christian literature, educating the general public in Christian maters in the general area of Oswestry. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. ## **Achievements and performance** During the year the charity continued the sale of Christian literature and educating the general public in Christian maters and to continue developing the Oswestry Christian Centre. ## **Financial review** It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. ## **TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT)** _**FOR THE YEAR ENDED 28[TH] FEBRUARY 2021 (contd.)**_ ## **Structure, governance and management** The charity is a company limited by guarantee governed by its Memorandum and Articles of Association. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: P Dogget R Field S J Jones The trustees have the power to appoint new trustees subject to the restrictions set out in the Charity's Memorandum and Articles of Association. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. The trustees' report was approved by the Board of Trustees. .............................. P Dogget Trustee Dated: ......................... ## **INDEPENDENT EXAMINER’S REPORT** ## **TO THE TRUSTEES OF OSWESTRY CHRISTIAN CENTRE** I report to the trustees on my examination of the financial statements of Oswestry Christian Centre (the charity) for the year ended 28 February 2021. ## **Responsibilities and basis of report** As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (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 financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no maters have come to my atention in connection with the examination giving me cause to believe that in any material respect: - 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or - 2 the financial statements do not accord with those records; or - 3 the financial statements 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 mater considered as part of an independent examination; or - 4 the financial statements 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 maters in connection with the examination to which atention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. ## Rachel Pitaway AAT 3 The Terrace, Welshampton, Ellesmere, Shropshire, SY12 0PL Dated.. ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 28[TH] FEBRUARY 2021**_ |**Notes**
**Incoming resources**
Donatons and legacies
3
Charitable actvites
COVID rates grant
Investments
4
**Total income**
**Expenditure**
Charitable actvites
5
**Net income for the year/net movement in funds**
Fund balances at 1stMarch 2020
**Fund balances at 28th February 2021**|**2021**
11,825
12,580
10,000
87| |---|---| ||34,492| ||26,475
**8,017**
38,702| ||**46,719**| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006. ## **BALANCE SHEET** _**AS AT 28[TH] FEBRUARY 2021**_ |**ALANCE SHEET**
**_S AT 28TH FEBRUARY 2021_**|| |---|---| |**2021**
**NOTES**
**£**
**£**
**TANGIBLE FIXED ASSETS**
9
12,287
**CURRENT ASSETS**
Stocks
10
13,150
Cash at Bank and in hand
21,632
34,782
CREDITORS: amounts
11
(350)
falling due within one year
NET CURRENT ASSETS
34,432
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**46,719**
**INCOME FUNDS**
Unrestricted funds
**46,719**|**2020**
**£**
12,287| ||12,194
14,485| ||26,679| ||(264)| ||26,415| ||**38,702**| ||| ||**38,702**| The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 28 February 2021. The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of afairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the 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 company. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on ......................... .............................. P Dogget **Trustee Company Registration No. 04734618** ## _**FOR THE YEAR EDED 28[TH] FEBRUARY 2021**_ ## **1. Accounting policies** ## **Charity information** Oswestry Christian Centre is a private company limited by guarantee incorporated in England and Wales. The registered ofce is 10a Lower Brook Street, Oswestry, Shropshire, SY11 2HG. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (efective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Income** Income is recognised when the charity is legally entitled to it aaer any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gia Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. ## **1.5 Expenditure** Expenses are included in the financial statements as they become due. Expenses include VAT where applicable as the company cannot reclaim it. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write of the cost or valuation of assets less their residual values over their useful lives on the following bases: Freehold land and buildings Nil The gain or loss arising on the disposal of an asset is determined as the diference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year. ## **1.7 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have sufered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.8 Stocks** Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that 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 is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. ## **1.9 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdraas. Bank overdraas are shown within borrowings in current liabilities. ## _**Basic financiali assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the efective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financiali li abili tes**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the efective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the efective interest method. ## _**Derecogniton of financiali li abili tes**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **2 Critical accounting estimates and judgements** 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 readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may difer from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision afects only that period, or in the period of the revision and future periods where the revision afects both current and future periods. ## **3 Donations and legacies** |Donatons and gias
Gia aid reclaimed
**4**
**Investments**
Interest received
**5**
**Charitable actvites**
Purchases for resale
Staf costs
Heat and light
Insurance
Bank charges
IT expenses
Printng, postage and statonery
Rates
Cleaning
Repairs and maintenance
Accountancy – examinaton
Legal|**2021**
£
11,053
772
11,825
**2021**
£
87
**2021**
12,553
10,932
916
525
283
460
137
198
62
329
67
13
26,475|**2020**
£
6,284
765| |---|---|---| |||7,049| |||**2020**
£
74
**2020**
20,638
11,883
1,135
507
349
388
172
470
61
1,064
204
13| |||36,884| ## **6 Trustees** None of the trustees received any remuneration or benefits from the charity during the year. ## **7 Employees** ||**Number of employees**|**2021**|**2020**| |---|---|---|---| |||**Number**|**Number**| |||2|2| ||None of the employees received benefts in excess of £60,000.||| |**8**|**Examinaton fees**||| ||Included within the SOFA are examinaton fees of £280 (2020 - £204).||| ## **9 Tangible fixed assets** |||**Freehold land and buildings**|**Freehold land and buildings**| |---|---|---|---| ||||**£**| ||**Cost**||| ||At 1 March 2020||12,287| ||At 28thFebruary 2021||12,287| ||**Carrying amount**||| ||At 29thFebruary 2020||12,287| ||At 28thFebruary 2021||12,287| |**10 **|**Stocks**||| |||**2021**|**2020**| |||£|£| ||Finished goods for resale|13,150|12,194| ## **11 Creditors: amounts falling due within one year** |Accruals and deferred income|**2021**
**£**
350
350|**2020**
**£**
264| |---|---|---| |||264| ## **12 Related party transactions** During the year the Charity employed the spouse of Robert Field (Trustee). During the year Mrs Field was paid £5,460 (2020 - £5,954).