ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021
Citycoast Trust
(A company limited by guarantee) Charity registration number: 1111355 Company registration number: 05517061
Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
CITYCOAST TRUST
CONTENTS
| Legal and Administrative Information | 1 |
|---|---|
| Trustees' Report | 2 to 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 to 9 |
| Statement of Cash Flows | 10 |
| Notes to the Financial Statements | 11 to 24 |
CITYCOAST TRUST
LEGAL AND ADMINISTRATIVE INFORMATION
Charity Registration 1111355 Number Company Registration 05517061 Number Trustees Simon Lewis Colin Spicer Jamie Harland Jarrod Kelly Secretary Simon Lewis Registered address North Street Hove Brighton East Sussex BN41 1DG Bankers Lloyds Bank plc 57-58 Station Road Portslade East Sussex BN41 1DF Independent Examiner G W Schulz ACMA Independent Examiners Ltd 2 Broadbridge Business Centre Delling Lane Bosham Chichester West Sussex PO18 8NF
Page 1
CITYCOAST TRUST
TRUSTEES' REPORT
The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2021.
Objectives and activities
Structure, governance and management
Nature of governing document
Citycoast Trust is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
Recruitment and appointment of Trustees
The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
Induction and training of Trustees
Each new director is provided with the relevant Charity Commission publications, a copy of the constitution and at a meeting with the Chairman fully briefed on the operation of the company and the responsibility of the directors.
Organisational structure
The charitable company is based in Portslade, Brighton and works in the catchment area of Brighton and Hove. The directors facilitate the work through regional house groups as well as through community based projects which include working with youth, young adults and children.
Risk management
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
Objects and aims
The charitable company is the administrative vehicle for the activities of Citycoast Trust.
The charitable company is a non-governmental, non-political organisation formed in September, 2005.
The Articles of Association define the objectives as being:
-
The advancement of the Christian Faith in accordance with the doctrines set out therein.
-
The relief of persons who are in conditions of need, hardship or distress, aged or sick.
-
To promote support and encourage voluntary activities that advance education, culture and spiritual welfare and provide recreational and leisure activities in the interests of social welfare in the local community, Brighton and Hove and areas of benefit where we can make a difference without distinction of race, sex, political, religious or other opinion.
Page 2
CITYCOAST TRUST
TRUSTEES' REPORT
Public benefit
The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Achievements and performance
Review of activities
General
The Trustees meet every 4 – 6 weeks to ensure that the charity operates in compliance with relevant regulations and guidelines, and charity and company law, as well as overseeing the charity finances, staff and facilities and dealing with any other relevant issues. Between the full Trustees meetings, sub-committees meet to look in greater detail at the assets and staff of the organisation and then feedback to a full meeting of the Trustees.
Towards the end of the last financial year, the government’s response to the COVID-19 pandemic was that businesses and places of worship, including CityCoast Church, should close. Consequently, from 22 March 2020, online services and groups were held as an alternative means for forwarding the vision of the organisation. In the Autumn, in person services and groups did meet until a further lockdown was required (December 2020). Despite the pandemic, new people have joined the church, although overall attendance has reduced compared to March 2020.
The advancement of the Christian faith in accordance with the doctrines set out therein
Various initiatives have either started or continued during the last financial year to advance the Christian faith.
Our annual Christmas events took place this year incorporating carol services.
New Christians’ classes have been held to teach and train new Christians in foundational doctrines and Christian living.
Prayer meetings have continued over the last year with early morning meetings on Zoom.
The work with children and young people has continued, despite the pandemic, with groups for different ages: CityKids (2 – 11 years), Verve Youth (11 – 18 years) and Verve Young Adults (18 – 30 years).
Online home groups, where people meet to develop relationships and their faith, continue to meet people’s basic pastoral needs. Online counselling and prayer have also been available.
The church is part of Brighton and Hove Faith in Action, which aims to promote working together between different faith groups.
Page 3
CITYCOAST TRUST
TRUSTEES' REPORT
The relief of persons who are in conditions of need, hardship, poverty or distress or aged or sick
During the last financial year, TeaTimeTalk has not been able to meet due to the pandemic. However, care packages were produced and delivered to many of the attendees in collaboration with Time to Talk Befriending.
The church has also provided financial support to people in need through its welfare fund.
To promote support and encourage voluntary activities that advance education, culture and spiritual welfare and provide recreational and leisure activities in the interests of social welfare in the local community, Brighton and Hove and areas of benefit where we can make a difference without distinction of race, sex, political, religious or other opinion
Subsequent to the end of the financial year, and after due consultation with staff and other relevant stakeholders, the Trustees took the difficult decision to close the Ark Pre-School from the end of the Summer 2021 term. The decision was based on financial considerations as the pre-school had been making losses over the last few years due to increased staff costs not being matched by government funding.
CityCoast Centre could only provide community space, training facilities rooms etc. for meetings that were permitted during the pandemic.
CityCoast Trust is a member of Community Works, the citywide third sector infrastructure organisation. Good relationships continue to be developed facilitating greater partnership working in the community. CityCoast Centre is also available to other community and voluntary groups and is proving to be a useful resource for the wider community.
Financial review
During the year the charitable company made an unrestricted surplus of £82,510 (2020 - £29,153) and a restricted deficit of £7,452 (2020 - £18,051). The balances available to carry forward to the following year were £5,162 restricted and £967,706 unrestricted funds.
Policy on reserves
The charitable company carries out a variety of projects. The directors consider that it would be desirable to have a working reserve equivalent to 3 months expenditure. At the present time funds are fully utilised as they become available. The policy will be reviewed regularly.
Going concern
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
Page 4
CITYCOAST TRUST
TRUSTEES' REPORT
Statement of Trustees' Responsibilities
The Trustees (who are also the directors of Citycoast Trust for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The annual report was approved by the Trustees of the charity on 19 November 2021 and signed on its behalf by:
Simon Lewis
Company Secretary and Trustee
Page 5
CITYCOAST TRUST
INDEPENDENT EXAMINER'S REPORT
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 7 to 24.
Respective responsibilities of Trustees and examiner
As the charity’s Trustees of Citycoast Trust (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 Citycoast Trust 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 Citycoast Trust'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 Chartered Institute of Management Accountants, 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:
-
accounting records were not kept in respect of Citycoast Trust as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
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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
-
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.
G W Schulz ACMA
Independent Examiners Ltd
19 November 2021
Page 6
CITYCOAST TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021
| Note Unrestricted funds £ Income and Endowments from: Donations and legacies 3 346,639 Charitable activities 4 75,187 Other trading activities 5 48,641 Total income 470,467 Expenditure on: Charitable activities 6 387,957 Total expenditure 387,957 Net income/(expenditure) 82,510 Transfers between funds (8,238) Net movement in funds 74,272 Reconciliation of funds Total funds brought forward 893,434 Total funds carried forward 15 967,706 |
Restricted funds £ 6,555 28 - 6,583 14,035 14,035 (7,452) 8,238 786 4,376 5,162 |
Total 2021 £ 353,194 75,215 48,641 477,050 401,992 401,992 75,058 - 75,058 897,810 972,868 |
Total 2020 £ 396,506 112,283 108,831 |
|---|---|---|---|
| 617,620 | |||
| 606,518 | |||
| 606,518 | |||
| 11,102 - |
|||
| 11,102 886,708 |
|||
| 897,810 |
The notes on pages 11 to 24 form an integral part of these financial statements. Page 7
CITYCOAST TRUST
REGISTERED NUMBER: 05517061 BALANCE SHEET AS AT 31 MARCH 2021
| Note Fixed assets Tangible assets 9 Current assets Stocks 10 Debtors 11 Cash at bank and in hand Creditors: Amounts falling due within one year 12 Net current assets/(liabilities) Total assets less current liabilities Creditors: Amounts falling due after more than one year 13 Net assets Funds of the charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 15 |
2021 £ 1,329,384 500 22,391 147,254 170,145 (104,111) 66,034 1,395,418 (422,550) 972,868 5,162 967,706 972,868 |
2020 £ 1,360,672 500 18,774 38,039 |
|---|---|---|
| 57,313 (113,276) |
||
| (55,963) | ||
| 1,304,709 (406,899) |
||
| 897,810 | ||
| 4,376 893,434 |
||
| 897,810 |
For the financial year ending 31 March 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The notes on pages 11 to 24 form an integral part of these financial statements. Page 8
CITYCOAST TRUST
REGISTERED NUMBER: 05517061 BALANCE SHEET AS AT 31 MARCH 2021
The financial statements on pages 7 to 24 were approved by the Trustees, and authorised for issue on 19 November 2021 and signed on their behalf by:
Simon Lewis
Company Secretary and Trustee
The notes on pages 11 to 24 form an integral part of these financial statements. Page 9
CITYCOAST TRUST
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2021
| Note Cash flows from operating activities Net cash income Adjustments to cash flows from non-cash items Depreciation Working capital adjustments Increase in debtors 11 (Decrease)/increase in creditors 12 Net cash flows from operating activities Cash flows from financing activities Net receipt/(repayment) of loans and borrowings 12 Net increase in cash and cash equivalents Cash and cash equivalents at 1 April Cash and cash equivalents at 31 March |
2021 £ 75,058 31,288 106,346 (3,617) (13,857) 88,872 20,343 109,215 38,039 147,254 |
2020 £ 11,102 31,288 |
|---|---|---|
| 42,390 (16,065) 39,017 |
||
| 65,342 (61,599) |
||
| 3,743 34,296 |
||
| 38,039 |
The notes on pages 11 to 24 form an integral part of these financial statements. Page 10
CITYCOAST TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
1 Charity status
The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the Trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with 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) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.
Basis of preparation
Citycoast Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
Going concern
The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Page 11
CITYCOAST TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Gift aid
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category.
All expenditure is inclusive of irrecoverable VAT.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Page 12
CITYCOAST TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Freehold property 2% straight line Fixtures and fittings 25% on reducing balance
Stock
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks.
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Liabilities
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Fund structure
Unrestricted income funds are general funds that are available for use at the Trustees's discretion in furtherance of the objectives of the charity.
Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
Page 13
CITYCOAST TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
Pensions and other post retirement obligations
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
The company only has financial assets and financial 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
Page 14
CITYCOAST TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
3 Income from donations and legacies
| Unrestricted funds Restricted Total Designated £ General £ funds £ 2021 £ Donations and legacies; Donations 400 253,381 6,555 260,336 Gift aid reclaimed - 45,585 - 45,585 Grants, including capital grants; Grants - 47,273 - 47,273 400 346,239 6,555 353,194 4 Income from charitable activities Unrestricted funds Restricted Total General £ funds £ 2021 £ Church development - - - Pre-school income 75,187 28 75,215 Bookshop - - - Café - - - 75,187 28 75,215 |
Total 2021 £ 260,336 45,585 47,273 |
Total 2020 £ 359,055 37,451 - |
|
|---|---|---|---|
| 353,194 | 396,506 | ||
| Total 2020 £ 1,667 107,770 785 2,061 |
|||
| 112,283 |
5 Income from other trading activities
| Property rental income | Unrestricted funds General £ 48,641 48,641 |
Total funds £ 48,641 48,641 |
Total 2020 £ 108,831 |
|---|---|---|---|
| 108,831 |
Page 15
CITYCOAST TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
6 Expenditure on charitable activities
| Unrestricted funds Note Designated £ General £ Gifts and donations 5,000 4,691 Purchases - - Events - 2,617 Premises incl repairs and cleaning - 54,987 Staff accommodation - 16,800 Travel - 33 Church department costs - 14,523 Pre-school costs - 5,205 Bank and mortgage interest - 18,369 Bank and finance - 2,319 Covenant seed to INC Europe - - Training and development - 614 Legal and professional fees - 2,955 Equipment - 7,593 Postage, stationery, telephone & office supplies - 2,906 Other items - 5,393 Independent examination - 1,620 Depreciation - 31,288 Staff costs 8 - 211,044 5,000 382,957 |
Restricted funds £ 5,297 - - 8,738 - - - - - - - - - - - - - - - 14,035 |
Total 2021 £ 14,988 - 2,617 63,725 16,800 33 14,523 5,205 18,369 2,319 - 614 2,955 7,593 2,906 5,393 1,620 31,288 211,044 401,992 |
Total 2020 £ 2,145 3,148 12,002 213,748 16,800 1,838 28,645 11,650 24,961 3,080 9,726 5,827 3,481 8,265 4,973 5,656 1,620 31,288 217,665 |
|---|---|---|---|
| 606,518 |
Page 16
CITYCOAST TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
7 Trustee and related party transactions
Jamie Harland received remuneration of £19,075 (2020 - £19,075) and health insurance benefits of £55 (2020 - £55). The church also paid rent of £16,800 (2020 - £16,800) for his living accommodation.
Simon Lewis received remuneration of £7,498 (2020 - £7,498) and health insurance benefits of £55 (2020 - £55).
Ruth Lewis, wife of Simon Lewis, a Trustee, received remuneration of £9,035 (2020 - £11,160) and health insurance benefits of £55 (2020 - £55).
Amy Lewis, daughter-in-law of Simon Lewis, a Trustee, received remuneration of £7,071 (2020 - £8,360) and health insurance benefits of £55 (2020 - £55).
Ben Lewis, son of Simon Lewis, a Trustee, received remuneration of £8,240 (2020 - £8,178) and health insurance benefits of £55 (2020 - £55).
Tom Lewis, son of Simon Lewis, a Trustee, received £50 (2020 - £2,924) for services as duty manager.
8 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Social security costs Pension costs |
2021 £ 206,079 2,886 2,079 211,044 |
2020 £ 212,185 3,410 2,070 |
|---|---|---|
| 217,665 |
The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows:
| Evangelism and leadership Administration Pre-school |
2021 No 7 8 13 28 |
2020 No 7 8 12 |
|---|---|---|
| 27 |
No employee received emoluments of more than £60,000 during the year.
Page 17
CITYCOAST TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
9 Tangible fixed assets
| Cost At 1 April 2020 At 31 March 2021 Depreciation At 1 April 2020 Charge for the year At 31 March 2021 Net book value At 31 March 2021 At 31 March 2020 10 Stock Stocks 11 Debtors Prepayments and accrued income Tax recoverable Other debtors |
Land and buildings £ 1,544,890 |
Fixtures and fittings £ 53,025 53,025 51,855 390 52,245 780 1,170 2021 £ 500 2021 £ 14,239 4,540 3,612 22,391 |
Fixtures and fittings £ 53,025 53,025 51,855 390 52,245 780 1,170 2021 £ 500 2021 £ 14,239 4,540 3,612 22,391 |
Total £ 1,597,915 1,597,915 237,243 31,288 268,531 1,329,384 1,360,672 2020 £ 500 |
|
|---|---|---|---|---|---|
| 1,544,890 | 53,025 | ||||
| 185,388 30,898 |
51,855 390 |
||||
| 216,286 | 52,245 | ||||
| 1,328,604 | 780 | ||||
| 1,359,502 | 1,170 | ||||
| 2021 £ 500 2021 £ 14,239 4,540 3,612 22,391 |
|||||
| 2020 £ 7,286 10,451 1,037 |
|||||
| 18,774 |
Page 18
CITYCOAST TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
12 Creditors: amounts falling due within one year
| 12 Creditors: amounts falling due within one year | ||
|---|---|---|
| Bank loans Trade creditors Other taxation and social security Other creditors Accruals |
2021 £ 58,032 5,071 2,017 30,782 8,209 104,111 |
2020 £ 53,340 12,827 2,586 36,120 8,403 |
| 113,276 |
13 Creditors: amounts falling due after one year
| Bank loans Included in the creditors are the following amounts due after After more than five years by instalments |
2021 £ 2020 £ 422,550 406,899 more than five years: 2021 £ 2020 £ 124,611 157,576 |
2020 £ 406,899 |
|---|---|---|
The mortgage, loan and bank overdraft is secured on the freehold building in North Street, Portslade.
14 Pension and other schemes
Defined contribution pension scheme
The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to - £2,079 (2020 £2,070).
Contributions totalling £376 (2020 - £385) were payable to the scheme at the end of the year and are included in creditors.
Page 19
CITYCOAST TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
15 Funds
| Unrestricted funds General General Funds Designated Fixed asset fund Church activities Welfare fund Total unrestricted funds Restricted funds Rise and build Pre-school fundraising Overseas missions and trips Other outreach projects Minibus fund Covid 19 Church planting Love Christmas Welfare fund Tea Time Talk fund Total funds |
Balance at 1 April 2020 £ (42,526) 930,669 327 4,964 935,960 893,434 - 358 3,361 24 250 383 - - - - 4,376 897,810 |
Incoming resources £ 470,067 - - 400 400 470,467 500 28 510 - - 470 360 1,065 1,350 2,300 6,583 477,050 |
Resources expended £ (382,957) - - (5,000) (5,000) (387,957) (8,738) - (3,461) - - (771) - (1,065) - - (14,035) (401,992) |
Transfers £ (8,238) - - - - (8,238) 8,238 - - - - - - - - - 8,238 - |
Balance at 31 March 2021 £ 36,346 930,669 327 364 |
|---|---|---|---|---|---|
| 931,360 | |||||
| 967,706 | |||||
| - 386 410 24 250 82 360 - 1,350 2,300 |
|||||
| 5,162 | |||||
| 972,868 |
Page 20
CITYCOAST TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
Designated funds:
The designated fixed asset fund represents an element of the tangible fixed assets of the company without which the charity could not continue to operate.
Restricted funds:
The building fund and rise and build fund represents amounts which have been given by members of the congregation to refurbish and develop the building (CityCoast Centre).
The speakers and visitors fund represents donations collected for, and subsequently given to, external people who preach at CityCoast Church.
The pre-school fund was created as a result of fundraising by the pre-school to develop its facilities and educational resources.
The overseas missions and trips fund was created to provide resources to be used for overseas mission trips, especially in India and Nepal.
Other outreach projects represents amounts donated for the specific purpose of outreach projects in the local community.
The Covid 19 fund is for pandemic specific support.
The Love Christmas fund was created to provide Christmas food hampers to those in need in the local community.
The Welfare fund represents amounts given to provide support to people struggling financially.
The Tea Time Talk fund represents amounts given specifically to support the initiative working in collaboration with Time to Talk Befriending.
Page 21
CITYCOAST TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
| Unrestricted funds General General Funds Designated Fixed asset fund Church activities Welfare fund Total unrestricted funds Restricted funds Building fund Rise and build Speakers / visitors Pre-school fundraising Overseas missions and trips Other outreach projects Minibus fund Covid 19 Church planting Total funds |
Balance at 1 April 2019 £ (58,851) 930,669 327 5,292 936,288 877,437 5,146 - - 1,324 1,946 605 250 - - 9,271 886,708 |
Incoming resources £ 530,212 - - - - 530,212 - 83,025 113 135 1,415 1,920 - 440 360 87,408 617,620 |
Resources expended £ (500,731) - - (328) (328) (501,059) (5,146) (96,094) (200) (1,101) - (2,501) - (57) (360) (105,459) (606,518) |
Transfers £ (13,156) - - - - (13,156) - 13,069 87 - - - - - - 13,156 - |
Balance at 31 March 2020 £ (42,526) 930,669 327 4,964 |
|---|---|---|---|---|---|
| 935,960 | |||||
| 893,434 | |||||
| - - - 358 3,361 24 250 383 - |
|||||
| 4,376 | |||||
| 897,810 |
Page 22
CITYCOAST TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
16 Analysis of net assets between funds
| Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets 17 Analysis of net funds Cash at bank and in hand Debt due within one year Debt due after more than one Net debt Cash at bank and in hand Debt due within one year Debt due after more than one Net debt |
Unrestricted funds General £ Designated £ 398,715 930,669 164,292 691 (104,111) - (422,550) - 36,346 931,360 Unrestricted funds General £ Designated £ 430,003 930,669 47,318 5,619 (113,276) - (406,899) - (42,854) 936,288 At 1 April 2020 £ 38,039 (53,340) year (406,899) (422,200) At 1 April 2019 £ 34,296 (50,659) year (460,234) (476,597) |
Restricted funds £ - 5,162 - - 5,162 Restricted funds £ - 4,376 - - 4,376 Financing cash flows £ 109,215 (4,692) (15,651) 88,872 Financing cash flows £ 3,743 (2,681) 53,335 54,397 |
Total funds at 31 March 2021 £ 1,329,384 170,145 (104,111) (422,550) |
|---|---|---|---|
| 972,868 | |||
| Total funds at 31 March 2020 £ 1,360,672 57,313 (113,276) (406,899) |
|||
| 897,810 | |||
| At 31 March 2021 £ 147,254 (58,032) (422,550) (333,328) At 31 March 2020 £ 38,039 (53,340) (406,899) (422,200) |
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CITYCOAST TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2021
18 Non-adjusting events after the financial period
Subsequent to the year end, and after due consultation with relevant stakeholders, the Trustees took the difficult decision to close the Ark pre-school from the end of the summer 2021 term. This resulted in total closure costs of approximately £14,000.
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