## 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:
- 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:
1. accounting records were not kept in respect of Citycoast Trust 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.
## **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.
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## **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)|
Page 23
## **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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