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2020-12-31-accounts

Charity number: 1114401

THE GOSPEL CENTRE

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

THE GOSPEL CENTRE

CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 5
Independent Examiner's Report 6 - 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 - 24

THE GOSPEL CENTRE

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees

M Famokunwa P Tomkins J Bernard M Okwue P Buckley

Charity registered number

1114401

Principal office

The Gospel Centre Wightman Road London N8 0LT

Accountants

Venthams Chartered Accountants Millhouse 32 - 38 East Street Rochford Essex SS4 1DB

Bankers

Santander UK plc Bridle Road Bootle Merseyside L30 4GB

Solicitors

Dixon Ward 16 The Green Richmond Surrey TW9 1QD

Page 1

THE GOSPEL CENTRE

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report together with the financial statements of the charity for the 1 January 2020 to 31 December 2020.

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Activities undertaken to achieve objectives

Throughout the year The Gospel Centre has undertaken many activities in the furtherance of its stated objectives and the trustees believe that these activities have provided public benefit to both members of the congregation and the wider community of Haringey.

Page 2

THE GOSPEL CENTRE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Objectives and activities (continued)

c. Main activities undertaken to further the charity's purposes for the public benefit

The Church provides worship, teaching and social gathering for around 120 people each Sunday morning, and for smaller groups of church members during the week, e.g. Senior Citizens on Mondays, Youth on Friday evenings. It also benefits the wider community in Haringey by a variety of services, including a Food Bank, offering counselling and pastoral care, debt counselling, and, in conjunction with other churches, a Night Shelter for homeless persons during winter months.

The church has policies in place regarding Safeguarding for Young Persons and Vulnerable Adults, and a Safeguarding Officer. We appointed a Youth and Young Adults Pastor in February 2020. Due to restrictions arising from Covid-19, it was not possible to run camps or youth weekends in 2020.

To promote the comfort and safety of the users of the church buildings, the main building being over 100 years old, there is a programme of maintenance and upgrading of its fabric and facilities. In 2020, this included the external repair and painting of the two storey church hall.

In March 2020 the church ceased meeting in the building, in accord with Government ‘lockdown’ requirements following the coronavirus pandemic. In fact the cessation of meetings in the building came one week before the Government required, as it was felt prudent to do so. Thereafter services were held by live-streaming on-line; and care groups were set up to maintain contact by phone or internet with church members. All these measures continued successfully through the year.

The church undertook a Risk Assessment prior to return to use of the building for services in August 2020; practical measures taken included notices and markings requiring spacing; marking off alternate rows of chairs as not to be used; providing sanitiser, masks etc, and the purchase of a machine to sanitise by spray, the interior of the building after a service. The church adhered to other aspects of Government guidance set out in regulations.

Because services were not held in the building for a number of months, from March to the end of July, and again in November, there was an overall reduction in offerings received. This was partly offset by an increase in regular on-line giving by Bank Transfer, but nevertheless receipts from offerings were down by just over £14,000. This will be reflected in a reduced income from Gift Aid Tax rebate in 2021, on money donated during 2020.

Despite this drop in income, the church did not find it necessary to make any of its staff (many of whom are parttime) redundant. The Youth and Young Adults Pastor was however placed within a Government Job Retention Scheme from November onwards, with his hours reduced to 50% of normal, and a contribution received from Government towards the balance of his salary. This scheme is continuing into 2021 (September).

The Food Bank on the church premises saw a substantial increase in demand for its services, operating on one evening and on Sunday mornings each week. Its volunteer staff took care to maintain social distancing and hygiene since the start of the pandemic, and have remained clear of infection. Local residents as individuals and groups have been very supportive both financially and with gifts of food.

Overall the members of the church, volunteers, and paid staff, have all worked well during the period of restricted activities, to hold the church together and support each other

Achievements and performance

a. Key performance indicators

The charity received income of £117,551 (2019: £137,609) and incurred expenses of £131,541 (2019: £115,844) resulting in a decrease in reserves of £13,990. Closing reserves were £79,012, representing approximately 7 months of expenditure.

Page 3

THE GOSPEL CENTRE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Achievements and performance (continued)

b. Review of activities

During the period under review, the members have given generously, enabling the church to meet its objectives.

Financial review

a. 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. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

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 months' 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.

Structure, governance and management

a. Constitution

The charity was established by a Declaration of Trust on 22 February 2006.

b. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Declaration of Trust.

c. Organisational structure and decision-making policies

The Pastor has specific responsibilities within the church, although overall responsibility for the governance and management of the church rests with the trustees.

d. Financial 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 exposure to the major risks.

Page 4

THE GOSPEL CENTRE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Structure, governance and management (continued)

e. Principal activities

The principal objects of the charity are:

To advance the Christian faith in accordance with the statement of beliefs appearing in the schedule in Haringey, London and in such other parts of the United Kingdom or the world as the Trustees may, from time to time, think fit and to fulfil such other purposes which are exclusively charitable according to the law of England and Wales and are connected with the charitable work of the Trust.

To relieve persons who are in conditions of need or hardship or who are aged or sick and to relieve the distress caused thereby in the said location and in such other parts of the United Kingdom or the world as the Trustees may from time to time think fit.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the state of affairs of the charity 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:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Declaration of Trust. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

P Tomkins

Date: 23 April 2021

Page 5

THE GOSPEL CENTRE

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Independent Examiner's Report to the Trustees of The Gospel Centre ('the charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2020.

Responsibilities and Basis of Report

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

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

Page 6

THE GOSPEL CENTRE

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Independent Examiner's Statement

Your attention is drawn to the fact that the charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

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

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

Signed: Stuart Harrison

Dated: 27 April 2021

Venthams

Chartered Accountants Millhouse 32 - 38 East Street Rochford Essex SS4 1DB

Page 7

THE GOSPEL CENTRE

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Income from:
Donations and legacies
3
Investments
4
Other income
5
Total income
Expenditure on:
Charitable activities
7
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2020
£
81,998
20,302
1,600
103,900
123,880
123,880
(19,980)
92,047
(19,980)
72,067		 Restricted
funds
2020
£
13,651
-
-
13,651
7,661
7,661
5,990
955
5,990
6,945		 Total
funds
2020
£
95,649
20,302
1,600
117,551
131,541
131,541
(13,990)
93,002
(13,990)
79,012		 Total
funds
2019
£
110,238
27,371
-
137,609
115,844
115,844
21,765
71,237
21,765
93,002

Page 8

THE GOSPEL CENTRE

BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
14
Unrestricted funds
14
Total funds		 12,772
71,060
83,832
(5,813)		 2020
£
993
993
78,019
79,012
79,012
6,945
72,067
79,012		 19,652
75,124
94,776
(3,847)		 2019
£
2,073
2,073
90,929
93,002
93,002
955
92,047
93,002

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

P Tomkins

Date: 23 April 2021

Page 9

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. General information

The Gospel Centre is a registered charity in the United Kingdom. The registered number of the charity and the principal office can be found on the company information page.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The Gospel Centre 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.

Page 10

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.2 Income

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 income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.

Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the charity's accounting policies.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 11

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.4 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.5 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following bases:

2.6 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.

Page 12

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

THE GOSPEL CENTRE

2. Accounting policies (continued)

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and 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.

2.8 Liabilities and provisions

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 charity 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.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

2.9 Financial instruments

The charity 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.

2.10 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 year.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 13

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

3. Income from donations and legacies

Unrestricted
funds
2020
£
Donations
81,998
Grants
-
81,998
Unrestricted
funds
2019
£
Donations
109,126
4.
Investment income		 Restricted
funds
2020
£
5,861
7,790
13,651
Restricted
funds
2019
£
1,112		 Total
funds
2020
£
87,859
7,790
95,649
Total
funds
2019
£
110,238
Unrestricted
funds
2020
£
Investment income - local investment properties
20,165
Investment income - local cash
137
20,302
Unrestricted
funds
2019
£
Investment income - local investment properties
27,310
Investment income - local cash
61
27,371		 Total
funds
2020
£
20,165
137
20,302
Total
funds
2019
£
27,310
61
27,371

Page 14

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5. Other incoming resources

Unrestricted Total Total
funds funds funds
2020 2020 2019
£ £ £
Government furlough grant 1,600 1,600 -

6. Analysis of grants

Grants, Church activities
Grants, Church activities		 Grants to
Institutions
2020
£
7,810
Grants to
Institutions
2019
£
7,975		 Grants to
Individuals
2020
£
4,769
Grants to
Individuals
2019
£
5,467		 Total
funds
2020
£
12,579
Total
funds
2019
£
13,442

The charity has made the following material grants to institutions during the year:

Name of institution
Harvest Community Network
Africa for Christ
N-Flame		 2020
£
6,000
1,450
360
7,810		 2019
£
6,000
1,600
375
7,975

Page 15

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2020
£
Church activities
123,880
Unrestricted
funds
2019
£
Church activities
115,157		 Restricted
funds
2020
£
7,661
Restricted
funds
2019
£
687		 Total
funds
2020
£
131,541
Total
funds
2019
£
115,844

8. Analysis of expenditure by activities

Church activities
Church activities		 Activities
undertaken
directly
2020
£
93,773
Activities
undertaken
directly
2019
£
79,146		 Grant
funding of
activities
2020
£
12,579
Grant
funding of
activities
2019
£
13,442		 Support
costs
2020
£
25,190
Support
costs
2019
£
23,256		 Total
funds
2020
£
131,542
Total
funds
2019
£
115,844

Page 16

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Depreciation
Rates and water
Insurance
Light and heat
Repairs and maintenance
Church expenses
Printing, postage and stationery
Bank charges
Staff costs
Depreciation
Rates and water
Insurance
Light and heat
Repairs and maintenance
Church expenses
Printing, postage and stationery
Bank charges		 Church
activities
2020
£
59,920
1,080
(783)
2,529
5,017
12,252
13,518
190
50
93,773
Church
activities
2019
£
36,627
1,194
1,077
2,592
6,065
16,233
14,989
319
50
79,146		 Total
funds
2020
£
59,920
1,080
(783)
2,529
5,017
12,252
13,518
190
50
93,773
Total
funds
2019
£
36,627
1,194
1,077
2,592
6,065
16,233
14,989
319
50
79,146

Page 17

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs
Office expenses
Governance costs
Staff costs
Office expenses
Governance costs		 Church
activities
2020
£
19,058
3,028
3,104
25,190
Church
activities
2019
£
16,048
4,178
3,030
23,256		 Total
funds
2020
£
19,058
3,028
3,104
25,190
Total
funds
2019
£
16,048
4,178
3,030
23,256

9. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £3,104 ( 2019 - £3,030 ).

10. Staff costs

Wages and salaries
Contribution to defined contribution pension schemes		 2020
£
78,622
356
78,978		 2019
£
52,233
442
52,675

Page 18

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10. Staff costs (continued)

The average number of persons employed by the charity during the year was as follows:

Ministers
Administration		 2020
No.
2
1
3		 2019
No.
2
1
3

No employee received remuneration amounting to more than £60,000 in either year.

11. Tangible fixed assets

Cost or valuation
At 1 January 2020
At 31 December 2020
Depreciation
At 1 January 2020
Charge for the year
At 31 December 2020
Net book value
At 31 December 2020
At 31 December 2019		 Plant and
machinery
£
3,162
3,162
1,696
648
2,344
818
1,466		 Fixtures and
fittings
£
21,550
21,550
20,943
432
21,375
175
607		 Total
£
24,712
24,712
22,639
1,080
23,719
993
2,073

Page 19

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

12. Debtors

Due within one year
Other debtors
Prepayments and accrued income
Tax recoverable
Creditors: Amounts falling due within one year
Other taxation and social security
Other creditors
Accruals and deferred income		 2020
£
-
1,772
11,000
12,772
2020
£
424
400
4,989
5,813		 2019
£
950
1,702
17,000
19,652
2019
£
207
400
3,240
3,847

13. Creditors: Amounts falling due within one year

Page 20

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14. Statement of funds

Statement of funds - current year

Unrestricted funds
General Funds
Restricted funds
Foodbank
Mission fund
Contributions to support costs
Total of funds		 Balance at 1
January
2020
£
92,047
-
955
-
955
93,002		 Income
£
103,900
10,552
100
2,999
13,651
117,551		 Expenditure
£
(123,880)
(4,662)
-
(2,999)
(7,661)
(131,541)		 Balance at
31
December
2020
£
72,067
5,890
1,055
-
6,945
79,012

Page 21

THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Restricted funds
Mission fund
Contributions to support costs
Total of funds
Summary of funds
Summary of funds - current year
General funds
Restricted funds		 Balance at
1 January
2019
£
70,707
530
-
530
71,237
Balance at 1
January
2020
£
92,047
955
93,002		 Income
£
136,497
425
687
1,112
137,609
Income
£
103,900
13,651
117,551		 Expenditure
£
(115,157)
-
(687)
(687)
(115,844)
Expenditure
£
(123,880)
(7,661)
(131,541)		 Balance at
31
December
2019
£
92,047
955
-
955
93,002
Balance at
31
December
2020
£
72,067
6,945
79,012

15. Summary of funds Summary of funds - current year

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THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15. Summary of funds (continued)

Summary of funds - prior year

Balance at
1 January
2019
£
Income
£
General funds
70,707
136,497
Restricted funds
530
1,112
71,237
137,609
16.
Analysis of net assets between funds
Analysis of net assets between funds - current period
Unrestricted
funds
2020
£
Tangible fixed assets
993
Current assets
76,887
Creditors due within one year
(5,813)
Total
72,067
Analysis of net assets between funds - prior period
Unrestricted
funds
2019
£
Tangible fixed assets
2,073
Current assets
93,821
Creditors due within one year
(3,847)
Total
92,047		 Expenditure
£
(115,157)
(687)
(115,844)
Restricted
funds
2020
£
-
6,945
-
6,945
Restricted
funds
2019
£
-
955
-
955		 Balance at
31
December
2019
£
92,047
955
93,002
Total
funds
2020
£
993
83,832
(5,813)
79,012
Total
funds
2019
£
2,073
94,776
(3,847)
93,002

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THE GOSPEL CENTRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

17. Related party transactions

During the year the charity received donations of £12,531 (2019: £7,708) from trustees and related parties.

During the year, J Bernards, a trustee, was reimbursed £450 (2019: £2,836) for services and expenses incurred as a youth worker.

During the year, P Tomkins, a trustee, was reimbursed £80 (2019: £Nil) for services and expenses incurred as a trustee.

There have been no other related party transactions that require disclosure.

18. Controlling party

The charity was jointly controlled by the trustees in this and the preceeding year.

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