COMPANY REGISTRATION NUMBER: 05524901 CHARITY REGISTRATION NUMBER: 1114508
Mosaic Church Limited
Company Limited by Guarantee
Unaudited Annual Report and Financial Statements
31 December 2020
HARRISON HOLT
Chartered Accountants High Park Farm Kirkbymoorside York YO62 7HS
Mosaic Church Limited
Company Limited by Guarantee
Annual Report and Financial Statements
Year ended 31 December 2020
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent examiner's report to the trustees | 9 |
| Statement of financial activities (including income and expenditure | |
| account) | 10 |
| Statement of financial position | 11 |
| Statement of cash flows | 12 |
| Notes to the annual report and financial statements | 13 |
Mosaic Church Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 December 2020
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited Annual Report and Financial Statements of the charity for the year ended 31 December 2020.
Reference and administrative details
| Registered charity name | Mosaic Church Limited | |
|---|---|---|
| Charity registration number | 1114508 | |
| Company registration number | 05524901 | |
| Principal office and registered | Mabgate Mill 5 | |
| office | Ground Floor | |
| Mabgate Mills | ||
| Leeds | ||
| LS9 7DZ | ||
| The trustees | Emily Harvey (nee Bosworth) | (retired 1 May 2021) |
| Adrian Byrne | ||
| Dr Raymond Holt | ||
| Andrew Scopes | ||
| Joel Topham | ||
| Eldership Team | Matt Hatch | |
| Dan Chadwick | ||
| David Horsfall | ||
| Operations Manager | Dave Fahrer |
1
Mosaic Church Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2020
PASTORAL STAFF Team Leader and Matt Hatch North Gathering South Gathering Dan Chadwick Central Gathering Rich Bradley Holbeck Service Hannah Pearson Associate Pastor of Tom Eaton North Gathering Central Gathering’s Grace Ellerby Student Pastor South Gathering’s Emily Swingler Childrens’ Worker North Gathering’s Emma Mitchell Childrens’ Worker Web site www.mosaic-church.org.uk Bankers HSBC Bank plc 62 Cross Gate Centre Leeds LS15 8EU NatWest Bank plc 1 Humber Quays Wallington Street Hull HU1 2BN Co-operative Bank plc 1 Balloon Street Manchester M60 4EP Company secretary A Scopes Independent examiner Philip Holt FCA, FCIE High Park Farm Kirkbymoorside York YO62 7HS
2
Mosaic Church Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2020
Structure, governance and management
Legal Status
Mosaic Church Limited was incorporated as a company (company number 05524901) on 2nd August 2005 and became a registered Charity on 2nd June 2006 (charity number 1114508). The Charity's legal status is that of a Company Limited by Guarantee and is governed by the Company's Articles of Association.
Governing document
Memorandum and Articles of Association incorporated 2nd August 2005 as amended by special resolution dated 19th January 2006.
The methods adopted for the recruitment and appointment of new trustees
The Charity is governed by the Board of Trustees. Board vacancies are dealt with on a skills need basis. The Elders nominate potential candidates and the Board submits advice to the Elders after a trial period. Final confirmation is voted by the Eldership Team as sole Members of the Charity. Appointments may be terminated by the Elders at any time during an individual trustee's term.
The policies and procedures adopted for the induction and training of trustees
Access to an information folder is given to all new trustees which includes information about the Charity, its vision and purpose and copies of policies. It includes the Memorandum and Articles of Association and principles of good governance. It includes a description of the legal responsibilities of a trustee.
The organisational structure of the Charity and how decisions are made
The trustees meet as and when necessary to manage the Church's affairs. Meetings are minuted and records kept indefinitely.
The Charity is managed on a day-by-day basis by the staff and is supported by operational staff and many volunteer personnel from the church congregation. The Operations Manager position has been filled by David Fahrer starting on 4th June 2018. The church also employs other staff in various roles. The 'Eldership' team continue to carry the primary responsibility for the church.
The trustees of the Charity (listed on Page 2), who are also directors of the company, observe the church's obligation under company and charity law and set/monitor the salaries and the contract/working conditions of the employees.
Business relationships
The Trustees have had regard to the need to foster business relationships with suppliers, customers and others, including its effect on the principal decisions taken during the year.
3
Mosaic Church Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2020
Structure, governance and management (continued)
Risk Management
The trustees have examined the major strategic, business and operational risks which the charity faces and confirm that systems have been established and regular reports produced to mitigate these risks.
Reserves Policy
The Articles of Association authorise the Trustees to make any investments they consider appropriate and to raise money with or without the security of the Trust Property. It is the policy of the Trustees to maintain unrestricted funds at a level to ensure that all management and administrative costs can be met for three months.
Accordingly, the Trustees have determined to generally hold a reserve of £140,000, representing three months management and administrative costs and is split over unrestricted and restricted funds depending on where the cost arise (The Oak £20,000, LSoT £15,000, Holbeck £1,500 and Mosaic £103,500)
At present the unrestricted free general reserves of the charity amount to £213,176 (2019 - £161,549). This amount is significantly higher than the reserve required for 3 months but the trustees feel this money should be held for future building purchases or offsets of the mortgages needed.
Note 24 shows that Designated Funds at 31 December 2020 amounted to £167,718 (2019 - £165,624) and Restricted Funds totalled £207,078 (2019 - £130,273).
Trustees indemnity insurance
There is no trustee indemnity insurance in place at the time of this report.
Objectives and activities
a) To advance Christianity in accordance with the statement of Faith contained in the Appendix of the Memorandum of Association in Leeds and in such other parts of the United Kingdom or the World as the trustees may from time to time think fit.
b) To promote and fulfil such other charitable purposes beneficial to the community in Leeds and in such other parts of the United Kingdom or the World as the trustees may from time to time think fit.
c) To relieve aged persons and persons in conditions of need, hardship, sickness or distress arising there from whether in connection with housing or accommodation or shelter or any other purpose (whether by way of loan gift the provision of accommodation or shelter or in any other way) in Leeds and in such other parts of the United Kingdom or the World as the trustees may from time to time think fit.
d) To advance education whether of children (above or below compulsory school age) or of adults.
4
Mosaic Church Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2020
Objectives and activities (continued)
Primary Activities
The charitable company exists as a church and is part of the Newfrontiers network of churches. It carries out typical activities of a Christian Church e.g. public worship, teaching & training, prayer, projects of a charitable nature, the extension of the Christian faith in Leeds and beyond, the spiritual and practical support of other Christian churches and its own congregation.
During the year ended 31 December 2020, our average attendance (including children) across all of our Sunday meetings (including The Oak) was roughly 490 (2019 - 490). From April 2020 all our Gatherings started meeting online as in person was not allowed under Government Lockdown Rules. Simple In-Person Services were restarted in September 2020 and then stopped again in December 2020.
Public Benefit
The Trustees confirm that they have paid due regard to the Charities Commission guidance on public benefit when reviewing the Charity's purpose and vision and in deciding which activities the Charity should undertake.
The Charity have engaged in services to the homeless; provision of counsel to those in need; and has worked with external agencies for the development of communities in the Holbeck area and city as a whole. The Charity actively serves other churches across the North of England, including The Oak, a church born out of Mosaic, and have worked with many other churches across Leeds and the UK. We have directly supported charitable works in Leeds, Hull, Northern Ireland, Germany, France, USA, South Africa and Ukraine.
Grant making policy
The Trustees ensure that any criteria applied by them to determine the eligibility of grant recipients and to ensure compliance with the Charity's objects and the public benefit, are reasonable, justifiable and proportionate.
With all grant applications received from individuals, it is part of the charity's grant making procedure to ensure that the purposes to which the grants are utilised are:
-
charitable at law, and
-
fulfil the public benefit requirements.
Volunteers
The Charity has over 300 active volunteers and the Trustees are immensely grateful for their commitment to see how they support the charity in giving time, effort and support to all the causes we are involved in.
5
Mosaic Church Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2020
Achievements and performance
As a charity we have worked to obtain our achievements with our regular meetings on Sundays as well as smaller groups, our training school tracks and outreaches to support people and make God known. There have been lots of changes to how this is done during Lockdown. We held online services and encouraged individual help to neighbours and community outreaches like food bank and other support services. We have supported individuals and groups through organising and interacting with people to help them move closer to God, each other and help to see them get into a healthy place. There have been other ways we have strived to achieve all these objectives and as a charity we have had to change a lot of the ways we operate during lockdowns. Further details will be shown below.
In 2020, we set a budget to secure a better level of finance going forward. We have seen a small increase in income through general giving and Covid-19 Care Fund special offering although these did not meet budgeted income. Usually we rent venues but as we were not allowed to meet in person we saw a significant underspend on our budget costs. This led to an increase in our total funds taken forward.
Advance Christianity
The Charity has advanced Christianity in many ways focusing on how we share the Gospel on an individual basis during lockdowns.
The main events for the year were:
Despite the restrictions of Covid-19 the following activities took place
-
Love:Nations (Conference focused on Local and global mission);
-
Online Alpha Courses (discovering about Christianity);
-
Regular Sunday services either in-person or on-line;
-
Discipleship Making movement training
-
High Sundays like Christmas and Easter celebrated on-line;
-
Supporting Missionaries and churches around the world
These were supplemented by individual support to mission and small groups stepping out in mission activities in their communities.
6
Mosaic Church Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2020
Achievements and performance (continued)
Promote Community
Despite the pandemic, we continued to promote community by having regular meetings on Sundays and mid-week groups for the people. Many of these moved to on-line when necessary. When able to we continued to help build community in the places we live.
Relief of poverty
Not only do we have an ongoing gift fund to be able to react to those in need financially, but we also launched the Covid-19 care fund to help those adversely affected by the pandemic.
Education
As a charity we have a standalone teaching school called Leeds School of Theology. During this year all courses moved on-line and we were pleased with the level of participation from churches around the world.
Financial review
Results
The results for the year and the Charity's financial position at the end of the year are shown in the attached financial statements.
Review of Financial Activities
Income for the general running of the Charity during the period came from donations of members and other private individuals.
Expenditure during the year from the general fund related to the normal running costs of the church including: salaries and expenses of the employees, venue hire, training, support costs and office costs. As previously mentioned, income remained fairly stable but expenditure, particularly on venue costs, reduced dramatically. This led to a significant excess of income over expenditure for the year, which will be retained in general funds to support future endeavours.
Mosaic Church makes a practice of giving to other charitable bodies whose aims are consistent with the Charity's Objectives in the Memorandum of Association. Donations are also made to individuals, including, but not restricted to participants of the church (this is normally in cases of hardship). All such giving is consistent with the Memorandum of Association. This giving is one of the largest items of expenditure after salaries and venue hire.
7
Mosaic Church Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 December 2020
Financial review (continued)
Transactions and Financial position
Voluntary income, including Gift Aid where appropriate, for the year amounted to £637,488 (2019 - £592,361) and the Charity earned £58,941 (2019 - £89,107) from training admissions, education, outreach and groups.
Total income for the Charity was £696,636 (2019 - £682,669).
The total expenditure on charitable activities amounted to £566,110 (2019 - £561,509) and included governance costs which totalled £3,912 (2019 - £2,280) during the year.
The net assets at the year end stand at £587,972 (2019 - £457,446). The total fixed assets of the charity amounted to £306,248 (2019 - £299,735).
Significant events that have affected financial performance and financial position during the period
With the exception of the Covid-19 pandemic, there were no significant events that influenced this year's financial performance.
Principal funding sources and how they support key objectives
The Charity's principal funding source is its members giving to our funds. This is a direct representation of how they are wanting to see our objectives met and how they can support that financially not just with time.
Plans for future periods
Our main areas of attention continue to be Christian mission, community support and church planting in Leeds, the UK and overseas. During this next year, we will be joining two of our Gatherings together to create a stronger site that will better facilitate outreach and church planting. We will also be planting a new church in Bradford.
Events after the end of the reporting period
Particulars of events after the reporting date are detailed in note 29 to the Annual Report and Financial Statements.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 15 December 2021 and signed on behalf of the board of trustees by:
ANDREW SCOPES
Trustee
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Mosaic Church Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Mosaic Church Limited
Year ended 31 December 2020
I report to the trustees on my examination of the Annual Report and Financial Statements of Mosaic Church Limited ('the charity') for the year ended 31 December 2020.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the Annual Report and Financial Statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s 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 the charity’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 Institute of Chartered Accountants in England and Wales (ICAEW), 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 the charity as required by section 386 of the 2006 Act; or
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the Annual Report and Financial Statements do not accord with those records; or
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the Annual Report and Financial Statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
-
the Annual Report and Financial Statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other 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.
PHILIP HOLT FCA, FCIE
Independent Examiner
High Park Farm Kirkbymoorside York YO62 7HS 17 December 2021
9
Mosaic Church Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 December 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 412,974 | 224,515 | 637,488 | 592,361 |
| Charitable activities | 6 | 2,802 | 56,139 | 58,941 | 89,107 |
| Other income | 7 | – | 207 | 207 | 1,201 |
| --------------------------------- | --------------------------------- | --------------------------------- | --------------------------------- | ||
| Total income | 415,776 | 280,861 | 696,636 | 682,669 | |
| ================================= | ================================= | ================================= | ================================= | ||
| Expenditure | |||||
| Expenditure on charitable activities | 8,9 | 349,555 | 216,556 | 566,110 | 561,509 |
| --------------------------------- | --------------------------------- | --------------------------------- | --------------------------------- | ||
| Total expenditure | 349,555 | 216,556 | 566,110 | 561,509 | |
| ================================= | ================================= | ================================= | ================================= | ||
| --------------------------------- | --------------------------------- | --------------------------------- | --------------------------------- | ||
| Net income | 66,221 | 64,305 | 130,526 | 121,160 | |
| ================================= | ================================= | ================================= | ================================= | ||
| Transfers between funds | (12,500) | 12,500 | – | – | |
| --------------------------------- | --------------------------------- | --------------------------------- | --------------------------------- | ||
| Net movement in funds | 53,721 | 76,805 | 130,526 | 121,160 | |
| Reconciliation of funds | |||||
| Total funds brought forward | 327,173 | 130,273 | 457,446 | 336,286 | |
| --------------------------------- | --------------------------------- | --------------------------------- | --------------------------------- | ||
| Total funds carried forward | 380,894 | 207,078 | 587,972 | 457,446 | |
| ================================= | ================================= | ================================= | ================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 13 to 33 form part of these Annual Report and Financial Statements.
10
Mosaic Church Limited
Company Limited by Guarantee
Statement of Financial Position
31 December 2020
| 2020 | 2019 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 17 | 306,248 | 299,735 |
| Current assets | |||
| Debtors | 18 | 18,978 | 36,957 |
| Cash at bank and in hand | 529,674 | 392,885 | |
| --------------------------------- | --------------------------------- | ||
| 548,652 | 429,842 | ||
| Creditors: amounts falling due within one year | 19 | (26,663) | (22,983) |
| --------------------------------- | --------------------------------- | ||
| Net current assets | 521,989 | 406,859 | |
| --------------------------------- | --------------------------------- | ||
| Total assets less current liabilities | 828,237 | 706,594 | |
| Creditors: amounts falling due after more than one year | 20 | (240,265) | (249,148) |
| --------------------------------- | --------------------------------- | ||
| Net assets | 587,972 | 457,446 | |
| ================================= | ================================= | ||
| Funds of the charity | |||
| Restricted funds | 207,078 | 130,273 | |
| Unrestricted funds | 380,894 | 327,173 | |
| --------------------------------- | --------------------------------- | ||
| Total charity funds | 24 | 587,972 ================================= |
457,446 ================================= |
For the year ending 31 December 2020 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 company to obtain an audit of its Annual Report and Financial Statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of Annual Report and Financial Statements.
These Annual Report and Financial Statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These Annual Report and Financial Statements were approved by the board of trustees and authorised for issue on 7 December 2021, and are signed on behalf of the board by:
ANDREW SCOPES
Trustee
The notes on pages 13 to 33 form part of these Annual Report and Financial Statements.
11
Mosaic Church Limited
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 December 2020
| 2020 | 2019 | ||
|---|---|---|---|
| Note | £ | £ | |
| Cash generated from operations | 26 | 158,293 | 209,102 |
| Interest paid | (3,620) | (5,648) | |
| --------------------------------- | --------------------------------- | ||
| Net cash from operating activities | 154,673 | 203,454 | |
| ================================= | ================================= | ||
| Cash flows from investing activities | |||
| Purchase of tangible assets | (11,059) | (581) | |
| Proceeds from sale of tangible assets | 772 | – | |
| --------------------------------- | --------------------------------- | ||
| Net cash used in investing activities | (10,287) | (581) | |
| ================================= | ================================= | ||
| Cash flows from financing activities | |||
| Proceeds from borrowings | (8,657) | (7,785) | |
| Government grant income | 1,060 | – | |
| --------------------------------- | --------------------------------- | ||
| Net cash used in financing activities | (7,597) | (7,785) | |
| ================================= | ================================= | ||
| Net increase in cash and cash equivalents | 136,789 | 195,088 | |
| Cash and cash equivalents at beginning of year | 392,885 | 197,797 | |
| --------------------------------- | --------------------------------- | ||
| Cash and cash equivalents at end of year | 529,674 | 392,885 | |
| ================================= | ================================= |
The notes on pages 13 to 33 form part of these Annual Report and Financial Statements.
12
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements
Year ended 31 December 2020
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Mabgate Mill 5, Ground Floor, Mabgate Mills, Leeds, LS9 7DZ.
2. 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
Mosaic Church Limited constitutes a public benefit entity as defined by FRS 102.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
The Trustees have assessed the impact of uncertainties caused by the COVID-19 pandemic on the going concern basis under which these accounts are prepared and have reviewed the carrying values of all the assets in the light of the pandemic. The Trustees believe that the Charity is in a strong position and does not need to dip into reserves to continue funding the charitable operations and activities and that the long-term viability of the Charity remains unchanged from its position in previous years.
13
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
3. Accounting policies (continued)
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. There are no key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Income tax
Mosaic Church Limited is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
14
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
-
expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
15
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
3. Accounting policies (continued)
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25% straight line Equipment - 25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
16
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
3. Accounting policies (continued)
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.
Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Concessionary loans
Concessionary loans include those payable to a third party which are interest free or below market interest rates and are made to advance charitable purposes. Where the loan is repayable on demand within one year, the loan is measured at cost, less impairment. Where the loan is repayable more than one year, the loan is initially measured at fair value and subsequently measured at amortised cost using the effective interest rate method, less impairment.
17
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
3. Accounting policies (continued)
Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
Mosaic Church Limited is a charitable company limited by guarantee and accordingly does not have a share capital. The Eldership Team are the sole members of the company limited by guarantee.
Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.
18
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
5. Donations and legacies
| 5. | Donations and legacies | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2020 | ||
| £ | £ | £ | ||
| Donations | ||||
| Mosaic Church | 337,873 | – | 337,873 | |
| Our Catalyst Hub | – | 16,648 | 16,648 | |
| Oak Church | – | 133,033 | 133,033 | |
| COVID-19 Care | – | 13,760 | 13,760 | |
| Turbocam Donations | – | 30,841 | 30,841 | |
| Gift Aid | 73,501 | 24,173 | 97,673 | |
| Grants | ||||
| Grants receivable | 1,600 | 5,000 | 6,600 | |
| Government grant income | – | 1,060 | 1,060 | |
| --------------------------------- | --------------------------------- | --------------------------------- | ||
| 412,974 | 224,515 | 637,488 | ||
| ================================= | ================================= | ================================= | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2019 | ||
| £ | £ | £ | ||
| Donations | ||||
| Mosaic Church | 375,118 | – | 375,118 | |
| Our Catalyst Hub | – | – | – | |
| Oak Church | – | 113,915 | 113,915 | |
| COVID-19 Care | – | – | – | |
| Turbocam Donations | – | – | – | |
| Gift Aid | 100,826 | – | 100,826 | |
| Grants | ||||
| Grants receivable | 1,262 | 1,239 | 2,502 | |
| Government grant income | – | – | – | |
| --------------------------------- | --------------------------------- | --------------------------------- | ||
| 477,206 | 115,154 | 592,361 | ||
| ================================= | ================================= | ================================= | ||
| 6. | Charitable activities | |||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2020 | ||
| £ | £ | £ | ||
| Leeds School of Theology | – | 55,989 | 55,989 | |
| Activities and Projects | 2,802 | 150 | 2,952 | |
| FP Impact Course fees | – | – | – | |
| ----------------------- | ---------------------------- | ---------------------------- | ||
| 2,802 | 56,139 | 58,941 | ||
| ======================= | ============================ | ============================ |
19
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
6. Charitable activities (continued)
| 6. | Charitable activities (continued) | |||
|---|---|---|---|---|
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2019 | ||
| £ | £ | £ | ||
| Leeds School of Theology | – | 69,492 | 69,492 | |
| Activities and Projects | 18,415 | – | 18,415 | |
| FP Impact Course fees | 1,200 | – | 1,200 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| 19,615 | 69,492 | 89,107 | ||
| ============================ | ============================ | ============================ | ||
| 7. | Other income |
| Other income | |||
|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Sundry income | – | – | – |
| Gain on disposal of tangible fixed assets held for | |||
| charity's own use | – | 207 | 207 |
| -------------- | -------------- | -------------- | |
| – | 207 | 207 | |
| ============== | ============== | ============== | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Sundry income | 1,201 | – | 1,201 |
| Gain on disposal of tangible fixed assets held for | |||
| charity's own use | – | – | – |
| ----------------------- | -------------- | ----------------------- | |
| 1,201 | – | 1,201 | |
| ======================= | ============== | ======================= |
20
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
8. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Mosaic Church - Central | 12,396 | – | 12,396 |
| Mosaic - North | 13,080 | – | 13,080 |
| Mosaic - South | 11,599 | – | 11,599 |
| Mosaic - Staff costs | 246,296 | – | 246,294 |
| Mosaic - Training | 5,838 | – | 5,838 |
| Mosaic - Grants and Giving | 17,106 | – | 17,106 |
| Mosaic - Projects | 2,608 | 27,303 | 29,912 |
| Oak Church | – | 21,293 | 21,293 |
| Oak Church - Leadership | – | 4,104 | 4,104 |
| Oak Church - Ministry | – | 2,408 | 2,408 |
| Oak Church - Staff costs | – | 62,194 | 62,194 |
| Oak Church - Grants and Giving | – | 7,677 | 7,677 |
| Leeds School of Theology | – | 54,242 | 54,242 |
| Holbeck | 3,506 | 2,604 | 6,110 |
| CAP Job Club | – | 1,388 | 1,388 |
| COVID Care | – | 4,019 | 4,019 |
| Impact course | – | 4,936 | 4,936 |
| Turbocam supported staff costs | – | 17,710 | 17,710 |
| Support costs | 37,126 | 6,678 | 43,804 |
| --------------------------------- | --------------------------------- | --------------------------------- | |
| 349,555 | 216,556 | 566,110 | |
| ================================= | ================================= | ================================= | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Mosaic Church - Central | 33,462 | – | 33,462 |
| Mosaic - North | 25,977 | – | 25,977 |
| Mosaic - South | 24,683 | – | 24,683 |
| Mosaic - Staff costs | 234,229 | – | 234,230 |
| Mosaic - Training | 15,689 | – | 15,689 |
| Mosaic - Grants and Giving | 23,500 | – | 23,500 |
| Mosaic - Projects | 19,547 | 101 | 19,648 |
| Oak Church | – | 18,197 | 18,197 |
| Oak Church - Leadership | – | 1,265 | 1,265 |
| Oak Church - Ministry | – | 4,536 | 4,536 |
| Oak Church - Staff costs | – | 51,828 | 51,828 |
| Oak Church - Grants and Giving | – | 2,591 | 2,591 |
| Leeds School of Theology | – | 52,573 | 52,573 |
| Holbeck | – | 4,697 | 4,697 |
| CAP Job Club | – | 854 | 854 |
| COVID Care | – | – | – |
| Impact course | – | – | – |
| Turbocam supported staff costs | – | – | – |
| Support costs | 39,003 | 8,776 | 47,779 |
| --------------------------------- | --------------------------------- | --------------------------------- | |
| 416,090 | 145,418 | 561,509 | |
| ================================= | ================================= | ================================= |
21
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
9. Expenditure on charitable activities by activity type
| Activities | Grant | ||||
|---|---|---|---|---|---|
| undertaken | funding of | Support | Total funds | Total fund | |
| directly | activities | costs | 2020 | 2019 | |
| £ | £ | £ | £ | £ | |
| Mosaic Church - | |||||
| Central | 12,396 | – | 33,214 | 45,610 | 64,156 |
| Mosaic - North | 13,080 | – | – | 13,080 | 25,977 |
| Mosaic - South | 11,599 | – | – | 11,599 | 24,683 |
| Mosaic - Staff costs | 246,294 | – | – | 246,294 | 234,230 |
| Mosaic - Training | 5,838 | – | – | 5,838 | 15,689 |
| Mosaic - Grants and | |||||
| Giving | – | 17,106 | – | 17,106 | 30,009 |
| Mosaic - Projects | 25,912 | 4,000 | – | 29,912 | 19,648 |
| Oak Church | 21,293 | – | 6,430 | 27,723 | 24,884 |
| Oak Church - | |||||
| Leadership | 4,104 | – | – | 4,104 | 1,265 |
| Oak Church - Ministry | 2,408 | – | – | 2,408 | 4,536 |
| Oak Church - Staff | |||||
| costs | 62,194 | – | – | 62,194 | 51,828 |
| Oak Church - Grants | |||||
| and Giving | – | 7,677 | – | 7,677 | 4,200 |
| Leeds School of | |||||
| Theology | 54,242 | – | – | 54,242 | 52,573 |
| Holbeck | 6,110 | – | – | 6,110 | 4,697 |
| CAP Job Club | 1,388 | – | – | 1,388 | 854 |
| COVID Care | – | 4,019 | 248 | 4,267 | – |
| Impact course | 4,936 | – | – | 4,936 | – |
| Turbocam supported | |||||
| staff costs | 17,710 | – | – | 17,710 | – |
| Governance costs | – | – | 3,912 | 3,912 | 2,280 |
| --------------------------------- | ---------------------------- | ---------------------------- | --------------------------------- | --------------------------------- | |
| 489,504 | 32,802 | 43,804 | 566,110 | 561,509 | |
| ================================= | ============================ | ============================ | ================================= | ================================= |
22
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
10. Analysis of support costs
| Mosaic | Oak | Govern- | ||||
|---|---|---|---|---|---|---|
| Church | Church | Covid-19 | ance costs | Total 2020 | Total 2019 | |
| £ | £ | £ | £ | £ | £ | |
| Staff costs | – | – | – | – | – | 4,340 |
| Premises | 21,111 | – | – | – | 21,111 | 22,365 |
| General office | 8,819 | 5,628 | 248 | – | 14,695 | 13,355 |
| Legal and | ||||||
| professional fees | – | – | – | – | – | 480 |
| Independent | ||||||
| examination fee | – | – | – | 3,912 | 3,912 | 1,800 |
| Insurance | 3,284 | – | – | – | 3,284 | 1,661 |
| Travel and | ||||||
| subsistence | – | 271 | – | – | 271 | 3,778 |
| Online costs | – | 531 | – | – | 531 | – |
| ---------------------------- | ----------------------- | -------------- | ----------------------- | ---------------------------- | ---------------------------- | |
| 33,214 | 6,430 | 248 | 3,912 | 43,804 | 47,779 | |
| ============================ | ======================= | ============== | ======================= | ============================ | ============================ |
23
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
11. Analysis of grants
| 11. | Analysis of grants | ||
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Grants to institutions | |||
| Catalyst Network of churches | 9,587 | 13,900 | |
| June Project | – | 250 | |
| Transformation Leeds | 480 | 480 | |
| Holbeck Foodbank | 480 | 480 | |
| Kidz Klub Leeds | 480 | 848 | |
| Know Leeds (CU mission week) | – | 1,000 | |
| Pudsey Parish Church | – | 300 | |
| Resurrection Church Plant | – | 700 | |
| Leeds Faith in schools | – | 3,000 | |
| Vinjeru School trust | 500 | 368 | |
| Open Doors UK | 1,056 | 500 | |
| Zambia Project | 300 | 300 | |
| Joanna Charity | 1,056 | – | |
| Pakistan Church | 1,000 | – | |
| Ukraine | 1,526 | – | |
| Covid | 4,700 | – | |
| Ashish Churches | 2,000 | – | |
| ---------------------------- | ---------------------------- | ||
| 23,165 | 22,126 | ||
| Grants to individuals | |||
| 6 - Promotion of Christianity (2019 - 1) | 1,535 | 1,000 | |
| 0 - Travel to acts of worship (2019 - 4) | – | 192 | |
| 4 - Equipment (2019 -1) | 160 | 500 | |
| 22 - Welfare (2019 - 1) | 1,409 | 248 | |
| 6 - Education/Training (2019 - 1) | 250 | 1,000 | |
| 12 - Travel (2019 - 1) | 1,369 | 1,000 | |
| 8 - Social care (2019 - 1) | 895 | 25 | |
| 8 - Covid-19 (2019 - 0) | 4,019 | – | |
| ----------------------- | ----------------------- | ||
| 9,637 | 3,965 | ||
| ---------------------------- | ---------------------------- | ||
| Total grants | 32,802 | 26,091 | |
| ============================ | ============================ | ||
| 12. | Net income | ||
| Net income is stated after charging/(crediting): | |||
| 2020 | 2019 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets | 3,981 | 8,007 | |
| Operating lease rentals | 13,720 | 18,133 | |
| ============================ | ============================ |
24
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
13. Independent examination fees
| Independent examination fees | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the Annual Report and Financial | ||
| Statements | 3,912 | 1,800 |
| ======================= | ======================= |
14. Staff costs
The average head count of employees during the year was 21 (2019: 18). The average number of full-time equivalent employees during the year is analysed as follows:
number of full-time equivalent employees during the |
year is analysed as follows: |
|
|---|---|---|
| 2020 | 2019 | |
| No. | No. | |
| Charitable activities | 8 | 7 |
| Management and administration | 5 | 4 |
| -------------- | -------------- | |
| 13 | 11 | |
| ============== | ============== |
No employee received employee benefits of more than £60,000 during the year (2019: Nil).
Key Management Personnel
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £151,035 (2019:£139,666).
15. Trustee remuneration and expenses
During the current and previous year, no remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
During the current and previous year, no reimbursed expenses were paid to any trustees by the Charity or any related entity.
16. Transfers between funds
During the year, the Trustees transferred funds from the General Unrestricted Funds as follows:
£10,000 to the Designated Church Planting Fund to provide seed money for future Church plants from Mosaic and associated churches.
£3,600 from The Oak Church Fund to correct an overstatement in this fund in prior periods.
£16,100 to the Our Catalyst Hub Fund to represent the restricted donations collected during the period.
£15,000 from the Designated Mosaic Project Fund to correct an overstatement in this fund in prior periods.
25
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
17. Tangible fixed assets
| 17. | Tangible fixed assets | ||||
|---|---|---|---|---|---|
| Freehold | Plant and | ||||
| property | machinery | Equipment | Total | ||
| £ | £ | £ | £ | ||
| Cost | |||||
| At 1 January 2020 | 295,023 | 18,643 | 3,638 | 317,304 | |
| Additions | – | 6,419 | 4,640 | 11,059 | |
| Disposals | – | (2,030) | – | (2,030) | |
| --------------------------------- | ---------------------------- | ----------------------- | --------------------------------- | ||
| At 31 December 2020 | 295,023 | 23,032 | 8,278 | 326,333 | |
| ================================= | ============================ | ======================= | ================================= | ||
| Depreciation | |||||
| At 1 January 2020 | – | 14,039 | 3,530 | 17,569 | |
| Charge for the year | – | 2,794 | 1,187 | 3,981 | |
| Disposals | – | (1,465) | – | (1,465) | |
| --------------------------------- | ---------------------------- | ----------------------- | --------------------------------- | ||
| At 31 December 2020 | – | 15,368 | 4,717 | 20,085 | |
| ================================= | ============================ | ======================= | ================================= | ||
| Carrying amount | |||||
| At 31 December 2020 | 295,023 | 7,664 | 3,561 | 306,248 | |
| ================================= | ============================ | ======================= | ================================= | ||
| At 31 December 2019 | 295,023 | 4,604 | 108 | 299,735 | |
| ================================= | ============================ | ======================= | ================================= | ||
| 18. | Debtors | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Prepayments and accrued income | 71 | 2,447 | |||
| Rent recoverable | 5,400 | 5,400 | |||
| Gift Aid recoverable | 13,507 | 29,110 | |||
| ---------------------------- | ---------------------------- | ||||
| 18,978 | 36,957 | ||||
| ============================ | ============================ | ||||
| The debtors above include the following amounts falling due after | more than one | year: | |||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Rent recoverable | 5,400 | 5,400 | |||
| ======================= | ======================= | ||||
| 19. | Creditors: amounts falling due within one year | ||||
| 2020 | 2019 | ||||
| £ | £ | ||||
| Bank loans and overdrafts | 8,176 | 7,950 | |||
| Accruals and deferred income | 9,458 | 11,811 | |||
| Social security and other taxes | 6,946 | 1,543 | |||
| Pension liabilities | 2,083 | 1,679 | |||
| ---------------------------- | ---------------------------- | ||||
| 26,663 | 22,983 | ||||
| ============================ | ============================ |
26
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
20. Creditors: amounts falling due after more than one year
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts | 140,265 | 149,148 |
| Other long term concessionary loan | 100,000 | 100,000 |
| --------------------------------- | --------------------------------- | |
| 240,265 | 249,148 | |
| ================================= | ================================= |
In June 2015, the Charity arranged a loan with NatWest Plc for £185,000. This loan is secured on the Land & Building at 54 Bradford Road, Pudsey, LS28 6EF. The loan is repayable over a 10-year period with an interest rate of 2.04% over the Base Rate with maturity in June 2025 and a final balloon repayment in June 2025.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2019: £114,946) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2019: £100,000) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
In February 2015, the Charity arranged an interest-free loan of £100,000 from friends of Mosaic Church. The loan is due to repaid in full in January 2025.
21. Deferred income
| Deferred income | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| At 1 January 2020 | 490 | 560 |
| Amount released to income | (490) | (70) |
| -------------- | -------------- | |
| At 31 December 2020 | – | 490 |
| ============== | ============== |
Deferred income arises on ticket proceeds for the 2019-2020 Discipleship course.
The reason why it is deferred is because the course ran over 2 financial years and the funds were designated to support the rest of the course costs in 2020.
22. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £23,178 (2019: £11,877).
27
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
23. Government grants
The amounts recognised in the Annual Report and Financial Statements for government grants are as follows:
grants are as follows: |
||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Recognised in income from donations and legacies: | ||
| Government grants income | 1,060 | – |
| ======================= | ============== |
24. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At 1 | At 31 | ||||
| January | December | ||||
| 2020 | Income | Expenditure | Transfers | 2020 | |
| £ | £ | £ | £ | £ | |
| General funds | 161,549 | 405,474 | (346,347) | (7,500) | 213,176 |
| Mosaic Projects | 25,624 | 2,802 | (2,608) | (15,000) | 10,818 |
| Building Fund | 130,000 | 7,500 | (600) | – | 136,900 |
| Church Planting Fund | 10,000 | – | – | 10,000 | 20,000 |
| --------------------------------- | --------------------------------- | --------------------------------- | ---------------------------- | --------------------------------- | |
| 327,173 | 415,776 | (349,555) | (12,500) | 380,894 | |
| ================================= | ================================= | ================================= | ============================ | ================================= | |
| At 1 | At 31 | ||||
| January | December | ||||
| 2019 | Income | Expenditure | Transfers | 2019 | |
| £ | £ | £ | £ | £ | |
| General funds | 114,240 | 479,608 | (396,544) | (35,755) | 161,549 |
| Mosaic Projects | 26,756 | 18,414 | (19,546) | – | 25,624 |
| Building Fund | 100,000 | – | – | 30,000 | 130,000 |
| Church Planting Fund | – | – | – | 10,000 | 10,000 |
| --------------------------------- | --------------------------------- | --------------------------------- | ---------------------------- | --------------------------------- | |
| 240,996 | 498,022 | (416,090) | 4,245 | 327,173 | |
| ================================= | ================================= | ================================= | ============================ | ================================= |
Mosaic Projects Fund - the monies in this fund relate to income for specific projects and events organised and overseen by Mosaic (rather than general income).
Building Fund - the money in this fund relates to special offering designated gifts to be used in future for investments in buildings.
Church Planting Fund - the transfers to this fund, of money from our regular giving, are saved to support church plants that arise in the future.
The designated funds are wholly represented by the Charity's cash reserves.
28
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
24. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | |||||
|---|---|---|---|---|---|
| At 1 | At 31 | ||||
| January | December | ||||
| 2020 | Income | Expenditure | Transfers | 2020 | |
| £ | £ | £ | £ | £ | |
| Holbeck Fund | 10,058 | 150 | (2,605) | – | 7,603 |
| Job Club Fund | 2,365 | – | (1,387) | – | 978 |
| Leeds School of | |||||
| Theology | 30,636 | 56,196 | (54,241) | – | 32,591 |
| The Oak Church | 78,130 | 155,525 | (104,107) | (3,600) | 125,948 |
| Acorns Play Group | 110 | – | – | – | 110 |
| Our Catalyst Hub Fund | 8,974 | 16,648 | (27,303) | 16,100 | 14,419 |
| COVID-19 Care Fund | – | 16,501 | (4,267) | – | 12,234 |
| Impact Fund | – | 5,000 | (4,936) | – | 64 |
| Turbocam Donations | |||||
| Fund | – | 30,841 | (17,710) | – | 13,131 |
| --------------------------------- | --------------------------------- | --------------------------------- | ---------------------------- | --------------------------------- | |
| 130,273 | 280,861 | (216,556) | 12,500 | 207,078 | |
| ================================= | ================================= | ================================= | ============================ | ================================= | |
| At 1 | At 31 | ||||
| January | December | ||||
| 2019 | Income | Expenditure | Transfers | 2019 | |
| £ | £ | £ | £ | £ | |
| Holbeck Fund | 19,000 | – | (4,697) | (4,245) | 10,058 |
| Job Club Fund | 2,090 | 1,129 | (854) | – | 2,365 |
| Leeds School of | |||||
| Theology | 13,716 | 69,492 | (52,572) | – | 30,636 |
| The Oak Church | 60,484 | 104,840 | (87,194) | – | 78,130 |
| Acorns Play Group | – | 110 | – | – | 110 |
| Our Catalyst Hub Fund | – | 9,075 | (101) | – | 8,974 |
| COVID-19 Care Fund | – | – | – | – | – |
| Impact Fund | – | – | – | – | – |
| Turbocam Donations | |||||
| Fund | – | – | – | – | – |
| ---------------------------- | --------------------------------- | --------------------------------- | ----------------------- | --------------------------------- | |
| 95,290 | 184,646 | (145,418) | (4,245) | 130,273 | |
| ============================ | ================================= | ================================= | ======================= | ================================= |
29
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
24. Analysis of charitable funds (continued)
Holbeck Fund - donations specifically to set up and run services and outreach including 0.5 days of staff time.
Job Club Fund - donations specifically to set up and run the CAP Job Club in North Leeds.
Leeds School of Theology - donations specifically to set up and run the Leeds School of Theology.
The Oak Church - the monies in this fund relate to donations specifically given for, and used by, The Oak Church (Mosaic's church plant in West Leeds).
Acorns Play Group - the monies in this fund relate to a grant given by Leeds City Council to run a children's play group in south Leeds.
Our Catalyst Hub Fund - the monies in this fund are restricted to management and outworking's for our Catalyst Hub of churches. From grant giving to staff and travel support to all the churches in the Hub and external.
COVID Care Fund - This fund was created for Church members to support other Church members going through financial difficulties due to the Covid Lockdowns. It has pastoral oversight of the grant process and rules to manage the claims against the fund.
Impact Fund - the monies in this fund relate to donations received specifically to support the impact internships. The donations fund 1 day of staff time per week.
Turbocam Gift Fund - the monies in this fund relate to supporting the ministry of Mosaic Church specifically to cover staff costs for one individual.
25. Analysis of net assets between funds
| Analysis of net assets between funds | |||
|---|---|---|---|
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2020 | |
| £ | £ | £ | |
| Tangible fixed assets | 8,237 | 298,011 | 306,248 |
| Current assets | 385,143 | 163,508 | 548,651 |
| Creditors less than 1 year | (12,486) | (14,176) | (26,662) |
| Creditors greater than 1 year | – | (240,265) | (240,265) |
| --------------------------------- | --------------------------------- | --------------------------------- | |
| Net assets | 380,894 | 207,078 | 587,972 |
| ================================= | ================================= | ================================= | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2019 | |
| £ | £ | £ | |
| Tangible fixed assets | 1,692 | 298,043 | 299,735 |
| Current assets | 340,513 | 89,328 | 429,841 |
| Creditors less than 1 year | (15,032) | (7,950) | (22,982) |
| Creditors greater than 1 year | – | (249,148) | (249,148) |
| --------------------------------- | --------------------------------- | --------------------------------- | |
| Net assets | 327,173 | 130,273 | 457,446 |
| ================================= | ================================= | ================================= |
30
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
26. Cash generated from operations
| Cash generated from operations | |||
|---|---|---|---|
| 2020 | 2019 | ||
| £ | £ | ||
| Net income | 130,526 | 121,160 | |
| Adjustments for: | |||
| Depreciation of tangible fixed assets | 3,981 | 8,007 | |
| Government grant income | (1,060) | – | |
| Interest payable and similar charges | 3,620 | 5,648 | |
| Gains on disposal of tangible fixed assets | (207) | – | |
| Accrued (income)/expenses | (1,863) | 9,221 | |
| Deferred income | – | 45,767 | |
| Changes in: | |||
| Trade and other debtors | 17,979 | 63,024 | |
| Trade and other creditors | 5,317 | (43,725) | |
| --------------------------------- | --------------------------------- | ||
| 158,293 | 209,102 | ||
| ================================= | ================================= | ||
| Analysis of changes in net debt | |||
| At 1 | At 31 | ||
| Jan 2020 | Cash flows | Dec 2020 | |
| £ | £ | £ | |
| Cash at bank and in hand | 392,885 | 136,789 | 529,674 |
| Debt due within one year | (7,950) | (226) | (8,176) |
| Debt due after one year | (149,148) | 8,883 | (140,265) |
| --------------------------------- | --------------------------------- | --------------------------------- | |
| 235,787 | 145,446 | 381,233 | |
| ================================= | ================================= | ================================= |
27. Analysis of changes in net debt
28. Operating lease commitments
| Operating lease commitments | Operating lease commitments | Operating lease commitments |
|---|---|---|
| The total future minimum lease payments under non-cancellable operating leases are as | ||
| follows: | ||
| 2020 | 2019 | |
| £ | £ | |
| Not later than 1 year | 8,003 | – |
| Later than 1 year and not later than 5 years | – | 30,574 |
| ----------------------- | ---------------------------- | |
| 8,003 | 30,574 | |
| ======================= | ============================ |
31
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
29. Post balance sheet events
Non-adjusting event arising from COVID-19
The COVID-19 outbreak, and subsequent restrictions carried on into the middle of 2021 withrestrictions being reintroduced in December. While we did not meet in person until April 2021, we continued to follow the various national institutes' policies and advice and, in parallel, will do our upmost to continue our operations in the best and safest way possible without jeopardising the health of our people and our visitors.
As with 2020, our financial donations have increased and our expenditures have significantly decreased. The ongoing pandemic restrictions have lowered the number of new people signing up for the Leeds School of Theology courses but the Trustees feel that the protection in place for the budgets and the support from the local churches will not affect the financial outlook of LSoT.
The Trustees have assessed the impact of uncertainties caused by the COVID-19 pandemic on the going concern basis under which these accounts are prepared and have reviewed the carrying values of all the assets in the light of the pandemic. The Trustees believe that the Charity is in a strong position and does not need to dip into reserves to continue funding the charitable operations and activities and that the long-term viability of the Charity remains unchanged from its position in previous years.
30. Related parties
No payments were made to Directors or any persons connected with them during this financial period. No material transaction took place between the charity and a trustee or any person connected with them.
Total amount of donations received without conditions from trustees or other related parties amounted to £25,490 (2019: £24,060).
32
Mosaic Church Limited
Company Limited by Guarantee
Notes to the Annual Report and Financial Statements (continued)
Year ended 31 December 2020
31. Comparative disclosures for the statement of financial activity
activity |
|||
|---|---|---|---|
| 2019 | |||
| Unrestricted | Restricted | ||
| funds | funds | Total funds | |
| £ | £ | £ | |
| Income and endowments | |||
| Donations and legacies | 477,206 | 115,154 | 592,361 |
| Charitable activities | 19,615 | 69,492 | 89,107 |
| Other income | 1,201 | – | 1,201 |
| --------------------------------- | --------------------------------- | --------------------------------- | |
| Total income | 498,022 | 184,646 | 682,669 |
| ================================= | ================================= | ================================= | |
| Expenditure | |||
| Expenditure on charitable activities | 416,090 | 145,418 | 561,509 |
| --------------------------------- | --------------------------------- | --------------------------------- | |
| Total expenditure | 416,090 | 145,418 | 561,509 |
| ================================= | ================================= | ================================= | |
| --------------------------------- | --------------------------------- | --------------------------------- | |
| Net income | 81,932 | 39,228 | 121,160 |
| ================================= | ================================= | ================================= | |
| Transfers between funds | 4,245 | (4,245) | – |
| --------------------------------- | --------------------------------- | --------------------------------- | |
| Net movement in funds | 86,177 | 34,983 | 121,160 |
| Reconciliation of funds | |||
| Total funds brought forward | 240,996 | 95,290 | 336,286 |
| --------------------------------- | --------------------------------- | --------------------------------- | |
| Total funds carried forward | 327,173 | 130,273 | 457,446 |
| ================================= | ================================= | ================================= |
33