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2022-03-31-accounts

Company Registration number 06101946 Charity Registration number 1120286

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

ANNUAL REPORT AND FINANCIAL STATEMENTS

31 March 2022

Stephenson Coates Audit Limited Chartered Accountants West 2, Asama Court Newcastle Business Park Newcastle upon Tyne NE4 7YD

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

CONTENTS

Page
Report of the directors 1 - 5
Independent examiner’s report 6
Statement of financial activities 7
Balance sheet 8 - 9
Cash flow statement 10
Notes to the financial statements 11 - 18

EMMANUEL CHURCH DURHAM (a Company limited by guarantee without Share Capital)

REPORT OF THE DIRECTORS

The directors present their report and the financial statements for the year ended 31 March 2022.

Reference and administrative details

Company number: 06101946
Charity number: 1120286
Principal address: The Durham Centre
Belmont Industrial Estate
Durham
DH1 1TN
Independent examiner: John Oswald BA FCA
Stephenson Coates Audit Limited
Chartered Accountants
West 2, Asama Court
Newcastle Business Park
Newcastle upon Tyne, NE4 7YD
Bankers: CAF Bank
25 Kings Hill Avenue
Kings Hill
West Malling
Kent, ME19 4JQ
Barclays Bank PLC
6 Market Place
Durham
DH1 3ND
Solicitors: Richmond Partnership
19 Old Elvet
Durham
DH3 3TA
Directors

The following directors of the charitable company (who are its trustees for the purposes of charity law) served during the year and up to the date of approval of this report:

G A Bell Executive Chairman and Senior Elder I J Portwine Executive Director and Elder J E Booth Non-executive and Treasurer W R Byng Non-executive lay member Company secretary: A J Biggs

Page 1

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

REPORT OF THE DIRECTORS

(continued)

Structure, governance and management

Governing document

Emmanuel Church Durham is a Company limited by guarantee, governed by its Memorandum and Articles of Association dated 13 February 2007.

The charitable company was incorporated in order to provide a distinct legal entity to carry out the activities of Emmanuel Church Durham which since 1991 had been undertaken through a charitable trust. The company was registered with the Charity Commission on 26 July 2007. On 1 December 2007 the entire assets, liabilities and undertakings of the Emmanuel Church Durham charitable trust were transferred to the charitable company.

There are currently three members, each of whom agree to contribute £1 in the event of the charitable company winding up.

Appointment and retirement of directors

Directors are required to sign a confirmation that they adhere to the articles of faith contained within the company's Memorandum and Articles of Association and that they understand their obligations as directors. Directors serve for a fixed term of two years and are eligible for reappointment.

Directors’ induction and training

The Charity Commission website and publications are used to keep the directors up to date with developments in the charitable sector. The necessity for formal training sessions for individual directors is reviewed each year.

Organisation

The charitable company operates primarily in the County Durham area, with links with churches and Christian organisations both in the UK and internationally. Church membership is voluntary and free.

The charitable company is overseen by a board of directors, which consists of the two of the five leaders – Elders - of Emmanuel Church and, currently, two lay members. The Elders of the Church are responsible for the day-today running of the charitable company, including the direction of the Church and the pastoral care of the membership. The lay members include the Treasurer and other persons operating in a non-executive capacity.

The board of directors meets at least quarterly, to review the finances, risk management, legal issues and other matters affecting the charitable company. A separate remuneration sub-committee operates consisting of the nonexecutive directors who do not receive payments from the charitable company to review the financial provision for the two full-time executive directors.

In setting our objectives and planning our activities, the directors have regard to the Charity Commission's public benefit guidance when exercising any powers or duties to which the guidance is relevant.

Page 2

EMMANUEL CHURCH DURHAM (a Company limited by guarantee without Share Capital)

REPORT OF THE DIRECTORS

(continued)

Risk management

The board of directors considers the major risks to which the charitable company is exposed and identifies the appropriate mitigation. To this end the charity has taken out employer's liability, public liability and buildings insurance.

A strict child protection policy is implemented; all voluntary helpers who work with children are subject to criminal records bureau checks and must comply with detailed guidelines for the care of children. In order to ensure the safety of the Church members and general public a team of stewards operate during Sunday meetings. A fire evacuation plan has been drawn up.

A system of financial control exists to prevent the loss of the charity's assets through fraud and mismanagement. Financial reports are made at least quarterly to the Board. Our reserves policy is reviewed annually.

Objectives, activities and achievements

The objectives of the charitable company are:-

The vision of the Church is - To be a growing charismatic family church with a world vision.

This year has seen the transition from COVID-19 restrictions back to normal life without restrictions, which we welcome very much. From July 2021 we were able to meet together in one meeting on a Sunday morning and have benefited from having everyone together. A few people left the church during the pandemic, but many more have been added to us and have integrated well. Zoom continues to be used when it suits us and has been a great tool in connecting with friends overseas. All of our kids, youth and community provision is back in person, and growing, as is our student work. We were also able to host a major national Conference for our church group over three days in November.

Conference trade during the year has been slowly building back up. Consequently, church income has been growing.

The development of The Emmanuel Centre (TEC), our new building with capacity for 500 seats, has continued to be the cause of great frustration. We were planning to move into the building in Easter 2021, but that was not possible because of a design fault in the heating system. This year has been spent trying to rectify the issue which has taken far longer than anyone would have expected and is still on-going.

Connections with the community have continued to be strengthened with our Make Lunch initiative, detached youth work, school assemblies and supporting the Christian Unions of local schools. We were able to run a number of Alpha courses during the year, one of which was hosted by a substance rehabilitation charity in Seaham.

Our newly launched Emmanuel Global Reach (EGR) initiative has assisted us in our outreach to the nations. A number of training conferences have been put on, one including a prominent International ministry. Through that a connection has been made to a group based in Bulgaria and planning for a team to go there has commenced. There has also been support to a church family relocating to Kenya for a season as well as numerous new prayer initiatives for specific areas of the world.

Page 3

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

REPORT OF THE DIRECTORS

(continued)

Financial review

We remain very grateful for the strength of our voluntary income, both regular giving and giving for specific purposes. The Durham Centre again incurred losses in the year, as it recovers from the Government imposed Covid-19 restrictions to it trading. We achieved a surplus in the year on unrestricted funds of £29,376, compared with £72,267 in the previous year.

The development of The Emmanuel Centre stalled in the year because of the problem with the heating system. We incurred legal costs with our claims on this work. We also incurred costs in drawing up plans for Phase 2 of the development.

Investment policy

As the guaranteed unrestricted funds are minimal, there is little opportunity for investment. The directors have considered the most appropriate policy for investing cash resources and have decided that bank deposits meet their requirements of a reasonable rate of return, without significant capital risk, and with predictable accessibility to the funds. We review this policy regularly.

Reserves policy

It remains the directors’ policy to maintain free reserves of between six to twelve months fixed committed expenditure. Free reserves at 31 March 2022 were £401,150 (2021: £361,016). The directors are satisfied that this provides a reasonable level of reserves to hold for our ongoing activities, including trading activities at The Durham Centre, and for our development commitments.

Plans for future periods

TDC business is beginning to see the first shoots of growth as it is able to trade again. As confidence returns to business, we feel we are in an ideal position to serve them. With the potential movement away from office to home-based work we see a real opportunity in being able to provide a context to bring people together again.

Movement into TEC is important for our growth potential and raising funds to be able to develop the second phase which will give a foyer, toilets, kitchen and meeting rooms will be ongoing.

Page 4

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

REPORT OF THE DIRECTORS

(continued)

Statement of the directors' responsibilities in relation to the financial statements

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

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the directors on 18 December 2022 and signed on their behalf by:

G A Bell Chair

Page 5

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

INDEPENDENT EXAMINER’S REPORT TO THE DIRECTORS ON THE UNAUDITED FINANCIAL STATEMENTS OF EMMANUEL CHURCH DURHAM

I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 31 March 2022, which are set out on pages 7 to 18.

Responsibilities and basis of report

As the charity’s trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of 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 your charity’s accounts as carried out under section 145 of the Charities Act 2011 (the ‘2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s report

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.

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:

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.

John Oswald BA FCA Stephenson Coates Audit Limited Chartered Accountants West 2, Asama Court Newcastle Business Park Newcastle upon Tyne NE4 7YD

18 December 2022

Page 6

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

STATEMENT OF FINANCIAL ACTIVITIES (including income and expenditure account)

FOR THE YEAR ENDED 31 MARCH 2022
Unrestricted Restricted
funds
funds
Note
£
£
INCOME FROM:
Giving
2
379,119
54,575
Charitable activities
Bible weeks, weekends away and events
1,508
-
Other trading activities
The Durham Centre – covenanted donation
16
-
-
Investments
3
178
-
Coronavirus job retention scheme grants
2,462
-
_
_
Total
383,267
54,575


EXPENDITURE ON:
Charitable activities
4
353,891
44,893


Total
353,891
44,893


NET INCOME
5-7
29,376
9,682
Gross transfers between funds
-
-
NET MOVEMENT IN FUNDS
29,376
9,682
Total funds brought forward
1,836,464
3,411


Total funds carried forward
14/15
1,865,840
13,093

___		 Total
2022
£
433,694
1,508
-
178
2,462
__
437,842
_
398,784

398,784

39,058
-
39,058
1,839,875
_
1,878,933
______		 Total
2021
£
432,795
315
-
173
27,974
__
461,257
_
324,439

324,439

136,818
-
136,818
1,703,057
_
1,839,875
______

The charitable company has no recognised gains or losses other than the results for the period as set out above. All of the activities of the charitable company are classed as continuing.

The notes on pages 11 to 18 form part of these financial statements.

Page 7

(a Company limited by guarantee without Share Capital)

EMMANUEL CHURCH DURHAM

BALANCE SHEET

AT 31 MARCH 2022

Note
Fixed assets
Tangible assets
8
Investments
9
Current assets
Debtors
10
Cash and bank and in hand
11
Creditors: amounts falling due
within one year
12
Net current assets
Total assets less current liabilities
Creditors: amounts falling due
after one year
13
Net assets
Funds
Unrestricted
14/15
Restricted
14/15
Total funds		 2022
£
£
2,307,714
7
2,307,721
153,596
295,879
449,475
(74,078)
375,397
2,683,118
(804,185)
_
1,878,933
_
1,865,840
13,093
_
1,878,933
_		 2021
£
£
2,348,187
7
2,348,194
147,048
240,367
387,415
(58,688)
328,727
2,676,921
(837,046)
_
1,839,875
_
1,836,464
3,411
_
1,839,875
_

The Balance Sheet continues on the following page.

Page 8

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

BALANCE SHEET (continued)

Directors’ statements required by the Companies Act 2006 for the year ended 31 March 2022

In approving these financial statements as directors of the company we hereby confirm:

(1) ensuring that the company keeps adequate accounting records which comply with section 386 of the Companies Act 2006, and

(2) preparing financial statements which give a true and fair view of the state of affairs of the charitable company at the end of the financial year and of its profit or loss for the year then ended in accordance with the requirements of sections 394 and 395, and which otherwise comply with the provisions of the Companies Act relating to financial statements, so far as applicable to the charitable company.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

The financial statements were approved and authorised for issue by the directors on 18 December 2022:

G.A. Bell J. Booth I.J. Portwine W. Byng

Company registration no. 06101946

The notes on pages 11 to 18 form part of these financial statements.

Page 9

EMMANUEL CHURCH DURHAM

(a company limited by guarantee without share capital)

CASH FLOW STATEMENT YEAR ENDED 31 MARCH 2022

Reconciliation of net income to net
cash flows from operating activities
Net income for year
Investment income
Depreciation
Loss on disposal of fixed assets
Movement in debtors
Movement in creditors
Net cash inflow from operating activities
Cash flows from investing activities
Purchases of tangible fixed
assets
Investment income
Net cash flows from investing activities
Cash flows from financing activities
Repayments of bank loan
Additional bank loans received
Net cash flow from financing activities
Net increase/(decrease) in cash
and cash equivalents
Cash and cash equivalents at start of year
Cash and cash equivalents at end of year		 2022
£
£
39,058
(178)
71,510
-
(6,548)
12,244
116,086
(31,037)
178
(30,859)
(29,715)
-
(29,715)
55,512
240,367
295,879		 2021
£
£
136,818
(173)
66,385
-
(27,304)
5,523
181,249
(445,154)
173
(444,981)
(7,893)
116,623
108,730
(155,002)
395,369
240,367		 2021
£
£
136,818
(173)
66,385
-
(27,304)
5,523
181,249
(445,154)
173
(444,981)
(7,893)
116,623
108,730
(155,002)
395,369
240,367
(155,002)
395,369
240,367

The reconciliation of net debt arising in the year is set out in note 17.

Page 10

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting policies

1.1 Basis of preparation of financial statements

The financial statements of the charitable company have been prepared under the historical cost convention and in accordance with the 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), the Companies Act 2006 and United Kingdom Generally Accepted Accounting Practice applicable to smaller entities. The charitable company constitutes a public benefit entity as defined by FRS102.

The charitable company has taken the option under section 398 of the Companies Act 2006 and the Charities Act 2011 (Group Accounts) Regulations 2015 not to prepare consolidated financial statements.

The financial accounts are prepared in Sterling (£) which is the functional currency of the charitable company.

1.2 Going concern

The directors of the charitable company are satisfied that there are no material uncertainties concerning the charitable company’s ability to continue as a going concern for a period of at least 12 months from the date of approval of the financial statements. Accordingly, the financial statements continue to be prepared on the going concern basis.

1.3 Fund accounting

Unrestricted funds are those available for use at the discretion of the directors in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are those that are to be used in accordance with the specific restrictions imposed by donors or which have been raised by the charity for particular purposes. Designated funds are earmarked by the directors for particular purposes.

1.4 Income

Giving - Collections are recognised when received by or on behalf of the Church. Planned giving under Gift Aid is recognised only when received. Income tax recoverable on Gift Aid donations is recognised when the income is recognised. Grants and legacies are accounted for as soon as the Church is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the Church is certain. Covenanted donations from The Durham Centre are recognised on an accruals basis.

Investment income – Interest entitlements are accounted for as they accrue.

Grants - Government Grants that compensate the charitable company for expenses incurred are recognised in the statement of financial affairs on a systematic basis in the same period in which the expenses are incurred.

1.5 Expenditure

Charitable activities – The cost of charitable activities represents the cost of undertaking the charity's objectives. All expenditure is accounted for on an accruals basis. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Value added tax is not recoverable by the charitable company and as such it is included in the relevant costs in the Statement of Financial Activities.

Page 11

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

(continued)

1.6 Tangible fixed assets and depreciation

Tangible fixed assets are initially recorded at cost and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures, fittings and equipment 25% per annum reducing balance Freehold property over 20 years Leasehold property over the term of the lease

1.7 Impairment of fixed assets

Properties, fixtures, fittings and equipment are reviewed for impairment if events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared against its carrying amount. Where the estimated recoverable amount is lower, an impairment loss is recognised immediately in the Statement of Financial Activities.

1.8 Debtors and creditors due 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 from impairment are recognised in expenditure.

1.9 Concessionary loans received

The charity initially recognises and measures concessionary loans at the amount received. The carrying amount is adjusted in subsequent years to reflect repayments and any accrued interest.

1.10 Operating leases

Rentals payable under operating leases are charged to the Statement of Financial Activities on a straightline basis over the term of the lease.

1.11 Defined contribution plans

The charitable company operates a defined contribution pension scheme for its staff. The scheme and its assets are held by independent managers. The pension cost charge in the financial statements represents contributions due from the charity for the year.

1.12 Voluntary assistance

Time is expended on the charity’s activities and governance which is donated free of charge. It is impractical to quantify the value of the time given, and accordingly it is neither recorded as donated income nor as an expense in the financial statements.

Page 12

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

(continued

2.
Income from giving
Unrestricted
funds
£
Building fund
-
Tithes
258,365
Offerings and gifts
62,020
Gift aid recoverable
58,734
_
379,119
_
3.
Investment income
£
Interest on cash deposits
178
_
178

4.
Charitable activities
£
Gifts (below)
26,668
Global reach
6,150
Ministry fees and expenses (note 6)
96,487
Activities expenditure
87,007
Office administration
4,825
Insurance
3,613
Rates
1,349
Utilities
11,171
Bank charges
2,178
Depreciation
71,510
Repairs and maintenance
10,400
Legal and professional
2,607
Independent examiner’s fees
2,358
Loan interest
27,568
Building project costs
-

353,891
___
Gifts comprise:
India giving
Regions Beyond UK (note 6)
Ministry
Needy
Other		 Restricted
funds
£
33,690
-
11,306
9,579
_
54,575
_
£
-
_
-

£
-
10,421
-
3,969
-
-
-
-
-
-
-
-
-
-
30,503

44,893
___		 Total
2022
£
33,690
258,365
73,326
68,313
_
433,694
_
£
178
_
178

£
26,668
16,571
96,487
90,976
4,825
3,613
1,349
11,171
2,178
71,510
10,400
2,607
2,358
27,568
30,503

398,784

2022
£
1,017
14,700
8,300
2,376
275
__
26,668
_____		 Total
2021
£
80,878
252,050
28,668
71,199
_
432,795
_
£
173
_
173
_
£
33,518
88,641
63,346
6,659
3,270
679
7,223
2,133
66,385
3,020
2,649
2,358
20,467
24,091
_
324,439

2021
£
-
13,000
7,100
13,190
228
__
33,518
_____

Page 13

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

(continued)

5. Staff costs

Staff costs
Staff costs were as follows:
Salaries and wages
Social security costs
Pension costs		 Total
2022
£
98,058
3,601
2,591
104,250
_____		 Total
2021
£
95,244
2,799
1,230

99,273
_____

No employee received emoluments above £60,000 p.a. in the year. The average number of staff employed by the charity during the year was 7 (2021: 7).

6. Directors’ remuneration, related party transactions and key management personnel

Two of the directors are engaged in Ministry and in accordance with the charitable company's constitution, Ministry fees and salaries were paid to them during the year.

Ministry fees, salaries and expenses for the year were:

nistry fees, salaries and expenses for the year were:
G A Bell I J Portwine
£ £
Ministry fees 38,009 -
Ministry salaries - 40,209
Wife's support 3,830 5,385
Expenses 6,203 2,563
_____ _____

I J Portwine is also a director of Regions Beyond UK (note 4).

Key management personnel are considered to comprise the directors and elders.

7. Net income for the year

Net income is stated after charging:

Net income is stated after charging:
Total Total
2022 2021
£ £
Depreciation 71,510 66,385
Independent examiner’s fees 2,358
____		 2,358
____

Page 14

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

(continued)

8. Tangible fixed assets

Cost
At 1 April 2021
Additions
Disposals
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
Elimination on disposal
At 31 March 2022
Net book amount
At 31 March 2022
At 31 March 2021		 Freehold
property
2,694,011
21,842
-
2,715,853
_
630,105
57,851
-
687,956
_
2,027,897
_
2,063,906
_		 Leasehold
property

£
249,014

-
-
249,014

_
8,301

2,767
-

11,068

_
237,946
_
240,713
_		 Fixtures
& fittings
£
170,143
9,195
-
179,338
__
126,575
10,892
-
137,467
_
41,871

43,568
___		 Total
£
3,113,168
31,037
-
3,144,205
_
764,981
71,510
-
836,491
_
2,307,714
_
2,348,187
_

All assets are held to further the main objects of the charity.

9. Investments

The charitable company owns all of the seven issued shares of The Durham Centre Limited, a company registered in England; the company provides a range of flexible, modern, well-resourced meeting solutions. Further details of the subsidiary undertaking’s results for the year are outlined in note 16.

10. Debtors

Accounts receivable
Gift aid recoverable
Other debtors
Prepayments and accrued income
Amount owed by subsidiary undertaking		 2022
£
-
67,049
4,771
1,677
80,099
153,596
______		 2021
£
-
66,022
30,480
1,611
48,935
147,048
______

The amount owed by the subsidiary undertaking is not due within one year.

Page 15

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

(continued)

11. Cash at bank and in hand

Bank deposit accounts
Bank current accounts
Cash in hand
12.
Creditors: amounts falling due within one year
Bank loans (secured)
Trade creditors
Other taxes and social security costs
Accruals and deferred income
Other creditors
13.
Creditors: amounts falling due after
more than one year
Bank loans (secured)
Other creditors		 2022
£
1,628
294,101
150
295,879
__
£
38,846
22,356
2,388
8,238
2,250
74,078
_
£
804,185
-
804,185
___		 2021
£
10,626
229,682
59
240,367
__
£
35,700
7,112
1,379
3,907
10,590
58,688
_
£
837,046
-
837,046
___

The main bank loan is fully secured on the freehold and leasehold properties. It is repayable by instalments expiring in 2041. The amount due at 31 March 2022 is analysed as follows:

£ Within one year 33,759 between one and two years 34,872 between three and five years 111,673 after more than five years 625,891 ______

The charitable company took out a Government backed bounce back loan in 2021 of £50,000 which is repayable in equal instalments over 10 years.

Page 16

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

(continued)

14.
Fund movements
Unrestricted
General
Restricted
Building fund
Children’s work
Global reach
Beyond Ourselves
Unrestricted
General
Restricted
Building fund
Children’s work
Beyond Ourselves		 Balance

at 1

April 2021
£
1,836,464
-
-
-
3,411
1,839,875
_
Balance

at 1

April 2020
£
1,552,318
146,592
-
4,147
1,703,057
_		 Incoming
Outgoing
Transfers
Balance
resources
resources
at 31
March 2022
£
£
£
£
383,267
(353,891)
-
1,865,840
42,113
(30,503)
-
11,610
876
(876)
-
-
10,421
(10,421)
-
-
1,165
(3,093)
-
1,483
437,842
(398,784)
-
1,878,933
_
__
_
_
Incoming
Outgoing
Transfers
Balance
resources
resources
at 31
March 2021
£
£
£
£
370,979
(298,712)
211,879
1,836,464
89,378
(24,091)
(211,879)
-
180
(180)
-
-
720
(1,456)

3,411
461,257
(324,439)
-
1,893,875
_
_

_____

The General reserve represents the free funds of the charity which are not designated for particular purposes.

The Building fund has been created in connection with development of the Durham site.

The Children’s work fund is restricted to work with children in the Church and the local community.

The Global reach initiative is to assist outreach to other nations.

Beyond Ourselves is a fund which is restricted for use in home and overseas missionary and relief work. This includes relief to individuals with debt management issues.

Page 17

EMMANUEL CHURCH DURHAM

(a Company limited by guarantee without Share Capital)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

(continued)

15.
Analysis of net assets
Unrestricted funds
General
Restricted funds
Building fund
Beyond Ourselves		 Fixed
assets
£
2,307,721
-
-
2,307,721
__		 Net
Creditors
current
due over
assets
one year
£
£
362,304
(837,046)
11,610
-
1,483
-
375,397
(804,185)
__
____		 Total
2022
£
1,865,840
11,610
1,483

1,878,933
__

16. Subsidiary undertaking

The Durham Centre Limited recommenced trading during the year providing a range of flexible, modern, well-resourced meeting solutions. Trading was however limited, initially because of Government imposed restrictions arising from the Covid-19 pandemic followed by a slow return of normal business. A net loss of £19,065 arose in the year. The charitable company has undertaken to continue to support the subsidiary undertaking as its business continues to recover from the restrictions.

17. Reconciliation of net debt

Cash and cash equivalents
Bank loans due within one year
Bank loans due over one year
Net debt		 31 March
Cash
Non cash
2021
flows
movements
£
£
£
240,367
55,512
0
-35,700
29,715
-32,861
-837,046
-
32,861
-632,379
85,227
0		 31 March
2022
£
295,879
-38,846
-804,185
-547,152

Page 18